EuroDry Ltd. Announces Agreement to Sell M/V Tasos, a 2000-built Panamax Bulk Carrier

Athens, Greece - February 5, 2025

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 signed an agreement to sell M/V Tasos, a 75,100 dwt drybulk vessel, built in 2000, for demolition, for approximately $5 million.

The vessel is expected to be delivered to its buyers, an unaffiliated third party, between mid-February and mid-March 2025, upon completion of her present charter.

Aristides Pittas, Chairman and CEO of EuroDry commented: "We are pleased to announce our agreement to sell of our M/V Tasos, the eldest Panamax-size bulker of our fleet which was due for a costly fifth special survey, for recycling. As a result of this sale, we expect to book a gain of approximately $2.1 million, or about $0.75 per share. The net proceeds of this sale will increase our near-term liquidity and enable us to quickly capitalize on accretive investment opportunities in the sector, when they arise, for the benefit of our shareholders."

Fleet Profile:
The EuroDry Ltd. fleet profile, after the sale of M/V Tasos, is as follows:



Note:
(*) Represents the earliest redelivery date
(**) The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes.
(***) Vessel is 61% owned by EuroDry Ltd.

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 sale of M/V Tasos, the Company has a fleet of 12 vessels, including 2 Kamsarmax drybulk, 4 Panamax drybulk carriers, 5 Ultramax drybulk carriers, and 1 Supramax drybulk carrier. EuroDry's 12 drybulk carriers have a total cargo capacity of 843,402 dwt. On a fully delivered basis, the Company's fleet will increase to 14 drybulk ships with a cargo capacity of about 970,402 dwt.

EuroDry Ltd. press release