EuroDry Ltd. Reports Results for the Nine-Month Period and Quarter Ended September 30, 2020
EuroDry Ltd. (NASDAQ: EDRY) reported its Q3 2020 results, showcasing total net revenues of $6.8 million, down 11.3% from the previous year. The company achieved a net income of $0.5 million despite a net loss of $5.6 million for the first nine months. Average time charter equivalent rates fell to $11,873 per day, impacting revenues due to pandemic-related challenges. The fleet operated at 98.9% utilization. Management aims to enhance liquidity and reduce capital costs to navigate ongoing economic uncertainties and exploit future market opportunities.
- Reported net income of $0.5 million for Q3 2020 compared to a net loss in Q3 2019.
- Adjusted EBITDA for Q3 2020 improved to $2.8 million from $2.2 million in Q3 2019.
- Fleet utilization at 98.9%, indicating efficiency in vessel employment.
- Total net revenues decreased by 11.3% in Q3 2020 compared to Q3 2019.
- Net loss of $5.6 million in the first nine months of 2020, compared to a lesser net loss in the same period of 2019.
- Average time charter equivalent rate decreased from $12,088/day in 2019 to $11,873/day in Q3 2020.
ATHENS, Greece, Nov. 11, 2020 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three and nine-month periods ended September 30, 2020.
Third Quarter 2020 Highlights:
- Total net revenues of
$6.8 million . Net income of$0.5 million ; net income attributable to common shareholders (after a$0.4 million dividend on Series B Preferred Shares) of$0.1 million or$0.06 earnings per share basic and diluted. Adjusted net income attributable to common shareholders1 for the period was$0.1 million or$0.05 adjusted earnings per share basic and diluted. - Adjusted EBITDA1 was
$2.8 million . - An average of 7.0 vessels were owned and operated during the third quarter of 2020 earning an average time charter equivalent rate of
$11,873 per day. - The Company declared a dividend of
$0.4 million on its Series B Preferred Shares. The dividend will be paid in-kind by issuing additional Series B Preferred Shares.
Nine Months 2020 Highlights:
- Total net revenues of
$15.9 million . Net loss of$5.6 million ; net loss attributable to common shareholders (after a$1.2 million dividend on Series B Preferred Shares) of$6.7 million or$2.97 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was$6.1 million or$2.70 adjusted loss per share basic and diluted. - Adjusted EBITDA1 was
$1.8 million . - An average of 7.0 vessels were owned and operated during the first half of 2020 earning an average time charter equivalent rate of
$8,927 per day.
Aristides Pittas, Chairman and CEO of EuroDry commented: “During the third quarter of 2020, EuroDry benefited from gradually improving charter markets as a result of the re-opening of most economies after the pandemic-related lockdowns. Since the beginning of October and during early November, the market rates have given up some of the gains, but they remain at satisfactory levels given the increased economic uncertainty due to the second wave of the pandemic and renewed economic lockdowns, especially, in Europe.
Thus, we expect that the drybulk markets will be affected in the near term by the state of the world economies as influenced by the COVID-19 pandemic, and, in the medium term, by the low fleet growth due to historically low orderbook. Consequently, we anticipate that trade developments will be the key factor influencing the rates our vessels will earn.
To better exploit the above market trends, we are focused on reducing our capital costs and creating additional liquidity via selected debt refinancings and repayment of more expensive funding instruments in our balance sheet, and using any excess funds to renew or expand our fleet. We also continue to evaluate opportunities of using our public platform to consolidate other fleets as we believe this can offer significant appreciation potential to our shareholders and flexibility to partners joining our public platform.”
Tasos Aslidis, Chief Financial Officer of EuroDry commented: “Comparing our results for the third quarter of 2020 with the same period of 2019, our net revenues decreased by about
Adjusted EBITDA during the third quarter of 2020 was
_________________________
1Adjusted EBITDA, Adjusted net income/(loss) and Adjusted earnings/(loss) per share 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.
