Η EuroDry Ltd. ανακοινώνει τα αποτελέσματα για το τρίμηνο και την εξάμηνη περίοδο που έληξε στις 30 Ιουνίου 2026
Reports Results for the Quarter and Six-Month Period Ended June 30, 2026
EuroDry Ltd.
Reports Results for the Quarter and Six-Month Period Ended June 30, 2026
Athens, Greece – EuroDry Ltd. (NASDAQ: EDRY, the “Company” or
“EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation
for drybulk cargoes, announced today its results for the three- and six-month periods ended
June 30, 2026.
Second Quarter 2026 Highlights:
• Total net revenues for the quarter of $17.7 million.
• Net income attributable to controlling shareholders, of $6.6 million or $2.36 and $2.32
earnings per share attributable to controlling shareholders basic and diluted,
respectively.
• Adjusted net income1 attributable to controlling shareholders for the quarter of $6.9
million or $2.49 and $2.44 adjusted earnings per share attributable to controlling
shareholders basic and diluted, respectively.
• Adjusted EBITDA1
for the quarter was $11.7 million.
• An average of 11.0 vessels were owned and operated during the second quarter of
2026 earning an average time charter equivalent rate of $20,398 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 $5.8 million has been used to repurchase 358,130 shares of the
Company, under our share repurchase plan of up to $10 million, announced in August
2022. The Board approved the continuation of the share repurchase plan for a further
year in August 2025 and 2026, respectively, and will review it again after a period of
twelve months.
Financing arrangements
• On July 28, 2026, the Company signed a term sheet with Alpha Bank S.A. in order to
refinance the existing indebtedness of M/V “Ekaterini” with a loan of up to $19 million.
The agreement is subject to customary documentation.
1Adjusted EBITDA, Adjusted net (loss) / income attributable to controlling shareholders and Adjusted
(loss) / earnings per share attributable to controlling shareholders are not recognized measurements
under US GAAP (GAAP) and should not be used in isolation or as a substitute for EuroDry’s financial
results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the
definitions and reconciliation of these measurements to the most directly comparable financial measures
calculated and presented in accordance with GAAP.
2
First Half 2026 Highlights:
• Total net revenues of $30.5 million.
• Net income attributable to controlling shareholders was $6.8 million or $2.45 and $2.41
earnings per share attributable to controlling shareholders basic and diluted,
respectively.
• Adjusted net income1 attributable to controlling shareholders for the period was $7.3
million or $2.61 and $2.57 adjusted earnings per share attributable to controlling
shareholders basic and diluted1
, respectively.
• Adjusted EBITDA1 of $16.6 million.
• An average of 11.0 vessels were owned and operated during the first half of 2026
earning an average time charter equivalent rate of $17,452 per day. Refer to a
subsequent section of the Press Release for the definition and method of calculation
of the time charter equivalent rate.
Aristides Pittas, Chairman and CEO of EuroDry, commented: “We are pleased to report a
highly profitable quarter, our strongest in four years. During the second quarter of 2026, the
drybulk market strengthened significantly, with time charter rates reaching levels last seen in
2022. This positive momentum continued into July 2026 and is also reflected in Forward Freight
Agreement (“FFA”) rates for the remainder of 2026 and throughout 2027.”
“As we have noted on several occasions, our financial performance is closely linked to
prevailing market rates. Accordingly, the strong market conditions during the second quarter
were fully reflected in our revenues and earnings. If the elevated rates currently implied by the
FFA market materialize, they should be reflected in our financial performance during the
respective future periods.”
“The strength of the market primarily reflects increased demand for drybulk vessels, driven by
higher overall drybulk trade, including stronger volumes of iron ore and bauxite, an even shortterm recovery in coal trade, longer average voyage distances, and transportation inefficiencies
and trade dislocations stemming from ongoing geopolitical developments and uncertainty. At
the same time, the industry orderbook continued to grow, reaching 14.4% of the existing fleet.
We believe this remains a manageable level, considering the aging profile of the global fleet,
increasingly stringent environmental regulations that are likely to raise the operating costs of
older vessels, and the fact that the delivery schedule for vessels currently on order is spread
over several years.”
“We continue to monitor market developments closely and remain well positioned to capitalize
on value-accretive investment opportunities to renew and expand our fleet for the long-term
benefit of our shareholders.”
Tasos Aslidis, Chief Financial Officer of EuroDry, commented: “The net revenues of the
second quarter of 2026 were stronger compared to the second quarter of 2025 as a result of
the higher time charter equivalent rates our vessels earned during the second quarter of 2026
compared to the same period of 2025. The time charter equivalent rates for the second quarter
of 2026 were higher by 95.6% on average compared to the time charter equivalent rates our
vessels earned in the second quarter of 2025.”
