Second Quarter 2026 Highlights:
- Total net revenues for the quarter of
$17.7 million . - Net income attributable to controlling shareholders, of
$6.6 million or$2.36 and$2.32 earnings per share attributable to controlling shareholders basic and diluted, respectively. - Adjusted net income1 attributable to controlling shareholders for the quarter of
$6.9 million or$2.49 and$2.44 adjusted earnings per share attributable to controlling shareholders basic and diluted, respectively. - Adjusted EBITDA1 for the quarter was
$11.7 million . - An average of 11.0 vessels were owned and operated during the second quarter of 2026 earning an average time charter equivalent rate of
$20,398 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
$5.8 million has been used to repurchase 358,130 shares of the Company, under our share repurchase plan of up to$10 million , announced inAugust 2022 . The Board approved the continuation of the share repurchase plan for a further year inAugust 2025 and 2026, respectively, and will review it again after a period of twelve months.
Financing arrangements
- On
July 28, 2026 , the Company signed a term sheet with Alpha Bank S.A. in order to refinance the existing indebtedness of M/V “Ekaterini” with a loan of up to$19 million . The agreement is subject to customary documentation.
First Half 2026 Highlights:
- Total net revenues of
$30.5 million . - Net income attributable to controlling shareholders was
$6.8 million or$2.45 and$2.41 earnings per share attributable to controlling shareholders basic and diluted, respectively. - Adjusted net income1 attributable to controlling shareholders for the period was
$7.3 million or$2.61 and$2.57 adjusted earnings per share attributable to controlling shareholders basic and diluted1, respectively. - Adjusted EBITDA1 of
$16.6 million . - An average of 11.0 vessels were owned and operated during the first half of 2026 earning an average time charter equivalent rate of
$17,452 per day. Refer to a subsequent section of the Press Release for the definition and method of calculation of the time charter equivalent rate.
______________
1Adjusted EBITDA, Adjusted net (loss) / income attributable to controlling shareholders and Adjusted (loss) / earnings 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.
“As we have noted on several occasions, our financial performance is closely linked to prevailing market rates. Accordingly, the strong market conditions during the second quarter were fully reflected in our revenues and earnings. If the elevated rates currently implied by the FFA market materialize, they should be reflected in our financial performance during the respective future periods.”
“The strength of the market primarily reflects increased demand for drybulk vessels, driven by higher overall drybulk trade, including stronger volumes of iron ore and bauxite, an even short term recovery in coal trade, longer average voyage distances, and transportation inefficiencies and trade dislocations stemming from ongoing geopolitical developments and uncertainty. At the same time, the industry orderbook continued to grow, reaching 14.4% of the existing fleet. We believe this remains a manageable level, considering the aging profile of the global fleet, increasingly stringent environmental regulations that are likely to raise the operating costs of older vessels, and the fact that the delivery schedule for vessels currently on order is spread over several years.”
“We continue to monitor market developments closely and remain well positioned to capitalize on value-accretive investment opportunities to renew and expand our fleet for the long-term benefit of our shareholders.”
