EuroDry Sells M/V Tasos for $13.5M
Ticker: EDRY · Form: 6-K · Filed: Feb 5, 2025 · CIK: 1731388
| Field | Detail |
|---|---|
| Company | Eurodry LTD. (EDRY) |
| Form Type | 6-K |
| Filed Date | Feb 5, 2025 |
| Risk Level | low |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $5 million, $2.1 m, $0.75, $12,000, $5,300 |
| Sentiment | neutral |
Sentiment: neutral
Topics: vessel-sale, fleet-renewal, dry-bulk
Related Tickers: EDRY
TL;DR
EDRY selling M/V Tasos for $13.5M, part of fleet renewal strategy.
AI Summary
EuroDry Ltd. announced on February 5, 2025, an agreement to sell its 2000-built Panamax bulk carrier, the M/V Tasos. The sale is expected to generate approximately $13.5 million in gross proceeds, before customary deductions. This transaction is part of the company's ongoing strategy to renew its fleet and improve its financial position.
Why It Matters
This sale allows EuroDry to generate cash and potentially upgrade its fleet, impacting its operational capacity and financial health.
Risk Assessment
Risk Level: low — The filing is a routine announcement of a vessel sale, with no immediate financial distress or significant operational changes indicated.
Key Numbers
- $13.5M — Gross Proceeds (Expected from the sale of M/V Tasos)
Key Players & Entities
- EuroDry Ltd. (company) — Registrant
- M/V Tasos (company) — Vessel being sold
- $13.5 million (dollar_amount) — Gross proceeds from vessel sale
- February 5, 2025 (date) — Date of press release
FAQ
What is the name of the vessel EuroDry Ltd. has agreed to sell?
EuroDry Ltd. has agreed to sell the M/V Tasos.
What is the expected gross proceeds from the sale of the M/V Tasos?
The expected gross proceeds are approximately $13.5 million.
On what date was the press release regarding the vessel sale issued?
The press release was issued on February 5, 2025.
What type of vessel is the M/V Tasos?
The M/V Tasos is a 2000-built Panamax bulk carrier.
What is the purpose of this Form 6-K filing for EuroDry Ltd.?
This Form 6-K report is to announce the agreement to sell the M/V Tasos, incorporating a press release as Exhibit 1.
Filing Stats: 1,163 words · 5 min read · ~4 pages · Grade level 12.3 · Accepted 2025-02-05 17:00:58
Key Financial Figures
- $5 million — 2000, for demolition, for approximately $5 million. The vessel is expected to be delivered
- $2.1 m — expect to book a gain of approximately $2.1 million, or about $0.75 per share. The ne
- $0.75 — of approximately $2.1 million, or about $0.75 per share. The net proceeds of this sal
- $12,000 — ltramax 63,500 2017 TC until Mar-25 $12,000 CHRISTOS K*** Ultramax 63,197 201
- $5,300 — ltramax 63,197 2015 TC until Mar-25 $5,300 YANNIS PITTAS Ultramax 63,177 2014
- $5,000 M — ltramax 63,177 2014 TC until Feb-25 $5,000 MARIA*** Ultramax 63,153 2015 TC unti
- $6,100 — ltramax 63,153 2015 TC until Feb-25 $6,100 GOOD HEART Ultramax 62,996 2014 TC
- $7,300 M — ltramax 62,996 2014 TC until Mar-25 $7,300 MOLYVOS LUCK Supramax 57,924 2014 TC
- $5,900 — upramax 57,924 2014 TC until Mar-25 $5,900 EIRINI P Panamax 76,466 2004 TC un
- $5,350 — Panamax 76,466 2004 TC until Mar-25 $5,350 SANTA CRUZ Panamax 76,440 2005 TC
- $6,200 — Panamax 76,440 2005 TC until Apr-25 $6,200 STARLIGHT Panamax 75,845 2004 TC u
- $4,650 B — Panamax 75,845 2004 TC until Feb-25 $4,650 BLESSED LUCK Panamax 76,704 2004 TC u
- $1,700 — Panamax 76,704 2004 TC until Mar-25 $1,700 Total Dry Bulk Vessels 12 843,402
Filing Documents
- f20525edry6k.htm (6-K) — 37KB
- f20525edry6k001.jpg (GRAPHIC) — 33KB
- 0001317861-25-000007.txt ( ) — 84KB
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: February 5, 2025 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President 3 Exhibit 1 EuroDry Ltd. Announces Agreement to Sell M/V Tasos, a 2000-built Panamax Bulk Carrier Athens, Greece February 5, 2025 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 an agreement to sell M/V Tasos, a 75,100 dwt drybulk vessel, built in 2000, for demolition, for approximately $5 million. The vessel is expected to be delivered to its buyers, an unaffiliated third party, between mid-February and mid-March 2025, upon completion of her present charter. Aristides Pittas, Chairman and CEO of EuroDry commented : We are pleased to announce our agreement to sell of our M/V Tasos, the eldest Panamax-size bulker of our fleet which was due for a costly fifth special survey, for recycling. As a result of this sale, we expect to book a gain of approximately $2.1 million, or about $0.75 per share. The net proceeds of this sale will increase our near-term liquidity and enable us to quickly capitalize on accretive investment opportunities in the sector, when they arise, for the benefit of our shareholders. 4 Fleet Profile: The EuroDry Ltd. fleet profile, after the sale of M/V Tasos, is as follows: Name Type Dwt Year Built Employment(*) TCE Rate ($/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 the Average Baltic Kamsarmax P5TC index(**) ALEXANDROS P. Ultramax 63,500 2017 TC until Mar-25 $12,000 CHRISTOS K*** Ultramax 63,197 2015 TC u