EuroDry Ltd. Reports Results for the Nine-Month Period and Quarter Ended September 30, 2024
EuroDry reported financial results for Q3 2024, with total net revenues of $14.7 million and a net loss of $4.2 million ($1.53 per share). The company operated an average of 13.0 vessels during Q3 2024, earning an average time charter rate of $13,105 per day. Four vessels completed special surveys with drydocking at a total cost of $4.5 million. The company refinanced two loans involving four vessels, drawing approximately $16 million additional funds. For the nine-month period, total net revenues were $46.6 million with a net loss of $6.4 million. The company continues its share repurchase plan, having used $5.0 million to repurchase 314,337 shares to date.
EuroDry ha riportato i risultati finanziari per il terzo trimestre del 2024, con ricavi netti totali di 14,7 milioni di dollari e una perdita netta di 4,2 milioni di dollari (1,53 dollari per azione). L'azienda ha operato in media 13,0 navi durante il terzo trimestre del 2024, guadagnando una tariffa media di noleggio del tempo di 13.105 dollari al giorno. Quattro navi hanno completato ispezioni speciali con bacino di carenaggio a un costo totale di 4,5 milioni di dollari. L'azienda ha rifinanziato due prestiti relativi a quattro navi, attingendo a circa 16 milioni di dollari di fondi aggiuntivi. Nel periodo di nove mesi, i ricavi netti totali sono stati di 46,6 milioni di dollari con una perdita netta di 6,4 milioni di dollari. L'azienda continua il suo piano di riacquisto azioni, avendo utilizzato 5,0 milioni di dollari per riacquistare 314.337 azioni fino ad oggi.
EuroDry informó los resultados financieros del tercer trimestre de 2024, con ingresos netos totales de 14,7 millones de dólares y una pérdida neta de 4,2 millones de dólares (1,53 dólares por acción). La empresa operó un promedio de 13,0 buques durante el tercer trimestre de 2024, obteniendo una tarifa de fletamento promedio de 13.105 dólares por día. Cuatro buques completaron inspecciones especiales con dique seco a un costo total de 4,5 millones de dólares. La empresa refinanció dos préstamos que involucraban a cuatro buques, obteniendo aproximadamente 16 millones de dólares en fondos adicionales. Para el período de nueve meses, los ingresos netos totales fueron de 46,6 millones de dólares con una pérdida neta de 6,4 millones de dólares. La empresa continúa su plan de recompra de acciones, habiendo utilizado 5,0 millones de dólares para recomprar 314.337 acciones hasta la fecha.
EuroDry는 2024년 3분기 재무 결과를 보고했으며, 총 순수익은 1,470만 달러, 순손실은 420만 달러(주당 1.53달러)입니다. 회사는 2024년 3분기 동안 평균 13.0척의 선박을 운영하며 하루 평균 시간 용선 요금은 13,105달러를 기록했습니다. 네 척의 선박이 총 450만 달러의 비용으로 특별 검사와 도크를 완료했습니다. 회사는 네 척의 선박과 관련된 두 개의 대출을 재융자하며 약 1,600만 달러의 추가 자금을 조달했습니다. 아홉 달 기간 동안 총 순수익은 4,660만 달러, 순손실은 640만 달러에 달했습니다. 회사는 현재까지 314,337주를 재매입하는 데 500만 달러를 사용하며 주식 재매입 계획을 지속하고 있습니다.
EuroDry a publié ses résultats financiers pour le troisième trimestre 2024, avec des revenus nets totaux de 14,7 millions de dollars et une perte nette de 4,2 millions de dollars (1,53 dollars par action). L'entreprise a opéré en moyenne 13,0 navires au cours du troisième trimestre 2024, gagnant un tarif moyen de temps affrètement de 13 105 dollars par jour. Quatre navires ont terminé des inspections spéciales avec un radoub à un coût total de 4,5 millions de dollars. La société a refinancé deux prêts impliquant quatre navires, tirant environ 16 millions de dollars de fonds supplémentaires. Pour la période de neuf mois, les revenus nets totaux étaient de 46,6 millions de dollars avec une perte nette de 6,4 millions de dollars. L'entreprise continue son plan de rachat d'actions, ayant utilisé 5,0 millions de dollars pour racheter 314 337 actions jusqu'à présent.
