EuroDry snaps up Japanese panamax

EuroDry snaps up Japanese panamax

Greek dry bulk owner EuroDry, recently spun out of Euroseas, has acquired 2004-built panamax bunker Star of Nippon.

The Sanoyas-built vessel was acquired from UAE-based Pioneer Ship Management, and is scheduled for delivery by the end of this month.

EuroDry did not provide a transaction price, but the deal was widely reported by brokers earlier this month at $9.8m.

Aristides Pittas, chairman and CEO of EuroDry, commented: “We are very pleased to commence the process of growing EuroDry Ltd by acquiring M/V Star of Nippon, a vessel that will complement perfectly the rest of our Japanese built panamaxes and our three newbuilt vessels, an ultramax and two kamsarmaxes. We believe that the drybulk market will provide significant opportunities for positive returns over the next several years and we have been working to position EuroDry to take full advantage of them for the benefit of our shareholders.”

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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