EuroDry Orders Two New Ultramax Bulk Carriers

TL;DR

EuroDry is building two new big ships, set to arrive in late 2027/early 2028. Big fleet expansion incoming!

AI Summary

EuroDry Ltd. announced on November 21, 2024, that it has signed a contract for the construction of two modern 63,500 DWT Ultramax bulk carriers. The vessels are expected to be delivered in the fourth quarter of 2027 and the first quarter of 2028, respectively. This expansion aims to enhance the company's fleet with eco-friendly and efficient vessels.

Why It Matters

This strategic investment in new, larger vessels positions EuroDry to capitalize on potential market demand for efficient drybulk shipping and expand its operational capacity.

Risk Assessment

Risk Level: medium — The company is undertaking significant capital expenditure for new builds with delivery dates several years out, exposing it to market fluctuations and construction risks.

Key Numbers

• 2 — New Vessels Ordered (EuroDry is expanding its fleet by two modern Ultramax bulk carriers.)
• 63,500 DWT — Vessel Size (Each of the new vessels will have a capacity of 63,500 deadweight tons.)

Key Players & Entities

• EuroDry Ltd. (company) — Filer and issuer of the press release
• November 21, 2024 (date) — Date of the press release
• 63,500 DWT (dollar_amount) — Size of the new Ultramax bulk carriers
• fourth quarter of 2027 (date) — Expected delivery date for the first vessel
• first quarter of 2028 (date) — Expected delivery date for the second vessel

FAQ

Key Financial Figures

• $71.8 million — newbuilding contracts is approximately $71.8 million and will be financed with a combination
• $8,700 — ltramax 63,500 2017 TC until Dec-24 $8,700 CHRISTOS K*** Ultramax 63,197 201
• $15,000 — ltramax 63,197 2015 TC until Dec-24 $15,000 plus a GBB(****) of $150,000 YANNIS PI
• $150,000 — til Dec-24 $15,000 plus a GBB(****) of $150,000 YANNIS PITTAS Ultramax 63,177 2014
• $15,000 M — ltramax 63,177 2014 TC until Dec-24 $15,000 MARIA*** Ultramax 63,153 2015 TC unti
• $17,750 — ltramax 63,153 2015 TC until Dec-24 $17,750 GOOD HEART Ultramax 62,996 2014 TC
• $18,100 M — ltramax 62,996 2014 TC until Jan-25 $18,100 MOLYVOS LUCK Supramax 57,924 2014 TC
• $15,500 — upramax 57,924 2014 TC until Dec-24 $15,500 plus a GBB(****) of $155,000 EIRINI P
• $155,000 — til Dec-24 $15,500 plus a GBB(****) of $155,000 EIRINI P Panamax 76,466 2004 TC un
• $10,500 — Panamax 76,466 2004 TC until Dec-24 $10,500 SANTA CRUZ Panamax 76,440 2005 TC
• $11,125 — Panamax 76,440 2005 TC until Nov-24 $11,125 STARLIGHT Panamax 75,845 2004 TC u
• $11,400 — Panamax 75,845 2004 TC until Dec-24 $11,400 TASOS Panamax 75,100 2000 TC until
• $10,800 B — Panamax 75,100 2000 TC until Dec-24 $10,800 BLESSED LUCK Panamax 76,704 2004 TC u
• $14,750 — Panamax 76,704 2004 TC until Nov-24 $14,750 plus a GBB(****) of $475,000 Total Dry
• $475,000 — til Nov-24 $14,750 plus a GBB(****) of $475,000 Total Dry Bulk Vessels 13 918,502

Filing Documents

• f112124edry6k.htm (6-K) — 39KB
• f112124edry6k001.jpg (GRAPHIC) — 33KB
• 0001317861-24-000055.txt ( ) — 86KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EURODRY LTD. Dated: November 21, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President 3 Exhibit 1 EuroDry Ltd. Signs Contract for the Construction of Two Modern 63,500 DWT Ultramax Bulk Carriers Athens, Greece November 21, 2024 EuroDry Ltd. (NASDAQ: EDRY, the Company or EuroDry), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it has signed a contract with Nantong Xiangyu Shipbuilding for the construction of two 63,500 DWT ultramax bulk carriers. Both vessels are geared, eco, and are built to EEDI phase 3 design standard. The two newbuildings are scheduled to be delivered during the second and third quarters of 2027. The total consideration for the two newbuilding contracts is approximately $71.8 million and will be financed with a combination of debt and equity. Aristides Pittas, Chairman and CEO of EuroDry commented : We are pleased to announce the ordering of two geared 63,500 DWT ultramax vessels. The addition of two modern Ultramax vessels in our fleet will solidify our presence in the Supra/Ultramax segment by increasing our fleet in this segment to eight vessels all with eco type engines and environmentally friendly footprint. These contracts reflect our Companys commitment to growing and modernizing our fleet and also highlight our focus on generating returns to our shareholders through timely and accretive investments. 4 Fleet Profile: The EuroDry Ltd. fleet profile is as follows: Name Type Dwt Year Built Employment(*) TCE Rate ($/day) Dry Bulk Vessels EKATERINI Kamsarmax 82,000 2018 TC until Mar-25 Hire 105.5% of the Average Baltic Kamsarmax P5TC index (**) XENIA Kamsarmax 82,000 2016 TC until Apr-25 Hire 108% of th

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