Dry bulk vessel owner and operator EuroDry has signed an agreement to sell the Eirini P, a 76,466 DWT Panamax bulk carrier built in 2004, to an unaffiliated third party for approximately $8.5 million.
The vessel, described as the "longest-held" in their current fleet, is expected to be delivered to its new buyers in October 2025.
Aristides Pittas, Chairman and CEO of EuroDry, said that the company expects to generate a gain of approximately $0.6 million from the sale of the vessel.
He added that, “the net proceeds will strengthen our balance sheet position and increase our near-term liquidity, providing us with more flexibility to pursue the renewal of our fleet with more modern, fuel efficient and environmentally friendly vessels.”
After the sale of the Eirini P, EuroDry's fleet will consist of 11 vessels, including two Kamsarmax, three Panamax, five Ultramax, and one supramax carrier.
The company also has two newbuild Ultramax vessels under construction, which are scheduled for delivery in 2027.