EuroDry has expanded its fleet to 10 bulkers by acquiring its third ship within 12 months.
The New York-listed shipowner has bought the 57,924-dwt Molyvos Luck (built 2014) for $21.2m and expects the ship to be delivered at the end of January.
The vessel has an estimated market value of $22.8m, according to Vessels Value.
Eurobulk, a private company of the Pittas family, will continue to manage the ship alongside other EuroDry vessels under its management.
Athens-based EuroDry plans to pay for the Molyvos Luck, which will come with a fixture of $13,250 per day that will last to the end of March, with its own money and a bank loan.
Chief executive Aristides Pittas said EuroDry is buying this ship at a time when the dry bulk market is expected to remain strong amid a possibly receding pandemic and very low orderbook.
"At current market rates, we expect that Molyvos Luck will make a significant contribution to our net income and Ebitda," he said.
The Baltic Exchange supramax 10TC, a spot-rate average of spot rates across 10 key routes, almost reached $40,000 per day in late October but has declined since then to $19,935 per day on Wednesday.
Pittas said the company will still continue pursuing the "most appropriate" investments for the benefit of its shareholders, including buying more ships.
EuroDry bought the 62,996-dwt Asia Ruby II (built 2014) for $24.5m in August of last year after purchasing the 74,700-dwt Blessed Luck (built 2004) for $12.1m in May.
