EuroDry expands fleet renewal programme with another Kamsarmax order

EuroDry Ltd. has signed a shipbuilding contract with Hengli Shipbuilding (Dalian) for an additional Kamsarmax bulk carrier, expanding its newbuilding programme to five vessels.

The new vessel will have a deadweight capacity of 82,000 tonnes and is scheduled for delivery during the third quarter of 2029.

The contract is valued at approximately US$37 million and is expected to be financed through a combination of debt and equity.

According to the company, the agreement remains conditional on receiving a refund guarantee from a bank acceptable to EuroDry.

Newbuilding programme reaches five vessels

The latest order represents EuroDry’s third Kamsarmax newbuilding and follows earlier commitments for two vessels of the same size.

The new ship will be constructed to an eco-design specification compliant with Energy Efficiency Design Index (EEDI) Phase 3 standards.

EuroDry said its decision to order new tonnage reflects current secondhand vessel valuations, with relatively modern Kamsarmax bulk carriers trading at prices comparable to those of newbuildings.

The company expects the new vessel to offer improved fuel efficiency while contributing to a reduction in the average age of its fleet.

Fleet capacity set to increase

EuroDry currently operates 11 dry bulk carriers with a combined capacity of 766,420 dwt.

Its existing fleet comprises two Kamsarmax, five Ultramax, three Panamax and one Supramax vessel.

According to the company’s fleet schedule, two Ultramax newbuildings are expected to be delivered in the second and third quarters of 2027.

Two Kamsarmax vessels are scheduled to follow in the first and second quarters of 2028, while the newly ordered Kamsarmax is expected in the third quarter of 2029.

Upon delivery of all five vessels, EuroDry’s fleet is projected to increase to 16 bulk carriers with a combined carrying capacity of approximately 1.14 million dwt.

The expansion forms part of the company’s strategy to renew its fleet with newer, more fuel-efficient vessels.