“Daily vessel operating expenses, including management fees, but excluding dry-docking
costs, averaged $6,608 per vessel per day during the second quarter of 2026 as compared to
$6,785 per vessel per day for the same quarter of last year, and $6,599 per vessel per day for
the first half of 2026 as compared to $6,685 per vessel per day for the same period of 2025.
General and administrative expenses averaged $836 per vessel per day during the second
3
quarter of 2026 as compared to $754 per vessel per day for the same quarter of last year, and
$863 per vessel per day for the first half of 2026 as compared to $734 per vessel per day for
the same period of 2025. This increase is explained by the allocation of expenses of
approximately the same levels in the respective three-month and six-month periods, to a
decreased number of vessels in the three months and six months ended June 30, 2026.”
“Adjusted EBITDA during the second quarter of 2026 was $11.7 million compared to $1.9
million in the second quarter of last year.”
“As of June 30, 2026, our outstanding debt (excluding the unamortized loan fees) was $98.1
million, while unrestricted and restricted cash was $31.3 million. As of the same date, our
scheduled debt repayments including balloon payments over the next 12 months amounted to
about $22.0 million.”
Second Quarter 2026 Results:
For the second quarter of 2026, the Company reported total net revenues of $17.7 million
representing a 57.0% increase over total net revenues of $11.3 million during the second
quarter of 2025 which was the result of the higher time charter rates our vessels earned during
the second quarter of 2026 compared to the same period of 2025 despite the lower average
number of vessels. On average, 11.0 vessels were owned and operated during the second
quarter of 2026 earning an average time charter equivalent rate of $20,398 per day compared
to 12.0 vessels in the same period of 2025 earning on average $10,428 per day.
For the second quarter of 2026, a gain on bunkers resulted in positive voyage expenses of $1.5
million, as compared to voyage expenses of $0.8 million that mainly related to vessels
repositioning between charters and expenses during operational off-hire time in the same
period of 2025.
Vessel operating expenses decreased to $5.6 million for the second quarter of 2026 from $6.3
million in the same period of 2025. The decrease is mainly attributable to the decreased number
of vessels operating in the second quarter of 2026 compared to the corresponding period in
2025.
During the second quarter of 2026, one vessel completed its intermediate survey in water, for
a total cost of $0.1 million. During the second quarter of 2025, one vessel completed its
intermediate survey in water and another one commenced her special survey with dry-dock in
order to complete it during the third quarter of 2025, for a total cost of $0.4 million.
Vessel depreciation for the second quarter of 2026 was $2.9 million compared to $3.2 million
for the same period of 2025 as a result of the lower number of vessels owned and operated in
the second quarter of 2026.
Related party management fees for the period were $1.0 million compared to $1.1 million for
the same period of 2025, due to the lower number of vessels owned and operated in the second
quarter of 2026, partly offset by the adjustment for inflation in the daily vessel management fee,
effective from January 1, 2026, increasing it from 850 Euros to 875 Euros and the unfavorable
movement of the euro/dollar exchange rate during the period.
General and administrative expenses for the second quarter of 2026 were $0.8 million
remaining at the same level as compared to the second quarter of 2025.
Interest and other financing costs for the second quarter of 2026 amounted to $1.5 million
compared to $1.7 million for the same period of 2025. Interest expense during the second
quarter of 2026 was lower mainly due to the decreased benchmark rates of our loans and the
decreased average debt during the second quarter of 2026, as compared to the same period
of last year.
For the three months ended June 30, 2026, the Company recognized a $0.36 million unrealized
loss on forward freight agreement contracts. The results for the second quarter of 2025 include
a $0.06 million unrealized loss and a $0.03 million realized gain on one interest rate swap.
4
The Company reported net income for the period of $6.9 million and net income attributable to
controlling shareholders of $6.6 million, as compared to a net loss of $3.1 million and a net loss
attributable to controlling shareholders of $3.07 million for the same period of 2025. The net
income attributable to the non-controlling interest of $0.3 million in the second quarter of 2026
represents the income attributable to the 39% ownership of the entities owning the M/V Christos
K and M/V Maria represented by NRP Project Finance AS (“NRP investors”) (the “Partnership”).
Adjusted EBITDA for the second quarter of 2026 was $11.7 million compared to $1.9 million
achieved during the second quarter of 2025.
Basic and diluted earnings per share attributable to controlling shareholders for the second
quarter of 2026 was $2.36 and $2.32 calculated on 2,785,936 and 2,842,782 basic and diluted
weighted average number of shares outstanding, respectively, compared to a loss per share
attributable to controlling shareholders of $1.12 calculated on 2,737,297 basic and diluted
weighted average number of shares outstanding for the second quarter of 2025.
