Dry CargoEurope

EuroDry lets go of vintage panamax

Aristides Pittas-led EuroDry has offloaded an elderly panamax, getting $9.7m for the 2000-built Pantelis. The vessel is expected to be delivered to its new unspecified owners next month.

Pittas, chairman and CEO of EuroDry, commented: “This sale is part of our effort to focus on more modern, eco-built, fuel-efficient vessels.”

EuroDry expects to book a gain of approximately $3m when the transaction is completed.

“The net proceeds of this sale will significantly increase our near-term liquidity and enable us to quickly capitalize on accretive investment opportunities in the market, when they arise,” the company stated.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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