EuroDry orders third eco Kamsarmax from Hengli for 2029 delivery

EuroDry has ordered a third Kamsarmax newbuilding from Hengli Shipbuilding for delivery in the third quarter of 2029. The 82,000 dwt vessel, priced at approximately $37 million, will be built to an eco design compliant with EEDI Phase 3 standards. The contract, announced on October 14, 2026, is conditional on receiving a bank refund guarantee. The new ship will be named Konstantina TZ.

This latest order brings EuroDry's total newbuilding programme to five vessels. The company is investing in newer, more efficient tonnage.

Fleet expansion and renewal strategy

The latest contract expands EuroDry's newbuilding programme to five ships, adding 373,000 dwt of capacity. Once all five vessels are delivered, the fleet will grow to 16 bulk carriers with a total carrying capacity of about 1,139,420 dwt. This programme is actively lowering the average age of the company's fleet.

Context in existing fleet and prior orders

EuroDry currently operates a fleet of 11 dry bulk carriers with a total capacity of 766,420 dwt. The operating fleet consists of three Panamax vessels, six Supra/Ultramax vessels, and two Kamsarmax vessels. The three Panamaxes, named Santa Cruz, Starlight, and Blessed Luck, date from 2004 and 2005, while the rest of the fleet was built between 2014 and 2018.

The company had previously ordered two sister Kamsarmax vessels from Hengli Shipbuilding. Those ships, named Nikos P and Christina Bel, were contracted in April and May 2026 for delivery in the first and second quarters of 2028, costing $37 million each. The three-ship series from Hengli represents a total investment of around $111 million.

Broader programme and financing

The Kamsarmax is part of a broader $182.8 million fleet renewal programme. This programme also includes two 63,500 dwt Ultramax newbuildings under construction at Nantong Xiangyu Shipbuilding. Those vessels, named Aristeidis and Troboni, are due for delivery in the second and third quarters of 2027 at a combined cost of $71.8 million. The newbuilding contracts will be financed through a combination of debt and equity.

Leadership and market rationale

EuroDry chairman and chief executive Aristides Pittas cited strong secondhand vessel values as a key driver for the new order. He stated that modern five-year-old Kamsarmaxes are now valued at or above newbuilding prices. Aristides Pittas said: "EuroDry chairman and chief executive Pittas pointed to the sharp rise in secondhand values as one of the reasons for ordering again." He framed the move as a better economic proposition to acquire a brand-new, more fuel-efficient ship for a comparable capital investment.

The shipbuilder, Hengli Shipbuilding in Dalian, has attracted several Greek dry bulk owners for recent orders. Recent Kamsarmax contracts at the yard have generally been priced between $36 million and $38 million.

Upon its delivery in the third quarter of 2029, the Konstantina TZ will increase EuroDry's operating fleet to 16 bulk carriers with approximately 1.14 million dwt of total capacity.