EuroDry Orders Third Kamsarmax from Hengli, Raising Newbuilding Program to US$183M
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Greek shipping company EuroDry, which is listed on Nasdaq and led by Aristides Pittas, has ordered a third 82,000 DWT kamsarmax vessel from Chinese shipyard Hengli Shipbuilding Dalian. The contract is valued at approximately US$37 million, with delivery expected in the third quarter of 2029.
Fleet renewal program
With this order, EuroDry raises to five the number of vessels under construction, which together total 373,000 DWT and represent a total investment of close to US$182.8 million, according to Splash 247, or nearly US$183 million, according to Baird Maritime. In addition to the three kamsarmaxes ordered from Hengli, the company has two 63,500 DWT ultramaxes under construction at the Nantong Xiangyu Shipbuilding yard, named Aristeidis and Troboni, with delivery expected in 2027.
Details of the new vessel
The new kamsarmax, which will be named Konstantina TZ, will follow sister vessels Nikos P and Christina Bel, contracted in April and May of this year at Hengli for a combined total of US$74 million. The new unit will be built to an eco-friendly design compliant with Phase 3 of the Energy Efficiency Design Index (EEDI), and the contract is subject to EuroDry obtaining a refund guarantee from a bank acceptable to the company.
Reasons behind the new order
EuroDry's Chairman and CEO, Aristides Pittas, noted that the sharp rise in secondhand vessel values influenced the decision to order another unit. According to the company, five-year-old kamsarmaxes are currently trading at prices equal to or higher than newbuildings, making it more attractive to opt for a new, more fuel-efficient vessel for a similar or lower capital investment.
Current and future fleet
EuroDry currently operates 11 bulk carriers totaling 766,420 DWT, including two kamsarmaxes, six supramax/ultramax vessels, and three older panamaxes built between 2004 and 2005. With the delivery of the five new vessels, the company's fleet would grow to 16 units with a capacity of close to 1.14 million DWT, according to Splash 247, or 1,139,420 DWT, according to Baird Maritime.
