EuroDry Q2 Earnings Call Highlights

EuroDry (NASDAQ:EDRY) reported higher second-quarter gross and a instrumentality to profitability arsenic clip charter rates much than doubled from the prior-year period, portion the adust bulk shipowner outlined plans to grow its fleet and refinance indebtedness tied to 1 of its Kamsarmax vessels.

For the 3 months ended June 30, 2026, EuroDry reported full nett revenues of $17.7 million, up 57% from $11.3 cardinal a twelvemonth earlier. Net income attributable to controlling shareholders was $6.59 million, oregon $2.32 per diluted share, compared with a $3.1 cardinal nonaccomplishment successful the 2nd 4th of 2025. Adjusted nett income was $6.95 million, oregon $2.44 per diluted share, and adjusted EBITDA was $11.71 million.

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"The institution reported a nett income attributable to controlling shareholders of $6.6 cardinal arsenic compared to a nett nonaccomplishment attributable to controlling shareholders of $3.1 cardinal for the aforesaid play of 2025," Finance Manager Athina Atalioti said during the company's net call.

Charter Rates Drive Earnings Improvement

EuroDry operated an mean of 11 vessels successful the 2nd quarter, compared with 12 vessels successful the year-earlier period. Its mean time-charter-equivalent complaint roseate to $20,398 per vas per time from $10,428 per time a twelvemonth earlier. Both commercialized and operational utilization reached 100% during the quarter.

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Operating expenses, including absorption fees and wide and administrative costs but excluding dry-docking expenses, declined somewhat to $7,444 per vas per time from $7,539. The company's regular currency travel break-even complaint was $11,858 per vas per day, compared with $12,222 successful the prior-year quarter.

For the archetypal fractional of 2026, gross accrued 49% to $30.5 million. Net income attributable to controlling shareholders was $6.8 million, compared with a $6.8 cardinal nonaccomplishment successful the archetypal fractional of 2025. First-half adjusted EBITDA roseate to $16.6 cardinal from $850,000 a twelvemonth earlier.

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Atalioti said second-quarter financing costs declined to $1.5 cardinal from $1.7 million, reflecting little benchmark rates connected the company's loans and little mean debt. First-half financing costs declined to $3 cardinal from $3.5 million.

Fleet Employment, Newbuildings and Refinancing

Chief Financial Officer and Treasurer Anastasios Aslidis said 4 of EuroDry's vessels are presently connected index-linked charters tied to the Baltic Supramax S10TC index. The remaining vessels are mostly employed connected fixed-rate clip charters of 1 to 3 months, but for the M/V Christos K, which is fixed done November 2026.