ExpansionMay 20, 2026, 05:17 PM
EuroDry Orders Two Kamsarmax Bulk Carriers; Q1 Net Income $0.26M
AI Summary
EuroDry Ltd. announced the order for two modern 82,000 DWT Kamsarmax bulk carriers for approximately $74.0 million, scheduled for delivery in Q1 and Q2 2028, expanding its newbuilding program to four eco-vessels. For the first quarter of 2026, the company reported a net income attributable to controlling shareholders of $0.26 million, or $0.09 earnings per share, a significant improvement from a net loss in the prior year period. Total net revenues increased 38.9% year-over-year to $12.8 million, with management noting a firming drybulk market in April and May 2026.
Key Highlights
- EuroDry ordered two 82,000 DWT Kamsarmax bulk carriers for $74.0 million.
- New vessels are eco-friendly and scheduled for delivery in Q1 and Q2 2028.
- Q1 2026 net income attributable to controlling shareholders was $0.26 million.
- Q1 2026 earnings per share attributable to controlling shareholders was $0.09.
- Total net revenues for Q1 2026 increased 38.9% year-over-year to $12.8 million.
- Adjusted EBITDA for Q1 2026 was $4.9 million, up from $(1.0) million in Q1 2025.
- Average time charter equivalent rate for Q1 2026 was $14,416 per day.
- The company repurchased 349,330 shares for $5.6 million under its $10 million plan.
Price Impact
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