First Quarter 2026 Highlights:
Total net revenues of $12.8 million.
Net income attributable to controlling shareholders, of $0.26 million or $0.09 earnings per share attributable to controlling shareholders basic and diluted.
Adjusted net income1 attributable to controlling shareholders for the quarter of $0.33 million or $0.12 earnings per share attributable to controlling shareholders basic and diluted, which represents the net income attributable to controlling shareholders excluding the unrealized loss on derivatives.
Adjusted EBITDA1 was $4.9 million.
An average of 11.0 vessels were owned and operated during the first quarter of 2026 earning an average time charter equivalent rate of $14,416 per day. Refer to a subsequent section of the Press Release for the definition and method of calculation of the time charter equivalent rate.
To date, about $5.6 million has been used to repurchase 349,330 shares of the Company, under our share repurchase plan of up to $10 million, announced in August 2022. The Board approved the continuation of the share repurchase plan for a further year in August 2025 and will review it again after a period of twelve months.
____________________________1Adjusted EBITDA, Adjusted net (loss) / income attributable to controlling shareholders and Adjusted (loss) / earnings per share attributable to controlling shareholders are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for EuroDry's financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Recent developments
The Company has signed two contracts with Hengli Shipbuilding (Dalian) for the construction of two 82,000 DWT Kamsarmax bulk carriers. Both vessels are eco and are built to EEDI phase 3 design standard; they are scheduled to be delivered during the first and second quarters of 2028. The total consideration for the two newbuilding contracts is approximately $74.0 million and will be financed with a combination of debt and equity. The contracts are conditional upon receiving a refund guarantee from a bank acceptable to the Company.
Aristides Pittas, Chairman and CEO of EuroDry commented: "During the first quarter of 2026, a seasonally slow quarter, the drybulk market gave up very little ground as compared to the last quarter of last year. Additionally in April and May 2026, the market has firmed across the board with one-year time charter rates and trip earnings flirting and reaching $20,000 per day for both Ultramaxes and Kamsarmaxes.
"Our profitability during the first quarter fully reflected the market conditions with our earnings dropping compared to the fourth quarter in consequence of the easing of market rates during the quarter. But as the market has increased during the last month and a half, so has our profitability, a development that we expect to be reflected in next quarter's results.
"Whilst the global fleet is aging and the need to provide the market with newer and more efficient vessels is becoming apparent, we see that prices of modern secondhand vessels have significantly increased. Under the circumstances we believe that newbuilding orders which can be placed at prices below modern secondhand ship prices present a better opportunity. We have therefore decided to expand our newbuilding program to include two Kamsarmax vessels to complement the two Ultramaxes we had ordered earlier. After the delivery of all four vessels between Q2 2027 and Q2 2028, our fleet will consist almost entirely of modern eco vessels. As, I believe, we have demonstrated over the past eight years as an independent public company, we invest in a disciplined manner with the sole focus on identifying accretive opportunities for our shareholders and we intend to continue with the same philosophy."
Tasos Aslidis, Chief Financial Officer of EuroDry commented: "Our net revenues for the first quarter of 2026 were higher by 38.9% as compared to the first quarter of 2025. This is primarily driven by the increase of 101.1% in average time charter equivalent rates our vessels earned during the current quarter as compared to the first quarter of 2025, partly offset by the decreased average number of vessels owned and operated in the current period compared to the same period of 2025."
"Vessel operating expenses were $5.5 million for the first quarter of 2026 as compared to $6.6 million for the same period of 2025. The decrease is mainly attributable to the decreased average number of vessels owned and operated in the first quarter of 2026 compared to the corresponding period in 2025."
"Adjusted EBITDA during the first quarter of 2026 was $4.9 million compared to $(1.0) million achieved for the first quarter of last year. As of March 31, 2026, our outstanding debt (excluding the unamortized loan fees) was $100.9 million versus restricted and unrestricted cash of approximately $24.9 million."
First Quarter 2026 Results:For the first quarter of 2026, the Company reported total net revenues of $12.8 million representing a 38.9% increase over total net revenues of $9.2 million during the first quarter of 2025, which was the result of the increased time charter rates our vessels earned during the first quarter of 2026, partly offset by the decreased average number of vessels owned and operated during the first quarter of 2026, compared to the same period of 2025. On average, 11.0 vessels were owned and operated during the first quarter of 2026 earning an average time charter equivalent rate of $14,416 per day compared to 12.8 vessels in the same period of 2025 earning on average $7,167 per day.
For the first quarter of 2026, a gain on bunkers resulted in positive voyage expenses of $0.3 million compared to voyage expenses of $1.7 million in the first quarter of 2025 that mainly related to vessels repositioning between charters and expenses during operational off-hire time.
Vessel operating expenses decreased to $5.5 million for the first quarter of 2026 from $6.6 million in the same period of 2025. The decrease is mainly attributable to the decreased average number of vessels owned and operated in the first quarter of 2026 compared to the corresponding period in 2025.
In the first quarter of 2026, one of our vessels completed its special survey with drydock for a total cost of $0.7 million. In the first quarter of 2025 one of our vessels completed its intermediate survey in water, for a total cost of $0.1 million.
Depreciation expense for the first quarter of 2026 was $2.9 million compared to $3.2 million for the same period of 2025 as a result of the lower number of vessels owned and operated in the first quarter of 2026.
