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The vessel was majority-owned by an unaffiliated third party and managed by Eurobulk Ltd., also the manager of the majority of the company's vessels.
The company expects the vessel delivery around this month-end and will assume the existing charter of the vessel at $13,250/day until April 2022.
The company plans to initially finance the acquisition with its own funds and seek a bank loan once the purchase is completed.
The company held cash and equivalents of .6 million as of September 30, 2021.
"At current market rates, we expect that M/V Molyvos Luck will make a significant contribution to our net income and EBITDA," said Aristides Pittas, Chairman and CEO of EuroDry.
Price Action: EDRY shares closed higher by 4.87% at $19.60 on Wednesday.
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