Dry CargoEurope

EuroDry takes fleet to nine with ultramax buy

Nasdaq-listed dry bulk owner EuroDry has announced the acquisition of 2014-built ultramax bulker Asia Ruby II for $24.5m.

The vessel, built at China’s Jinling Shipyard, is listed in the fleet of Hamburg Bulk Carriers and has a value of $22.16m according to VesselsValue.

Delivery is scheduled for late September to early October, and EuroDry will rename the vessel Good Heart.

Aristides Pittas, chairman and CEO of EuroDry, commented: “We are pleased to announce the acquisition of M/V Asia Ruby II, an Ultramax, drybulk carrier built in 2014. This acquisition further expands our modern fleet cluster at a time when the market fundamentals are very supportive of charter rates. At current market rates, we expect that M/V Ruby II will make a significant contribution to our net income and EBITDA. As we stated recently, we believe that a number of factors constraining vessel supply in the near term combined with one of the lowest orderbook levels ever and a healthy demand growth are likely to result in strong rates for drybulk vessels well into 2022 and beyond. This acquisition allows us to better position ourselves to take advantage of such developments. Furthermore, the modernization and growth of our fleet further increases our stature as a public company enhancing the value of our public listing.”

EuroDry will have a fleet of nine bulkers on completion of the deal.

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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