EuroDry narrows loss as better days beckon

EURODRY, the Nasdaq-listed owner of 13 bulkers including two on order, remained in the red for the third quarter, having missed out on an improvement in dry bulk rates as it had earlier fixed most of its vessels at lower market levels.

However, the company is confident that improved earnings in the sector will be reflected in fourth-quarter results, according to chief executive Aristides Pittas.

“During the third quarter and the following period, we took significant steps to improve our liquidity,” he said.

These included selling the 2004-built panamax Eirini P, now Salmi (IMO: 9284879) for about $8.5m, booking a gain of $700,000 in the process.

Greece-based EuroDry also signed a loan agreement to refinance the 2014-built ultramax Yannis Pittas (IMO: 9698317) and partly financed pre-delivery payments on two newbuildings with loans from Eurobank and CrediaBank, the latter a new addition to its group of financiers.

“These steps, along with the improved market levels which are expected to result in positive cashflow generation from our fleet, put us in a position to continue our fleet renewal and expansion plans in 2026 undeterred by the continuing economic and geopolitical uncertainty,” Pittas said.

Third-quarter net revenues fell by 2.2% compared with the year-ago quarter, to $14.4m, due to the reduction in the average number of vessels operating during the period.

Average daily time charter rates increased slightly to $13,232 per vessel, compared with $13,105 in the third quarter last year.

EuroDry posted a reduced net loss of $500,000 for the quarter, compared with a net loss of $5.2m in the same period of 2024.