Third Quarter 2020 Results:
For the third quarter of 2020, the Company reported total net revenues of
Interest and other financing costs for the third quarter of 2020 amounted to
On average, 7.0 vessels were owned and operated during the third quarter of 2020 earning an average time charter equivalent rate of
Adjusted EBITDA for the third quarter of 2020 was
Basic and diluted earnings per share attributable to common shareholders for the third quarter of 2020 was
Excluding the effect on the income attributable to common shareholders for the quarter of the unrealized loss / (gain) on derivatives, the adjusted earnings per share attributable to common shareholders for the quarter ended September 30, 2020 would have been
First Nine Months 2020 Results:
For the first nine months of 2020, the Company reported total net revenues of
Interest and other financing costs for the first nine months of 2020 amounted to
On average, 7.0 vessels were owned and operated during the first nine months of 2020 earning an average time charter equivalent rate of
Adjusted EBITDA for the first nine months of 2020 was
Basic and diluted loss per share attributable to common shareholders for the first nine months of 2020 was
Excluding the effect on the loss attributable to common shareholders for the first nine months of the year of the unrealized loss on derivatives, the adjusted loss per share attributable to common shareholders for the nine-month period ended September 30, 2020 would have been
Fleet Profile:
The EuroDry Ltd. fleet profile is as follows:
| Name | Type | Dwt | Year Built | Employment(*) | TCE Rate ($/day) |
| Dry Bulk Vessels | |||||
| EKATERINI | Kamsarmax | 82,000 | 2018 | TC until Apr-21 | Hire |
| XENIA | Kamsarmax | 82,000 | 2016 | TC until Dec-2020 | Hire |
| ALEXANDROS P. | Ultramax | 63,500 | 2017 | Guardian Navigation GMax LLC Pool | Pool revenue from August 2018 |
| EIRINI P | Panamax | 76,466 | 2004 | TC until Apr-21 | Hire of Average BPI** 4TC |
| STARLIGHT | Panamax | 75,845 | 2004 | TC until Aug-21 | Hire of Average BPI** 4TC |
| TASOS | Panamax | 75,100 | 2000 | TC until Nov-20 | |
| PANTELIS | Panamax | 74,020 | 2000 | TC until Nov-20 | |
| Total Dry Bulk Vessels | 7 | 528,931 |
| Note: | |
| (*) | Represents the earliest redelivery date |
| (**) | BPI stands for the Baltic Panamax Index; the average BPI 4TC is an index based on four time charter routes. |
| (***) | The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes. |
Summary Fleet Data:
| 3 months, | 3 months, | 9 months, | 9 months, | |||||
| ended | ended | ended | ended | |||||
| September | September | September | September | |||||
| 30, 2019 | 30, 2020 | 30, 2019 | 30, 2020 | |||||
| FLEET DATA | ||||||||
| Average number of vessels (1) | 7.0 | 7.0 | 7.0 | 7.0 | ||||
| Calendar days for fleet (2) | 644.0 | 644.0 | 1,911.0 | 1,918.0 | ||||
| Scheduled off-hire days incl. laid-up (3) | 29.9 | 0.0 | 65.9 | 51.2 | ||||
| Available days for fleet (4) = (2) - (3) | 614.1 | 644.0 | 1,845.1 | 1,866.8 | ||||
| Commercial off-hire days (5) | 0.0 | 0.0 | 0.7 | 0.0 | ||||
| Operational off-hire days (6) | 2.9 | 6.5 | 15.4 | 7.1 | ||||
| Voyage days for fleet (7) = (4) - (5) - (6) | 611.2 | 637.5 | 1,829.0 | 1,859.7 | ||||
| Fleet utilization (8) = (7) / (4) | ||||||||
| Fleet utilization, commercial (9) = ((4) - (5)) / (4) | ||||||||
| Fleet utilization, operational (10) = ((4) - (6)) / (4) | ||||||||
| AVERAGE DAILY RESULTS | ||||||||
| Time charter equivalent rate (11) | 12,088 | 11,873 | 10,750 | 8,927 | ||||
| Vessel operating expenses excl. drydocking expenses (12) | 4,855 | 5,673 | 4,939 | 5,337 | ||||
| General and administrative expenses (13) | 867 | 724 | 900 | 858 | ||||
| Total vessel operating expenses (14) | 5,722 | 6,397 | 5,839 | 6,195 | ||||
| Drydocking expenses (15) | 1,073 | 82 | 835 | 931 | ||||
(1) Average number of vessels is the number of vessels that constituted the Company’s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company’s fleet during the period divided by the number of calendar days in that period.
(2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was in our possession including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period.
(3) The scheduled off-hire days including vessels laid-up are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up.
(4) Available days. We define available days as the total number of days in a period during which each vessel in our fleet was in our possession net of scheduled off-hire days incl. laid up. We use available days to measure the number of days in a period during which vessels were available to generate revenues.
(5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment.
(6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels.
(7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes.
(8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment.
(9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period.
(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period.