EuroDry hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit Gesamterlösen von 14,7 Millionen US-Dollar und einem Nettoverlust von 4,2 Millionen US-Dollar (1,53 US-Dollar pro Aktie). Das Unternehmen betrieb im dritten Quartal 2024 durchschnittlich 13,0 Schiffe und erzielte einen durchschnittlichen Zeitcharterpreis von 13.105 US-Dollar pro Tag. Vier Schiffe haben spezielle Überprüfungen mit Trockendock zu Gesamtkosten von 4,5 Millionen US-Dollar abgeschlossen. Das Unternehmen hat zwei Kredite, die vier Schiffe betreffen, refinanziert und ungefähr 16 Millionen US-Dollar zusätzliche Mittel aufgenommen. Für den Neunmonatszeitraum betrugen die Gesamterlöse 46,6 Millionen US-Dollar mit einem Nettoverlust von 6,4 Millionen US-Dollar. Das Unternehmen setzt weiterhin seinen Aktienrückkaufplan fort und hat 5,0 Millionen US-Dollar verwendet, um bis heute 314.337 Aktien zurückzukaufen.
- Increased total net revenues by 47% to $14.7 million in Q3 2024 compared to Q3 2023
- Successfully refinanced loans drawing $16 million additional funds
- Increased fleet size to 13.0 vessels from 10.0 in previous year
- Higher average time charter rate of $13,105/day vs $12,126/day in Q3 2023
- Net loss of $4.2 million in Q3 2024 ($1.53 per share)
- Increased operating expenses from $6,003 to $6,147 per vessel per day
- Higher interest expenses due to increased debt
- Significant drydocking costs of $4.5 million for four vessels in Q3
Insights
EuroDry's Q3 2024 results reveal significant challenges, with a net loss of
The company's average time charter equivalent rate of
The vessel utilization remains strong at
The drybulk market is facing significant headwinds, particularly from China's economic slowdown. The decline in Kamsarmax/Panamax and Ultramax vessel earnings through Q3 and into Q4 2024 signals broader market weakness. However, the supply-side outlook presents a potential bright spot, with modest fleet growth expectations for the coming years.
The company's strategic decision to complete four vessel drydockings during the market weakness positions it well for potential 2025 recovery. The refinancing moves, securing additional
ATHENS, Greece, Nov. 19, 2024 (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, 2024.
Third Quarter 2024 Highlights:
- Total net revenues for the quarter of
$14.7 million . - Net loss attributable to controlling shareholders, of
$4.2 million or$1.53 loss per share basic and diluted, respectively. - Adjusted net loss1 attributable to controlling shareholders for the quarter of
$3.9 million or$1.42 loss per share basic and diluted, respectively. - Adjusted EBITDA1 for the quarter was
$0.5 million . - An average of 13.0 vessels were owned and operated during the third quarter of 2024 earning an average time charter equivalent rate of
$13,105 per day. - To-date, about
$5.0 million have been used to repurchase 314,337 shares of the Company, under our share repurchase plan of up to$10 million , announced in August 2022.
Recent developments :
- The Company refinanced two of its loans involving four of its vessels drawing approximately an incremental
$16 million thus increasing its cash reserves, extending maturities to 2029 and 2030, respectively, and decreasing interest cost margin.
Nine Months 2024 Highlights:
- Total net revenues of
$46.6 million . - Net loss attributable to controlling shareholders was
$6.4 million or$2.34 loss per share basic and diluted. - Adjusted net loss1 attributable to controlling shareholders for the period was
$7.5 million or$2.77 adjusted loss per share basic and diluted1, respectively, before unrealized gain on derivatives. - Adjusted EBITDA1 was
$7.6 million . - An average of 13.0 vessels were owned and operated during the first nine months of 2024 earning an average time charter equivalent rate of
$13,339 per day.
__________________
1Adjusted EBITDA, Adjusted net loss attributable to controlling shareholders and Adjusted 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.
Aristides Pittas, Chairman and CEO of EuroDry commented: “During the third quarter of 2024, the average earnings for Kamsarmax/Panamax and Ultramax vessels declined, with these declines continuing through October and early November. Although fleet growth during 2024 has been modest by recent historical standards, demand for vessels has weakened, especially, during the second half of the year due partly to the reversal of certain short term factors like Panama Canal throughput constraints but more importantly due to weak demand from China. China’s economic growth and the resulting demand for drybulk trade is one of the key factors affecting the drybulk market and one of the main challenges the latter faces. The recent announcement of additional stimulus by China could change the near and medium term prospects of the Chinese economy but its final effect remains to be seen. Still, the biggest source of optimism in the market comes from the supply side which is expected to grow very modestly over the next couple of years.
