EuroDry adds third $37m kamsarmax at Hengli

Aristides Pittas-led EuroDry has returned to China’s Hengli Shipbuilding for another kamsarmax, adding a third 82,000 dwt newbuilding to a fleet renewal programme now worth almost $183m.

The Nasdaq-listed dry bulk owner is paying about $37m for the latest vessel, which is scheduled for delivery in the third quarter of 2029.

The contract remains conditional on EuroDry receiving an acceptable bank refund guarantee.

The ship will be built to an eco design compliant with EEDI Phase 3 requirements and will follow two sister vessels already booked at Hengli for delivery in the first and second quarters of 2028.

Those earlier ships were contracted in April and May this year for a combined $74m, also working out at $37m apiece. The three-ship Hengli programme therefore represents an investment of around $111m.

EuroDry chairman and chief executive Pittas pointed to the sharp rise in secondhand values as one of the reasons for ordering again.

The company estimates that five-year-old kamsarmaxes are currently valued at or above newbuilding prices, making a new, more fuel-efficient ship the more attractive proposition at similar capital cost.

The latest contract takes EuroDry’s overall newbuilding programme to five ships and 373,000 dwt.

In addition to the three Hengli kamsarmaxes, the company has two 63,500 dwt ultramaxes under construction at Nantong Xiangyu Shipbuilding. The Aristeidis and Troboni are due in the second and third quarters of 2027 and cost $71.8m in total.

Taken together, EuroDry has committed about $182.8m to the five-vessel renewal programme.

The latest kamsarmax, to be named Konstantina TZ, follows Nikos P and Christina Bel at Hengli.

EuroDry currently operates 11 bulkers totalling 766,420 dwt, including two kamsarmaxes, six supra/ultramaxes and three older panamaxes.

The three panamaxes — Santa Cruz, Starlight and Blessed Luck — date from 2004 and 2005, while the rest of the operating fleet was built between 2014 and 2018. On the current fleet count, delivery of all five ships would take EuroDry to 16 bulkers with around 1.14m dwt of capacity.

Hengli has attracted a growing list of Greek dry bulk owners in recent years, with Star Bulk, Oceanbulk, Laskaridis Maritime and others turning to the revived Dalian yard for kamsarmax tonnage. Recent contracts have generally clustered around the $36m-$38m mark.

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