Quarterly ResultMay 20, 2026, 07:51 AM
EuroDry Orders Two Kamsarmax Vessels for $74M; Q1 EPS $0.09
AI Summary
EuroDry Ltd. announced its Q1 2026 results, reporting net revenues of $12.8 million and net income of $0.26 million, or $0.09 EPS, reflecting a strong year-over-year improvement in market conditions and operational efficiency. The company also expanded its newbuilding program by signing contracts for two 82,000 DWT Kamsarmax bulk carriers for approximately $74.0 million, scheduled for delivery in 2028. Additionally, EuroDry continued its share repurchase plan, having utilized $5.6 million to date.
Key Highlights
- EuroDry ordered two 82,000 DWT Kamsarmax bulk carriers for approximately $74.0 million.
- New vessels are eco-friendly, EEDI phase 3, scheduled for delivery in Q1 and Q2 2028.
- Q1 2026 net revenues increased 38.9% to $12.8 million compared to Q1 2025.
- Net income attributable to controlling shareholders was $0.26 million, or $0.09 EPS.
- Adjusted EBITDA for Q1 2026 was $4.9 million, significantly up from $(1.0) million in Q1 2025.
- Average time charter equivalent rate was $14,416 per day, a 101.1% increase year-over-year.
- $5.6 million has been used to repurchase 349,330 shares under the $10 million plan.
Price Impact
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