“We are pleased to have taken delivery of M/V YANNIS PITTAS, the first of the three Eco Ultramax drybulk vessels we recently announced we agreed to acquire. The remaining two vessels are expected to be delivered within
“In parallel to the above acquisitions, we continue our share repurchase program to the maximum possible level as we believe that investing in our shares at a significant discount to our net asset value (“NAV”) represents a very attractive opportunity for our shareholders. At the same time, we have provided us -as we always do- flexibility and equipped the Company with the option of an At-The-Market offering to be only used if our share price increases near the NAV of our stock.”
Fleet Profile:
Assuming the delivery of the three Eco Ultramax drybulk vessels described above, the
Type | Dwt | Year Built | Employment(*) | TCE Rate ($/day) | ||
Dry Bulk Vessels | ||||||
EKATERINI | Kamsarmax | 82,000 | 2018 | TC until Mar-25 | Hire 105.5% of the Average Baltic Kamsarmax P5TC (**) index | |
XENIA | Kamsarmax | 82,000 | 2016 | TC until Mar-24 | Hire 105.5% of the Average Baltic Kamsarmax P5TC (**) index | |
ALEXANDROS P. | Ultramax | 63,500 | 2017 | TC until Dec-23 | ||
CHRISTOS K (ex - GIANTS CAUSEWAY)*** | Ultramax | 63,197 | 2015 | To be arranged | ||
Ultramax | 63,177 | 2014 | TC until Dec-23 | |||
MARIA (ex - SADLERS WELLS)*** | Ultramax | 63,153 | 2015 | To be arranged | ||
GOOD HEART | Ultramax | 62,996 | 2014 | TC until Nov-23 | ||
MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until Oct-23 | ||
EIRINI P | Panamax | 76,466 | 2004 | TC until Oct-23 | ||
Panamax | 76,440 | 2005 | TC until Dec-23 | |||
STARLIGHT | Panamax | 75,845 | 2004 | TC until Nov-23 | ||
TASOS | Panamax | 75,100 | 2000 | TC until Dec-23 | ||
BLESSED LUCK | Panamax | 76,704 | 2004 | TC until Jan-24 | ||
Total Dry Bulk Vessels | 13 | 918,502 |
Note:
(*) | Represents the earliest redelivery date. |
(**) | The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes. |
(***) | Expected to be delivered in |
About
After the delivery of the remaining two vessels agreed to be acquired, the Company would have a fleet of 13 vessels, including 2 Kamsarmax drybulk, 5 Panamax drybulk carriers, 5 Ultramax drybulk carriers, and 1 Supramax drybulk carrier. EuroDry’s 13 drybulk carriers have a total cargo capacity of 918,502 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 | Capital Link, Inc. Tel. (212) 661-7566 E-mail: eurodry@capitallink.com |
Source:
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