Eurobulk Ltd

Led by Greek shipping magnate Aristides Pittas, EuroDry Ltd. has strategically bolstered its fleet to 11 vessels, following the acquisition of the 2005-built panamax bulk carrier MV Santa Cruz for approximately $16 million. Slated for delivery by the end of April 2022, EuroDry Ltd., listed on the Nasdaq, will also inherit the vessel’s existing charter, which secures $14,800 per day until July 2022. Aristides Pittas, serving as both chairman and CEO of EuroDry Ltd., highlighted the acquisition’s timing as particularly opportune, given the supportive market conditions amidst geopolitical uncertainties. He cited sustained demand propelled by global energy and infrastructure project needs against a backdrop of constrained fleet growth, as evidenced by the orderbook’s historically low levels. Pittas is optimistic about the MV Santa Cruz significantly boosting the company’s net income and EBITDA, with current market rates favoring such an outcome. He underlined the company’s robust financial position, facilitated by its fleet’s earnings, enabling substantial fleet expansion and shareholder rewards, with a commitment to pursuing avenues most beneficial for shareholder value. The MV Santa Cruz, a 76K DWT panamax bulk carrier, was previously managed by an unaffiliated third party but now comes under the management of Eurobulk Ltd., a Pittas family enterprise based in Athens. Eurobulk Ltd. plays a crucial role in managing the majority of EuroDry Ltd.’s vessels, showcasing its significant expertise in maritime operations and fleet management. Earlier in the year, EuroDry Ltd. expanded its fleet with the addition of the 2014-built supramax bulk carrier MV Molyvos Luck, purchased for around $21.5 million, emphasizing its aggressive growth strategy and strong market positioning. Eurobulk Ltd., renowned for its operational excellence and strategic fleet management, has been instrumental in the growth and success of EuroDry Ltd. With a comprehensive approach to shipping operations, Eurobulk Ltd. not only manages a diverse fleet of bulk carriers and container ships but also leverages its industry expertise to navigate the complexities of the global shipping market. The synergistic relationship between Eurobulk Ltd. and EuroDry Ltd. underlines the Pittas family’s profound impact on the maritime industry, driving forward with innovation and strategic investments to capitalize on market opportunities. 19-April-2022


EuroDry Ltd, a prominent Greek dry bulk shipping company, has finalized the acquisition of the 57K DWT supramax bulk carrier MV Molyvos Luck, built in 2014, for an approximate amount of $21.5 million. The funding for this purchase comes from existing cash reserves and a bank loan, which will be secured following the completion of the transaction. Slated for delivery by the end of January, EuroDry Ltd, which is publicly traded on the Nasdaq, will take over the vessel’s ongoing charter, which earns $13,250 per day until April 2022. Aristides Pittas, the Chairman and CEO of EuroDry Ltd, expressed optimism regarding this expansion, highlighting the acquisition’s timing as strategically aligned with current market conditions. He noted the supportive market fundamentals, including expectations of a strong market buoyed by the potential decline of the pandemic and constrained fleet growth, underscored by the orderbook’s historically low levels. Pittas anticipates that the MV Molyvos Luck will notably enhance the company’s net income and EBITDA based on prevailing market rates. The MV Molyvos Luck, previously under the majority ownership of an unrelated third party, has been under the management of Eurobulk Ltd, a company managed by the Pittas family and responsible for overseeing the majority of EuroDry Ltd’s vessels. With this acquisition, EuroDry Ltd’s fleet will expand to include 10 bulk carriers. Eurobulk Ltd, a key player in maritime management under the Pittas family’s stewardship, boasts a comprehensive approach to ship management, emphasizing efficiency and operational excellence. The company’s strategic management of a diverse fleet, including bulk carriers and container ships, showcases its significant role in the maritime sector. Eurobulk Ltd’s expertise extends beyond traditional ship management to include technical, commercial, and crew management services, making it a comprehensive maritime services provider. This acquisition further cements the synergistic relationship between Eurobulk Ltd and EuroDry Ltd, demonstrating their combined efforts to leverage market opportunities and drive growth within the global shipping industry. 19-January-2022


