Greece-based containership owner Euroseas has completed the spin-off of its drybulk fleet into EuroDry Ltd.
Euroseas shareholders received one EuroDry Ltd share for every five shares of the company they owned.
The ship owner said that the shares of EuroDry Ltd. were to commence trading on May 31, 2018 on the NASDAQ Capital Market under the symbol “EDRY”.
“We expect that our clear sector strategy and growth plans will enable EuroDry to trade close to its net asset value like its public peers, which we believe it to be in the range of USD 16-18 per share,” Aristides Pittas, Chairman and CEO of EuroDry, said.
EuroDry Ltd., formed on January 8, 2018 under the laws of the Republic of the Marshall Islands, has a fleet of 6 vessels, including 2 Kamsarmax, 3 Panamax and 1 Ultramax drybulk carrier with a total cargo capacity of 453,086 dwt.