EuroDry, led by Aristides Pittas, has returned to Hengli Shipbuilding in China for the third time and ordered a new Kamsarmax tanker weighing 82,000 tons for $37 million. This tanker is part of EuroDry's fleet modernization program, which has now reached a value of approximately $183 million.
Contract Details and Delivery Timeline
The delivery of this new tanker will take place in the third quarter of 2029. The contract is conditional upon EuroDry receiving a bank repayment guarantee. This tanker will be built based on an ecological design in accordance with EEDI Phase 3 requirements, and two sister tankers previously ordered from Hengli will be delivered in the first and second quarters of 2028.
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Fleet Value Increase and Modernization Program
Aristides Pittas, President and CEO of EuroDry, has pointed to the sharp increase in the value of second-hand ships as one of the reasons for this new order. The company estimates that five-year-old Kamsarmax ships are currently valued at prices equal to or higher than those of new builds, making a new, more fuel-efficient ship more attractive for similar investment.
The new contract brings EuroDry's overall fleet construction program to five ships and 373,000 tons in weight. In addition to the three Kamsarmax ships from Hengli, the company is also constructing two Ultramax ships weighing 63,500 tons at Nantong Xiangyu Shipbuilding. The Aristides and Troubouni ships are scheduled for delivery in the second and third quarters of 2027, with a total cost of $71.8 million.
EuroDry currently has 11 vessels in its fleet, with a total weight of 766,420 tons. This fleet includes two Kamsarmax ships, six super/ultramax ships, and three older Panamax ships. With the delivery of all five ships, EuroDry will have 16 vessels with a capacity of approximately 1.14 million tons.
Attracting Greek Owners to Hengli Shipbuilding
Hengli Shipbuilding has attracted a growing list of Greek shipowners in recent years, where owners like Star Bulk, Oceanbulk, and Laskaridis Maritime have returned to this yard to order Kamsarmax ships. Recent contracts typically fall within the price range of $36 to $38 million.
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