EuroDry Ltd. Reports Results for the Quarter Ended March 31, 2021 and Announces Agreement to Acquire M/V Blessed Luck, a 2004-Japanese Built Panamax Bulker
EuroDry Ltd. (EDRY) reported Q1 2021 net revenues of $8.6 million, marking a substantial 69.3% increase year-over-year. The company achieved a net income of $0.9 million, resulting in earnings per share of $0.19. Adjusted EBITDA rose to $4.0 million from $0.6 million in Q1 2020. EuroDry announced the acquisition of M/V Blessed Luck for $12.12 million, expected to enhance the fleet to eight vessels and generate an additional $4 million in EBITDA. The acquisition will be financed by a combination of loans and cash, with a charter agreement set at $19,500/day.
- Net revenues increased by 69.3% year-over-year to $8.6 million.
- Net income of $0.9 million compared to a loss in Q1 2020.
- Adjusted EBITDA surged to $4.0 million from $0.6 million.
- Acquisition of M/V Blessed Luck expected to enhance fleet and EBITDA.
- Charter rate set at $19,500/day, projected to contribute $4 million in EBITDA.
- Operating expenses increased by 8.5%, primarily due to higher crewing costs.
- Outstanding debt rose to $56 million, indicating potential financial strain.
ATHENS, Greece, May 20, 2021 (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-month period ended March 31, 2021 and an agreement to acquire M/V Blessed Luck, a 76,704 dwt drybulk vessel built in Japan.
First Quarter 2021 Highlights:
- Total net revenues of
$8.6 million ; net income of$0.9 million ; net income attributable to common shareholders (after a$0.3 million dividend on Series B Preferred Shares and a$0.1 million preferred deemed dividend arising out of the net redemption of approximately$3 million of Series B Preferred Shares in the first quarter of 2021) of$0.4 million or$0.19 earnings per share basic and diluted. Adjusted net income attributable to common shareholders1 for the period was$1.3 million or$0.55 earnings per share basic and diluted.
- Adjusted EBITDA1 was
$4.0 million .
- An average of 7.0 vessels were owned and operated during the first quarter of 2021 earning an average time charter equivalent rate of
$14,924 per day.
- The Company declared a dividend of
$0.3 million on its Series B Preferred Shares. The dividend will be paid in cash.
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.
M/V Blessed Luck Acquisition
The Company also announced that it has agreed to acquire M/V Blessed Luck, a 76,704 dwt drybulk vessel built in 2004 in Japan, for
Aristides Pittas, Chairman and CEO of EuroDry commented:
“In stark contrast to a year ago, it has been a very positive 2021 so far with drybulk rates rebounding significantly as a result of solid trade growth and limited supply growth. The latter, especially, is constrained by short and medium term factors: in the short term, by inefficiencies in the vessel-port transportation system that resulted from COVID-19 effects and required protocols and, in the medium term, by the lowest orderbook in the last 20+ years. We believe that the market is likely to remain strong for the next couple of years provided that demand for transportation of drybulk cargoes - which is generally linked to economic activity - will maintain at least a historically average growth rate; it is noteworthy that the IMF, amongst others, predicts that economic activity will rebound above historical average levels as the world recovers from the COVID-19 pandemic.
In such a positive environment, our main strategy is to try to expand our fleet in a risk efficient way despite our limited funds available for investment. Thus, we acquired M/V Blessed Luck, a 2004-built vessel, with a combination of seller and affiliate bridge loans to complement our cluster of medium age Japanese-built Panamax-size vessels alongside our cluster of own-built newbuildings. The acquisition of M/V Blessed Luck will increase our fleet to eight units and is expected to contribute to a proportional increase in our EBITDA. At the present market rate levels, we are to accumulate funds that will provide us with several investment or expansion options or shareholder reward models. We, further, believe that the strong drybulk markets enhance the value of our public listing as a consolidation platform and we continuously investigate opportunities to take advantage of it.”
