EuroDry To Acquire M/V Ruby Asia II Vessel For $24.5M

EuroDry Ltd. EDRY has agreed to acquire M/V Asia Ruby II, a 62,996 dwt drybulk vessel built-in 2014, for $24.5 million.
The vessel will be delivered within late September / early October 2021 and will be renamed M/V Good Heart.
EuroDry expects M/V Ruby II to significantly contribute to its net income and EBITDA at current market rates.
The company financed the acquisition with its own funds and a bank loan. It held cash and cash equivalents of $15.89 million as of June 30, 2021.
Upon the delivery of M/V Good Heart, EuroDry will have a fleet of 9 vessels, including 5 Panamax drybulk carriers, 2 Ultramax drybulk carriers, and 2 Kamsarmax drybulk carriers, with a total cargo capacity of 668,631 dwt.
Price Action: EDRY shares are trading higher by 11.2% at $27.93 on the last check Monday.