EuroDry Announces Agreement to Sell 2000-built Panamax Bulk Carrier

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EuroDry, an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced that it has signed an agreement to sell M/V Pantelis, a 74,020 dwt drybulk vessel, built in 2000, for approximately $9.7 million. The vessel is expected to be delivered to its new owners, an unaffiliated third party, by mid-October 2022.

Aristides Pittas, Chairman and CEO of EuroDry commented: “Today, we are announcing our agreement to sell our M/V Pantelis, one of the eldest Panamax-size bulkers of our fleet. This sale is part of our effort to focus on more modern, eco-built, fuel-efficient vessels and is consistent with our overall ESG strategy. As a result of this sale, we expect to book a gain of approximately $3 million, or about $1.00 per share, when the transaction is completed during October 2022. The net proceeds of this sale will significantly increase our near-term liquidity and enable us to quickly capitalize on accretive investment opportunities in the market, when they arise, for the benefit of our shareholders.”