Dry CargoEurope

EuroDry charters out latest supramax acquisition at almost double the rate

Greek dry bulk owner EuroDry has fixed its recently acquired 2014-built supramax Molyvos Luck at a significantly improved rate compared to its previous charter.

The charter contract is for a period of between 11 and 13 months at the option of an undisclosed charterer at a daily rate of $25,750. The new rate will commence upon completion of the existing charter, which is estimated for early May 2022.

Aristides Pittas, chairman and CEO of EuroDry, said that the new charter rate is almost twice the level of the vessel’s current employment, adding that it would secure a minimum of $8.5m of contracted gross revenues. “This new charter will improve our profitability and cash flow visibility, with our charter coverage standing at about 29% for 2022,” he also noted.

Nasdaq-listed EuroDry acquired the 57,924 dwt bulker in January this year for $21.2m, with a charter deal attached of $13,250 per day.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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