(11) Time charter equivalent, or TCE, is a measure of the average daily net revenue performance of our vessels. Our method of calculating TCE is determined by dividing time charter revenue and voyage charter revenue net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, or are related to repositioning the vessel for the next charter. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters, pool agreements and bareboat charters) under which the vessels may be employed between the periods. Our definition of TCE may not be comparable to that used by other companies in the shipping industry.
(12) Daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and management fees are calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.
(13) Daily general and administrative expense is calculated by dividing general and administrative expenses by fleet calendar days for the relevant time period.
(14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. TVOE is the sum of vessel operating expenses, management fees and general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.
(15) Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method divided by the fleet calendar days for the relevant period. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period. The Company expenses drydocking expenses as incurred.
Conference Call and Webcast:
Tomorrow, November 12, 2020 at 10:30 a.m. Eastern Time, the Company's management will host a conference call and webcast to discuss the results.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (877) 553-9962 (US Toll Free Dial In), 0(808) 238- 0669 (UK Toll Free Dial In) or +44 (0) 2071 928592 (Standard International Dial In). Please quote "EuroDry" to the operator.
A replay of the conference call will be available until November 18, 2020. The United States replay number is 1(866) 331-1332; from the UK 0(808) 238-0667; the standard international replay number is (+44) (0) 3333 00 9785 and the access code required for the replay is: 2489743#.
Audio webcast - Slides Presentation:
There will be a live and then archived audio webcast of the conference call, via the internet through the EuroDry website (www.eurodry.gr). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. A slide presentation on the Third Quarter 2020 results in PDF format will also be available 10 minutes prior to the conference call and webcast accessible on the company's website (www.eurodry.gr) on the webcast page. Participants to the webcast can download the PDF presentation.
EuroDry Ltd.
Unaudited Consolidated Condensed Statements of Operations
(All amounts expressed in U.S. Dollars – except number of shares)
| Three Months | Three Months | Nine Months | Nine Months | |||||
| Ended | Ended | Ended | Ended | |||||
| September 30, | September 30, | September 30, | September 30, | |||||
| 2019 | 2020 | 2019 | 2020 | |||||
| (unaudited) | (unaudited) | |||||||
| Revenues | ||||||||
| Time charter revenue | 8,085,650 | 7,193,251 | 20,729,160 | 16,795,245 | ||||
| Commissions | (425,449) | (399,715) | (1,095,101) | (917,915) | ||||
| Net revenues | 7,660,201 | 6,793,536 | 19,634,059 | 15,877,330 | ||||
| Operating expenses | ||||||||
| Voyage expenses, net | 697,518 | (375,866) | 1,067,717 | 194,137 | ||||
| Vessel operating expenses | 2,634,821 | 3,135,569 | 7,961,650 | 8,744,999 | ||||
| Drydocking expenses | 690,989 | 52,685 | 1,595,588 | 1,786,008 | ||||
| Vessel depreciation | 1,615,947 | 1,651,870 | 4,813,165 | 4,904,386 | ||||
| Related party management fees | 492,065 | 518,161 | 1,476,608 | 1,491,665 | ||||
| General and administrative expenses | 558,033 | 466,381 | 1,720,091 | 1,646,536 | ||||
| Total Operating expenses | (6,689,373) | (5,448,800) | (18,634,819) | (18,767,731) | ||||
| Operating income / (loss) | 970,828 | 1,344,736 | 999,240 | (2,890,401) | ||||
| Other income / (expenses) | ||||||||
| Interest and other financing costs | (848,473) | (616,219) | (2,729,021) | (1,864,040) | ||||
| (Loss) / gain on derivatives, net | (568,340) | (178,760) | 334,648 | (821,906) | ||||
| Foreign exchange gain/(loss) | 3,886 | (12,336) | 3,325 | (8,445) | ||||
| Interest income | 8,064 | 391 | 20,850 | 4,041 | ||||
| Other expenses, net | (1,404,863) | (806,924) | (2,370,198) | (2,690,350) | ||||
| Net (loss) / income | (434,035) | 537,812 | (1,370,958) | (5,580,751) | ||||
| Dividend Series B Preferred shares | (358,726) | (407,665) | (1,390,255) | (1,155,677) | ||||
| Preferred deemed dividend | - | - | (185,665) | - | ||||
| Net (loss) / income attributable to common shareholders | (792,761) | 130,147 | (2,946,878) | (6,736,428) | ||||
| (Loss) / earnings per share, basic and diluted | (0.35) | 0.06 | (1.31) | (2.97) | ||||
| Weighted average number of shares, basic and diluted | 2,254,830 | 2,279,730 | 2,248,182 | 2,271,542 | ||||
EuroDry Ltd.
