EuroDry Orders Third Eco Kamsarmax for $37M, Expanding Newbuild Program to Five Vessels
EDRY has more than doubled off its 52-week low of $11.945.
Summary
EuroDry signed a $37 million contract with Hengli Shipbuilding for a third 82,000 DWT eco-design Kamsarmax bulk carrier, scheduled for delivery in Q3 2029. The new vessel will be compliant with EEDI Phase 3 standards, and the refund guarantee must be from a bank acceptable to the Company. This brings the company's newbuilding program to five vessels, named ARISTEIDIS, TROBONI, NIKOS P, CHRISTINA BEL, and KONSTANTINA TZ, lowering the average fleet age and adding fuel-efficient tonnage. The ARISTEIDIS (Ultramax, 63,500 Dwt) is scheduled for Q2 2027 delivery, the TROBONI (Ultramax, 63,500 Dwt) for Q3 2027, the NIKOS P (Kamsarmax, 82,000 Dwt) for Q1 2028, and the CHRISTINA BEL (Kamsarmax, 82,000 Dwt) for Q2 2028. After all deliveries, the fleet will consist of 16 vessels with a total carrying capacity of 1,139,420 dwt. The order follows a strong H1 2026 profit turnaround and recent ATM equity sales, signaling continued fleet renewal. Financing will combine debt and equity, with the contract conditional on a refund guarantee. The move aligns with market demand for eco vessels, where modern five-year-old Kamsarmaxes are valued at or above newbuilding prices.
Updated with an SEC 6-K filing · What changed
Updates
· SEC 6-K — EuroDry ordered a third 82,000 DWT Kamsarmax bulk carrier from Hengli Shipbuilding for about $37.0 million, with delivery in Q3 2029.
- New Vessel Details — The new Kamsarmax bulk carrier will be compliant with EEDI Phase 3 standards. The refund guarantee must be from a bank acceptable to the Company.
- Fleet Expansion
- The names of the five vessels under construction are ARISTEIDIS, TROBONI, NIKOS P, CHRISTINA BEL, and KONSTANTINA TZ.
- The ARISTEIDIS (Ultramax, 63,500 Dwt) is scheduled for Q2 2027 delivery.
- The TROBONI (Ultramax, 63,500 Dwt) is scheduled for Q3 2027 delivery.
- The NIKOS P (Kamsarmax, 82,000 Dwt) is scheduled for Q1 2028 delivery.
- The CHRISTINA BEL (Kamsarmax, 82,000 Dwt) is scheduled for Q2 2028 delivery.
- After all deliveries, the fleet will consist of 16 vessels with a total carrying capacity of 1,139,420 dwt.
All 8 details
- The new Kamsarmax bulk carrier will be compliant with EEDI Phase 3 standards.
- The refund guarantee for the contract must be from a bank acceptable to the Company.
- The names of the five vessels under construction are ARISTEIDIS, TROBONI, NIKOS P, CHRISTINA BEL, and KONSTANTINA TZ.
- The ARISTEIDIS (Ultramax, 63,500 Dwt) is scheduled for Q2 2027 delivery.
- The TROBONI (Ultramax, 63,500 Dwt) is scheduled for Q3 2027 delivery.
- The NIKOS P (Kamsarmax, 82,000 Dwt) is scheduled for Q1 2028 delivery.
- The CHRISTINA BEL (Kamsarmax, 82,000 Dwt) is scheduled for Q2 2028 delivery.
- After all deliveries, the fleet will consist of 16 vessels with a total carrying capacity of 1,139,420 dwt.
At the time of this announcement, EDRY was trading at $53.97 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $152.6M. The 52-week trading range was $11.95 to $73.07. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.