EuroDry To Acquire M/V Ruby Asia II Vessel For $24.5M

• EuroDry Ltd. (NASDAQ: EDRY) has agreed to acquire M/V Asia Ruby II, a 62,996 dwt drybulk vessel built-in 2014, for $24.5 million.

• The vessel will be delivered within late September / early October 2021 and will be renamed M/V Good Heart.

• EuroDry expects M/V Ruby II to significantly contribute to its net income and EBITDA at current market rates.

• The company financed the acquisition with its own funds and a bank loan. It held cash and cash equivalents of .89 million as of June 30, 2021.

• Upon the delivery of M/V Good Heart, EuroDry will have a fleet of 9 vessels, including 5 Panamax drybulk carriers, 2 Ultramax drybulk carriers, and 2 Kamsarmax drybulk carriers, with a total cargo capacity of 668,631 dwt.

• Price Action: EDRY shares are trading higher by 11.2% at $27.93 on the last check Monday.

See more from Benzinga

• Click here for options trades from Benzinga

• DSS Subsidiary Impact Biomedical Reports Positive Test Results For 3FDB DEET Booster Technology

• Capstone Green Expands Rental Fleet With New Contract In Louisiana

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.