“We are pleased to announce the acquisition of M/V Molyvos Luck, a Supramax, drybulk carrier built in 2014. This acquisition further expands our modern fleet cluster at a time when the market fundamentals are very supportive of a continuing strong market as there are signs that the pandemic may recede and fleet growth is expected to be limited as evidenced by the historically low levels of the orderbook. At current market rates, we expect that M/V Molyvos Luck will make a significant contribution to our net income and EBITDA. The accumulation of funds that our fleet generates provides us with several investment, expansion or other shareholder reward options and we will continue pursuing those most appropriate for the benefit of our shareholders at any given point.”
Fleet Profile:
After the delivery of the M/V Molyvos Luck, the
Type | Dwt | Year Built | Employment(*) | TCE Rate ($/day) | ||
Dry Bulk Vessels | ||||||
EKATERINI | Kamsarmax | 82,000 | 2018 | TC until Mar-22 | Hire 106% of the Average Baltic Kamsarmax P5TC (***) index | |
XENIA | Kamsarmax | 82,000 | 2016 | TC until Aug-22 | Hire 105% of the Average Baltic Kamsarmax P5TC (***) index | |
ALEXANDROS P. | Ultramax | 63,500 | 2017 | TC until Jan-22 TC until Mar-22 | ||
GOOD HEART | Ultramax | 62,996 | 2014 | TC until Oct-22 | ||
MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until Apr-22 | ||
EIRINI P | Panamax | 76,466 | 2004 | TC until Apr-22 | Hire 99% of Average BPI (**) 4TC | |
STARLIGHT | Panamax | 75,845 | 2004 | TC until Oct-22 | Hire 98.5% of Average BPI (**) 4TC | |
TASOS | Panamax | 75,100 | 2000 | TC until Feb-22 | ||
PANTELIS | Panamax | 74,020 | 2000 | TC until Feb-22 | ||
BLESSED LUCK | Panamax | 76,704 | 2004 | TC until April-22 | ||
Total Dry Bulk Vessels | 10 | 726,555 |
Note: | |
(*) | Represents the earliest redelivery date |
(**) | BPI stands for the Baltic Panamax Index; the average BPI 4TC is an index based on four-time charter routes. |
(***) | The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes. |
(****) | Final rate depends on actual duration due to ballast bonus payment. |
About
After the delivery of M/V Molyvos Luck, the Company will have a fleet of 10 vessels, including 5 Panamax drybulk carriers, 1 Supramax drybulk carier, 2 Ultramax drybulk carrier and 2 Kamsarmax drybulk carriers. EuroDry’s 9 drybulk carriers have a total cargo capacity of 726,555 dwt.
Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside
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Company Contact | Investor Relations / Financial Media |
Chief Financial Officer Watchung, NJ07069 Tel. (908) 301-9091 E-mail: aha@eurodry.gr | President Capital Tel. (212) 661-7566 E-mail: eurodry@capitallink.com |
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