EuroDry Announces Acquisition of Panamax Drybulk Carrier

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(Image Courtesy: Vessel Tracker)

EuroDry, an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, has announced that it signed a memorandum of agreement to purchase the M/V Star of Nippon (to be renamed M/V Starlight), a panamax size drybulk carrier of 75,845 dwt built in 2004 in Japan.

The vessel is expected to be delivered to the Company by the end of November 2018. The Company expects to finance the acquisition with funds at hand and debt which is in the process of arranging.

Aristides Pittas, Chairman and CEO of EuroDry Ltd., commented: “We are very pleased to commence the process of growing EuroDry Ltd by acquiring M/V Star of Nippon, a vessel that will complement perfectly the rest of our Japanese built panamaxes and our three newbuilt vessels, an ultramax and two kamsarmaxes. We believe that the drybulk market will provide significant opportunities for positive returns over the next several years and we have been working to position EuroDry to take full advantage of them for the benefit of our shareholders.”

Sea News, November 13

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