Eurodry Ltd - EDRY STOCK NEWS

EuroDry Ltd. (NASDAQ: EDRY) has announced an agreement to acquire the M/V Molyvos Luck, a 57,924 dwt drybulk vessel built in 2014, for $21.2 million. The acquisition includes the existing charter for $13,250/day until April 2022, and will be financed initially through company funds, with a bank loan planned post-purchase. This acquisition is expected to enhance EuroDry's fleet and contribute positively to net income and EBITDA. Following this, the total fleet will comprise 10 vessels with a total capacity of 726,555 dwt.

EuroDry Ltd. (NASDAQ: EDRY) announced a notice of redemption for its Series B Preferred Shares at par, effective around December 20, 2021. The Preferred Shares, which had an 8% dividend until January 2023, will now see the company eliminate these payments, enhancing common shareholders' earnings by approximately $0.38 in 2022 and $0.67 annually thereafter. This move simplifies EuroDry's capital structure and reduces funding costs. The company operates a fleet of nine drybulk vessels, contributing to its position within the dry cargo shipping market.

EuroDry Ltd. (EDRY) reported significant financial improvements for Q3 2021, with net revenues of $19.5 million, up 186.4% from Q3 2020. Net income attributable to common shareholders was $11.8 million, equating to $4.47 earnings per share. Adjusted net income was $10.1 million or $3.84 per share. The company also declared a $0.3 million dividend on Series B Preferred Shares. In recent developments, EuroDry drew a $9 million loan secured by its vessels and plans to redeem outstanding Series B shares, enhancing shareholder value in 2022.

On November 5, 2021, EuroDry Ltd. (NASDAQ: EDRY) announced the upcoming release of its financial results for Q3 2021, scheduled for November 10, 2021, after market close. A conference call will follow on November 11, 2021, at 10 a.m. ET, where management will discuss the results. Participants can join via provided dial-in numbers or through the company's website, where slides and an audio webcast will also be available. EuroDry operates a fleet of 9 drybulk vessels with a total cargo capacity of 668,631 dwt.

EuroDry Ltd. (NASDAQ: EDRY) has announced its acquisition of M/V Asia Ruby II, a 62,996 dwt drybulk vessel built in 2014, for $24.5 million. The delivery is expected between late September and early October 2021. The financing will be through the company's funds and a bank loan. This acquisition aims to enhance EuroDry's fleet amid supportive market fundamentals, potentially increasing net income and EBITDA. Following this acquisition, EuroDry will operate a fleet of 9 vessels with a total cargo capacity of 668,631 dwt.

EuroDry Ltd. (NASDAQ: EDRY) reported strong Q2 2021 results with net revenues of $14.1 million, a 250.7% increase from $4.0 million in Q2 2020. The company achieved net income of $1.9 million, or $0.83 per share, compared to a net loss of $4.2 million in the same period last year. Adjusted net income was $6.6 million, or $2.81 per share. The average time charter rate increased significantly to $22,614 per day. Recent developments include the acquisition of M/V Blessed Luck for $12.12 million, contributing to a positive outlook amid a recovering drybulk market.

EuroDry Ltd. (NASDAQ: EDRY) is set to release its financial results for Q2 2021 on August 4, 2021, after market close. A conference call will be held on August 5, 2021, at 9:30 a.m. ET to discuss these results. Interested participants can join the call using specified dial-in numbers or listen to an archived audio file on EuroDry's website. EuroDry operates a fleet of 8 drybulk carriers with a total cargo capacity of 605,635 dwt, providing vital seaborne transportation services.