Greek Aristides Pittas-led shipowner and operator EuroBulk Ltd acquired 2014 built supramax bulk carrier 57K DWT MV Western Honolulu for around $14 million from Japanese shipowner and operator Nisshin Shipping. EuroBulk Ltd has not been acquiring any bulk carriers since 2016. In 2016, Eurobulk acquired 2009 built supramax bulk carrier 55K DWT MV Eressos Luck (ex MV Calypso Colossus), In 2017, Eurobulk sold MV Eressos Luck (ex MV Calypso Colossus) for a handsome profit. The dry bulk shipping market has recovered significantly since the post-coronavirus recession. Currently, Japanese shipowners are keen sellers and Japanese shipowners are crowding the Sale and Purchase (S&P) market with sale offers. In 2020, Japanese shipowner and operator Nisshin Shipping has offloaded five (5) bulk carriers. Currently, bulk carrier order-book at the Far East shipyards is at the lowest level in two decades. According to Greek shipowner and operator Eurobulk, the dry bulk shipping market will recover in Q3 2020. Eurobulk pursues asset play opportunities in the dry bulk market. Greek Pittas family controls EuroBulk Ltd, EuroDry Ltd, and EuroSeas Ltd. 1-August-2020


Led by Aristides Pittas, shipping company Euroseas Ltd has finalized agreements with Synergy Holdings for the acquisition of four containerships, each with a capacity of 4,253 TEU, totaling approximately $40 million. The deal encompasses the 2008-built MV Synergy Oakland, along with three vessels from 2009: MV Synergy Busan, MV Synergy Antwerp, and MV Synergy Keelung. Euroseas Ltd will take over the existing charters on these ships. Additionally, the agreement includes the procurement of certain management services from Synergy Marine for the next three years, with Synergy Marine’s chairman Andreas Papathomas joining the Euroseas Ltd board as part of the arrangement. The acquisition will be financed through a combination of bank loans, current company funds, and $6 million obtained through private placements, with both Synergy Marine and Aristides Pittas’ Eurobulk Ltd contributing equally to the funding. Furthermore, Euroseas Ltd has committed to issuing an extra $0.5 million in shares to Synergy Marine, contingent upon meeting specific criteria within a year. Aristides Pittas expressed enthusiasm for this significant expansion and renewal of Euroseas Ltd’s fleet, highlighting the strategic importance of the acquisition in establishing a strong presence in the Panamax markets and advancing the company’s goal to become the premier publicly traded entity for consolidating feeder and intermediate containerships. This move reflects the confidence of Euroseas Ltd’s main shareholders, including Pittas and the broader Pittas family, as well as Synergy Holdings, in the company’s future. Pittas warmly welcomed Andreas Papathomas to the board, anticipating his extensive shipping expertise will significantly contribute to Euroseas Ltd’s strategic development. Eurobulk Ltd, co-investor in this transaction, is a key maritime management entity within the Pittas family’s shipping portfolio, known for its comprehensive operational capabilities in managing a diverse fleet. Specializing in bulk carriers and containerships, Eurobulk Ltd provides a wide range of maritime services, including technical, operational, and crew management. This collaboration between Eurobulk Ltd and Euroseas Ltd exemplifies the strategic synergy within the Pittas family’s shipping ventures, leveraging their collective expertise to capitalize on market opportunities and drive growth in the competitive maritime sector. 18-November-2019


Greek Aristides Pittas-led shipowner and operator EuroBulk Ltd sold 1999 built panamax bulk carrier 73K DWT MV Ergina Luck for about $6.5 million. The buyer of MV Ergina Luck has not been disclosed. In recent weeks, prices of vintage panamax bulk carriers have firmed up. MV Ergina Luck was built at Tsuneishi Shipbuilding in 1999. MV Ergina Luck went through a special survey (SS) in 2019. In 2014, Greek shipowner and operator Eurobulk acquired MV Ergina Luck (ex MV Excalibur) for about $10.3 million from British Marine. In July 2019, Eurobulk bought 2005 built kamsarmax bulk carrier 82K DWT MV Yasa Neslihan from Istanbul based shipowner and operator Yasa Shipping for around $11.3 million. Eurobulk has not been active in the sale-and-purchase (S&P) market since 2017. 6-September-2019


