Greek dry bulk owner EuroDry has formed a joint venture with several investors represented by NRP Project Finance regarding the ownership of two recently acquired ultramax vessels.
The JV will own the 63,197 dwt Christos K, formerly known as the Giants Causeway, and 63,153 dwt Maria, formerly known as the Sadlers Wells. Both bulkers were built in 2015 and were bought last month from UK-based marine asset manager firm Marine Capital.
A third vessel bought from Marine Capital, not part of this joint venture with NRP Project Finance, is the 63,177 dwt, 2014-built Gallileo set to be renamed Yannis Pittas. The three vessels were bought for a total price of about $65m.
EuroDry said in an announcement that NRP Investors will acquire a 39% ownership stake in each of the vessels. Furthermore, the Greek firm said that it took delivery of the Christos K and that it arranged a sustainability-linked loan of $11m with Eurobank to partly finance the acquisition. When the remaining two ultramaxes bought from Marine Capital are delivered the EuroDry fleet will grow from 11 to 13 bulkers.
“This joint venture transaction helps us fund our fleet growth strategy in a non-dilutive way to our shareholders. It also allows us to broaden our investor base and establish a presence in a highly reputable and experienced shipping market,” Aristides Pittas, chairman and CEO of EuroDry, said.
“In parallel, we are also pleased to welcome Christos K into our family, further increasing the ‘eco’ cluster of our fleet,” he added.
