Home Greece EuroDry announces agreement to sell M/V “Pantelis”, a 2000-built Panamax Bulk Carrier

EuroDry announces agreement to sell M/V “Pantelis”, a 2000-built Panamax Bulk Carrier

Aristides Pittas, Chairman and CEO of Euroseas

EuroDry, an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it has signed an agreement to sell M/V Pantelis, a 74,020 dwt drybulk vessel, built in 2000, for approximately $9.7 million. The vessel is expected to be delivered to its new owners, an unaffiliated third party, by mid-October 2022.

Aristides Pittas, Chairman and CEO of EuroDry commented: “Today, we are announcing our agreement to sell our M/V Pantelis, one of the eldest Panamax-size bulkers of our fleet. This sale is part of our effort to focus on more modern, eco-built, fuel-efficient vessels and is consistent with our overall ESG strategy. As a result of this sale, we expect to book a gain of approximately $3 million, or about $1.00 per share, when the transaction is completed during October 2022. The net proceeds of this sale will significantly increase our near-term liquidity and enable us to quickly capitalize on accretive investment opportunities in the market, when they arise, for the benefit of our shareholders.”

Previous articleCyprus working to protect shipping from EU sanctions on Russia
Next articleMeet our Sponsors for the 3rd CSN Cyprus Shipping ICT Conference – KVH – Platinum Sponsor