Tasos Aslidis, Chief Financial Officer of EuroDry commented:
“Our net revenues for the first quarter of 2021 were higher by
Total daily vessel operating expenses, including management fees, general and administrative expenses, but excluding drydocking costs, increased by approximately
Adjusted EBITDA during the first quarter of 2021 was
First Quarter 2021 Results:
For the first quarter of 2021, the Company reported total net revenues of
Interest and other financing costs for the first quarter of 2021 amounted to
On average, 7.0 vessels were owned and operated during the first quarter of 2021 earning an average time charter equivalent rate of
Adjusted EBITDA for the first quarter of 2021 was
Basic and diluted earnings per share attributable to common shareholders for the first quarter of 2021 was
Excluding the effect on the earnings attributable to common shareholders for the quarter of the unrealized loss on derivatives, the adjusted earnings attributable to common shareholders for the quarter ended March 31, 2021 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-22 | Hire Average Baltic Kamsarmax P5TC(***) index | |
| XENIA | Kamsarmax | 82,000 | 2016 | TC until Aug-22 | Hire Average Baltic P5TC(***) index | |
| ALEXANDROS P. | Ultramax | 63,500 | 2017 | Guardian Navigation GMax LLC Pool | Pool revenue from August 2018 | |
| EIRINI P | Panamax | 76,466 | 2004 | TC until Jun-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 Jun-21 | ||
| PANTELIS | Panamax | 74,020 | 2000 | TC until May-21 | ||
| Total Dry Bulk Vessels | 7 | 528,931 | ||||
| Vessel agreed to be acquired | ||||||
| BLESSED LUCK | Panamax | 76,704 | 2004 | TC until April-22 | ||
| Total on a fully delivered basis | 8 | 605,635 | ||||
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 Kamsarmax Baltic P5TC Index is an index based on five Panamax time charter routes.
Summary Fleet Data:
| Three months, ended March 31, 2020 | Three months, ended March 31, 2021 | |||
| FLEET DATA | ||||
| Average number of vessels (1) | 7.0 | 7.0 | ||
| Calendar days for fleet (2) | 637.0 | 630.0 | ||
| Scheduled off-hire days incl. laid-up (3) | 9.9 | 0.0 | ||
| Available days for fleet (4) = (2) - (3) | 627.1 | 630.0 | ||
| Commercial off-hire days (5) | 0.0 | 0.0 | ||
| Operational off-hire days (6) | 0.0 | 0.0 | ||
| Voyage days for fleet (7) = (4) - (5) - (6) | 627.1 | 630.0 | ||
| Fleet utilization (8) = (7) / (4) | 100.0 | % | 100.0 | % |
| Fleet utilization, commercial (9) = ((4) - (5)) / (4) | 100.0 | % | 100.0 | % |
| Fleet utilization, operational (10) = ((4) - (6)) / (4) | 100.0 | % | 100.0 | % |
| AVERAGE DAILY RESULTS | ||||
| Time charter equivalent rate (11) | 7,885 | 14,924 | ||
| Vessel operating expenses excl. drydocking expenses (12) | 5,130 | 5,694 | ||
| General and administrative expenses (13) | 925 | 877 | ||
| Total vessel operating expenses (14) | 6,055 | 6,571 | ||
| Drydocking expenses (15) | 342 | 13 | ||
(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 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 and management fees 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:
Today, May 20, 2021 at 09:30 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 Thursday, May 27, 2021. 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 First Quarter 2021 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 March 31, | Three Months Ended March 31, | |||
| 2020 | 2021 | |||
| Revenues | ||||
| Time charter revenue | 5,345,554 | 9,096,187 | ||
| Commissions | (280,046 | ) | (522,486 | ) |
Net revenues | 5,065,508 | 8,573,701 | ||
| Operating expenses | ||||
| Voyage expenses, net | 400,637 | (305,902 | ) | |
| Vessel operating expenses | 2,778,543 | 3,061,055 | ||
| Drydocking expenses | 217,675 | 7,921 | ||
| Vessel depreciation | 1,626,258 | 1,651,870 | ||
| Related party management fees | 489,566 | 526,400 | ||
| General and administrative expenses | 589,534 | 552,523 | ||
| Loss on write-down of inventory | 255,200 | - | ||
| Total Operating expenses | (6,357,413 | ) | (5,493,867 | ) |
| Operating (loss) / income | (1,291,905 | ) | 3,079,834 | |
| Other income / (expenses) | ||||
| Interest and other financing costs | (664,427 | ) | (595,817 | ) |
| Loss on derivatives, net | (340,976 | ) | (1,620,344 | ) |
| Foreign exchange gain / (loss) | 669 | (2,472 | ) | |
| Interest income | 3,544 | 3,325 | ||
| Other expenses, net | (1,001,190 | ) | (2,215,308 | ) |
| Net (loss) / income | (2,293,095 | ) | 864,526 | |
| Dividend Series B Preferred shares | (354,826 | ) | (299,570 | ) |
| Preferred deemed dividend | - | (120,000 | ) | |
| Net (loss) / income attributable to common shareholders | (2,647,921 | ) | 444,956 | |
| (Loss) / earnings per share, basic & diluted | (1.17 | ) | 0.19 | |
| Weighted average number of shares, basic | 2,267,375 | 2,291,471 | ||
| Weighted average number of shares, diluted | 2,267,375 | 2,320,577 | ||
EuroDry Ltd.