Greek Pittas family-controlled EuroBulk Ltd makes rare second-hand buy at the beginning of August 2019. CEO Aristides Pittas led Eurobulk acquired 2005 built kamsarmax bulk carrier 82K DWT MV Yasa Neslihan from Turkish shipowner and operator Yasa Shipping for about $11.3 million. MV Yasa Neslihan is the Eurobulk’s first dry bulk carrier purchase in three (3) years. 82K DWT MV Yasa Neslihan was built at Sanoyas Shipyard, Japan in 2005. Yasa Shipping has been trying to sell MV Yasa Neslihan since July 2018. Since July 2018, Turkish shipowner and operator Yasa Shipping has been trying to sell five dry bulk carriers all built-in 2005 and 2006. MV Yasa Neslihan is the Eurobulk’s first recorded purchase of a dry bulk carrier on the second-hand market since 2016. In 2016, Eurobulk bought 2009 built 55K DWT MV Eressos Luck (ex MV Calypso Colossus) and sold it in 2017 at a considerable profit of almost 80%. In October 2018, Pittas family’s New York-listed company EuroDry bought 2004 Japanese built panamax bulk carrier 75K DWT MV Star of Nippon for around $9.8 million. In February 2019, Eurobulk bought 2004 Japanese built panamax bulk carrier 76K DWT MV Osmarine from Japanese shipowner and later on sold MV Osmarine to Greek shipowner Efshipping Co. is now trading as MV Doris (ex MV Osmarine). After the purchase of MV Yasa Neslihan, Eurobulk has a mixed fleet of 25 ships including container ships and bulk carriers. CEO Aristides Pittas is optimistic about the prospects of the dry bulk market. Both private company Eurobulk and public company EuroDry has been carefully evaluating possible acquisitions and opportunities. 2-September-2019


Istanbul-based Yasa Shipping, after having its 82K DWT kamsarmax bulk carrier MV Yasa Neslihan on the market for over a year, has completed its sale for approximately $12 million. EuroBulk Ltd, led by Greek shipping magnate Aristides Pittas, is identified by shipbrokers as the buyer, securing the vessel at a price significantly reduced from its initial asking price. This transaction marks Yasa Shipping’s first vessel sale since 2013, reducing the fleet of the company, which previously boasted 24 bulk carriers. In June 2018, Yasa Shipping had listed several vessels for sale, including the 82K DWT kamsarmax bulk carrier MV Yasa Neslihan, the 75K DWT panamax bulk carriers MV Yasa Team and MV Yasa Unity, along with the supramax bulk carriers MV Yasa Gulten and MV Yasa Ozcan, all of which were constructed in 2005 and 2006. Additionally, Yasa Shipping is set to enhance its fleet this year with the introduction of four new ultramax bulk carriers. EuroBulk Ltd, under the leadership of Aristides Pittas, has a notable presence in the maritime industry, primarily focusing on the operation and management of bulk carriers and container ships. The acquisition of MV Yasa Neslihan signifies EuroBulk Ltd’s strategic approach to fleet expansion and rejuvenation. EuroBulk Ltd, known for its adept handling of maritime assets and commitment to operational excellence, leverages its industry expertise to optimize fleet performance and meet the dynamic demands of global shipping markets. The company’s strategic acquisitions, such as that of MV Yasa Neslihan, are part of its broader vision to strengthen its market position and capitalize on growth opportunities within the maritime sector. 7-August-2019


