EuroDry Ltd. (EDRY), a drybulk vessel owner and operator, has signed an agreement to sell its 76,466 dwt vessel M/V Eirini P., built in 2004, to an unaffiliated third party for approximately $8.5 million.
Delivery is expected in October 2025.
Chairman and CEO Aristides Pittas said the sale aligns with EuroDry's fleet renewal strategy. The company expects to record a gain of about $0.6 million, or $0.21 per share, from the transaction. Pittas noted that proceeds will strengthen EuroDry's balance sheet, improve near-term liquidity, and support investment in newer, more fuel-efficient, and environmentally friendly vessels.
Following the sale, EuroDry's fleet will consist of 11 drybulk vessels totaling 766,420 dwt, with two Ultramax vessels under construction scheduled for delivery in 2027.
EDRY currently trades at $12.26, or 2% higher on the NasdaqCM.
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