EuroDry announces first quarter financial results and order of two dry bulk carriers

EuroDry Ltd., an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announce its results for the three-month period ended March 31, 2026.

First quarter 2026 highlights:

• Total net revenues of US$12.8 million.
• Net income attributable to controlling shareholders, of US$0.26 million or US$0.09 earnings per share attributable to controlling shareholders basic and diluted.
• Adjusted net income attributable to controlling shareholders for the quarter of US$0.33 million or US$0.12 earnings per share attributable to controlling shareholders basic and diluted, which represents the net income attributable to controlling shareholders excluding the unrealised loss on derivatives.
• Adjusted EBITDA was US$4.9 million.
• An average of 11 vessels were owned and operated during the first quarter of 2026 earning an average time charter equivalent rate of US$14 416 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 US$5.6 million has been used to repurchase 349 330 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.

Recent developments

The Company has signed two contracts with Hengli Shipbuilding (Dalian) for the construction of two 82 000 DWT Kamsarmax bulk carriers. Both vessels are eco and are built to EEDI phase 3 design standard; they are scheduled to be delivered during the first and second quarters of 2028. The total consideration for the two newbuilding contracts is approximately US$74.0 million and will be financed with a combination of debt and equity. The contracts are conditional upon receiving a refund guarantee from a bank acceptable to the Company.

Aristides Pittas, Chairman and CEO of EuroDry commented: “During the first quarter of 2026, a seasonally slow quarter, the drybulk market gave up very little ground as compared to the last quarter of last year. Additionally in April and May 2026, the market has firmed across the board with one-year time charter rates and trip earnings flirting and reaching US$20 000 per day for both Ultramaxes and Kamsarmaxes.

“Our profitability during the first quarter fully reflected the market conditions with our earnings dropping compared to the fourth quarter in consequence of the easing of market rates during the quarter. But as the market has increased during the last month and a half, so has our profitability, a development that we expect to be reflected in next quarter’s results.

“Whilst the global fleet is aging and the need to provide the market with newer and more efficient vessels is becoming apparent, we see that prices of modern secondhand vessels have significantly increased. Under the circumstances we believe that newbuilding orders which can be placed at prices below modern secondhand ship prices present a better opportunity. We have therefore decided to expand our newbuilding programme to include two Kamsarmax vessels to complement the two Ultramaxes we had ordered earlier. After the delivery of all four vessels between Q2 2027 and Q2 2028, our fleet will consist almost entirely of modern eco vessels. As, I believe, we have demonstrated over the past eight years as an independent public company, we invest in a disciplined manner with the sole focus on identifying accretive opportunities for our shareholders and we intend to continue with the same philosophy.”

Read the article online at: https://www.drybulkmagazine.com/shipping/22052026/eurodry-announces-first-quarter-financial-results-and-order-of-two-dry-bulk-carriers/