EuroDry Ltd. Reports Results for the Quarter Ended March 31, 2025
- Sale of M/V Tasos vessel generated $2.1 million gain
- Low orderbook as percentage of fleet provides potential for quick rate recovery
- Share repurchase program progress with $5.3 million used to buy back 334,674 shares
- No scheduled off-hire days due to drydocking in Q1 2025
- Net loss of $3.7 million in Q1 2025
- 42.5% decrease in average time charter equivalent rates to $7,167 per day
- Revenue declined 36.2% year-over-year to $9.2 million
- Negative Adjusted EBITDA of $1.0 million
- Increased vessel operating expenses to $6.6 million
- High debt level of $105.2 million versus $11.3 million cash
Insights
EuroDry reported significant Q1 losses amid historically low charter rates, with net loss of $3.7M and negative adjusted EBITDA of $1M.
EuroDry's Q1 2025 results reveal substantial financial headwinds with a $3.7 million net loss ($1.35 per share) and negative adjusted EBITDA of $1.0 million, marking a dramatic reversal from the same period in 2024. The company's time charter equivalent (TCE) rates plummeted 42.5% to $7,167 per day - levels not seen since early COVID - driving the 36.2% year-over-year revenue decline to $9.2 million.
The deterioration stems from weak drybulk market fundamentals that management attributes to several factors: steel industry weakness in China, declining thermal coal trends, and geopolitical conflicts delaying reconstruction projects. Rather than locking vessels into unprofitable long-term charters, management has opted for short-term trip charters to position for potential market recovery.
The company's strategic decision to sell M/V Tasos, a 75,100 dwt vessel built in 2000, for approximately
Operating expenses increased to
With minimal scheduled vessel deliveries and a relatively low industry orderbook, any meaningful demand recovery could quickly translate to improved rates, but near-term market conditions remain challenged by both seasonal factors and ongoing trade uncertainties.
ATHENS, Greece, June 05, 2025 (GLOBE NEWSWIRE) -- 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 its results for the three-month period ended March 31, 2025.
First Quarter 2025 Highlights:
- Total net revenues of
$9.2 million . - Net loss attributable to controlling shareholders, of
$3.7 million or$1.35 loss per share basic and diluted, respectively. - Adjusted net loss1 attributable to controlling shareholders for the quarter of
$5.7 million or$2.07 loss per share basic and diluted, respectively, which represents the net loss attributable to controlling shareholders excluding the unrealized loss on derivatives and the net gain on sale of vessel. - Adjusted EBITDA1 was
$(1.0) million . - An average of 12.8 vessels were owned and operated during the first quarter of 2025 earning an average time charter equivalent rate of
$7,167 per day. Refer to a subsequent section of the Press Release for the definition and method of calculation of the time charter equivalent rate. - To date, about
$5.3 million has been used to repurchase 334,674 shares of the Company, under our share repurchase plan of up to$10 million , announced in August 2022.
____________________
1Adjusted EBITDA, Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for EuroDry’s financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Aristides Pittas, Chairman and CEO of EuroDry, commented:
“During the first quarter of 2025, we faced quite low charter markets, the lowest since the early days of the COVID pandemic, and although the market rebounded a bit in April and May, the rebound was not sufficient to return most vessels to profitability and, in addition, it started fizzling out by the end of May and early June in the face of season trends and the uncertainty created by the back-and-forth’s on the tariff front. As EuroDry is fully exposed to the short-term charter markets, it is no surprise that we had a rather poor financial outcome for the quarter. The near-term outlook remains volatile as the demand side of the supply/demand equation struggles to establish a positive trend affected by the weakness of the steel industry and overall economic growth in China, the negative medium-term trend for thermal coal and the continuing conflicts in Ukraine and Gaza that have pushed significant reconstruction projects to the future.
“We have refrained from locking our vessels into longer duration charters at non-profitable levels deciding to face the market by pursuing short term trip charters to, potentially, benefit from any reversal in trends. The orderbook, as a percentage of the fleet, although it has modestly increased, remains low by historical standards, offering the possibility that a meaningful upturn in demand could quickly translate to better rates. At the same time, we try to optimize incremental investment in our elder cluster of Panamax vessels, especially around the time of drydockings; the sale of M/V Tasos was the result of cost/benefit analysis. As always, we continuously look for new opportunities to invest, mainly, in combination with the renewal of our fleet.”
