Nasdaq-listed Greek dry bulk owner EuroDry has sold one of its panamax vessels to an undisclosed buyer.

The Aristides Pittas-led company said that it signed an agreement to sell the 2004-built 76,466 dwt Eirini P. bulker to an unaffiliated third party.

According to the company, the vessel was sold for approximately $8.5m and will be delivered to the buyer in October 2025. As a result of this sale, the Greek firm will generate a gain of approximately $600,000.

The Eirini P. is one of the three oldest vessels in the company’s fleet and is the longest held by EuroDry.

“The net proceeds will strengthen our balance sheet position and increase our near-term liquidity, providing us with more flexibility to pursue the renewal of our fleet with more modern, fuel-efficient and environmentally friendly vessels,” said Aristides Pittas, chairman and CEO of EuroDry.

After the sale of the vessel, the company will have a fleet of 11 vessels, including two kamsarmaxes, three panamaxes, five ultramaxes, and one supramax. EuroDry’s fleet has a total cargo capacity of 766,420 dwt. It also has two ultramaxes under construction, with delivery set for 2027.