EuroDry Refinances Bulker Quartet, Eyes Acquisitions with Extra Cash

Athens-based owner and operator of drybulk vessels EuroDry, established earlier this year via spin-off of Euroseas’ dry bulk business, has secured refinancing for four vessels, cashing in USD 8 million of extra liquidity.

The company said that it had refinanced the debt of M/V Alexandros P, a 62,000 dwt Ultramax built in 2017, with a USD 15 million loan facility.

EuroDry also signed a definite term-sheet to refinance the debt of three of its Panamxes: M/V Eirini P, M/V Tasos and M/V Pantelis, with a new loan facility of USD 15 million.

“This extra liquidity along with the rest of our funds would allow us to pursue accretive investment opportunities to expand our fleet, further reduce our cost of capital or use them for other general corporate needs,” Aristides Pittas, Chairman and CEO of EuroDry Ltd. commented.

“We believe we are at a point in the market cycle where the fundamentals, underpinned by limited supply growth expectations, might turn positive over the next couple of years, and in that context we strive to position EuroDry to maximize the benefits to our shareholders.”

The company has a fleet of 6 vessels, including 3 Panamaxes, 1 Ultramax and 2 Kamsarmaxes, totaling in 453,086 dwt.