Tasos Aslidis, Chief Financial Officer of EuroDry, commented:
“Our net revenues for the first quarter of 2025 were lower by
“Vessel operating expenses were
“Adjusted EBITDA during the first quarter of 2025 was
First Quarter 2025 Results:
For the first quarter of 2025, the Company reported total net revenues of
For the first quarter of 2025, voyage expenses amounted to
Related party management fees for the period were
General and administrative expenses were
In the first quarter of 2025, one of our vessels completed its intermediate survey in water for a total cost of
On January 29, 2025, the Company signed an agreement to sell M/V Tasos, a 75,100 dwt drybulk vessel, built in 2000, for demolition, for approximately
Interest and other financing costs for the first quarter of 2025 decreased to
For the three months ended March 31, 2025, the Company recognized a
The Company reported a net loss for the period of
Adjusted EBITDA for the first quarter of 2025 was
Basic and diluted loss per share attributable to controlling shareholders for the first quarter of 2025 was
Excluding the effect on the net loss attributable to controlling shareholders for the quarter of the unrealized (gain) / loss on derivatives and the net gain on sale of vessel, the adjusted loss attributable to controlling shareholders for the quarter ended March 31, 2025 would have been
Fleet Profile:
The EuroDry Ltd. fleet profile is as follows:
| Name | Type | Dwt | Year Built | Employment(*) | TCE Rate ($/day) | |
| Dry Bulk Vessels | ||||||
| EKATERINI | Kamsarmax | 82,000 | 2018 | TC until Jun-25 | ||
| XENIA | Kamsarmax | 82,000 | 2016 | TC until Jun-25 | Hire | |
| ALEXANDROS P. | Ultramax | 63,500 | 2017 | TC until Jun-25 | ||
| CHRISTOS K*** | Ultramax | 63,197 | 2015 | TC until Jul-25 | ||
| YANNIS PITTAS | Ultramax | 63,177 | 2014 | TC until Nov-25 | Hire | |
| MARIA*** | Ultramax | 63,153 | 2015 | TC until Mar-26 | Hire | |
| GOOD HEART | Ultramax | 62,996 | 2014 | TC until Mar-26 | Hire | |
| MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until May-26 | Hire | |
| EIRINI P | Panamax | 76,466 | 2004 | TC until Jul-25 | ||
| SANTA CRUZ | Panamax | 76,440 | 2005 | TC until Jun-25 | ||
| STARLIGHT | Panamax | 75,845 | 2004 | TC until Jun-25 | ||
| BLESSED LUCK | Panamax | 76,704 | 2004 | TC until Aug-25 | ||
| Total Dry Bulk Vessels | 12 | 843,402 | ||||
| Vessels under construction | Type | Dwt | To be delivered |
| SBC XY164 | Ultramax | 63,500 | Q2 2027 |
| SBC XY166 | Ultramax | 63,500 | Q3 2027 |
| Total under construction | 2 | 127,000 |
Note:
(*) TC denotes time charter. Charter duration indicates the earliest redelivery date.
(**) The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes.
(***) The entity owning the vessel is
(****) The average Baltic Supramax S10TC Index is an index based on ten Supramax time charter routes.
Summary Fleet Data:
| Three months, ended March 31, 2024 | Three months, ended March 31, 2025 | |||
| FLEET DATA | ||||
| Average number of vessels (1) | 13.0 | 12.8 | ||
| Calendar days for fleet (2) | 1,183.0 | 1,155.0 | ||
| Scheduled off-hire days incl. laid-up (3) | 52.5 | - | ||
| Available days for fleet (4) = (2) - (3) | 1,130.5 | 1,155.0 | ||
| Commercial off-hire days (5) | - | 18.1 | ||
| Operational off-hire days (6) | 21.4 | 11.5 | ||
| Voyage days for fleet (7) = (4) - (5) - (6) | 1,109.1 | 1,125.3 | ||
| Fleet utilization (8) = (7) / (4) | 98.1 | % | 97.4 | % |
| Fleet utilization, commercial (9) = ((4) - (5)) / (4) | 100.0 | % | 98.4 | % |
| Fleet utilization, operational (10) = ((4) - (6)) / (4) | 98.1 | % | 99.0 | % |
| AVERAGE DAILY RESULTS | ||||
| Time charter equivalent rate (11) | 12,455 | 7,167 | ||
| Vessel operating expenses excl. drydocking expenses (12) | 6,183 | 6,590 | ||
| General and administrative expenses (13) | 684 | 714 | ||
| Total vessel operating expenses (14) | 6,867 | 7,304 | ||
| Drydocking expenses (15) | 1,493 | 59 | ||
(1) Average number of vessels is the number of vessels that constituted the Company’s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company’s fleet during the period divided by the number of calendar days in that period.
