EuroDry Enters New Charter For M/V Molyvos Luck Vessel

EuroDry Ltd 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.