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.