EuroDry Ltd. Announces Delivery Of M/V YANNIS PITTAS, An Eco Ultramax Drybulk Carrier; The Vessel Is Employed Under A Time Charter Contract Until December 2023 At $12,500 Per Day
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EuroDry Ltd. (NASDAQ:EDRY) has announced the delivery of M/V YANNIS PITTAS, an Ultramax drybulk carrier, which is the first of three such carriers the company agreed to acquire. The vessel was paid for in cash and is expected to be partly financed by a $10.5 million sustainability-linked loan from Eurobank S.A. The vessel is under a time charter contract until December 2023 at $12,500 per day. The remaining two vessels are expected to be delivered by October 2023.
October 13, 2023 | 1:04 pm
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POSITIVE IMPACT
The acquisition of the Ultramax drybulk carrier could potentially increase EuroDry's revenue due to the time charter contract. However, the company's cash reserves may be impacted due to the cash payment for the vessel.
The acquisition of the vessel and its employment under a time charter contract until December 2023 could potentially increase EuroDry's revenue. However, the cash payment for the vessel could impact the company's cash reserves, which may affect its short-term financial stability. The remaining two vessels, expected to be delivered by October 2023, could further impact the company's financials.
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