Unaudited Consolidated Condensed Balance Sheets
(All amounts expressed in U.S. Dollars – except number of shares)
| December 31, | September 30, | |||
| 2019 | 2020 | |||
| ASSETS | (unaudited) | |||
| Current Assets: | ||||
| Cash and cash equivalents | 5,396,406 | 249,742 | ||
| Trade accounts receivable, net | 1,843,008 | 1,846,273 | ||
| Other receivables | 459,785 | 535,452 | ||
| Inventories | 508,711 | 604,917 | ||
| Restricted cash | 1,083,036 | 744,363 | ||
| Prepaid expenses | 286,711 | 104,417 | ||
| Total current assets | 9,577,657 | 4,085,164 | ||
| Fixed assets: | ||||
| Vessels, net | 105,461,265 | 100,957,860 | ||
| Long-term assets: | ||||
| Restricted cash | 2,650,000 | 2,750,000 | ||
| Total assets | 117,688,922 | 107,793,024 | ||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY | ||||
| Current liabilities: | ||||
| Long term bank loans, current portion | 6,806,294 | 5,956,294 | ||
| Trade accounts payable | 1,046,561 | 1,200,230 | ||
| Accrued expenses | 964,423 | 863,343 | ||
| Accrued preferred dividends | 358,726 | - | ||
| Derivatives | - | 514,044 | ||
| Deferred revenue | 445,824 | 342,839 | ||
| Due to related companies | 1,547,210 | 1,865,122 | ||
| Total current liabilities | 11,169,038 | 10,741,872 | ||
| Long-term liabilities: | ||||
| Long term bank loans, net of current portion | 49,688,840 | 45,880,368 | ||
| Derivatives | 304,174 | 392,490 | ||
| Total long-term liabilities | 49,993,014 | 46,272,858 | ||
| Total liabilities | 61,162,052 | 57,014,730 | ||
| Mezzanine equity: | ||||
| Series B Preferred shares (par value | 14,721,665 | 15,522,516 | ||
| Shareholders' equity: | ||||
| Common stock (par value | 23,046 | 23,046 | ||
| Additional paid-in capital | 52,802,574 | 52,989,575 | ||
| Accumulated deficit | (11,020,415) | (17,756,843) | ||
| Total shareholders' equity | 41,805,205 | 35,255,778 | ||
| Total liabilities, mezzanine equity and shareholders' equity | 117,688,922 | 107,793,024 | ||
EuroDry Ltd.
Unaudited Consolidated Condensed Statements of Cash Flows
(All amounts expressed in U.S. Dollars)
| Nine Months | Nine Months | |||
| Ended | Ended | |||
| September 30, | September 30, | |||
| 2019 | 2020 | |||
| Cash flows from operating activities: | ||||
| Net loss | (1,370,958) | (5,580,751) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
| Vessel depreciation | 4,813,165 | 4,904,386 | ||
| Amortization of deferred charges | 117,703 | 105,528 | ||
| Share-based compensation | 133,632 | 187,001 | ||
| Unrealized loss on derivatives | 410,498 | 602,361 | ||
| Changes in operating assets and liabilities | 8,856,256 | 370,007 | ||
| Net cash provided by operating activities | 12,960,296 | 588,532 | ||
| Cash flows from investing activities: | ||||
| Cash paid for vessel under construction | (47,562) | - | ||
| Vessel improvements | (961,274) | (496,316) | ||
| Net cash used in investing activities | (1,008,836) | (496,316) | ||
| Cash flows from financing activities: | ||||
| Redemption of preferred shares | (4,300,000) | - | ||
| Preferred dividends paid | (952,886) | (713,553) | ||
| Loan arrangement fees paid | (22,500) | - | ||
| Proceeds from long term bank loans | 4,500,000 | - | ||
| Repayment of long term bank loans | (9,959,000) | (4,764,000) | ||
| Net cash used in financing activities | (10,734,386) | (5,477,553) | ||
| Net increase / (decrease) in cash, cash equivalents and restricted cash | 1,217,074 | (5,385,337) | ||
| Cash, cash equivalents and restricted cash at beginning of period | 7,754,927 | 9,129,442 | ||
| Cash, cash equivalents and restricted cash at end of period | 8,972,001 | 3,744,105 | ||
| Cash breakdown | ||||
| Cash and cash equivalents | 5,605,154 | 249,742 | ||
| Restricted cash, current | 716,847 | 744,363 | ||
| Restricted cash, long term | 2,650,000 | 2,750,000 | ||
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 8,972,001 | 3,744,105 | ||
EuroDry Ltd.
