GlobeNewsWire
20 May 2026, 11:49 UTC · 1d ago
Source · https://www.globenewswire.com/news-release/2026/05/20/3298385/0/en/EuroDry-Ltd-Reports-Results-for-the-Quarter-Ended-March-31-2026-and-Announces-the-order-for-two-Modern-82-000-DWT-Kamsarmax-Bulk-Carriers.html
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EuroDry signed contracts for two 82,000 DWT Kamsarmax bulk carriers for approximately $74.0 million, to be delivered in 2028. — Expansion of the fleet with modern, eco-efficient vessels increases future capacity and competitive positioning, though it involves capital expenditure.
+0.40Net revenues for the first quarter of 2026 increased by 38.9% compared to the first quarter of 2025. — Strong year-over-year revenue growth indicates a significant recovery or improvement in the shipping environment compared to the previous year.
+0.30Average time charter equivalent rates increased by 101.1% in Q1 2026 compared to Q1 2025. — A doubling of charter rates is a powerful driver of margins and suggests strong pricing power in the drybulk market.
+0.30Adjusted EBITDA for Q1 2026 was $4.9 million, compared to a loss of $1.0 million in the same period last year. — The swing from a loss to a positive EBITDA demonstrates a successful return to operational profitability.
+0.20The company reported outstanding debt of $100.9 million against cash holdings of approximately $24.9 million as of March 31, 2026. — The leverage position is a risk factor, especially as the company intends to use a combination of debt and equity for newbuildings.
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The company reported a significant increase in net revenues and Adjusted EBITDA year-over-year, while expanding its fleet with newbuilding orders.
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