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GlobeNewswire·

EuroDry Ltd. Reports Results for the Quarter and Six-Month Period Ended June 30, 2026

EDRY
  • EuroDry Ltd. reported total net revenues of $17.7 million for the second quarter of 2026, a 57.0% increase compared to the same period in 2025.
  • Net income attributable to controlling shareholders for the second quarter was $6.6 million, representing earnings per share of $2.36 basic & $2.32 diluted.
  • Adjusted net income for the second quarter was $6.9 million, with adjusted earnings per share of $2.49 basic & $2.44 diluted.
  • Adjusted EBITDA for the second quarter reached $11.7 million, compared to $1.9 million in the second quarter of 2025.
  • The company operated an average of 11.0 vessels during the second quarter, generating an average time charter equivalent rate of $20,398 per day.
  • Total net revenues for the first half of 2026 were $30.5 million, with net income attributable to controlling shareholders of $6.8 million.
  • First half adjusted EBITDA was $16.6 million, while the average time charter equivalent rate for the period was $17,452 per day.
  • Approximately $5.8 million has been used to repurchase 358,130 shares under a $10 million share repurchase plan, which was extended through 2026.
  • On July 28, 2026, EuroDry signed a term sheet with Alpha Bank S.A. to refinance the M/V "Ekaterini" with a loan facility of up to $19 million.
  • Outstanding debt as of June 30, 2026, stood at $98.1 million, while unrestricted and restricted cash totaled $31.3 million.
  • Scheduled debt repayments, including balloon payments, over the next 12 months amount to approximately $22.0 million.
  • Daily vessel operating expenses averaged $6,608 per vessel in the second quarter of 2026, down from $6,785 in the same period of 2025.
  • General and administrative expenses averaged $836 per vessel per day in the second quarter of 2026, up from $754 in the prior year period.
  • The fleet consists of 11 drybulk vessels with a total capacity of 766,420 dwt, with 4 additional vessels under construction for delivery between 2027 and 2028.
  • Market conditions in the second quarter saw time charter rates reach levels last seen in 2022, driven by increased demand for iron ore, bauxite, & coal trade.
  • The global orderbook reached 14.4% of the existing fleet, which management considers manageable given the aging profile of the global fleet.
  • Unrealized losses on forward freight agreement contracts totaled $0.36 million for the second quarter of 2026.
  • No vessel sales occurred during the first half of 2026, contrasting with the sale of the M/V Tasos in the first half of 2025 which generated a $2.1 million gain.