EuroDry signs for ultramax newbuilds

Nasdaq-listed Greek dry bulk owner EuroDry has turned to a Chinese shipyard to expand and modernise its fleet.

The Aristides Pittas-led company has contracted two ultramax newbuilds at Nantong Xiangyu Shipbuilding for delivery in the second and third quarters of 2027.

EuroDry is paying $71.8m for both 63,500 dwt ships, which will be geared, eco, and built to EEDI phase 3 design standards. 

The company was spun off from containership owner Euroseas in 2018, and the latest move marks its first newbuilding order. EuroDry’s current fleet counts 13 ships, five of which operate in the ultramax segment. Pittas-led Euroseas also recently revealed an order for two 4,300 teu newbuilds at Jiangsu Yangzi Xinfu Shipbuilding in China worth about $60m each.

“The addition of two modern ultramax vessels in our fleet will solidify our presence in the supra/ultramax segment by increasing our fleet in this segment to eight vessels, all with eco-type engines and environmentally friendly footprint,” Pittas said.