Excluding the effect on the net (loss) / income attributable to controlling shareholders for the
quarter of the unrealized loss on derivatives, the adjusted earnings attributable to controlling
shareholders for the quarter ended June 30, 2026 would have been $2.49 and $2.44 per share
basic and diluted, respectively, compared to adjusted loss of $1.10 per share basic and diluted,
for the quarter ended June 30, 2025. Usually, security analysts do not include the above item
in their published estimates of earnings per share.
First Half 2026 Results:
For the first half of 2026, the Company reported total net revenues of $30.5 million representing
a 48.8% increase over total net revenues of $20.5 million during the first half of 2025, which
was mainly the result of the higher time charter rates our vessels earned during the first half of
2026 compared to the same period of 2025. On average, 11.0 vessels were owned and
operated during the first half of 2026 earning an average time charter equivalent rate of $17,452
per day compared to 12.4 vessels in the same period of 2025 earning on average $8,761 per
day.
For the first half of 2026, a gain on bunkers resulted in positive voyage expenses of $1.8 million.
For the same period of 2025, voyage expenses, net were $2.5 million and mainly relate to
vessels repositioning between charters and expenses during operational off-hire time.
Vessel operating expenses were $11.1 million for the first half of 2026, as compared to $12.8
million for the first half of 2025. The decrease is mainly attributable to the decreased number of
vessels operating in the first half of 2026 compared to the corresponding period in 2025.
During the first half of 2026 one of our vessels completed its special survey with drydock which
commenced in the fourth quarter of 2025 and one of our vessels completed its intermediate
survey in water, for a total cost of $0.8 million. During the first half of 2025 one vessel completed
its intermediate survey in water and another one commenced her special survey with dry-dock
in order to complete it during the third quarter of 2025, for a total cost of $0.4 million.
Vessel depreciation for the first half of 2026 was $5.8 million compared to $6.4 million during
the same period of 2025, mainly due to the lower number of vessels operating in the first half
of 2026 compared to the same period of 2025.
Related party management fees for the first half of 2026 were slightly decreased to $2.1 million
from $2.2 million for the same period of 2025 due to the lower average number of vessels
owned and operated in the six month period of 2026 partly offset by the adjustment for inflation
in the daily vessel management fee, effective from January 1, 2026, increasing it from 850
Euros to 875 Euros, and the unfavorable movement of the euro/dollar exchange rate during the
period.
General and administrative expenses for the first half of 2026 were slightly increased to $1.7
million as compared to $1.6 million for the corresponding period in 2025.
5
On January 29, 2025, the Company signed an agreement to sell M/V Tasos, a 75,100 dwt
drybulk vessel, built in 2000, for demolition, for approximately $5 million. The vessel was
delivered to its buyers, an unaffiliated third party, on March 17, 2025, resulting in a gain on sale
of $2.1 million. No case of vessel sale exists within the first half of 2026.
Interest and other financing costs for the first half of 2026 amounted to $3.0 million compared
to $3.5 million for the same period of 2025. This decrease is mainly due to the decreased
benchmark rates of our loans and the decreased average debt during the first half of 2026, as
compared to the same period of last year.
For the six months ended June 30, 2026, the Company recognized a $0.4 million unrealized
loss and a $0.1 million realized loss on forward freight agreement contracts. For the six months
ended June 30, 2025, the Company recognized a $0.1 million realized gain and a $0.2 million
unrealized loss on one interest rate swap.
The Company reported net income for the period of $7.4 million and net income attributable to
controlling shareholders of $6.8 million, as compared to a net loss of $7.1 million and a net loss
attributable to controlling shareholders of $6.8 million, for the first half of 2025. The net income
attributable to the non-controlling interest of $0.5 million in the first half of 2026 represents the
income attributable to the 39% ownership of the Partnership.
Adjusted EBITDA for the first half of 2026 was $16.6 million compared to $0.9 million achieved
during the first half of 2025.
Basic and diluted earnings per share attributable to controlling shareholders for the first half of
2026 was $2.45 and $2.41, respectively, calculated on 2,791,262 and 2,837,146 basic and
diluted weighted average number of shares outstanding, compared to a loss per share of $2.47
for the first half of 2025, calculated on 2,737,297 basic and diluted weighted average number
of shares outstanding.
Excluding the effect on the net (loss) / income attributable to controlling shareholders for the
first half of the year of the unrealized loss on derivatives and the net gain on sale of vessel (if
any), the adjusted earnings attributable to controlling shareholders for the six-month period
ended June 30, 2026, would have been $2.61 and $2.57 per share basic and diluted,
respectively, compared to adjusted loss of $3.17 per share basic and diluted, for the six-month
period ended June 30, 2025. As previously mentioned, usually, security analysts do not include
the above items in their published estimates of earnings per share.
6
Fleet Profile:
The EuroDry Ltd. fleet profile is as follows:
Name Type Dwt Year
Built Employment(*
