EuroDry Ltd. Reports Results for the Six-Month Period and Quarter Ended June 30, 2024
EuroDry (NASDAQ: EDRY) reported results for Q2 2024, highlighting a 68.6% increase in total net revenues to $17.4 million compared to Q2 2023. Despite this, the company experienced a net loss of $0.41 million or $0.15 per share. Adjusted net loss was $0.45 million or $0.17 per share, with adjusted EBITDA reaching $5.0 million.
For the first half of 2024, total net revenues were $31.9 million, a 46.9% increase compared to H1 2023. The net loss for this period was $2.2 million or $0.81 per share. Adjusted net loss was $3.7 million or $1.35 per share, with adjusted EBITDA at $7.1 million. The average time charter equivalent rate was $13,452/day for H1 2024.
The company’s fleet utilization improved, reaching 99.0% for Q2 and 98.5% for H1 2024. EuroDry extended its $10 million share repurchase program and has utilized $5.0 million to repurchase 313,318 shares. The company also published its 2023 Sustainability Report.
EuroDry (NASDAQ: EDRY) ha riportato i risultati per il secondo trimestre del 2024, evidenziando un aumento del 68,6% nei ricavi netti totali, raggiungendo 17,4 milioni di dollari rispetto al secondo trimestre del 2023. Tuttavia, l'azienda ha registrato una perdita netta di 0,41 milioni di dollari, ovvero 0,15 dollari per azione. La perdita netta rettificata è stata di 0,45 milioni di dollari, pari a 0,17 dollari per azione, con un EBITDA rettificato che ha raggiunto 5,0 milioni di dollari.
Per il primo semestre del 2024, i ricavi netti totali sono stati di 31,9 milioni di dollari, con un incremento del 46,9% rispetto al primo semestre del 2023. La perdita netta per questo periodo è stata di 2,2 milioni di dollari, ovvero 0,81 dollari per azione. La perdita netta rettificata è stata di 3,7 milioni di dollari, pari a 1,35 dollari per azione, con un EBITDA rettificato di 7,1 milioni di dollari. Il tasso medio di noleggio equivalente era di 13.452 dollari/giorno per il primo semestre del 2024.
Il tasso di utilizzo della flotta dell'azienda è migliorato, raggiungendo il 99,0% per il secondo trimestre e il 98,5% per il primo semestre del 2024. EuroDry ha esteso il suo programma di riacquisto di azioni da 10 milioni di dollari e ha utilizzato 5,0 milioni di dollari per riacquistare 313.318 azioni. L'azienda ha anche pubblicato il suo Rapporto di Sostenibilità 2023.
EuroDry (NASDAQ: EDRY) reportó resultados para el segundo trimestre de 2024, destacando un aumento del 68,6% en los ingresos netos totales, alcanzando 17,4 millones de dólares en comparación con el segundo trimestre de 2023. A pesar de esto, la compañía experimentó una pérdida neta de 0,41 millones de dólares o 0,15 dólares por acción. La pérdida neta ajustada fue de 0,45 millones de dólares o 0,17 dólares por acción, con un EBITDA ajustado que alcanzó los 5,0 millones de dólares.
Para la primera mitad de 2024, los ingresos netos totales fueron de 31,9 millones de dólares, un aumento del 46,9% en comparación con el primer semestre de 2023. La pérdida neta para este período fue de 2,2 millones de dólares o 0,81 dólares por acción. La pérdida neta ajustada fue de 3,7 millones de dólares o 1,35 dólares por acción, con un EBITDA ajustado de 7,1 millones de dólares. La tasa media de flete equivalente fue de 13.452 dólares/día para la primera mitad de 2024.
La utilización de la flota de la compañía mejoró, alcanzando el 99,0% en el segundo trimestre y el 98,5% en la primera mitad de 2024. EuroDry amplió su programa de recompra de acciones de 10 millones de dólares y ha utilizado 5,0 millones de dólares para recomprar 313.318 acciones. La compañía también publicó su Informe de Sostenibilidad 2023.
EuroDry (NASDAQ: EDRY)는 2024년 2분기 결과를 발표하며, 2023년 2분기와 비교하여 총 순수익이 68.6% 증가한 1,740만 달러에 달했다고 밝혔습니다. 그럼에도 불구하고, 회사는 41만 달러의 순손실을 기록했으며, 주당 0.15달러의 손실을 보았습니다. 조정된 순손실은 45만 달러, 주당 0.17달러이며, 조정된 EBITDA는 500만 달러에 달했습니다.
2024년 상반기 동안 총 순수익은 3,190만 달러로 2023년 상반기 대비 46.9% 증가했습니다. 이 기간 동안의 순손실은 220만 달러로 주당 0.81달러입니다. 조정된 순손실은 370만 달러, 주당 1.35달러이며, 조정된 EBITDA는 710만 달러입니다. 2024년 상반기 평균 시간 용선 요율은 하루 13,452달러였습니다.
회사의 함선 이용률이 개선되어 2024년 2분기에 99.0%, 2024년 상반기에 98.5%에 도달했습니다. EuroDry는 1,000만 달러 규모의 자사주 매입 프로그램을 연장했으며, 500만 달러를 사용하여 313,318주를 매입했습니다. 회사는 또한 2023년 지속 가능성 보고서를 발표했습니다.
