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EuroDry Expands Fleet with Second-Hand Panamax

Greek dry bulk owner EuroDry has signed a memorandum of agreement to purchase a Panamax drybulk carrier built in 2004 in Japan.

The 75,845 dwt M/V Star of Nippon, to be renamed M/V Starlight, is expected to be delivered to the company by the end of November 2018.

The acquisition will be financed with funds at hand and debt which is in the process of arranging, EuroDry said.

“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,”Aristides Pittas, Chairman and CEO of EuroDry Ltd., commented.

EuroDry was spun-off from Euroseas Ltd on May 30, with the objective of consolidating Euroseas’ drybulk fleet into a separate listed public company.

The latest purchase will bring EuroDry’s fleet to 7 ships, including four Panamaxes, two Kamsarmaxes and one Ultramax.