EuroDry Ltd. Announces Agreement to Acquire M/V Santa Cruz, a 2005-built Panamax Bulker

ATHENS, Greece, April 19, 2022 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it has agreed to acquire M/V Santa Cruz, a 76,440 dwt drybulk vessel built in 2005, for $15.75 million. The vessel was controlled by an un-affiliated third party and has been managed by Eurobulk Ltd., also the manager of the majority of the Company’s vessels. The vessel is expected to be delivered to the Company around the end of April 2022. The Company will also assume the existing charter of the vessel at $14,800 per day until July 2022. The acquisition will be financed with own funds.