“Daily vessel operating expenses, including management fees, but excluding dry-docking costs, averaged
“Adjusted EBITDA during the second quarter of 2026 was
“As of
Second Quarter 2026 Results:
For the second quarter of 2026, the Company reported total net revenues of
For the second quarter of 2026, a gain on bunkers resulted in positive voyage expenses of
Vessel operating expenses decreased to
During the second quarter of 2026, one vessel completed its intermediate survey in water, for a total cost of
Vessel depreciation for the second quarter of 2026 was
Related party management fees for the period were
General and administrative expenses for the second quarter of 2026 were
Interest and other financing costs for the second quarter of 2026 amounted to
For the three months ended
The Company reported net income for the period of
Adjusted EBITDA for the second quarter of 2026 was
Basic and diluted earnings per share attributable to controlling shareholders for the second quarter of 2026 was
Excluding the effect on the net (loss) / income attributable to controlling shareholders for the quarter of the unrealized loss on derivatives, the adjusted earnings attributable to controlling shareholders for the quarter ended
First Half 2026 Results:
For the first half of 2026, the Company reported total net revenues of
For the first half of 2026, a gain on bunkers resulted in positive voyage expenses of
Vessel operating expenses were
During the first half of 2026 one of our vessels completed its special survey with drydock which commenced in the fourth quarter of 2025 and one of our vessels completed its intermediate survey in water, for a total cost of
Vessel depreciation for the first half of 2026 was
Related party management fees for the first half of 2026 were slightly decreased to
General and administrative expenses for the first half of 2026 were slightly increased to
On
Interest and other financing costs for the first half of 2026 amounted to
For the six months ended
The Company reported net income for the period of
Adjusted EBITDA for the first half of 2026 was
Basic and diluted earnings per share attributable to controlling shareholders for the first half of 2026 was
Excluding the effect on the net (loss) / income attributable to controlling shareholders for the first half of the year of the unrealized loss on derivatives and the net gain on sale of vessel (if any), the adjusted earnings attributable to controlling shareholders for the six-month period ended
Fleet Profile:
The
| Type | Dwt | Year Built | Employment(*) | TCE Rate ($/day) | ||
| Dry Bulk Vessels | ||||||
| EKATERINI | Kamsarmax | 82,006 | 2018 | TC until Sep-26 | ||
| XENIA | Kamsarmax | 82,019 | 2016 | TC until Oct-26 | ||
| ALEXANDROS P. | Ultramax | 63,127 | 2017 | TC until Oct-26 | ||
| CHRISTOS K*** | Ultramax | 63,197 | 2015 | TC until Nov-26 | ||
| Ultramax | 63,243 | 2014 | TC until Nov-26 | Hire 115% of the Average Baltic Supramax S10TC index(**) | ||
| MARIA*** | Ultramax | 63,153 | 2015 | TC until Aug-26 | Hire 115% of the Average Baltic Supramax S10TC index(**) | |
| GOOD HEART | Ultramax | 62,996 | 2014 | TC until Jun-27 | Hire 115% of the Average Baltic Supramax S10TC index(**) | |
| MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until Aug-26 | Hire 101% of the Average Baltic Supramax S10TC index(**) | |
| Panamax | 76,440 | 2005 | TC until Sep-26 | |||
| STARLIGHT | Panamax | 75,611 | 2004 | TC until Aug-26 | ||
| BLESSED LUCK | Panamax | 76,704 | 2004 | TC until Aug-26 | ||
| Total Dry Bulk Vessels | 11 | 766,420 | ||||
| Vessels under construction | Type | Dwt | To be delivered |
| SBC XY164 (ARISTEIDIS) | Ultramax | 63,500 | Q2 2027 |
| SBC XY166 (TROBONI) | Ultramax | 63,500 | Q3 2027 |
| HL-B82-81 (NIKOS P) | Kamsarmax | 82,000 | Q1 2028 |
| HL-B82-86 ( | Kamsarmax | 82,000 | Q2 2028 |
| Total under construction | 4 | 291,000 |
Note:
(*) TC denotes time charter. Charter duration indicates the earliest redelivery date
(**) The average Baltic Supramax S10TC Index is an index based on ten Supramax time charter routes.
(***) The entity owning the vessel is 61% owned by
Summary Fleet Data:
| 3 months, ended | 3 months, ended | 6 months, ended | 6 months, ended | |||||
| FLEET DATA | ||||||||
| Average number of vessels (1) | 12.0 | 11.0 | 12.4 | 11.0 | ||||
| Calendar days for fleet (2) | 1,092.0 | 1,001.0 | 2,247.0 | 1,991.0 | ||||
| Scheduled off-hire days incl. laid-up (3) | 8.1 | - | 8.1 | 16.3 | ||||
| Available days for fleet (4) = (2) - (3) | 1,083.9 | 1,001.0 | 2,238.9 | 1,974.7 | ||||
| Commercial off-hire days (5) | - | - | 18.1 | - | ||||
| Operational off-hire days (6) | 7.3 | 0.3 | 18.8 | 2.8 | ||||
| Voyage days for fleet (7) = (4) - (5) - (6) | 1,076.6 | 1,000.7 | 2,202.0 | 1,971.9 | ||||
| Fleet utilization (8) = (7) / (4) | 99.3 | % | 100.0 | % | 98.4 | % | 99.9 | % |
| Fleet utilization, commercial (9) = ((4) - (5)) / (4) | 100.0 | % | 100.0 | % | 99.2 | % | 100.0 | % |
| Fleet utilization, operational (10) = ((4) - (6)) / (4) | 99.3 | % | 100.0 | % | 99.2 | % | 99.9 | % |
| AVERAGE DAILY RESULTS | ||||||||
| Time charter equivalent rate (11) | 10,428 | 20,398 | 8,761 | 17,452 | ||||
| Vessel operating expenses excl. drydocking expenses (12) | 6,785 | 6,608 | 6,685 | 6,599 | ||||
| General and administrative expenses (13) | 754 | 836 | 734 | 863 | ||||
| Total vessel operating expenses (14) | 7,539 | 7,444 | 7,419 | 7,462 | ||||
| Drydocking expenses (15) | 322 | 71 | 187 | 385 | ||||
(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, but including days our vessels were sailing for repositioning. 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 metric 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 metric 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,
Conference Call details: Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 800- 717-1738 (US Toll-Free Dial In) or +1 646-307-1865 (US and Standard International Dial In). Please quote “EuroDry” to the operator and/or conference ID 13762074.
