Mark Reichman

C.K. Poe Fratt

Poe Fratt

Tate Sullivan

Charles Fratt

Mark Rickman

- 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.  **[0001731388_2173782_1]** 
- 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.  **[0001731388_2173782_3]** **[0001731388_2173782_4]** 
- 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.  **[0001731388_2173782_4]** **[0001731388_2173782_6]** 
- The company's shares trade at **$12.5**, a significant discount to its estimated Net Asset Value (NAV) of **$35-$36 per share**.  **[0001731388_2173782_4]**

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

- 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**.  **[1731388_0001171843-25-006164_edry20250922_6k.htm:1]** **[1731388_0001171843-25-006164_edry20250922_6k.htm:3]** **[1731388_0001171843-25-006164_edry20250922_6k.htm:9]**  This was primarily due to lower average Time Charter Equivalent (TCE) rates, which fell to **$8,761** per day per vessel from **$13,452**.  **[1731388_0001171843-25-006164_edry20250922_6k.htm:1]** **[1731388_0001171843-25-006164_edry20250922_6k.htm:3]** 
- 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.  **[1731388_0001171843-25-006164_edry20250922_6k.htm:1]** **[1731388_0001171843-25-006164_edry20250922_6k.htm:7]** **[1731388_0001171843-25-006164_edry20250922_6k.htm:10]**  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.  **[1731388_0001171843-25-006164_edry20250922_6k.htm:1]** **[1731388_0001171843-25-006164_edry20250922_6k.htm:7]** **[1731388_0001171843-25-006164_edry20250922_6k.htm:10]** 
- 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.  **[1731388_0001171843-25-006164_edry20250922_6k.htm:6]** **[1731388_0001171843-25-006164_edry20250922_6k.htm:12]**  In September 2025, term sheets were signed for loans totaling up to **$52.9 million** to partly finance these newbuildings.  **[1731388_0001171843-25-006164_edry20250922_6k.htm:6]** **[1731388_0001171843-25-006164_edry20250922_6k.htm:12]** **[1731388_0001171843-25-006164_edry20250922_6k.htm:20]** **[1731388_0001171843-25-006164_edry20250922_6k.htm:21]** 
- 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.  **[1731388_0001171843-25-006164_edry20250922_6k.htm:20]**

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

- **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**.  **[1731388_0001317861-25-000051_f091525edry6k.htm:0]** 
- 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**.  **[1731388_0001317861-25-000051_f091525edry6k.htm:0]** 
- 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.  **[1731388_0001317861-25-000051_f091525edry6k.htm:0]** 
- 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.  **[1731388_0001317861-25-000051_f091525edry6k.htm:1]**

EuroDry (EDRY)