EuroDry has added a second bulker to its fleet since May in a dry bulk market that has been on fire for months.

The Aristides Pittas-led owner of eight bulkers has bought the 62,996-dwt ultramax Asia Ruby II (built 2014) for $24.5m.

The ship, which is expected to be delivered in late September or early October, is owned by Maritime Asia Ruby and has a market value of $22.1m, according to VesselsValue.

New York-listed EuroDry will rename the vessel Good Heart and will pay for it with its own money and a bank loan.