EuroDry Sets Sail For Expansion: Acquires Three Ultramax Bulkers In $65M Deal
Portfolio Pulse from Shivani Kumaresan
EuroDry Ltd (NASDAQ:EDRY) is set to acquire three Ultramax bulkers for a total price of about $65 million. The vessels are expected to be delivered to EuroDry during October and November 2023. The company will finance the acquisitions with its own funds and bank debt. After the acquisition, the company will have a fleet of 13 vessels. EDRY shares are trading lower by 0.21% at $14.03.
September 12, 2023 | 3:33 pm
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NEUTRAL IMPACT
EuroDry's acquisition of three Ultramax bulkers for $65M is expected to expand its fleet and potentially increase its EBITDA. However, the company's shares are currently trading lower.
The acquisition is a significant investment for EuroDry and is expected to contribute to its EBITDA. However, the immediate market reaction has been negative, with shares trading lower. This could be due to concerns about the financing of the deal or other market factors.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100