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 second quarter ended
Unaudited Consolidated Condensed Statements of Operations (All amounts expressed in | ||||||||
| Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||
| Revenues | ||||||||
| Time charter revenue | 12,014,917 | 18,883,154 | 21,801,044 | 32,603,231 | ||||
| Commissions | (736,894 | ) | (1,181,447 | ) | (1,314,020 | ) | (2,111,837 | ) |
| Net revenues | 11,278,023 | 17,701,707 | 20,487,024 | 30,491,394 | ||||
| Operating expenses / (income) | ||||||||
| Voyage expenses, net | 788,159 | (1,529,328 | ) | 2,509,350 | (1,810,534 | ) | ||
| Vessel operating expenses | 6,280,377 | 5,587,253 | 12,838,729 | 11,056,328 | ||||
| Drydocking expenses | 351,316 | 70,672 | 419,473 | 767,454 | ||||
| Vessel depreciation | 3,215,286 | 2,899,470 | 6,430,572 | 5,798,940 | ||||
| Related party management fees | 1,129,148 | 1,027,247 | 2,182,187 | 2,082,405 | ||||
| General and administrative expenses | 823,767 | 837,083 | 1,648,591 | 1,717,310 | ||||
| Net gain on sale of vessel | - | - | (2,083,596 | ) | - | |||
| Total Operating expenses, net | 12,588,053 | 8,892,397 | 23,945,306 | 19,611,903 | ||||
| Operating (loss) / income | (1,310,030 | ) | 8,809,310 | (3,458,282 | ) | 10,879,491 | ||
| Other income / (expenses) | ||||||||
| Interest and other financing costs | (1,740,066 | ) | (1,535,192 | ) | (3,527,620 | ) | (3,035,982 | ) |
| Loss on derivatives, net | (28,589 | ) | (362,200 | ) | (114,962 | ) | (528,070 | ) |
| Foreign exchange (loss) / gain | (35,856 | ) | 3,837 | (34,763 | ) | (6,422 | ) | |
| Interest income | 7,944 | 21,355 | 22,859 | 46,400 | ||||
| Other expenses, net | (1,796,567 | ) | (1,872,200 | ) | (3,654,486 | ) | (3,524,074 | ) |
| Net (loss) / income | (3,106,597 | ) | 6,937,110 | (7,112,768 | ) | 7,355,417 | ||
| Net loss / (income) attributable to non-controlling interest | 35,421 | (349,881 | ) | 338,575 | (511,747 | ) | ||
| Net (loss) / income attributable to controlling shareholders | (3,071,176 | ) | 6,587,229 | (6,774,193 | ) | 6,843,670 | ||
| (Loss) / earnings per share attributable to controlling shareholders, basic | (1.12 | ) | 2.36 | (2.47 | ) | 2.45 | ||
| Weighted average number of shares, basic | 2,737,297 | 2,785,936 | 2,737,297 | 2,791,262 | ||||
| (Loss) / earnings per share attributable to controlling shareholders, diluted | (1.12 | ) | 2.32 | (2.47 | ) | 2.41 | ||
| Weighted average number of shares, diluted | 2,737,297 | 2,842,782 | 2,737,297 | 2,837,146 | ||||
Unaudited Consolidated Condensed Balance Sheets (All amounts expressed in | ||||
2025 | 2026 | |||
| ASSETS | ||||
| Current Assets: | ||||
| Cash and cash equivalents | 20,315,532 | 25,617,371 | ||
| Trade accounts receivable, net | 3,305,910 | 3,915,002 | ||
| Other receivables | 941,061 | 1,012,101 | ||
| Inventories | 1,307,731 | 1,220,013 | ||
| Restricted cash | 2,156,922 | 2,826,051 | ||
| Derivative | 84,510 | - | ||
| Prepaid expenses | 511,167 | 397,749 | ||
| Total current assets | 28,622,833 | 34,988,287 | ||
| Fixed assets: | ||||
| Advances for vessels under construction | 14,386,560 | 14,395,854 | ||
| Vessels, net | 165,890,705 | 160,190,107 | ||
| Long-term assets: | ||||
| Restricted cash | 3,200,000 | 2,900,000 | ||
| Total assets | 212,100,098 | 212,474,248 | ||
