EuroDry, a US-listed company led by Aristides Pittas, has expanded its fleet further in the expectation that economic stimulus measures worldwide will provide ample employment for its bulkers.

The Athens-based company announced late on Tuesday the acquisition of the 76,400-dwt Santa Cruz (built 2005) for $15.75m. The price includes a charter that earns the Japanese-built ship $14,800 per day until July.

This is the second bulker that EuroDry has agreed to buy this year. In January, the company agreed to spend $21.2m on a much younger vessel, the 57,900-dwt Molyvos Luck (built 2014).

Both the Molyvos Luck and the Santa Cruz were managed by private Pittas company Eurobulk. Their previous owners, however, were parties unaffiliated with EuroDry, the company said.

The Santa Cruz will join EuroDry’s fleet by the end of April and boost its size to 11 ships — six panamaxes, two kamsarmaxes, two ultramaxes and one supramax.

The acquisition comes at a time when market fundamentals are “supportive”, Pittas said in a statement.

“Demand is expected to remain strong, supported by the huge demand for energy and infrastructure projects that have been announced by various governments,” said the Greek owner.

He added: “The accumulation of funds that our fleet generates provides us with significant fleet expansion capabilities and other shareholder reward options and we will continue pursuing those most appropriate for the benefit of our shareholders at any given point”.

S&P carousel

Robust bulker earnings have encouraged a flurry of secondhand dealmaking this month.

In some of the panamax deals reported most recently by brokers, the vintage 74,000-dwt Shao Shan 1 (built 1997) is changing hands between Chinese interests for $8.6m and the 75,000-dwt S’Hail Al Khor (built 2001) is fetching about $10m.

Unidentified Greek owners have reportedly swooped on the 78,100-dwt Coral Crystal (built 2012) for $25m, as well as on the 82,200-dwt Rosco Palm (built 2011) for $26m.

Two Greek owners are said to be selling supramaxes: the 57,300-dwt Titan II (built 2009), a privately-held ship of Angeliki Frangou, is going to Chinese interests for between $17m and $17.5m; and Athemar is offloading the 54,700-dwt Eratios (built 2011) to Middle Eastern interests for $17.6m.

Moving to smaller sizes, China’s Ebridge Capital is said to be disposing of the 37,400-dwt Nile Confidante (built 2012) for close to $13m, while Greek interests are swooping on the 37,200-dwt Ocean Falcon (built 2011) for about $18m.

In another handysize deal, Stamatis Molaris-controlled Empire Bulkers is said to be selling the 28,4000-dwt Scrooge (built 2006) to unidentified interests for $12.75m.