EuroDry (EDRY) Company Report

EuroDry (EDRY), a dry bulk shipping company, currently owns 11 vessels with 2 more on order for delivery in mid-2027. The company's CFO estimates an intrinsic value of $45 per share, significantly higher than its current trading price of approximately $13 per share.
The company's fleet is largely exposed to the spot market, positioning it to benefit from an anticipated market improvement. The dry bulk market, which has been challenging, is showing green shoots for Q4 2026 and beyond, driven by a historically low vessel order book and expected demand rebound, particularly from China.
EuroDry maintains a modest leverage with debt representing approximately 50% of its ship value, and a cash flow break-even level of about $12,000 per day. Recent chartering activity, such as a year-long charter at $15,500, indicates improving market conditions and profitability.

4 days ago

Transcript

EuroDry Provides Company Overview and Market Outlook

EDRY

New Projects/Investments

Revenue Acceleration/Inflection

Demand Weakening

EuroDry operates 11 dry bulk vessels and has two additional ships on order for delivery in mid-2027, with an overall average fleet age of 13 years.
The company's market capitalization is $30-$35 million, but management believes its intrinsic value is three times higher, estimating a potential shareholder payout of $45 per share if assets were liquidated, compared to the current trading price of $13 per share.
The dry bulk market is characterized by historically low supply-side order books, positioning the sector to benefit from expected increases in demand, particularly from China's economic growth and potential reconstruction efforts.
EuroDry's fleet is primarily exposed to the spot market, allowing it to benefit from improving market rates, with a cash flow break-even level of approximately $12,000 per day and recent charters secured at $15,500.

4 days ago

Transcript

EuroDry Provides Overview and Market Outlook at Conference

EDRY

New Projects/Investments

Revenue Acceleration/Inflection

Demand Weakening

EuroDry (EDRY), which owns and operates 11 ocean-going vessels for bulk commodities, has two additional ships on order expected for delivery in mid-2027.
The company's market capitalization is $30-$35 million, but management estimates its intrinsic value to be three times higher, suggesting a per-share value of $45 compared to its current trading price of approximately $13.
The dry bulk market is positioned for improvement due to a historically low order book (supply side constraint) and anticipated demand increases, particularly from China's economic growth and potential global reconstruction efforts.
EuroDry primarily employs a spot market strategy but recently secured a year-long charter for the Christos K at $15,500 per day, which is above its cash flow break-even level of approximately $12,000 per day.

4 days ago

Transcript

EuroDry Reports Q3 2025 Results and Announces Debt Financing

EDRY

Earnings

Debt Issuance

Share Buyback

EuroDry Ltd. reported total net revenues of $14.4 million and a net loss attributable to controlling shareholders of $0.7 million (or $0.24 loss per share) for the third quarter of 2025. Adjusted EBITDA for the quarter was $4.1 million.
For the nine-month period ended September 30, 2025, total net revenues were $34.9 million, with a net loss attributable to controlling shareholders of $7.4 million (or $2.71 loss per share). Adjusted EBITDA for the nine months was $5.0 million.
During Q3 2025, the company operated an average of 12.0 vessels earning an average time charter equivalent rate of $13,232 per day.
The company secured debt financing arrangements for its two Ultramax newbuildings, including a loan of up to $39.5 million with Eurobank S.A. and a loan up to $26.9 million with Crediabank S.A.. Additionally, the Board approved the continuation of the share repurchase plan for a further year in August 2025, with approximately $5.3 million used to repurchase 334,674 shares to date.

Nov 14, 2025, 2:18 PM

6-K

EuroDry Limited Announces Q3 2025 Financial Results and Operational Update

EDRY

Earnings

Share Buyback

New Projects/Investments

EuroDry Limited reported net revenues of $14.4 million for Q3 2025, a 2.2% decrease from Q3 2024. The company recorded a net loss attributable to controlling shareholders of $0.7 million, or $0.24 loss per basic and diluted share, with Adjusted EBITDA of $4.1 million.
The company's fleet comprises 11 vessels with an average age of 10.8 years. During Q3 2025, the commercial utilization rate was 100%, and the average time charter equivalent rate was $13,232 per day.
EuroDry sold the motor vessel Irini P for $8.5 million on October 21, 2025, and has two Ultramax vessels under construction for delivery in Q2 and Q3 2027. The company extended its $10 million share repurchase program for an additional year, having already purchased 335,000 shares for $5.3 million.
As of September 30, 2025, total debt stood at $97.9 million. The dry bulk market strengthened in Q3 2025, with Panamax spot rates reaching $15,500 a day as of November 7, 2025, and the company is considering longer-term charters at rates between $15,000 and $17,000.

