Nasdaq-listed Greek dry bulk owner EuroDry has offloaded its oldest vessel for demolition.
The Aristides Pittas-led company is sending its 2000-built 75,100 dwt Tasos to a demo yard in Bangladesh for about $5m.
The vessel, picked up by an undisclosed cash buyer, will be delivered between mid-February and mid-March 2025 after it comes off its current charter.
S&P sources said the firm price of $476 per ldt had been secured due to the vessel’s considerable propeller weight and bunkers on board.
Chief executive Pittas said the sale of the panamax bulker, which was due for a costly fifth special survey, would deliver a profit of about $2.1m, or about $0.75 per share.
“The net proceeds of this sale will increase our near-term liquidity and enable us to quickly capitalise on accretive investment opportunities in the sector when they arise,” Pittas added.
Following the sale, EuroDry will count 12 ships in its fleet. In November, the company contracted two ultramax newbuilds at Nantong Xiangyu Shipbuilding for delivery in the second and third quarters of 2027.
