A large deal for the purchase of used bulk carriers was reportedly closed by EuroDry, confirming what the Chairman and Chief Executive Officer of the company, Aristides Pittas, said after the release of the second quarter results.
According to “Naftemporiki” sources, the company listed on the US stock exchange is behind the acquisition of the ultramaxes Cape Cros, Galileo, (built in 2014) Sadlers Wells and Giants Causeway (built in 2015).
Brokers reported that the total price of the acquisition was close to 86 million dollars. This means that each ship, built in 2014, cost 21 million dollars and those in 2015, 22 million dollars each.
The deal marks EuroDry’s return to the purchase of ships, after a significant period of abstinence. Shipping sources pointed out that the dry cargo sector offers buying opportunities today as prices have fallen from the record highs reached during the freight rally of the past two years.
The CEO of EuroDry expressed at the beginning of August his optimism for the progress of the freight market of bulk carriers.
“We believe that the historically low order book, as a percentage of the active fleet, offers a strong basis for increasing fares, given that the global economy will continue to grow, as analysts predict,” he underlined, among other things, during the announcement of the financial results for the second quarter of this year.
In this light, he noted that the company will continue to look for projects and acquisitions that will offer added value, both alone and together with other investment partners.
EuroDry’s fleet consists of 10 bulk carriers (five panamaxes, two ultramaxes, two kamsarmaxes and one supramax), with a total capacity of 728,975 dwt.