Unaudited Consolidated Condensed Balance Sheets
(All amounts expressed in U.S. Dollars – except number of shares)
| December 31, 2020 | March 31, 2021 | |||
| ASSETS | ||||
| Current Assets: | ||||
| Cash and cash equivalents | 938,282 | 2,085,456 | ||
| Trade accounts receivable, net | 1,528,055 | 2,663,752 | ||
| Other receivables | 460,209 | 537,313 | ||
| Inventories | 1,385,280 | 487,280 | ||
| Restricted cash | 1,518,036 | 2,198,274 | ||
| Prepaid expenses | 226,033 | 173,037 | ||
| Due from related companies | - | 387,393 | ||
| Total current assets | 6,055,895 | 8,532,505 | ||
| Fixed assets: | ||||
| Vessels, net | 99,305,990 | 97,678,758 | ||
| Long-term assets: | ||||
| Restricted cash | 2,150,000 | 1,900,000 | ||
| Total assets | 107,511,885 | 108,111,263 | ||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | ||||
| Current liabilities: | ||||
| Long term bank loans, current portion | 13,793,754 | 14,100,581 | ||
| Trade accounts payable | 1,074,518 | 907,155 | ||
| Accrued expenses | 704,508 | 719,363 | ||
| Accrued preferred dividends | - | 299,570 | ||
| Derivatives | 456,133 | 1,543,641 | ||
| Deferred revenue | 246,125 | 665,504 | ||
| Due to related companies | 2,984,759 | - | ||
| Total current liabilities | 19,259,797 | 18,235,814 | ||
| Long-term liabilities: | ||||
| Long term bank loans, net of current portion | 37,318,084 | 41,588,509 | ||
| Derivatives | 393,899 | 128,191 | ||
| Total long-term liabilities | 37,711,983 | 41,716,700 | ||
| Total liabilities | 56,971,780 | 59,952,514 | ||
| Mezzanine equity: | ||||
| Series B Preferred shares (par value | 15,940,713 | 13,060,713 | ||
| Shareholders’ equity: | ||||
| Common stock (par value | 23,482 | 23,482 | ||
| Additional paid-in capital | 53,048,060 | 53,101,748 | ||
| Accumulated deficit | (18,472,150 | ) | (18,027,194 | ) |
| Total shareholders’ equity | 34,599,392 | 35,098,036 | ||
| Total liabilities, mezzanine equity and shareholders’ equity | 107,511,885 | 108,111,263 | ||
EuroDry Ltd.
Unaudited Consolidated Condensed Statements of Cash Flows
(All amounts expressed in U.S. Dollars)
| Three Months Ended March 31, | Three Months Ended March 31, | |||
| 2020 | 2021 | |||
| Cash flows from operating activities: | ||||
| Net (loss) / income | (2,293,095 | ) | 864,526 | |
| Adjustments to reconcile net (loss) / income to net cash provided by / (used in) operating activities: | ||||
| Vessel depreciation | 1,626,258 | 1,651,870 | ||
| Amortization and write off of deferred charges | 35,176 | 169,251 | ||
| Share-based compensation | 62,106 | 53,688 | ||
| Loss on write-down of inventory | 255,200 | - | ||
| Unrealized loss on derivatives | 329,047 | 821,801 | ||
| Changes in operating assets and liabilities | (206,623 | ) | (3,360,484 | ) |
| Net cash (used in) / provided by operating activities | (191,931 | ) | 200,562 | |
| Cash flows from investing activities: | ||||
| Cash paid for vessels capitalized expenses | (189,950 | ) | (31,240 | ) |
| Net cash used in investing activities | (189,950 | ) | (31,240 | ) |
| Cash flows from financing activities: | ||||
| Redemption of preferred shares | - | (3,000,000 | ) | |
| Preferred dividends paid | (358,726 | ) | - | |
| Loan arrangement fees paid | - | (250,000 | ) | |
| Proceeds from long-term debt | - | 31,700,000 | ||
| Repayment of long-term debt | (2,002,000 | ) | (27,042,000 | ) |
| Net cash (used in) / provided by financing activities | (2,360,726 | ) | 1,408,000 | |
| Net increase / (decrease) in cash, cash equivalents and restricted cash | (2,742,607 | ) | 1,577,412 | |
| Cash, cash equivalents and restricted cash at beginning of period | 9,129,442 | 4,606,318 | ||
| Cash, cash equivalents and restricted cash at end of period | 6,386,835 | 6,183,730 | ||
Cash breakdown
| Cash and cash equivalents | 3,284,024 | 2,085,456 | ||
| Restricted cash, current | 402,811 | 2,198,274 | ||
| Restricted cash, long term | 2,700,000 | 1,900,000 | ||
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 6,386,835 | 6,183,730 |
EuroDry Ltd.
