The total consideration for the newbuilding contract is approximately US$37.0 million and will be financed with a combination of debt and equity. The contract is conditional upon receiving a refund guarantee from a bank acceptable to the Company.
Aristides Pittas, Chairman and CEO of EuroDry, commented: “We are pleased to announce the order of a third 82 000 dwt eco Kamsarmax vessel. With modern five-year-old Kamsarmaxes being valued at or above newbuilding prices, we consider that ordering new tonnage is a better economic proposition, as we get a brand-new, more fuel-efficient ship for the same or even lower capital investment. This order brings our newbuilding program to five vessels, lowering the average age of our fleet and positioning us competitively in a market environment that increasingly values fuel efficient and environmentally friendly vessels.”