“In the third quarter of 2024, we exploited the weakness of the market during the summer to early drydock two of our ships to improve their commercial prospects. In addition, two more of our vessels underwent their scheduled drydock. Consequently, our quarterly results were influenced by both the weakness of the market and the cost of the drydockings and related offhire days. With those drydockings completed, our fleet is better positioned to benefit from potential market increases in 2025.
“At the same time, we continue exploring investment opportunities in secondhand or newbuilding projects, especially, as recent market declines resulted in lower vessel values. In this context, we also increased our “firepower” through loan refinancings securing about
Tasos Aslidis, Chief Financial Officer of EuroDry commented: “Comparing our results for the third quarter of 2024 with the same period of 2023, our net revenues increased by about
“Adjusted EBITDA during the third quarter of 2024 was
Third Quarter 2024 Results:
For the third quarter of 2024, the Company reported total net revenues of
For the third quarter of 2024, voyage expenses, net amounted to
Vessel operating expenses increased to
Depreciation expense for the third quarter of 2024 amounted to
General and administrative expenses increased to
Related party management fees for the period were
During the third quarter of 2024, four of our vessels completed their special survey with drydocking for a total cost of
Interest and other financing costs for the third quarter of 2024 amounted to
For the three months ended September 30, 2024, the Company recognized a
The Company reported net loss for the period of
Adjusted EBITDA for the third quarter of 2024 was
Basic and diluted loss per share attributable to the Company for the third quarter of 2024 was
Excluding the effect on the loss attributable to controlling shareholders for the quarter of the unrealized loss on derivatives, the adjusted loss for the quarter ended September 30, 2024 would have been
First Nine Months 2024 Results:
For the first nine months of 2024, the Company reported total net revenues of
For the nine months of 2024, voyage expenses, net, were
Vessel operating expenses were
Depreciation expense for the first nine months of 2024 was
Related party management fees for the first nine months of 2024 were increased to
General and administrative expenses increased to
Finally, during the nine months period of 2023, we recorded a provision of
In the first nine months of 2024, seven of our vessels completed their special survey with drydocking for a total cost of
Interest and other financing costs for the first nine months of 2024 amounted to
For the nine months ended September 30, 2024, the Company recognized a
Interest income for the first nine months of 2024 amounted to
The Company reported net loss for the period of
Adjusted EBITDA for the first nine months of 2024 was
Basic and diluted loss per share attributable to the Company for the first nine months of 2024 was
Excluding the effect on the net loss attributable to controlling shareholders for the first nine months of the year of the unrealized (gain) / loss on derivatives, the adjusted loss for the nine-month period ended September 30, 2024, 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 Mar-25 | Hire | |
| XENIA | Kamsarmax | 82,000 | 2016 | TC until Apr-25 | Hire | |
| ALEXANDROS P. | Ultramax | 63,500 | 2017 | TC until Dec-24 | ||
| CHRISTOS K*** | Ultramax | 63,197 | 2015 | TC until Dec-24 | ||
| YANNIS PITTAS | Ultramax | 63,177 | 2014 | TC until Dec-24 | ||
| MARIA*** | Ultramax | 63,153 | 2015 | TC until Dec-24 | ||
| GOOD HEART | Ultramax | 62,996 | 2014 | TC until Jan-25 | ||
| MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until Dec-24 | ||
| EIRINI P | Panamax | 76,466 | 2004 | TC until Dec-24 | ||
| SANTA CRUZ | Panamax | 76,440 | 2005 | TC until Nov-24 | ||
| STARLIGHT | Panamax | 75,845 | 2004 | TC until Dec-24 | ||
| TASOS | Panamax | 75,100 | 2000 | TC until Dec-24 | ||
| BLESSED LUCK | Panamax | 76,704 | 2004 | TC until Nov-24 | ||
| Total Dry Bulk Vessels | 13 | 918,502 | ||||
| Note: | |
| (*) | Represents the earliest redelivery date |
| (**) | The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes. |
| (***) | The entity owning the vessel is |
| (****) | Gross Ballast Bonus. |