Reconciliation of Adjusted EBITDA to Net (loss) / income
(All amounts expressed in U.S. Dollars)
| Three Months Ended March 31, 2020 | Three Months Ended March 31, 2021 | |||
| Net (loss) / income | (2,293,095 | ) | 864,526 | |
| Interest and other financing costs, net (incl. interest income) | 660,883 | 592,492 | ||
| Vessel depreciation | 1,626,258 | 1,651,870 | ||
| Unrealized loss on Forward Freight Agreement derivatives | - | 1,069,980 | ||
| Loss / (gain) on interest rate swap derivatives | 340,976 | (174,513 | ) | |
| Loss on write-down of inventory | 255,200 | - | ||
Adjusted EBITDA | 590,222 | 4,004,354 | ||
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), (gain) / loss on interest rate swaps and loss on write-down of inventory. 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, (gain) / loss on interest rate swaps, loss on write-down of inventory, 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) / income to Adjusted net (loss) / income
(All amounts expressed in U.S. Dollars – except share data and number of shares)
| Three Months Ended March 31, 2020 | Three Months Ended March 31, 2021 | |||
| Net (loss) / income | (2,293,095 | ) | 864,526 | |
| Unrealized loss on derivatives | 329,047 | 821,801 | ||
| Loss on write-down of inventory | 255,200 | - | ||
| Adjusted net (loss) / income | (1,708,848 | ) | 1,686,327 | |
| Preferred dividends | (354,826 | ) | (299,570 | ) |
| Preferred deemed dividend | - | (120,000) | ||
Adjusted net (loss) / income attributable to common shareholders | (2,063,674 | ) | 1,266,757 | |
| Adjusted (loss) / earnings per share, basic & diluted | (0.91 | ) | 0.55 | |
| Weighted average number of shares, basic | 2,267,375 | 2,291,471 | ||
| Weighted average number of shares, diluted | 2,267,375 | 2,320,577 | ||
Adjusted net income / (loss) and Adjusted income / (loss) per share Reconciliation:
EuroDry Ltd. considers Adjusted net income / (loss) to represent net income / (loss) before unrealized (gain) / loss on derivatives and loss on write-down of inventory. Adjusted net income / (loss) and Adjusted earnings / (loss) 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 (gain) / loss on derivatives and loss on write-down of inventory, which may significantly affect results of operations between periods. Adjusted net income / (loss) and Adjusted earnings / (loss) per share do not represent and should not be considered as an alternative to net income / (loss) or earnings / (loss) per share, as determined by GAAP. The Company’s definition of Adjusted net income / (loss) and Adjusted earnings / (loss) 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.
After the delivery of M/V Blessed Luck, the Company will have a fleet of 8 vessels, including 5 Panamax drybulk carriers, 1 Ultramax drybulk carrier and 2 Kamsarmax drybulk carriers. EuroDry’s 8 drybulk carriers have a total cargo capacity of 605,635 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 President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com |
FAQ
What are EuroDry's financial results for Q1 2021?
What is the acquisition price for M/V Blessed Luck?
How will EuroDry finance the acquisition of M/V Blessed Luck?
What is the expected EBITDA contribution from M/V Blessed Luck?
What were EuroDry's earnings per share for Q1 2021?
