EuroDry EDRY is pursuing a disciplined fleet renewal strategy centered on adding larger, fuel-efficient vessels while gradually disposing of aging tonnage. The company has a fleet of 11 vessels, including 3 Panamax drybulk carriers, 5 Ultramax drybulk carriers, 2 Kamsarmax drybulk carriers and a Supramax drybulk carrier. EuroDry's drybulk carriers have a total cargo capacity of 766,420 dwt. After the delivery of two Ultramax vessels in 2027 and two Kamsarmax vessels in 2028, the company's fleet will consist of 15 vessels with a total carrying capacity of 1,050,420 dwt.

In November 2024, EuroDry ordered two geared, eco-design Ultramax bulk carriers from Nantong Xiangyu Shipbuilding for approximately $71.8 million. The 63,500-dwt vessels, Aristeidis and Troboni , are scheduled for delivery in the second and third quarters of 2027, respectively. Built to the Energy Efficiency Design Index phase 3 standard, they increase EuroDry's exposure to the versatile Ultramax segment and strengthen its environmentally efficient fleet.

EuroDry expanded this program in May 2026 by ordering two 82,000-dwt Kamsarmax vessels from Hengli Shipbuilding for about $74 million. The eco-design, EEDI phase 3-compliant Nikos P and Christina Bel are expected to arrive in the first and second quarters of 2028, respectively. Management chose newbuildings because their contracted prices were below those of comparable modern secondhand vessels. Following all four deliveries, EuroDry expects its fleet to consist almost entirely of modern eco vessels.

The company is also removing older ships. It sold the 2000-built Tasos for recycling in March 2025. EuroDry subsequently agreed to sell the 2004-built Eirini P for approximately $8.5 million as part of its renewal program. These transactions generated liquidity while reducing exposure to maintenance-intensive tonnage.

This exercise should lower fuel consumption, maintenance requirements and emissions per transported ton, improving operating competitiveness and regulatory compliance. Newer vessels may also command better charter rates and attract quality charterers, while added capacity expands revenue-generating potential. At the same time, selling older ships before costly surveys releases capital for more productive assets. However, the benefits will depend on timely deliveries, adequate financing and supportive dry-bulk charter markets.

Taking a Look at the Fleet Expansion Strategies of Peers

Global Ship Lease GSL is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. At the end of 2025, Global Ship Lease had 71 vessels in its fleet. Global Ship Lease is benefiting from the continued market demand and a limited supply of flexible mid-size and smaller containerships.