EuroDry

Aristides Pittas led dry bulk carrier owner and operator EuroDry is in discussions with moneylenders to push back loan payments due 2020. Greek shipowner and operator EuroDry published the worst financial report since 2018. Currently, New York-listed EuroDry has a fleet of seven (7) bulk carriers. EuroDry reported a net loss of $3.8 million in Q2 2020. Coronavirus recession hit EuroDry as hard as it has other New York-listed shipowners. EuroDry has agreed with preferred shareholders to pay dividends by issuing new preferred shares. Greek shipowner and operator EuroDry is taking the liquidity-enhancing measures to deal with the weak shipping markets during coronavirus recession. EuroDry is optimistic about the post-pandemic, medium-term prospects of dry bulk shipping. In 2018, EuroDry was established as a dry bulk spin-off of container shipowner EuroSeas. 5-August-2020

 

Aristides Pittas led dry bulk carrier owner and operator EuroDry is willing to expand its fleet of 7 dry bulk carriers. New York-listed Euroseas spinoff EuroDry is aiming to acquire 4  panamax, 2 kamsarmax, and 1 ultramax dry bulk carriers. EuroDry is planning to enter into Merger and Acquisition deals for faster growth. CEO Aristides Pittas explained that EuroDry has $10 million cash in the company which could be used to buy bulk carriers and leverage it up 50%. If bulk carrier prices seem to be correcting to lower levels, then EuroDry may buy more bulk carriers. If bulk carrier prices rise, EuroDry might consider other options like ship-for-shares deals. CEO Aristides Pittas explained that EuroDry also considers en bloc purchases of bulk carriers to grow its fleet faster. According to CEO Aristides Pittas, capital markets are not open to raising equity at this point. CEO Aristides Pittas added that having a larger fleet is not necessarily the goal or the mean to success in dry bulk shipping because most factors are relatively equal among owners. EuroDry plans to focus fleet expansion efforts on either panamax or ultramax bulk carriers between 5 to 15 years old. EuroDry would be not be looking for newbuilds. EuroDry is optimistic that the dry bulk market will improve enough to allow for fleet expansion. Shipping markets will also have the disruption of the International Maritime Organization (IMO) 2020 regulations. Bulk carriers are going to go slower and more bulk carriers will stop to install scrubbers. 26-June-2019