Greek dry bulk owner EuroDry has contracted China’s Hengli Shipbuilding Dalian to build a third 82,000 DWT Kamsarmax bulk carrier, the company announced on Wednesday, October 14.
The vessel, to be named Konstantina TZ, is due for delivery during the third quarter of 2029. It is designed to meet Phase 3 of the Energy Efficiency Design Index (EEDI).
The contract price is approximately $37 million. EuroDry intends to finance the vessel through a mix of debt and equity. The contract can proceed only if a bank acceptable to the company provides a refund guarantee.
Chairman and CEO Aristides Pittas said: "With modern five-year-old Kamsarmaxes being valued at or above newbuilding prices, we consider that ordering new tonnage is a better economic proposition, as we get a brand-new, more fuel-efficient ship for the same or even lower capital investment."
The order follows contracts for two Kamsarmaxes from Hengli worth a combined $74 million, which EuroDry announced alongside its first-quarter results in May. Nikos P and Christina Bel are due in the first and second quarters of 2028. Two 63,500 DWT Ultramaxes, Aristeidis and Troboni, are under construction at Nantong Xiangyu Shipbuilding for delivery in 2027.
The five newbuildings total 373,000 DWT. EuroDry said its fleet will grow from 11 vessels of 766,420 DWT to 16 vessels of 1,139,420 DWT once all are delivered.
