EuroDry Ltd. Announces Joint Venture With Investors And Delivery Of M/V Christos K, An Eco Ultramax Drybulk Carrier
Portfolio Pulse from Benzinga Newsdesk
EuroDry Ltd. (NASDAQ:EDRY) has formed a joint venture with investors represented by NRP Project Finance AS for the ownership of two Ultramax vessels. NRP Investors will acquire a 39% stake in each vessel. EuroDry has also taken delivery of one of the vessels, M/V Christos K, and arranged a sustainability-linked loan of $11 million with Eurobank S.A. to partly finance the acquisition.
October 26, 2023 | 1:17 pm
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POSITIVE IMPACT
EuroDry's joint venture with NRP Investors and the delivery of M/V Christos K could potentially boost the company's operational capacity and financial performance.
The joint venture allows EuroDry to expand its fleet without diluting shareholder value, which could positively impact its stock. The delivery of M/V Christos K also increases the company's operational capacity, potentially leading to increased revenues.
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