Nov 13, 2025, 4:30 PM

Transcript

EuroDry Reports Q3 2025 Financial Results and Extends Share Repurchase Program

EDRY

Earnings

Share Buyback

New Projects/Investments

For Q3 2025, EuroDry reported Net Revenues of $14.4 million , a Net Loss Attributable to Controlling Shareholders of ($0.7 million) or ($0.24) per share , and Adjusted EBITDA of $4.1 million.
The company extended its share repurchase program for an additional year, having repurchased 334,674 shares for $5.3 million since August 2022.
EuroDry sold the MV Eirini P for $8.5 million and has two Ultramax newbuildings scheduled for delivery in Q2 and Q3 2027, which will increase total carrying capacity to 893k DWT.
As of September 30, 2025, the company had $97.9 million in outstanding debt and Shareholders' Equity of approximately $89.9 million, or ~$31.80 per share.

Nov 13, 2025, 4:30 PM

Presentation

EuroDry Ltd. Discusses Fleet Renewal, Market Outlook, and Liquidity at Noble Capital Markets Conference

EDRY

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

EuroDry Ltd. (EDRY) operates 12 dry bulk vessels, with one committed for sale and two new vessels under construction for delivery in mid-to-third quarter 2027, as part of a fleet renewal strategy.
The company is fully exposed to the dry bulk market through short-term charters and expects 2026 to be a better year for trade and charter rates, which have improved in the last three months.
EuroDry has approximately $98 million in debt and a cash flow break-even level of about $12,000; recent vessel sales and refinancing efforts are aimed at increasing liquidity.
The company's shares trade at $12.5, a significant discount to its estimated Net Asset Value (NAV) of $35-$36 per share.

Oct 9, 2025, 1:00 PM

Transcript

EuroDry Ltd. Reports Increased Net Loss in H1 2025 Amid Lower TCE Rates, Invests in New Vessels

EDRY

Earnings

New Projects/Investments

Demand Weakening

EuroDry Ltd. reported a net loss of $7.1 million for the six months ended June 30, 2025, an increase from the $2.2 million net loss in the prior year, driven by a decrease in time charter revenue to $21.8 million from $33.8 million. This was primarily due to lower average Time Charter Equivalent (TCE) rates, which fell to $8,761 per day per vessel from $13,452.
Net cash provided by operating activities significantly decreased to $0.4 million for the six months ended June 30, 2025, compared to $3.8 million in the same period of 2024. However, net cash provided by investing activities turned positive at $4.7 million, largely due to $4.8 million in net proceeds from a vessel sale.
The company is expanding its fleet with two new ultramax bulk carriers, contracted in October 2024 for approximately $71.8 million, with $7.2 million paid as of June 30, 2025. In September 2025, term sheets were signed for loans totaling up to $52.9 million to partly finance these newbuildings.
Additionally, EuroDry agreed to sell M/V "Eirini P." for $8.5 million in August 2025, expecting a $0.6 million gain upon its October 2025 delivery.

Sep 30, 2025, 10:50 AM

6-K

EuroDry Announces Sale of M/V Eirini P.

EDRY

M&A

New Projects/Investments

EuroDry Ltd. (EDRY) has signed an agreement to sell its M/V Eirini P., a 2004-built Panamax Bulk Carrier, for approximately $8.5 million.
The company expects to generate a gain of approximately $0.6 million, or about $0.21 per share, from this sale, with the vessel anticipated to be delivered to buyers in October 2025.
This sale is part of EuroDry's fleet renewal program, intended to strengthen its balance sheet and increase near-term liquidity for future investments in more modern vessels.
Following the completion of this sale, EuroDry's operational fleet will consist of 11 vessels, with an additional 2 vessels under construction expected to be delivered in 2027.