TelestackCimbria Bulk Equipment A/SOvetTOC EventsBühler GmbHThe Mississippi Valley Trade & Transport Council
  • Ovet
  • MULTIMODAL 2019
  • TBA - Software Solutions & Services for ports, terminals & warehouses
  • Cleveland Cascades Ltd
  • Bühler GmbH
  • The Mississippi Valley Trade & Transport Council

EuroDry acquires panamax bulk carrier

(Posted on 15/11/18)

EuroDry Ltd., an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, has announced that it signed a memorandum of agreement to purchase the M/V Star of Nippon (to be renamed M/V Starlight), a panamax size drybulk carrier of 75,845 dwt built in 2004 in Japan.

The vessel is expected to be delivered to the Company by the end of November 2018. The Company expects to finance the acquisition with funds at hand and debt which is in the process of arranging. Aristides Pittas, Chairman and CEO of EuroDry Ltd., commented: “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.”

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry's operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the dayto-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters. After the acquisition of the M/V Star of Nippon, the Company will have a fleet of 7 vessels, including 4 Panamax drybulk carriers, 1 Ultramax drybulk carrier and 2 Kamsarmax drybulk carriers. EuroDry’s 7 drybulk carriers will have a total cargo capacity of 528,929 dwt.

Latest News

Carbon Trust and ClassNK partnership

(Posted on 11/12/18)

The Carbon Trust and ClassNK Consulting Service Co., Ltd. have signed an agreement to work together... Read more


UV doses must be consistent

(Posted on 11/12/18)

Ballast water treatment manufacturer BIO-UV Group has noted the U.S. Administration’s approval... Read more


Lo retires after 23 Years

(Posted on 11/12/18)

After over 23 years of service, Alan Lo, the Director of North’s Hong Kong office, retired on... Read more


Seafarer survives fractured spine

(Posted on 11/12/18)

A Filipino seafarer is recovering in hospital after fracturing his spine falling from a ladder on 14... Read more


Thordon’s salt lugger solution

(Posted on 03/12/18)

Thordon Bearings has completed a range of water-lubricated and grease-free bearing installations to... Read more


T. Parker Host Receives Strategic Investment from Metalmark Capital

(Posted on 03/12/18)

Metalmark Capital Invests in Host to Fund Acquisition of Avondale and Provide Incremental Capital for... Read more


GTMaritime’s VAR agreement with Marinesat

(Posted on 03/12/18)

GTMaritime has signed Marinesat as a value-added reseller to deliver its maritime-optimised communication... Read more


Pacific Basin closes new US$40m loan

(Posted on 03/12/18)

Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, has closed... Read more


Agreement on minimum wage for seafarers

(Posted on 27/11/18)

The social partners, namely the International Transport Workers Federation (ITF) and the International... Read more


Higher earnings for Diana Shipping

(Posted on 27/11/18)

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has... Read more


TMS Tanker Conference 2018Coaltrans IndiaTBA - Software Solutions & Services for ports, terminals & warehousesCleveland Cascades LtdThe Maritime Standards Awards 2018Vigan Engineering S.A
  • Vigan Engineering S.A
  • The Maritime Standards Awards 2018
  • Sailors Society
  • TOC Events

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping