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Benzinga
Benzinga
Business
Akanksha Bakshi

EuroDry Enters New Charter For M/V Molyvos Luck Vessel

  • EuroDry Ltd (NASDAQ:EDRY) entered a new time charter contract for the 2014-built M/V Molyvos Luck vessel, for a period of a minimum of eleven and a maximum of thirteen months, at a daily rate of $25,750.
  • The company expects the new rate to commence in early May 2022.
  • Aristides Pittas, Chairman and CEO of EuroDry, said, "The new charter secures us with a minimum of $8.5 million of contracted gross revenues and is expected to make a total EBITDA contribution in excess of $5.5 million."
  • The company anticipated the new charter to improve profitability and cash flow visibility, with charter coverage at about 29% for 2022.
  • Price Action: EDRY shares are trading lower by 0.72% at $26.10 on the last check Thursday.
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