EuroDry, Greek owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, has signed a contract with China’s Nantong Xiangyu Shipbuilding for the construction of two 63,500 dwt Ultramax bulk carriers.
As disclosed, both vessels are geared, eco-friendly, and built to EEDI phase 3 design standard. EuroDry revealed that the total consideration for the two contracts is approximately $71.8 million and will be financed with a combination of debt and equity. The newbuildings are scheduled to be delivered during the second and third quarters of 2027.
Aristides Pittas, Chairman and CEO of EuroDry, commented: “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 Company’s commitment to growing and modernizing our fleet and also highlight our focus on generating returns to our shareholders through timely and accretive investments.”
To note, EuroDry, a spin-off from Euroseas, operates in the dry cargo, drybulk shipping market. The company has a fleet of 13 vessels, including two Kamsarmax, five Panamax, five Ultramax and one Supramax drybulk carrier.
The vessels are said to have a total cargo capacity of 918,502 dwt. On a fully delivered basis, the company’s fleet will increase to 15 ships with a cargo capacity of about 1,045,502 dwt.