EuroDry, a New York-listed outfit with about a dozen bulkers, confirmed it is teaming up with Norway’s Ness, Risan & Partners, or NRP, for some of the vessels it purchased last month.

Brokers reported early in September that NRP co-financed EuroDry’s acquisition of ultramaxes from Marine Capital, a UK-based ship investment company.

When formally announcing a deal for three Marine Capital ultramaxes on 12 September, however, EuroDry did not make any mention of NRP, merely stating that it funded the $65m acquisition through its own funds and bank debt.

Confirmation of NRP involvement in the purchase of two out of the three ships came in a separate announcement on Thursday. In this announcement, the company led by Aristides Pittas revealed that NRP Investors acquired a 39% ownership stake in each of the 63,200-dwt vessels, the 63,200-dwt Giants Causeway (renamed Christos K, built 2015) and its sister ship Sadlers Wells, which will now be trading as Maria.

“This joint venture transaction helps us fund our fleet growth strategy in a non-dilutive way to our shareholders,” Pittas said.

“It also allows us to broaden our investor base and establish a presence in a highly reputable and experienced shipping market,” the Greek owner added.

The third vessel that EuroDry bought from Marine Capital did not involve NPR. The 63,200-dwt Galileo (built 2014) has already joined the Athens-based company’s fleet and is currently trading as the Yannis Pittas.

Much of the borrowed cash that helped finance EuroDry’s acquisitions came from Eurobank.

EuroDry announced on Thursday that the Greek lender provided $11m in sustainability-linked loans towards the purchase of the Giants Causeway.

Earlier this month, EuroDry unveiled a separate, $10.5m sustainability-linked loan with Eurobank for the Galileo.

EuroDry’s deals with Eurobank confirm the rising role of Greek banks in their country’s ship lending.

That role is only expected to grow after Greece regained its investment-grade sovereign credit rating status with Standard & Poor’s earlier this month, for the first time since the Greek debt crisis.

Its latest acquisitions bring the EuroDry fleet to 13 ships comprising supramax and kamsarmax-sized vessels. Pittas reiterated on Thursday that his company is “continuing looking for accretive transactions and ways to finance… growth creating value for our shareholders”.

Marine Capital’s sale of its three ultramaxes to EuroDry was part of an overall exit from shipping.

Online data platforms show that the UK-based investment fund sold its fourth and final vessel as well.

The 63,200-dwt Cape Cross (built 2014) is now trading as Ariadni in the fleet of Denmark’s Clipper Group. VesselsValue says it changed hands in early September for $22m.

Marine Capital had ordered the four ultramaxes it has now sold back in 2013, for $100m in total.