(2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was owned by us including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period.
(3) The scheduled off-hire days including vessels laid-up are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up.
(4) Available days. We define available days as the total number of Calendar days in a period net of scheduled off-hire days incl. laid up. We use available days to measure the number of days in a period during which vessels were available to generate revenues.
(5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment.
(6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels.
(7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes.
(8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment.
(9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period.
(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period.
(11) Average time charter equivalent rate, or average TCE, is a measure of the average daily net revenue performance of our vessels. Our method of calculating average TCE is determined by dividing time charter revenue and voyage charter revenue, if any, net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract or are related to repositioning the vessel for the next charter. Average TCE provides additional meaningful information in conjunction with time charter revenue and voyage charter revenue, if any, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. Average TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters, pool agreements and bareboat charters) under which the vessels may be employed between the periods. Our definition of average TCE may not be comparable to that used by other companies in the shipping industry.
(12) We calculate daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and related party management fees by dividing vessel operating expenses and related party management fees by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.
(13) Daily general and administrative expense is calculated by us by dividing general and administrative expenses by fleet calendar days for the relevant time period.
(14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. We compute TVOE as the sum of vessel operating expenses, related party management fees and general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.
(15) Daily drydocking expenses is calculated by us by dividing drydocking expenses by the fleet calendar days for the relevant period. Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period. The Company expenses drydocking expenses as incurred.
Conference Call and Webcast:
Today, June 5, 2025, at 10:00 a.m. Eastern Time, the Company's management will host a conference call and webcast to discuss the results.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “EuroDry” to the operator and/or conference ID 13754200. Click here for additional participant International Toll-Free access numbers.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
Audio Webcast-Slides Presentation:
There will be a live and then archived webcast of the conference call and accompanying slides, available on the Company’s website. To listen to the archived audio file, visit our website http://www.eurodry.gr and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
The slide presentation for the first quarter ended March 31, 2025, will also be available in PDF format 10 minutes prior to the conference call and webcast, accessible on the company's website (www.eurodry.gr) on the webcast page. Participants to the webcast can download the PDF presentation.
| EuroDry Ltd. Unaudited Consolidated Condensed Statements of Operations (All amounts expressed in U.S. Dollars – except number of shares) | ||||
| Three Months Ended March 31, | Three Months Ended March 31, | |||
| 2024 | 2025 | |||
| Revenues | ||||
| Time charter revenue | 15,321,785 | 9,786,127 | ||
| Commissions | (897,140 | ) | (577,126 | ) |
Net revenues | 14,424,645 | 9,209,001 | ||
| Operating expenses / (income) | ||||
| Voyage expenses | 1,507,517 | 1,721,191 | ||
| Vessel operating expenses | 6,233,359 | 6,558,352 | ||
| Drydocking expenses | 1,765,630 | 68,157 | ||
| Vessel depreciation | 3,442,068 | 3,215,286 | ||
| Related party management fees | 1,080,994 | 1,053,039 | ||
| General and administrative expenses | 808,948 | 824,824 | ||
| Net gain on sale of vessel | - | (2,083,596 | ) | |
| Total operating expenses, net | 14,838,516 | 11,357,253 | ||
| Operating loss | (413,871 | ) | (2,148,252 | ) |
| Other income / (expenses) | ||||
