EuroDry wraps up installation of BWT plants across nine ships

EuroDry, a spin-off from Euroseas focusing on dry bulk shipping, is set to complete the installation of ballast water treatment plants on board nine bulkers by the end of this month.

“Eight of our vessels (89%) have ballast water treatment plants (BWTP) installed on-board. We expect the installation of the last BWTP by August 2022,” the shipowner revealed in its second sustainability report covering 2021, stressing that its entire fleet would be fitted with the technology.

Following the latest two acquisitions from this year, the company now owns a fleet of 11 vessels, with a total cargo capacity of 802,995 dwt.

EuroDry sees fleet rejuvenation as its pathway toward reaching 2030 and 2050 SDG targets.

“The aim is to modernize our fleet with new vessels and newer technologies which will lead to more energy efficient vessels and an environmentally friendlier footprint to the industry,” the company said.

However, the company is yet to come out with concrete fleet investment plans.

The sustainability report is being published on the back of a strong first half of 2022, with EuroDry reporting total net revenues of $39.3 million, and a net income attributable to common shareholders of $21.1 million.

We are very pleased to report another quarter with very good earnings, one of the highest since the inception of the EuroDry. It is notable though that in the latter part of the second quarter of 2022, and during the month of July, the drybulk market started reflecting the volatility and uncertainties present in the broader economic and geopolitical environment registering charter rate declines of nearly 40% as compared to their late May levels, though still well into profitable range. During the third quarter, we will also have 3 drydockings and we, therefore, expect our profitability to be reduced but still remain significant,” Aristides Pittas, Chairman and CEO of EuroDry commented.

“The good news for the sector continue to come from the supply side where the orderbook remains at about 7% of the fleet near its lowest level ever. The resulting reduced vessel deliveries over the next 2-3 years should allow the market to quickly recover as long as demand uncertainties subside and average economic growth resumes.

“At the same time, we are positioning ourselves liquidity-wise to capitalize on more traditional investment opportunities and acquire vessels consistent with our investment criteria should such opportunities appear.”