EuroDry Ltd. Broadcasts Settlement to Purchase M/V Santa Cruz, a 2005-built Panamax Bulker

ATHENS, Greece, April 19, 2022 (GLOBE NEWSWIRE) — EuroDry Ltd. (NASDAQ: EDRY, the “Firm” or “EuroDry”), an proprietor and operator of drybulk vessels and supplier of seaborne transportation for drybulk cargoes, introduced right this moment that it has agreed to accumulate M/V Santa Cruz, a 76,440 dwt drybulk vessel inbuilt 2005, for $15.75 million. The vessel was managed by an un-affiliated third occasion and has been managed by Eurobulk Ltd., additionally the supervisor of the vast majority of the Firm’s vessels. The vessel is anticipated to be delivered to the Firm across the finish of April 2022. The Firm may even assume the prevailing constitution of the vessel at $14,800 per day till July 2022. The acquisition will probably be financed with personal funds.

Aristides Pittas, Chairman and CEO of EuroDry commented:
“We’re happy to announce the acquisition of M/V Santa Cruz, a Panamax, drybulk service inbuilt 2005. This acquisition additional expands our fleet at a time when the market fundamentals are fairly supportive inside the context of geopolitical uncertainties. Demand is anticipated to stay robust, supported by the massive demand for vitality and infrastructure tasks which were introduced by numerous governments whereas fleet progress is anticipated to be restricted as evidenced by the traditionally low ranges of the orderbook. At present market charges, we count on that M/V Santa Cruz will make a major contribution to our internet earnings and EBITDA. The buildup of funds that our fleet generates supplies us with important fleet growth capabilities and different shareholder reward choices and we’ll proceed pursuing these most applicable for the advantage of our shareholders at any given level.”

Fleet Profile:

After the supply of the M/V Santa Cruz, the EuroDry Ltd. fleet profile will probably be as follows:

Identify Sort Dwt 12 months
Constructed
Employment(*) TCE Price ($/day)
Dry Bulk Vessels          
EKATERINI Kamsarmax 82,000 2018 TC till Could-22 Rent 106% of the
Common Baltic
Kamsarmax P5TC
(***) index
ALEXANDROS P. Ultramax 63,500 2017 TC till Could-22 $26,250
XENIA* Kamsarmax 82,000 2016 TC till Aug-22 Rent 105% of the
Common Baltic
Kamsarmax P5TC
(***) index
GOOD HEART* Ultramax 62,996 2014 TC till Oct-22 $25,000
MOLYVOS LUCK Supramax 57,924 2014 TC till Could-22
TC till Apr-23
$13,250
$25,750
SANTA CRUZ Panamax 76,440 2005 TC till Jul-22 $14,800
BLESSED LUCK Panamax 76,704 2004 TC till Jul-22 $19,500
EIRINI P.* Panamax 76,466 2004 TC till Could-22 Rent 99%
of Common
BPI (**) 4TC
STARLIGHT* Panamax 75,845 2004 TC till Oct-22 Rent 98.5%
of Common
BPI (**) 4TC
TASOS Panamax 75,100 2000 TC till Apr-22 $18,750
PANTELIS Panamax 74,020 2000 TC till Jul-22 $20,500

Complete Dry Bulk Vessels
11 802,995      
Be aware:  
(*) Represents the earliest redelivery date
(**) BPI stands for the Baltic Panamax Index; the common BPI 4TC is an index primarily based on four-time constitution routes.
(***) The typical Baltic Kamsarmax P5TC Index is an index primarily based on 5 Panamax time constitution routes.
   

About EuroDry Ltd.
EuroDry Ltd. was shaped on January 8, 2018 beneath the legal guidelines of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. right into a separate listed public firm. EuroDry was spun-off from Euroseas Ltd on Could 30, 2018; it trades on the NASDAQ Capital Market beneath the ticker EDRY. 

EuroDry operates within the dry cargo, drybulk transport market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 licensed affiliated ship administration firm and Eurobulk (Far East) Ltd. Inc., that are accountable for the day-to-day industrial and technical administration and operations of the vessels. EuroDry employs its vessels on spot and interval charters and beneath pool agreements.

After the supply of M/V Santa Cruz, the Firm may have a fleet of 11 vessels, together with 6 Panamax drybulk carriers, 1 Supramax drybulk carier, 2 Ultramax drybulk service and a pair of Kamsarmax drybulk carriers. EuroDry’s 11 drybulk carriers have a complete cargo capability of 802,995 dwt.

Ahead Trying Assertion
This press launch comprises forward-looking statements (as outlined in Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended) regarding future occasions and the Firm’s progress technique and measures to implement such technique; together with anticipated vessel acquisitions and getting into into additional time charters. Phrases comparable to “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such phrases and related expressions are meant to establish forward-looking statements. Though the Firm believes that the expectations mirrored in such forward-looking statements are cheap, no assurance may be provided that such expectations will show to have been appropriate. These statements contain identified and unknown dangers and are primarily based upon numerous assumptions and estimates which can be inherently topic to important uncertainties and contingencies, a lot of that are past the management of the Firm. Precise outcomes could differ materially from these expressed or implied by such forward-looking statements. Components that would trigger precise outcomes to vary materially embody, however are usually not restricted to modifications within the demand for dry bulk vessels, aggressive elements available in the market by which the Firm operates; dangers related to operations exterior america; and different elements listed occasionally within the Firm’s filings with the Securities and Trade Fee. The Firm expressly disclaims any obligations or endeavor to launch publicly any updates or revisions to any forward-looking statements contained herein to replicate any change within the Firm’s expectations with respect thereto or any change in occasions, circumstances or circumstances on which any assertion relies. 

Go to our web site www.eurodry.gr

Firm Contact Investor Relations / Monetary Media
Tasos Aslidis
Chief Monetary Officer
EuroDry Ltd.
11 Canterbury Lane,
Watchung, NJ07069
Tel. (908) 301-9091
E-mail: [email protected]
Nicolas Bornozis
President
Capital Hyperlink, Inc.
230 Park Avenue, Suite 1536
New York, NY10169
Tel. (212) 661-7566
E-mail: [email protected]

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