Related party management fees for the period were $1.1 million remaining at the same level compared to the same period of 2025. This was the result of the decreased number of vessels owned and operated in the first quarter of 2026, offset by the adjustment for inflation in the daily vessel management fee, effective from January 1, 2026, increasing it from 850 Euros to 875 Euros, as well as by the unfavorable movement of the euro/dollar exchange rate during the period.
General and administrative expenses were $0.9 million for the first quarter of 2026, slightly increased compared to the same period of last year.
On January 29, 2025, the Company signed an agreement to sell M/V Tasos, a 75,100 dwt drybulk vessel, built in 2000, for demolition, for approximately $5 million. The vessel was delivered to its buyers, an unaffiliated third party, on March 17, 2025, resulting in a gain on sale of $2.1 million. No case of vessel sale exists within the first quarter of 2026.
Interest and other financing costs for the first quarter of 2026 decreased to $1.5 million as compared to $1.8 million for the same period of 2025. Interest expense during the first quarter of 2026 was lower mainly due to the decreased benchmark rates of our loans and the decreased average debt during the first quarter of 2026, as compared to the same period of last year.
For the three months ended March 31, 2026, the Company recognized a $0.07 million unrealized loss and a $0.09 million realized loss on forward freight agreement contracts. For the three months ended March 31, 2025, the Company recognized a $0.13 million unrealized loss and a $0.04 million realized gain on one interest rate swap.
The Company reported a net income for the period of $0.4 million and a net income attributable to controlling shareholders of $0.3 million, as compared to a net loss of $4.0 million and a net loss attributable to controlling shareholders of $3.7 million for the same period of 2025. The net income attributable to the non-controlling interest of $0.2 million in the first quarter of 2026 represents the income attributable to the 39% ownership of the entities owning the M/V Christos K and M/V Maria represented by NRP Project Finance AS ("NRP investors") (the "Partnership").
Adjusted EBITDA for the first quarter of 2026 was $4.9 million compared to $(1.0) million achieved during the first quarter of 2025.
Basic and diluted earnings per share attributable to controlling shareholders for the first quarter of 2026 were $0.09, calculated on 2,796,647 and 2,828,521 basic and diluted weighted average number of shares outstanding, respectively, compared to a basic and diluted loss per share attributable to controlling shareholders of $1.35 for the first quarter of 2025, calculated on 2,737,297 basic and diluted weighted average number of shares outstanding.
Excluding the effect on the net (loss) / income attributable to controlling shareholders for the quarter of the unrealized loss on derivatives and the net gain on sale of vessel (if any), the adjusted earnings attributable to controlling shareholders for the quarter ended March 31, 2026 would have been $0.12 per share basic and diluted, compared to an adjusted loss of $2.07 per share, basic and diluted, attributable to controlling shareholders for the quarter ended March 31, 2025. Usually, security analysts do not include the above item in their published estimates of earnings per share.
Fleet Profile:
The EuroDry Ltd. fleet profile is as follows:
Name
Type
Dwt
Year Built
Employment(*)
TCE Rate ($/day)
Dry Bulk Vessels
EKATERINI
Kamsarmax
82,006
2018
TC until May-26
$16,950
XENIA
Kamsarmax
82,019
2016
TC until May-26
$20,500
ALEXANDROS P.
Ultramax
63,127
2017
TC until Jun-26
$17,500
CHRISTOS K**
Ultramax
63,197
2015
TC until Nov-26
$15,500
YANNIS PITTAS
Ultramax
63,243
2014
TC until Nov-26
Hire 115% of the Average Baltic Supramax S10TC index(***)
MARIA**
Ultramax
63,153
2015
TC until Jun-26
Hire 115% of the Average Baltic Supramax S10TC index(***)
GOOD HEART
Ultramax
62,996
2014
TC until Jun-26
Hire 115% of the Average Baltic Supramax S10TC index(***)
MOLYVOS LUCK
Supramax
57,924
2014
TC until Jun-26
Hire 101% of the Average Baltic Supramax S10TC index(***)
SANTA CRUZ
Panamax
76,440
2005
TC until May-26
$16,000 plus a GBB**** of $600,000
STARLIGHT
Panamax
75,611
2004
TC until Jul-26
$19,000
BLESSED LUCK
Panamax
76,704
2004
TC until Jul-26
$19,000 plus a GBB**** of $900,000
Total Dry Bulk Vessels
11
766,420
Vessels under construction
Type
Dwt
To be delivered
SBC XY164 (ARISTEIDIS)
Ultramax
63,500
Q2 2027
SBC XY166 (TROBONI)
Ultramax
63,500
Q3 2027
HL-B82-81 (NIKOS P)
Kamsarmax
82,000
Q1 2028
HL-B82-86 (CHRISTINA BEL)
Kamsarmax
82,000
Q2 2028
Total under construction
4
291,000
Note: (*) TC denotes time charter. Charter duration indicates the earliest redelivery date.(**) The entity owning the vessel is 61% owned by EuroDry and 39% by NRP Investors.(***) The average Baltic Supramax S10TC Index is an index based on ten Supramax time charter routes.(****) Gross Ballast Bonus (GBB), refers to the payments made by the charterer which serve as compensation for the ballast trip of the vessel from the last port of discharge to the delivery port.
Summary Fleet Data:
Three months, ended March 31, 2025
Three months, ended March 31, 2026
FLEET DATA
Average number of vessels (1)
12.8
11.0
Calendar days for fleet (2)
1,155.0
990.0
Scheduled off-hire days incl. laid-up (3)
-
16.3
Available days for fleet (4) = (2) - (3)
1,155.0
973.7
Commercial off-hire days (5)
18.1
-