Reconciliation of Net income / (loss) to Adjusted EBITDA
(All amounts expressed in U.S. Dollars)
| Three Months Ended September 30, 2019 | Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | Nine Months Ended September 30, 2020 | |||||
| Net (loss) / income | (434,035) | 537,812 | (1,370,958) | (5,580,751) | ||||
| Interest and other financing costs, net (incl. interest income) | 840,409 | 615,828 | 2,708,171 | 1,859,999 | ||||
| Vessel depreciation | 1,615,947 | 1,651,870 | 4,813,165 | 4,904,386 | ||||
| Unrealized loss / (gain) on Forward Freight Agreement derivatives | 147,750 | (1,590) | 49,350 | 130,380 | ||||
| Loss on interest rate swap derivatives | 47,085 | 16,559 | 339,602 | 527,735 | ||||
| Adjusted EBITDA | 2,217,156 | 2,820,479 | 6,539,330 | 1,841,749 | ||||
Adjusted EBITDA Reconciliation:
EuroDry Ltd. considers Adjusted EBITDA to represent net income / (loss) before interest, income taxes, depreciation, unrealized (gain) / loss on Forward Freight Agreements (FFAs) and (gain) / loss on interest rate swaps. Adjusted EBITDA does not represent and should not be considered as an alternative to net income / (loss), as determined by United States generally accepted accounting principles, or GAAP. Adjusted EBITDA is included herein because it is a basis upon which the Company assesses its financial performance because the Company believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of, financial costs, unrealized (gain) / loss on FFAs and (gain) / loss on interest rate swaps, and depreciation. The Company's definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.
EuroDry Ltd.
Reconciliation of Net income / (loss) to Adjusted net income / (loss)
(All amounts expressed in U.S. Dollars – except share data and number of shares)
| Three Months Ended September 30, 2019 | Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | Nine Months Ended September 30, 2020 | |||||
| Net (loss) / income | (434,035) | 537,812 | (1,370,958) | (5,580,751) | ||||
| Unrealized loss / (gain) on derivatives | 200,837 | (14,648) | 410,498 | 602,361 | ||||
| Adjusted net (loss) / income | (233,198) | 523,164 | (960,460) | (4,978,390) | ||||
| Preferred dividends | (358,726) | (407,665) | (1,390,255) | (1,155,677) | ||||
| Preferred deemed dividend | - | - | (185,665) | - | ||||
| Adjusted net (loss) / income attributable to common shareholders | (591,924) | 115,499 | (2,536,380) | (6,134,067) | ||||
| Adjusted (loss) / earnings per share, basic and diluted | (0.26) | 0.05 | (1.13) | (2.70) | ||||
| Weighted average number of shares, basic and diluted | 2,254,830 | 2,279,730 | 2,248,182 | 2,271,542 | ||||
Adjusted net (loss) / income and Adjusted (loss) / earnings per share Reconciliation:
EuroDry Ltd. considers Adjusted net (loss) / income to represent net (loss) / income before unrealized loss/ (gain) on derivatives which includes FFAs and interest rate swaps. Adjusted net (loss) / income and Adjusted (loss) / earnings per share is included herein because we believe it assists our management and investors by increasing the comparability of the Company's fundamental performance from period to period by excluding the potentially disparate effects between periods of unrealized loss/ (gain) on derivatives, which may significantly affect results of operations between periods. Adjusted net (loss) / income and Adjusted (loss) / earnings per share do not represent and should not be considered as an alternative to net (loss) / income or (loss) / earnings per share, as determined by GAAP. The Company's definition of Adjusted net (loss) / income and Adjusted (loss) / earnings per share may not be the same as that used by other companies in the shipping or other industries.
About EuroDry Ltd.
EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY.
EuroDry operates in the dry cargo, drybulk shipping market. EuroDry's operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.
The Company has a fleet of 7 vessels, including 4 Panamax drybulk carriers, 1 Ultramax drybulk carrier and 2 Kamsarmax drybulk carriers. EuroDry’s 7 drybulk carriers have a total cargo capacity of 528,931 dwt.
Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Visit our website www.eurodry.gr
| Company Contact Tasos Aslidis Chief Financial Officer EuroDry Ltd. 11 Canterbury Lane, Watchung, NJ07069 Tel. (908) 301-9091 E-mail: aha@eurodry.gr | Investor Relations / Financial Media Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com |
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