EuroDry Q1 Earnings Call Highlights

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MarketBeat

Wed, May 20, 2026 astatine 9:07 AM CDT 8 min read

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EuroDry returned to profitability successful Q1 2026 arsenic higher charter rates lifted nett revenues 38.9% twelvemonth implicit twelvemonth to $12.8 million. The institution posted nett income of $0.26 million, versus a $3.7 cardinal nonaccomplishment a twelvemonth earlier, with TCE rates much than doubling to $14,416 per vas per day.
The institution is expanding its fleet with 4 newbuildings, including 2 recently ordered 82,000-dwt eco Kamsarmax bulk carriers from Hengli Shipbuilding. Once delivered, EuroDry said its fleet volition turn from 11 vessels to 15 and its carrying capableness volition emergence to astir 1.05 cardinal deadweight tons.
Management sees a supportive near-term adust bulk market, citing stronger Panamax and Supramax rates, steadfast utilization, and comparatively debased manufacture vas supply. EuroDry besides said it continues stock repurchases, having bought backmost 348,000 shares for $5.6 million, portion estimating NAV supra $52.77 per share.

EuroDry (NASDAQ:EDRY) reported a instrumentality to profitability successful the archetypal 4th of 2026, supported by stronger charter rates contempt operating a smaller mean fleet than a twelvemonth earlier, portion absorption said it is expanding its newbuilding programme with 2 further Kamsarmax bulk carriers.

Chairman and Chief Executive Officer Aristides Pittas said the adust bulk proprietor generated full nett revenues of $12.8 cardinal for the 3 months ended March 31, 2026. Net income attributable to controlling shareholders was $0.26 million, oregon $0.09 per diluted share. Adjusted nett income attributable to controlling shareholders was $0.33 million, oregon $0.12 per diluted share, and adjusted EBITDA was $4.9 million.

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Finance and Investment Manager Athina Talioti said nett revenues roseate 38.9% from $9.71 cardinal successful the archetypal 4th of 2025, chiefly due to the fact that of higher clip charter rates, partially offset by a little mean fig of vessels owned and operated. The institution reported a nett nonaccomplishment attributable to controlling shareholders of $3.7 cardinal successful the prior-year quarter.

Higher Charter Rates Drive Improved Results

Talioti said EuroDry operated an mean of 11 vessels during the archetypal quarter, compared with 12.8 vessels successful the aforesaid play of 2025. The fleet earned an mean clip charter equivalent complaint of $14,416 per vas per day, much than treble the $7,167 per vas per time recorded a twelvemonth earlier.

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Commercial utilization was 100% during the quarter, portion operational utilization was 99.7%, resulting successful wide utilization of 99.7%. That compared with commercialized utilization of 98.4%, operational utilization of 99% and wide utilization of 97.4% successful the archetypal 4th of 2025.

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