EuroDry signs contract for construction of two modern ultramax bulk carriers

EuroDry (EDRY) announced that it has signed a contract with Nantong Xiangyu Shipbuilding for the construction of two 63,500 DWT ultramax bulk carriers. Both vessels are geared, eco, and are built to EEDI phase 3 design standard. The two newbuildings are scheduled to be delivered during the second and third quarters of 2027. The total consideration for the two newbuilding contracts is approximately $71.8 million and will be financed with a combination of debt and equity. Aristides Pittas, Chairman and CEO of EuroDry commented: “We are pleased to announce the ordering of two geared 63,500 DWT ultramax vessels. The addition of two modern Ultramax vessels in our fleet will solidify our presence in the Supra/Ultramax segment by increasing our fleet in this segment to eight vessels all with eco type engines and environmentally friendly footprint. These contracts reflect our Company’s commitment to growing and modernizing our fleet and also highlight our focus on generating returns to our shareholders through timely and accretive investments.”