| LIABILITIES, AND SHAREHOLDERS' EQUITY | ||||
| Current liabilities: | ||||
| Long term bank loans, current portion | 12,009,265 | 21,736,765 | ||
| Trade accounts payable | 2,174,191 | 1,842,991 | ||
| Accrued expenses | 3,070,630 | 2,236,745 | ||
| Deferred revenue | 842,172 | 1,028,198 | ||
| Derivatives | - | 352,060 | ||
| Due to related companies | 627,231 | 181,743 | ||
| Total current liabilities | 18,723,489 | 27,378,502 | ||
| Long-term liabilities: | ||||
| Long term bank loans, net of current portion | 90,869,277 | 75,650,925 | ||
| Total long-term liabilities | 90,869,277 | 75,650,925 | ||
| Total liabilities | 109,592,766 | 103,029,427 | ||
| Shareholders' equity: | ||||
| Common stock (par value | 28,905 | 28,665 | ||
| Additional paid-in capital | 68,551,846 | 68,524,158 | ||
| Retained earnings | 24,694,154 | 31,537,824 | ||
| Total | 93,274,905 | 100,090,647 | ||
| Non-controlling interest | 9,232,427 | 9,354,174 | ||
| Total shareholders' equity | 102,507,332 | 109,444,821 | ||
| Total liabilities and shareholders' equity | 212,100,098 | 212,474,248 | ||
Unaudited Consolidated Condensed Statements of Cash Flows (All amounts expressed in | ||||
| Six Months Ended | Six Months Ended | |||
| 2025 | 2026 | |||
| Cash flows from operating activities: | ||||
| Net (loss) / income | (7,112,768 | ) | 7,355,417 | |
| Adjustments to reconcile net (loss) / income to net cash provided by operating activities: | ||||
| Vessel depreciation | 6,430,572 | 5,798,940 | ||
| Net gain on sale of vessel | (2,083,596 | ) | - | |
| Amortization of deferred charges | 140,013 | 134,148 | ||
| Share-based compensation | 494,250 | 473,214 | ||
| Unrealized loss on derivatives | 182,625 | 436,570 | ||
| Changes in operating assets and liabilities | 2,336,593 | (1,711,071 | ) | |
| Net cash provided by operating activities | 387,689 | 12,487,218 | ||
| Cash flows from investing activities: | ||||
| Cash paid for vessel improvements | (88,023 | ) | (224,955 | ) |
| Net proceeds from sale of vessel | 4,819,195 | - | ||
| Cash paid for vessel sale expenses | - | (68,048 | ) | |
| Cash paid for vessels under construction | (703 | ) | (7,105 | ) |
| Net cash provided by / (used in) investing activities | 4,730,469 | (300,108 | ) | |
| Cash flows from financing activities: | ||||
| Contributions made by non-controlling shareholders | 390,000 | - | ||
| Distributions made to non-controlling shareholders | - | (390,000 | ) | |
| Cash paid for share repurchases | - | (501,142 | ) | |
| Repayment of long-term bank loans | (6,045,000 | ) | (5,625,000 | ) |
| Net cash used in financing activities | (5,655,000 | ) | (6,516,142 | ) |
| Net (decrease) / increase in cash, cash equivalents and restricted cash | (536,842 | ) | 5,670,968 | |
| Cash, cash equivalents and restricted cash at beginning of period | 11,908,595 | 25,672,454 | ||
| Cash, cash equivalents and restricted cash at end of period | 11,371,753 | 31,343,422 | ||
| Cash breakdown | ||||
| Cash and cash equivalents | 6,206,706 | 25,617,371 | ||
| Restricted cash, current | 1,615,047 | 2,826,051 | ||
| Restricted cash, long term | 3,550,000 | 2,900,000 | ||
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 11,371,753 | 31,343,422 | ||
Reconciliation of Net (loss) / income to Adjusted EBITDA (All amounts expressed in | ||||||||
| Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||
| Net (loss) / income | (3,106,597 | ) | 6,937,110 | (7,112,768 | ) | 7,355,417 | ||
| Interest and other financing costs, net (incl. interest income) | 1,732,122 | 1,513,837 | 3,504,761 | 2,989,582 | ||||
| Vessel depreciation | 3,215,286 | 2,899,470 | 6,430,572 | 5,798,940 | ||||
| Unrealized loss on Forward Freight Agreement derivatives | - | 362,170 | - | 436,570 | ||||
| Loss on interest rate swap derivative | 28,589 | - | 114,962 | - | ||||
| Net gain on sale of vessel | - | - | (2,083,596 | ) | - | |||
| Adjusted EBITDA | 1,869,400 | 11,712,587 | 853,931 | 16,580,509 | ||||
Adjusted EBITDA Reconciliation:
Reconciliation of Net (loss) / income attributable to controlling shareholders to Adjusted net (loss) /income attributable to controlling shareholders (All amounts expressed in | ||||||||
| Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||
| Net (loss) / income attributable to controlling shareholders | (3,071,176 | ) | 6,587,229 | (6,774,193 | ) | 6,843,670 | ||
| Unrealized loss on derivatives | 57,402 | 362,170 | 182,625 | 436,570 | ||||
| Net gain on sale of vessel | - | - | (2,083,596 | ) | - | |||
| Adjusted net (loss) / income attributable to controlling shareholders | (3,013,774 | ) | 6,949,399 | (8,675,164 | ) | 7,280,240 | ||
| Adjusted (loss) / earnings per share attributable to controlling shareholders, basic | (1.10 | ) | 2.49 | (3.17 | ) | 2.61 | ||
| Weighted average number of shares, basic | 2,737,297 | 2,785,936 | 2,737,297 | 2,791,262 | ||||
| Adjusted (loss) / earnings per share attributable to controlling shareholders, diluted | (1.10 | ) | 2.44 | (3.17 | ) | 2.57 | ||
| Weighted average number of shares, diluted | 2,737,297 | 2,842,782 | 2,737,297 | 2,837,146 | ||||
Adjusted net (loss) / income attributable to controlling shareholders and Adjusted (loss) / earnings per share attributable to controlling shareholders Reconciliation:
Adjusted net (loss) /income attributable to controlling shareholders and Adjusted (loss) / earnings per share attributable to controlling shareholders do not represent and should not be considered as an alternative to net (loss) / income attributable to controlling shareholders or (loss) / earnings per share attributable to controlling shareholders, as determined by GAAP. The Company's definition of Adjusted net (loss) / income attributable to controlling shareholders and Adjusted (loss) / earnings 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) / income attributable to controlling shareholders and Adjusted (loss) / earnings 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 11 vessels, including 3 Panamax drybulk carriers, 5 Ultramax drybulk carrier, 2 Kamsarmax drybulk carriers and 1 Supramax drybulk carrier. EuroDry’s 11 drybulk carriers have a total cargo capacity of 766,420 dwt. After the delivery of two Ultramax vessels in 2027 and the delivery of the two Kamsarmax vessels in 2028, the Company’s fleet will consist of 15 vessels with a total carrying capacity of 1,057,420 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 |
Chief Financial Officer Watchung, NJ07069 Tel. (908) 301-9091 E-mail: aha@eurodry.gr | Capital Tel. (212) 661-7566 E-mail: eurodry@capitallink.com |