Summary Fleet Data:
| 3 months, ended September 30, 2023 | 3 months, ended September 30, 2024 | 9 months, ended September 30, 2023 | 9 months, ended September 30, 2024 | |||||
| FLEET DATA | ||||||||
| Average number of vessels (1) | 10.0 | 13.0 | 10.0 | 13.0 | ||||
| Calendar days for fleet (2) | 920.0 | 1,196.0 | 2,730.0 | 3,562.0 | ||||
| Scheduled off-hire days incl. laid-up (3) | 23.9 | 105.9 | 69.7 | 196.9 | ||||
| Available days for fleet (4) = (2) - (3) | 896.1 | 1,090.1 | 2,660.3 | 3,365.1 | ||||
| Commercial off-hire days (5) | 5.4 | - | 22.8 | 4.5 | ||||
| Operational off-hire days (6) | 4.5 | 16.1 | 50.5 | 44.9 | ||||
| Voyage days for fleet (7) = (4) - (5) - (6) | 886.2 | 1,074.0 | 2,587.0 | 3,315.7 | ||||
| Fleet utilization (8) = (7) / (4) | 98.9 | % | 98.5 | % | 97.2 | % | 98.5 | % |
| Fleet utilization, commercial (9) = ((4) - (5)) / (4) | 99.4 | % | 100.0 | % | 99.1 | % | 99.9 | % |
| Fleet utilization, operational (10) = ((4) - (6)) / (4) | 99.5 | % | 98.5 | % | 98.1 | % | 98.7 | % |
| AVERAGE DAILY RESULTS | ||||||||
| Time charter equivalent rate (11) | 12,126 | 13,105 | 11,644 | 13,339 | ||||
| Vessel operating expenses excl. drydocking expenses (12) | 6,003 | 6,147 | 6,282 | 6,242 | ||||
| General and administrative expenses (13) | 677 | 704 | 813 | 685 | ||||
| Total vessel operating expenses (14) | 6,680 | 6,851 | 7,095 | 6,927 | ||||
| Drydocking expenses (15) | 890 | 3,776 | 1,077 | 2,301 | ||||
(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 owned by us 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 Calendar days in a period 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 rate, 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 provides additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. 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) We calculate daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and related party management fees by dividing vessel operating expenses and related party management fees by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.
(13) Daily general and administrative expenses are calculated by us 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. We compute TVOE as the sum of vessel operating expenses, related party 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) Daily drydocking expenses are calculated by us by dividing drydocking expenses by the fleet calendar days for the relevant period. Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method. 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:
Today, November 19, 2024 at 10:00 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: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “EuroDry” to the operator and/or conference ID 13750229. Click here for additional participant International Toll -Free access numbers.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
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 2024 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 Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||
| 2023 | 2024 | 2023 | 2024 | ||||||
| (unaudited) | (unaudited) | ||||||||
| Revenues | |||||||||
| Time charter revenue | 10,665,929 | 15,574,434 | 30,955,102 | 49,393,224 | |||||
| Voyage charter revenue | - | 2,609,775 | - | ||||||
| Commissions | (657,175 | ) | (860,189 | ) | (1,871,737 | ) | (2,816,503 | ) | |
Net revenues | 10,008,754 | 14,714,245 | 31,693,140 | 46,576,721 | |||||
| Operating expenses | |||||||||
| Voyage expenses, net | (80,185 | ) | 1,500,201 | 3,442,100 | 5,164,605 | ||||
| Vessel operating expenses | 4,734,265 | 6,284,099 | 14,820,551 | 19,077,803 | |||||
| Drydocking expenses | 819,246 | 4,515,874 | 2,939,081 | 8,194,782 | |||||
| Vessel depreciation | 2,619,171 | 3,464,975 | 7,730,460 | 10,363,906 | |||||
| Related party management fees | 788,110 | 1,067,742 | 2,329,465 | 3,154,424 | |||||
| General and administrative expenses | 622,767 | 841,997 | 2,219,882 | 2,439,245 | |||||
| Other operating loss | - | - | 500,000 | - | |||||
| Total Operating expenses | (9,503,374 | ) | (17,674,888 | ) | (33,981,539 | ) | (48,394,765 | ) | |
| Operating income / (loss) | 505,380 | (2,960,643 | ) | (2,288,399 | ) | (1,818,044 | ) | ||
| Other income / (expenses) | |||||||||
| Interest and other financing costs | (1,589,023 | ) | (1,955,868 | ) | (4,448,230 | ) | (6,046,611 | ) | |