Based in Athens, shipowning and operating company EuroBulk Ltd has recently expanded its fleet by acquiring a 13-year-old panamax bulk carrier from Japan’s Nissen Kaiun. The vessel, constructed by Imabari Shipbuilding and boasting a deadweight of 76K, named MV Osmarine (built in 2006), was purchased for approximately $10 million. This acquisition reflects the current market demand for panamax bulk carriers of this age, with several transactions involving similar vessels being finalized in recent weeks. Notably, d’Amico Dry of Italy sold two Japanese-built panamax bulk carriers, the 76K DWT MV Medi Cagliari (built in 2004) and the MV Medi Baltimore (built in 2005), to Chinese buyers for about $8 million and $8.5 million, respectively. Furthermore, in October, EuroBulk’s affiliate that is listed on the New York Stock Exchange, EuroDry Ltd. (EDRY), acquired the 75K DWT panamax bulk carrier MV Star of Nippon (built in 2004) for an estimated $10 million. This vessel, originating from Sanoyas Shipbuilding, has been rechristened as MV Starlight. Both EuroBulk Ltd and EuroDry Ltd. (EDRY) fall under the leadership of the Pittas family, illustrating a strategic approach to expanding their maritime assets. EuroDry Ltd. (EDRY), which is publicly traded on the Nasdaq, operates a diverse fleet that includes six panamax bulk carriers and one ultramax bulk carrier. Meanwhile, EuroBulk Ltd manages a broader fleet of 21 vessels, encompassing both bulk carriers and container ships, showcasing the Pittas family’s significant footprint in the global shipping industry. 20-February-2019


Athens-based shipowner and operator EuroBulk Ltd bought supramax bulk carrier MV Calypso Colossus Japanese built for $8.3 million from K Line (Kawasaki Kisen Kaisha) of Japan. 55K DWT M/V Calypso Colossus built 2004 inspected by many bulk carrier owners. 28-March-2016


Aristides Pittas strongly expresses his desire to remain in Greece, echoing a sentiment prevalent among his peers in the Greek shipping industry. However, Pittas, serving as the chairman and CEO of Euroseas, finds himself at a crossroads, facing a dilemma between national loyalty and operational feasibility, especially in light of the recent resignation of the Greek prime minister. The economic challenges in Greece, prompting calls for the shipping community to increase their economic contributions through higher taxes, alongside restrictive capital controls, have cast a shadow of uncertainty. This situation has led many within the Greek shipping sector to contemplate relocation to more favorable jurisdictions like Cyprus or Asian maritime hubs. Pittas, however, hopes to retain as much of the company’s operations within Greece as possible. Euroseas Ltd, alongside its affiliate Eurobulk Ltd and other related entities, manages a fleet of about 30 vessels from Maroussi, Athens, facing higher operational costs in Greece compared to other locations. Despite this, Pittas acknowledges the importance of contributing to Greece’s economy, albeit wary of the potential exodus of companies should fiscal demands escalate excessively. He takes pride in Greece’s stature as a leading global maritime player but warns of the repercussions of overburdening the industry. Despite the gloomy market conditions, particularly in the dry bulk sector, Pittas remains moderately optimistic, drawing on his experience of previous downturns, notably the mid-1980s. He views the current market lows as an opportune moment for acquisition, particularly second-hand vessels, advocating for strategic purchases during cyclical lows. Euroseas Ltd is poised for expansion, expecting the delivery of two kamsarmax and two ultramax bulk carriers ordered in 2014 from Chinese shipyards. Despite contemplating the sale of these newbuilds at one point, the decision to retain them underscores Euroseas Ltd’s commitment to growth and confidence in a market rebound. Euroseas Ltd’s strategy of short-term charters for its container and dry bulk vessels positions it well to capitalize on market improvements. The company’s recent rights issue, aiming to raise up to $20 million for its newbuilding program, reflects Pittas’s belief in investing during downturns to leverage future market corrections. Eurobulk Ltd, integral to the operations of Euroseas and under the Pittas family’s leadership, exemplifies excellence in maritime management. Specializing in the ownership and management of bulk carriers and container ships, Eurobulk Ltd is recognized for its operational proficiency and strategic foresight. With a focus on enhancing fleet efficiency and capitalizing on market opportunities, Eurobulk Ltd’s partnership with Euroseas Ltd highlights a shared vision for navigating the complexities of the global shipping industry, reinforcing their commitment to Greece’s maritime legacy while adapting to the demands of a changing economic landscape. 20-August-2015