UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2022
Commission File Number: 001-38502
EURODRY LTD. |
(Translation of registrant’s name into English) |
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4 Messogiou & Evropis Street |
151 24 Maroussi, Greece |
(Address of principal executive office) |
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ].
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ].
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
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INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 1 is a copy of the press release issued by EuroDry Ltd. on April 19, 2022: EuroDry Ltd. Announces Agreement to Acquire M/V Santa Cruz, a 2005-built Panamax Bulker.
This Report on Form 6-K, except for the paragraph beginning with “Aristides Pittas, Chairman and CEO of EuroDry commented:”, is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (File No. 333-238235) filed with the U.S. Securities and Exchange Commission on May 13, 2020.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Dated: April 19, 2022 | By: | /s/ Aristides J. Pittas |
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| Name: | Aristides J. Pittas |
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| Title: | President |
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Exhibit 1
![[f41922edry6k001.jpg]](https://capedge.com/proxy/6-K/0001317861-22-000022/f41922edry6k001.jpg)
EuroDry Ltd. Announces Agreement to Acquire M/V Santa Cruz, a 2005-built Panamax Bulker
Athens, Greece – April 19, 2022 – EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it has agreed to acquire M/V Santa Cruz, a 76,440 dwt drybulk vessel built in 2005, for $15.75 million. The vessel was controlled by an un-affiliated third party and has been managed by Eurobulk Ltd., also the manager of the majority of the Company’s vessels. The vessel is expected to be delivered to the Company around the end of April 2022. The Company will also assume the existing charter of the vessel at $14,800 per day until July 2022. The acquisition will be financed with own funds.
Aristides Pittas, Chairman and CEO of EuroDry commented:
“We are pleased to announce the acquisition of M/V Santa Cruz, a Panamax, drybulk carrier built in 2005. This acquisition further expands our fleet at a time when the market fundamentals are quite supportive within the context of geopolitical uncertainties. Demand is expected to remain strong, supported by the huge demand for energy and infrastructure projects that have been announced by various governments while fleet growth is expected to be limited as evidenced by the historically low levels of the orderbook. At current market rates, we expect that M/V Santa Cruz will make a significant contribution to our net income and EBITDA. The accumulation of funds that our fleet generates provides us with significant fleet expansion capabilities and other shareholder reward options and we will continue pursuing those most appropriate for the benefit of our shareholders at any given point.”
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Fleet Profile:
After the delivery of the M/V Santa Cruz, the EuroDry Ltd. fleet profile will be as follows:
Name | Type | Dwt | Year Built | Employment(*) | TCE Rate ($/day) |
Dry Bulk Vessels |
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EKATERINI | Kamsarmax | 82,000 | 2018 | TC until May-22 | Hire 106% of the Average Baltic Kamsarmax P5TC (***) index |
| Ultramax | 63,500 | 2017 | TC until May-22 | $26,250 |
XENIA* | Kamsarmax | 82,000 | 2016 | TC until Aug-22 | Hire 105% of the |
GOOD HEART* | Ultramax | 62,996 | 2014 | TC until Oct-22 | $25,000 |
MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until May-22 TC until Apr-23 | $13,250 $25,750 |
SANTA CRUZ | Panamax | 76,440 | 2005 | TC until Jul-22 |
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BLESSED LUCK | Panamax | 76,704 | 2004 | TC until Jul-22 |
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EIRINI P.* | Panamax | 76,466 | 2004 | TC until May-22 | Hire 99% |
STARLIGHT* | Panamax | 75,845 | 2004 | TC until Oct-22 | Hire 98.5% |
TASOS | Panamax | 75,100 | 2000 | TC until Apr-22 | $18,750 |
PANTELIS | Panamax | 74,020 | 2000 | TC until Jul-22 | $20,500 |
Total Dry Bulk Vessels | 11 | 802,995 |
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Note:
(*)
Represents the earliest redelivery date
(**)
BPI stands for the Baltic Panamax Index; the average BPI 4TC is an index based on four-time charter routes.
(***)
The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes.
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About EuroDry Ltd.
EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY.
EuroDry operates in the dry cargo, drybulk shipping market. EuroDry's operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.
After the delivery of M/V Santa Cruz, the Company will have a fleet of 11 vessels, including 6 Panamax drybulk carriers, 1 Supramax drybulk carier, 2 Ultramax drybulk carrier and 2 Kamsarmax drybulk carriers. EuroDry’s 11 drybulk carriers have a total cargo capacity of 802,995 dwt.
Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Visit our website www.eurodry.gr
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