| Interest and other financing costs | (2,069,905 | ) | (1,787,554 | ) |
| Gain / (loss) on derivatives, net | 543,543 | (86,373 | ) | |
| Foreign exchange gain | 1,566 | 1,093 | ||
| Interest income | 29,228 | 14,915 | ||
| Other expenses, net | (1,495,568 | ) | (1,857,919 | ) |
| Net loss | (1,909,439 | ) | (4,006,171 | ) |
| Net loss attributable to the non-controlling interest | 127,937 | 303,154 | ||
| Net loss attributable to controlling shareholders | (1,781,502 | ) | (3,703,017 | ) |
| Loss per share attributable to controlling shareholders, basic and diluted | (0.65 | ) | (1.35 | ) |
| Weighted average number of shares, basic and diluted | 2,733,491 | 2,737,297 | ||
| EuroDry Ltd. Unaudited Consolidated Condensed Balance Sheets (All amounts expressed in U.S. Dollars – except number of shares) | ||
| December 31, 2024 | March 31, 2025 | |
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | 6,711,327 | 6,182,234 |
| Trade accounts receivable, net | 8,433,076 | 6,756,559 |
| Other receivables | 1,112,856 | 925,658 |
| Inventories | 2,097,083 | 1,378,039 |
| Restricted cash | 1,587,268 | 1,518,352 |
| Prepaid expenses | 474,488 | 670,830 |
| Derivative | 120,675 | 109,099 |
| Due from related company | - | 309,195 |
| Asset held for sale | 2,789,715 | - |
| Total current assets | 23,326,488 | 17,849,966 |
| Fixed assets: | ||
| Advances for vessels under construction | 7,188,614 | 7,189,294 |
| Vessels, net | 185,465,570 | 182,276,451 |
| Long-term assets: | ||
| Derivative | 144,523 | 30,876 |
| Restricted cash | 3,610,000 | 3,630,000 |
| Total assets | 219,735,195 | 210,976,587 |
| LIABILITIES, AND SHAREHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Long term bank loans, current portion | 11,810,351 | 12,610,040 |
| Trade accounts payable | 2,668,490 | 2,581,363 |
| Accrued expenses | 3,854,066 | 1,974,504 |
| Deferred revenue | 247,294 | 364,905 |
| Due to related companies | 181,014 | - |
| Total current liabilities | 18,761,215 | 17,530,812 |
| Long-term liabilities: | ||
| Long term bank loans, net of current portion | 95,381,535 | 91,613,741 |
| Total long-term liabilities | 95,381,535 | 91,613,741 |
| Total liabilities | 114,142,750 | 109,144,553 |
| Shareholders' equity: | ||
| Common stock (par value | 28,266 | 28,266 |
| Additional paid-in capital | 67,751,242 | 67,997,002 |
| Retained earnings | 28,958,375 | 25,255,358 |
| Total EuroDry Ltd. common shareholders’ equity | 96,737,883 | 93,280,626 |
| Non-controlling interest | 8,854,562 | 8,551,408 |
| Total shareholders' equity | 105,592,445 | 101,832,034 |
| Total liabilities and shareholders' equity | 219,735,195 | 210,976,587 |
| EuroDry Ltd. Unaudited Consolidated Condensed Statements of Cash Flows (All amounts expressed in U.S. Dollars) | ||||
| Three Months Ended March 31, 2024 | Three Months Ended March 31, 2025 | |||
| Cash flows from operating activities: | ||||
| Net loss | (1,909,439 | ) | (4,006,171 | ) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
| Vessel depreciation | 3,442,068 | 3,215,286 | ||
| Amortization of deferred charges | 65,157 | 54,395 | ||
| Share-based compensation | 233,937 | 245,760 | ||
| Net gain on sale of vessel | - | (2,083,596 | ) | |
| Unrealized loss / (gain) on derivatives | (1,442,992 | ) | 125,223 | |
| Changes in operating assets and liabilities | 2,583,203 | 128,977 | ||
| Net cash provided by / (used in) operating activities | 2,971,934 | (2,320,126 | ) | |
| Cash flows from investing activities: | ||||
| Cash paid for vessel acquisitions and capitalized expenses | (311,341 | ) | (53,898 | ) |
| Net proceeds from sale of vessel | - | 4,819,195 | ||
| Cash paid for vessels under construction | - | (680 | ) | |
| Net cash (used in) / provided by investing activities | (311,341 | ) | 4,764,617 | |
| Cash flows from financing activities: | ||||
| Cash paid for share repurchases | (672,068 | ) | - | |
| Repayment of long-term bank loans | (3,375,000 | ) | (3,022,500 | ) |
| Net cash used in financing activities | (4,047,068 | ) | (3,022,500 | ) |
| Net decrease in cash, cash equivalents and restricted cash | (1,386,475 | ) | (578,009 | ) |
| Cash, cash equivalents and restricted cash at beginning of period | 14,099,593 | 11,908,595 | ||
| Cash, cash equivalents and restricted cash at end of period | 12,713,118 | 11,330,586 | ||
| Cash breakdown | ||||
| Cash and cash equivalents | 7,370,422 | 6,182,234 | ||
| Restricted cash, current | 2,042,696 | 1,518,352 | ||
| Restricted cash, long term | 3,300,000 | 3,630,000 | ||
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 12,713,118 | 11,330,586 |
