EuroDry Ltd announce its results for the three and twelve-month periods ended December 31, 2025:
Fourth quarter 2025 highlights:
- Total net revenues of US$17.4 million.
- Net income attributable to controlling shareholders, of US$3.2 million or US$1.14 earnings per share attributable to controlling shareholders basic and diluted.
- Adjusted net income attributable to controlling shareholders, for the quarter of US$2.4 million, or, US$0.88 and US$0.87 per share attributable to controlling shareholders basic and diluted, respectively, which excludes among other items the net gain on sale of one of our vessels of US$0.7 million.
- Adjusted EBITDA1 was US$7.5 million.
- An average of 11.2 vessels were owned and operated during the fourth quarter of 2025 earning an average time charter equivalent rate of US$16 262 per day.
- To-date, about US$5.3 million has been used to repurchase 334 674 shares of the Company, under our share repurchase plan of up to US$10 million, announced in August 2022. The Board approved the continuation of the share repurchase plan for a further year in August 2025 and will review it again after a period of twelve months.
Full year 2025 highlights:
- Total net revenues of US$52.3 million.
- Net loss attributable to controlling shareholders, of US$4.3 million, or US$1.55 loss per share attributable to controlling shareholders basic and diluted.
- Adjusted net loss attributable to controlling shareholders, for the year was US$6.9 million or US$2.50 adjusted loss per share attributable to controlling shareholders basic and diluted, which excludes among other items the net gain on sale of vessels of US$2.8 million.
- Adjusted EBITDA1 was US$12.5 million.
- An average of 12.0 vessels were owned and operated during the twelve months of 2025 earning an average time charter equivalent rate of US$11 642 per day.
Comments
Aristides Pittas, Chairman and CEO of EuroDry commented: “During the fourth quarter of 2025 and through the middle of February of 2026, the drybulk market has remained rather strong with time-charter rates for Ultramax vessels staying on average above US$15,000/day with vessels in the Altantic Ocean earning a one to two thousand dollars per day premium over vessels in the Pacific. Kamsarmax time charter rates had exhibited similar levels. Such market rate levels are above our breakeven levels for achieving both positive earnings and cash flow and, thus, we recorded a quite profitable fourth quarter of 2025 in contrast to the previous three quarters of the year.
“Furthermore, due to the strengthened rates, we have concluded a one-year time charter for one of our vessels, an ultramax, at US$15 500 per day, a shift in our strategy of being fully exposed to the market by employing our vessels either on index-linked charters or on short term contracts when the market was at lower levels. In fact, as the market keeps maintaining its current level or, possibly, improving, we intend to conclude year-long or longer charters for a larger portion of our fleet.
“On the liquidity front, the sale of M/V Eirini P, the refinancing of the Yannis Pittas loan and the funding of a good portion of the predelivery instalments of our newbuildings increased our available funds for potential further investments if accretive options for doing so are identified. We expect a finely balanced market over the next two years with significant geopolitical and economic uncertainties still evolving which could potentially create shifts in the market. We remain diligent to capitalise on any opportunity by either expanding our fleet or by capitalising on chartering opportunities at attractive levels for the benefit of our shareholders.”
Tasos Aslidis, Chief Financial Officer of EuroDry commented: “In the fourth quarter of 2025 the Company operated an average of 11.2 vessels, versus 13.0 vessels during the same period last year. Our net revenues increased to US$17.4 million in the fourth quarter of 2025 compared to US$14.5 million during the same period of last year. Our vessels earned in the fourth quarter of 2025 approximately 33.3% higher time charter equivalent rates compared to the corresponding period of 2024. At the same time, total vessel operating expenses, during the fourth quarter of 2025, amounted to US$6.2 million, as compared to US$6.6 million for the same period of last year and US$25.0 million for the year 2025 as compared to US$25.7 million for the same period of 2024. The decreased total vessel operating expenses in recent periods are mainly attributable to the lower average number of vessels owned and operated.
“Adjusted EBITDA during the fourth quarter of 2025 was US$7.5 million compared to US$1.8 million in the fourth quarter of last year, and US$12.5 million compared to US$9.4 million for the respective twelve-month periods of 2025 and 2024, respectively. As of December 31, 2025, our outstanding debt (excluding the unamortised loan fees) was US$103.7 million while unrestricted and restricted cash was US$25.7 million. As of the same date, our scheduled debt repayments including balloon payments over the next 12 months amounted to about US$12.3 million (excluding the unamortised loan fees) and all our loan covenants are satisfied.”
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