On Nov. 21, EuroDry, a Nasdaq-listed Greek dry bulk owner, announced that it had placed an order with a Chinese shipyard to expand and modernize its fleet.
EuroDry has signed a newbuilding contract with XMXYG Shipbuilding & Offshore Engineering Co., Ltd.(XMXYG SOE) for two 63,500 dwt bulk carriers to be delivered in the second and third quarters of 2027. The total cost of the two newbuildings is US$71.8 million, with a single vessel price of US$35.9 million. The new vessels comply with EEDI Phase 3 standards.
EuroDry was spun off from container ship shipping company Euroseas in 2018. Its fleet currently consists of 13 bulk carriers that transport major bulk cargoes such as iron ore, coal and grain, as well as minor bulk cargoes such as bauxite, phosphates and fertilizers. This order is the shipowner’s first newbuilding order.
Founded in December 2016 with a registered capital of RMB 240 million, XMXYG SOE was officially put into production on May 11, 2017. XMXYG SOE mainly builds environmentally friendly and energy-saving bulk carriers, tankers and container ships under 100,000 tons, small and medium-sized stainless steel/special-painted chemical tankers as well as other engineering vessels.
In August this year, XMXYG SOE through the judicial auction to RMB 440 million yuan bidding for Jiangsu Hongqiang marine Heavy Industry’s core assets. The bidding assets include 56,352.42 square meters of housing buildings, one wharf, three 50,000-100,000-ton ship slipways, 682.3 meters of Yangtze River shoreline usage rights and related equipment and patents owned by the company. Upon reaching production, XMXYG SOE is expected to increase its annual capacity by 60%.