| EuroDry Ltd. Reconciliation of Net loss to Adjusted EBITDA (All amounts expressed in U.S. Dollars) | ||||
| Three Months Ended March 31, 2024 | Three Months Ended March 31, 2025 | |||
| Net loss | (1,909,439 | ) | (4,006,171 | ) |
| Interest and other financing costs, net (incl. interest income) | 2,040,677 | 1,772,639 | ||
| Vessel depreciation | 3,442,068 | 3,215,286 | ||
| Unrealized gain on Forward Freight Agreement derivatives | (1,287,720 | ) | - | |
| Loss / (gain) on interest rate swap derivative | (210,640 | ) | 86,373 | |
| Net gain on sale of vessel | - | (2,083,596 | ) | |
Adjusted EBITDA | 2,074,946 | (1,015,469 | ) | |
Adjusted EBITDA Reconciliation:
EuroDry Ltd. considers Adjusted EBITDA to represent net loss before interest, income taxes, depreciation, unrealized gain on Forward Freight Agreements (“FFAs”), loss / (gain) on interest rate swap derivative and net gain on sale of vessel. Adjusted EBITDA does not represent and should not be considered as an alternative to net loss, as determined by United States generally accepted accounting principles, or GAAP. Adjusted EBITDA is included herein because it is a basis upon which the Company assesses its financial performance because the Company believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of, financial costs, unrealized gain on FFAs, loss / (gain) on interest rate swap derivative, depreciation and net gain on sale of vessel. The Company's definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.
| EuroDry Ltd. Reconciliation of Net loss attributable to controlling shareholders to Adjusted net loss attributable to controlling shareholders (All amounts expressed in U.S. Dollars – except share data and number of shares) | ||||
Three Months Ended March 31, 2024 | Three Months Ended March 31, 2025 | |||
| Net loss attributable to controlling shareholders | (1,781,502 | ) | (3,703,017 | ) |
| Unrealized (gain) / loss on derivatives | (1,442,992 | ) | 125,223 | |
| Net gain on sale of vessel | - | (2,083,596 | ) | |
| Adjusted net loss attributable to controlling shareholders | (3,224,494 | ) | (5,661,390 | ) |
| Adjusted loss per share attributable to controlling shareholders, basic and diluted | (1.18 | ) | (2.07 | ) |
| Weighted average number of shares, basic and diluted | 2,733,491 | 2,737,297 | ||
Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders Reconciliation:
EuroDry Ltd. considers Adjusted net loss attributable to controlling shareholders, to represent net loss before unrealized (gain) / loss on derivatives, which includes FFAs and interest rate swaps, and net gain on sale of vessel. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders is included herein because we believe they assist our management and investors by increasing the comparability of the Company's fundamental performance from period to period by excluding the potentially disparate effects between periods of unrealized (gain) / loss on derivatives and net gain on sale of vessel, which may significantly affect results of operations between periods.
Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders do not represent and should not be considered as an alternative to net loss attributable to controlling shareholders or loss per share attributable to controlling shareholders, as determined by GAAP. The Company's definition of Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders may not be the same as that used by other companies in the shipping or other industries. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders are not adjusted for all non-cash income and expense items that are reflected in our statement of cash flows.
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.
The Company has a fleet of 12 vessels, including 4 Panamax drybulk carriers, 5 Ultramax drybulk carriers, 2 Kamsarmax drybulk carriers and 1 Supramax drybulk carrier. EuroDry’s 12 drybulk carriers have a total cargo capacity of 843,402 dwt. After the delivery of two Ultramax vessels in 2027, the Company’s fleet will consist of 14 vessels with a total carrying capacity of 970,402 dwt.
Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Visit our website www.eurodry.gr
| Company Contact | Investor Relations / Financial Media |
| Tasos Aslidis Chief Financial Officer EuroDry Ltd. 11 Canterbury Lane, Watchung, NJ07069 Tel. (908) 301-9091 E-mail: aha@eurodry.gr | Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY10169 Tel. (212) 661-7566 E-mail: eurodry@capitallink.com |
FAQ
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