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. reports on its drybulk shipping business as an owner and operator of vessels that carry seaborne drybulk cargoes. Company news commonly covers quarterly results, time charter equivalent rates, vessel employment on spot and period charters, pool agreements, and drybulk market conditions for Panamax, Ultramax, Kamsarmax and Supramax carriers.
Updates also address fleet renewal, vessel sales, debt financing for newbuildings, share repurchases, annual meeting results and the affiliated ship managers responsible for commercial and technical operations. EuroDry was formed in the Marshall Islands in 2018 to separate the drybulk fleet of Euroseas Ltd. into a listed public company on the Nasdaq Capital Market.
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.
EuroDry Ltd. (EDRY) reported Q1 2021 net revenues of $8.6 million, marking a substantial 69.3% increase year-over-year. The company achieved a net income of $0.9 million, resulting in earnings per share of $0.19. Adjusted EBITDA rose to $4.0 million from $0.6 million in Q1 2020. EuroDry announced the acquisition of M/V Blessed Luck for $12.12 million, expected to enhance the fleet to eight vessels and generate an additional $4 million in EBITDA. The acquisition will be financed by a combination of loans and cash, with a charter agreement set at $19,500/day.
EuroDry Ltd. (NASDAQ: EDRY) will release its financial results for Q1 2021 on May 20, 2021, before the market opens. The management will host a conference call and webcast at 9:30 a.m. ET on the same day to discuss these results. Interested participants can dial in 10 minutes prior to the call using various international numbers, including a US toll-free option. A telephonic replay will be accessible until May 27, 2021. The investor relations section of EuroDry's website will provide the slide presentation in PDF format.
EuroDry Ltd. (NASDAQ: EDRY) announced that Dr. Tasos Aslidis, CFO, will present at the Inaugural Emerging Growth Virtual Conference from March 17-19, 2021. The event includes discussions with C-suite executives and a panel on March 18 featuring shipping executives. EuroDry, which operates a fleet of 7 drybulk carriers, focuses on seaborne transportation for drybulk cargoes. The company aims to provide insights into market trends and upcoming growth strategies during the conference.
EuroDry Ltd. reported its financial results for the year ended December 31, 2020, with total net revenues of $22.3 million, an 18.2% decrease year-over-year. The company faced a net loss of $5.9 million, with a loss attributable to common shareholders of $7.5 million, significantly down from a profit in 2019. Average time charter equivalent rate fell to $9,387 per day. In January 2021, EuroDry refinanced loans, enhancing liquidity, and reduced the dividend rate of its preferred shares, which may improve earnings per share by approximately $0.50 annually for two years.
EuroDry Ltd. (NASDAQ: EDRY) will release its financial results for Q4 2020 on February 16, 2021, after market close. A conference call to discuss these results is scheduled for February 17, 2021, at 10:00 a.m. ET. Participants can dial in 10 minutes prior to the call using specific contact numbers. An audio webcast and a PDF presentation will also be available on the company's website. EuroDry operates a fleet of 7 drybulk vessels, showcasing its capabilities in the dry cargo shipping market.
EuroDry Ltd. (NASDAQ:EDRY), a drybulk vessel operator, announced that CFO Tasos Aslidis will present at Noble Capital Markets' Seventeen Annual Investor Virtual Conference on January 20, 2021, at 3:00 pm EST. A high-definition video webcast of the presentation will be available on the company's website and Noble's conference site the following day and archived for 90 days. EuroDry, established on January 8, 2018, operates a fleet of 7 vessels with a total capacity of 528,931 dwt, focusing on dry cargo shipping.
EuroDry Ltd. (NASDAQ: EDRY) reported its Q3 2020 results, showcasing total net revenues of $6.8 million, down 11.3% from the previous year. The company achieved a net income of $0.5 million despite a net loss of $5.6 million for the first nine months. Average time charter equivalent rates fell to $11,873 per day, impacting revenues due to pandemic-related challenges. The fleet operated at 98.9% utilization. Management aims to enhance liquidity and reduce capital costs to navigate ongoing economic uncertainties and exploit future market opportunities.