From GlobeNewswire: 2024-11-19 09:15:00

EuroDry Ltd. reported total net revenues of $14.7 million in the third quarter of 2024, with a net loss of $4.2 million. Adjusted EBITDA was $0.5 million, and the company repurchased shares worth $5.0 million. Recent refinancing efforts increased cash reserves by $16 million, extending loan maturities and reducing interest costs.

For the first nine months of 2024, EuroDry Ltd. had total net revenues of $46.6 million. Adjusted net loss attributable to controlling shareholders was $7.5 million. The average time charter equivalent rate was $13,339 per day, with an average of 13 vessels operated during the period.

Chairman and CEO Aristides Pittas discussed the challenges facing the drybulk market, highlighting weak demand from China as a key factor. Despite market declines, the company completed drydockings to improve fleet prospects and is exploring investment opportunities. CFO Tasos Aslidis noted increased net revenues and higher operating expenses for the quarter.

EuroDry Ltd. conducted a conference call to discuss results and future plans. Adjusted EBITDA for the third quarter of 2024 was $0.5 million, down from $3.1 million in the same period last year. The company’s fleet profile includes 13 vessels with a total cargo capacity of 918,502 dwt.

EuroDry Ltd. considers Adjusted EBITDA and Adjusted net loss as key performance indicators. The company operates in the drybulk shipping market and employs vessels on spot and period charters. Forward-looking statements indicate the company’s growth strategy and expectations for future performance.

Investor relations can be directed to Tasos Aslidis, Chief Financial Officer of EuroDry Ltd., or to Capital Link, Inc. for financial media inquiries. Visit the EuroDry website for more information on the company’s operations and financial performance.



Read more at GlobeNewswire:: EuroDry Ltd. Reports Results for the Nine-Month Period and