EuroDry Ltd. announced on February 5, 2025, an agreement to sell the M/V Tasos, a 75,100 dwt Panamax drybulk vessel built in 2000, for demolition. The sale price is approximately $5 million, and the vessel is expected to be delivered to its buyers between mid-February and mid-March 2025. This divestiture is part of EuroDry's ongoing fleet modernization program.
The company anticipates booking a gain of approximately $2.1 million from this sale, which translates to about $0.75 per share. The net proceeds from the sale are expected to increase EuroDry's near-term liquidity. This move allows the company to remove an older vessel that was due for a costly fifth special survey.
Following the sale of M/V Tasos, EuroDry's fleet will consist of 12 vessels. The company's strategy involves systematically divesting older, less efficient vessels to replace them with younger, more technologically advanced carriers. This action supports the company's goal of enhancing operational efficiency and financial flexibility.
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