| Gain / (loss) on derivatives, net | 188,252 | (248,277 | ) | 2,753,502 | 385,329 | ||||
| Foreign exchange gain / (loss) | 1,248 | (30,180 | ) | (7,065 | ) | (20,111 | ) | ||
| Interest income | 362,106 | 16,166 | 733,582 | 77,717 | |||||
| Other expenses, net | (1,037,417 | ) | (2,218,159 | ) | (968,211 | ) | (5,603,676 | ) | |
| Net loss | (532,037 | ) | (5,178,802 | ) | (3,256,610 | ) | (7,421,720 | ) | |
| Net loss attributable to non-controlling interest | - | 999,403 | - | 1,049,482 | |||||
| Net loss attributable to controlling shareholders | (532,037 | ) | (4,179,399 | ) | (3,256,610 | ) | (6,372,238 | ) | |
| Loss per share, basic and diluted | (0.19 | ) | (1.53 | ) | (1.17 | ) | (2.34 | ) | |
| Weighted average number of shares, basic and diluted | 2,758,013 | 2,729,603 | 2,773,916 | 2,724,521 | |||||
| EuroDry Ltd. Unaudited Consolidated Condensed Balance Sheets (All amounts expressed in U.S. Dollars – except number of shares) | ||
| December 31, 2023 | September 30, 2024 | |
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | 8,002,024 | 2,649,201 |
| Trade accounts receivable, net | 6,740,606 | 7,907,382 |
| Other receivables | 2,127,266 | 2,454,389 |
| Inventories | 4,117,663 | 1,874,056 |
| Restricted cash | 2,797,569 | 1,339,916 |
| Derivatives | 196,627 | 117,808 |
| Prepaid expenses | 243,380 | 361,244 |
| Total current assets | 24,225,135 | 16,703,996 |
| Fixed assets: | ||
| Vessels, net | 203,528,116 | 194,421,390 |
| Long-term assets: | ||
| Restricted cash | 3,300,000 | 3,590,000 |
| Total assets | 231,053,251 | 214,715,386 |
| LIABILITIES, AND SHAREHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Long term bank loans, current portion | 17,804,553 | 10,922,608 |
| Trade accounts payable | 3,146,931 | 5,437,105 |
| Accrued expenses | 2,320,606 | 2,263,086 |
| Deferred revenue | 346,838 | 575,527 |
| Due to related companies | 577,542 | 729,211 |
| Derivatives | 1,287,720 | - |
| Total current liabilities | 25,484,190 | 19,927,537 |
| Long-term liabilities: | ||
| Long term bank loans, net of current portion | 86,123,063 | 82,998,576 |
| Derivatives | 17,769 | 50,671 |
| Total long-term liabilities | 86,140,832 | 83,049,247 |
| Total liabilities | 111,625,022 | 102,976,784 |
| Shareholders' equity: | ||
| Common stock (par value | 28,324 | 27,879 |
| Additional paid-in capital | 68,069,724 | 67,802,262 |
| Retained earnings | 41,564,249 | 35,192,011 |
| Total shareholders' equity attributable to EuroDry Ltd. shareholders | 109,662,297 | 103,022,152 |
| Non-controlling interest | 9,765,932 | 8,716,450 |
| Total shareholders’ equity | 119,428,229 | 111,738,602 |
| Total liabilities and shareholders' equity | 231,053,251 | 214,715,386 |
| EuroDry Ltd. Unaudited Consolidated Condensed Statements of Cash Flows (All amounts expressed in U.S. Dollars) | ||||
| Nine Months Ended September 30, | Nine Months Ended September 30, | |||
| 2023 | 2024 | |||
| Cash flows from operating activities: | ||||
| Net loss | (3,256,610 | ) | (7,421,720 | ) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
| Vessel depreciation | 7,730,460 | 10,363,906 | ||
| Amortization and write off of deferred charges | 146,754 | 191,069 | ||
| Share-based compensation | 619,624 | 706,162 | ||
| Unrealized loss / (gain) on derivatives | 1,664,409 | (1,175,999 | ) | |
| Bad debt expense | 134,294 | - | ||
| Changes in operating assets and liabilities | 5,321,305 | 3,089,806 | ||
| Net cash provided by operating activities | 12,360,236 | 5,753,224 | ||
| Cash flows from investing activities: | ||||
| Cash paid for vessel acquisitions and capitalized expenses | (6,639,561 | ) | (1,102,130 | ) |
| Cash paid for vessel sale expenses | (15,274 | ) | - | |
| Net cash used in investing activities | (6,654,835 | ) | (1,102,130 | ) |
| Cash flows from financing activities: | ||||
| Cash paid for share repurchase | (1,782,084 | ) | (974,070 | ) |
| Loan arrangement fees paid | (126,000 | ) | - | |
| Proceeds from long term bank loans | 14,000,000 | - | ||
| Repayment of long term bank loans | (20,895,000 | ) | (10,197,500 | ) |
| Net cash used in financing activities | (8,803,084 | ) | (11,171,570 | ) |
| Net decrease in cash, cash equivalents and restricted cash | (3,097,683 | ) | (6,520,476 | ) |
| Cash, cash equivalents and restricted cash at beginning of period | 37,123,013 | 14,099,593 | ||
