Welcome to our dedicated page for Eurodry news (Ticker: EDRY), a resource for investors and traders seeking the latest updates and insights on Eurodry stock.
EuroDry Ltd. (NASDAQ: EDRY) is an owner and operator of drybulk vessels and a provider of seaborne transportation for drybulk cargoes. The company operates in the dry cargo, drybulk shipping market and reports its results as a single segment focused on operating drybulk vessels. Its news flow reflects developments in this specialized area of deep sea freight transportation.
Visitors to the EuroDry news page can review company-issued press releases and related updates that are also furnished to the U.S. Securities and Exchange Commission on Form 6-K. Recent announcements have covered quarterly and year-to-date financial results, including net revenues, net loss attributable to controlling shareholders, adjusted net loss, and Adjusted EBITDA, as well as operational metrics such as average time charter equivalent rates and average number of vessels operated.
EuroDry’s news also highlights fleet and capital allocation decisions. The company has announced agreements to sell older drybulk vessels, such as M/V Tasos and M/V Eirini P., as part of its fleet renewal program, and has reported gains on these sales. It has disclosed contracts for the construction of two 63,500 dwt Ultramax bulk carriers and subsequent financing arrangements for these newbuildings, along with information on its share repurchase plan.
In addition, EuroDry issues notices about the scheduling of earnings releases, conference calls and webcasts, and provides information on its annual general meetings of shareholders and the approval of auditors. By following this news feed, readers can track how EuroDry’s management discusses market conditions in the drybulk sector, chartering strategy, fleet utilization, and key corporate actions that shape the company’s drybulk shipping business over time.
EuroDry Ltd. (NASDAQ: EDRY) has announced it will release its fourth quarter financial results for 2021 on February 9, 2022, after market close. The management will host a conference call and webcast on February 10, 2022, at 10 a.m. Eastern Time to discuss these results. Participants can dial in using specific toll-free numbers or join the live webcast available on EuroDry's website, where the presentation slides will also be accessible. EuroDry operates a fleet of 10 drybulk vessels, enhancing its capabilities in the dry cargo shipping market.
EuroDry Ltd. (NASDAQ: EDRY) announced its participation in Capital Link's Corporate Presentation Webinar Series on January 25, 2022, at 10:00 am ET. Senior management will present on the company's operations, growth prospects, and the dry bulk sector outlook. Registration is available through a provided link. Participants can also submit questions during the webinar or via email. EuroDry operates a fleet of 10 vessels, including various types of drybulk carriers, and aims to enhance its market position in the dry cargo shipping sector.
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.
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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.