EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced that it has signed an agreement to sell M/V Eirini P., a 76,466 dwt drybulk vessel, built in 2004, to an unaffiliated third party, for approximately $8.5 million. The vessel is expected to be delivered to its buyers in October 2025.

Aristides Pittas, Chairman and CEO of EuroDry, commented: “We are pleased to announce the agreement to sell M/V Eirini P., one of the three older vessels and the longest-held in our current fleet, for $8.5 million as part of our fleet renewal program. As a result of this sale, we expect to generate a gain of approximately $0.6 million, or about $0.21 per share. The net proceeds will strengthen our balance sheet position and increase our near-term liquidity, providing us with more flexibility to pursue the renewal of our fleet with more modern, fuel efficient and environmentally friendly vessels.”

EuroDry Ltd. press release