| Cash, cash equivalents and restricted cash at end of period | 34,025,330 | 7,579,117 | ||
Cash breakdown
| Cash and cash equivalents | 31,203,003 | 2,649,201 | ||
| Restricted cash, current | 637,327 | 1,339,916 | ||
| Restricted cash, long term | 2,185,000 | 3,590,000 | ||
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 34,025,330 | 7,579,117 |
| EuroDry Ltd. Reconciliation of Net loss to Adjusted EBITDA (All amounts expressed in U.S. Dollars) | ||||||||
| Three Months Ended September 30, 2023 | Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | |||||
| Net loss | (532,037 | ) | (5,178,802 | ) | (3,256,610 | ) | (7,421,720 | ) |
| Interest and other financing costs, net (incl. interest income) | 1,226,917 | 1,939,702 | 3,714,648 | 5,968,894 | ||||
| Vessel depreciation | 2,619,171 | 3,464,975 | 7,730,460 | 10,363,906 | ||||
| Unrealized loss / (gain) on Forward Freight Agreement derivatives | - | - | 40,830 | (1,287,720 | ) | |||
| (Gain) / loss on interest rate swap derivatives | (188,252 | ) | 248,277 | (265,172 | ) | (52,426 | ) | |
| Adjusted EBITDA | 3,125,799 | 474,152 | 7,964,156 | 7,570,934 | ||||
Adjusted EBITDA Reconciliation:
EuroDry Ltd. considers Adjusted EBITDA to represent net loss before interest and other financing costs, income taxes, depreciation, unrealized loss / (gain) on Forward Freight Agreement derivatives (“FFAs”) and (gain)/loss on interest rate swap derivatives. Adjusted EBITDA does not represent and should not be considered as an alternative to net 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 loss / (gain) on FFAs, (gain)/loss on interest rate swap derivatives, 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 loss attributable to controlling shareholders to Adjusted net loss attributable to controlling shareholders (All amounts expressed in U.S. Dollars – except share data and number of shares) | ||||||||
| Three Months Ended September 30, 2023 | Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | |||||
| Net loss attributable to controlling shareholders | (532,037 | ) | (4,179,399 | ) | (3,256,610 | ) | (6,372,238 | ) |
| Unrealized (gain) / loss on derivatives | (142,867 | ) | 303,017 | 1,664,409 | (1,175,999 | ) | ||
| Adjusted net loss attributable to controlling shareholders | (674,904 | ) | (3,876,382 | ) | (1,592,201 | ) | (7,548,237 | ) |
| Adjusted earnings loss per share, basic and diluted | (0.24 | ) | (1.42 | ) | (0.57 | ) | (2.77 | ) |
| Weighted average number of shares, basic and diluted | 2,758,013 | 2,729,603 | 2,773,916 | 2,724,521 | ||||
Adjusted net loss attributable to controlling shareholders and Adjusted loss per share Reconciliation:
EuroDry Ltd. considers Adjusted net loss attributable to controlling shareholders to represent net loss before unrealized (gain) / loss on derivatives, which includes FFAs and interest rate swaps. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share are included herein because we believe they assist 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 (gain) / loss on derivatives, which may significantly affect results of operations between periods. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share do not represent and should not be considered as an alternative to net loss attributable to controlling shareholders or loss per share, as determined by GAAP. The Company's definition of Adjusted net loss attributable to controlling shareholders and Adjusted loss per share may not be the same as that used by other companies in the shipping or other industries. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share are not adjusted for all non-cash income and expense items that are reflected in our statement of cash flows.
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 13 vessels, including 5 Panamax drybulk carriers, 5 Ultramax drybulk carriers, 2 Kamsarmax drybulk carriers and 1 Supramax drybulk carrier. EuroDry’s 13 drybulk carriers have a total cargo capacity of 918,502 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 | Investor Relations / Financial Media |
| Tasos Aslidis Chief Financial Officer EuroDry Ltd. 11 Canterbury Lane, Watchung, NJ07069 Tel. (908) 301-9091 E-mail: aha@eurodry.gr | Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY10169 Tel. (212) 661-7566 E-mail: eurodry@capitallink.com |
FAQ
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