EuroDry (NASDAQ: EDRY) a annoncé ses résultats pour le deuxième trimestre 2024, mettant en avant une augmentation de 68,6 % des revenus nets totaux, atteignant 17,4 millions de dollars par rapport au deuxième trimestre 2023. Malgré cela, l'entreprise a enregistré une perte nette de 0,41 million de dollars, soit 0,15 dollar par action. La perte nette ajustée s'élevait à 0,45 million de dollars, soit 0,17 dollar par action, avec un EBITDA ajusté atteignant 5,0 millions de dollars.
Pour le premier semestre 2024, les revenus nets totaux étaient de 31,9 millions de dollars, soit une augmentation de 46,9 % par rapport au premier semestre 2023. La perte nette pour cette période était de 2,2 millions de dollars, soit 0,81 dollar par action. La perte nette ajustée était de 3,7 millions de dollars, soit 1,35 dollar par action, avec un EBITDA ajusté à 7,1 millions de dollars. Le taux moyen de location équivalente était de 13.452 dollars/jour pour le premier semestre 2024.
Le taux d'utilisation de la flotte de l'entreprise s'est amélioré, atteignant 99,0 % pour le deuxième trimestre et 98,5 % pour le premier semestre 2024. EuroDry a prolongé son programme de rachat d'actions de 10 millions de dollars et a utilisé 5,0 millions de dollars pour racheter 313.318 actions. L'entreprise a également publié son rapport de durabilité 2023.
EuroDry (NASDAQ: EDRY) berichtete über die Ergebnisse für das zweite Quartal 2024 und hob einen Anstieg der gesamten Nettoumsätze um 68,6 % auf 17,4 Millionen Dollar im Vergleich zum zweiten Quartal 2023 hervor. Dennoch verzeichnete das Unternehmen einen Nettoverlust von 0,41 Millionen Dollar oder 0,15 Dollar pro Aktie. Der bereinigte Nettverlust betrug 0,45 Millionen Dollar oder 0,17 Dollar pro Aktie, während das bereinigte EBITDA 5,0 Millionen Dollar erreichte.
Für das erste Halbjahr 2024 lagen die gesamten Nettoumsätze bei 31,9 Millionen Dollar, was einem Anstieg von 46,9 % im Vergleich zum ersten Halbjahr 2023 entspricht. Der Nettoverlust für diesen Zeitraum betrug 2,2 Millionen Dollar oder 0,81 Dollar pro Aktie. Der bereinigte Nettverlust betrug 3,7 Millionen Dollar oder 1,35 Dollar pro Aktie, während das bereinigte EBITDA bei 7,1 Millionen Dollar lag. Der durchschnittliche Zeitcharteräquivalenzsatz betrug 13.452 Dollar/Tag im ersten Halbjahr 2024.
Die Flottenauslastung des Unternehmens verbesserte sich und erreichte 99,0 % im zweiten Quartal sowie 98,5 % im ersten Halbjahr 2024. EuroDry verlängerte sein Aktienrückkaufprogramm über 10 Millionen Dollar und verwendete 5,0 Millionen Dollar, um 313.318 Aktien zurückzukaufen. Das Unternehmen veröffentlichte auch seinen Nachhaltigkeitsbericht 2023.
- Total net revenues increased by 68.6% to $17.4 million for Q2 2024.
- Adjusted EBITDA increased to $5.0 million for Q2 2024.
- Fleet utilization improved to 99.0% for Q2 and 98.5% for H1 2024.
- Share repurchase program extended, with $5.0 million used to repurchase 313,318 shares.
- Net loss of $0.41 million for Q2 2024.
- Adjusted net loss of $0.45 million for Q2 2024.
- Net loss of $2.2 million for H1 2024.
- Adjusted net loss of $3.7 million for H1 2024.
Insights
EuroDry's Q2 2024 results show mixed signals. While total net revenues increased by
Key concerns include:
- Rising interest expenses due to increased debt and higher benchmark rates
- Scheduled debt repayments of
$13.8 million over the next 12 months - Ongoing vessel dry-docking expenses impacting profitability
However, the company's share repurchase program and focus on short-term or index-linked charters suggest management's confidence in future market improvements. The drybulk market outlook remains uncertain, with geopolitical tensions and a growing orderbook offset by potential interest rate cuts and Chinese economic stimulus.
EuroDry's strategy of positioning its fleet for potential rate increases through short-term and index-linked charters is prudent given the volatile market conditions. The company's fleet utilization improved to
However, the increasing orderbook in the drybulk sector is a concern. While new orders won't impact supply before 2027, it could pressure rates in the medium term. The company's focus on eco-friendly vessels (like Kamsarmax and Ultramax) is positive, as these typically command premium rates.
The publication of EuroDry's 2023 Sustainability Report demonstrates a commitment to ESG principles, which may become increasingly important for securing charters and financing in the future. The extension of the share repurchase program suggests management believes the stock is undervalued relative to net asset value.
EuroDry's performance is closely tied to global economic trends, particularly in China. The potential for interest rate cuts in late 2024 could stimulate economic activity and boost demand for drybulk shipping. However, this optimism is tempered by several factors:
- Ongoing geopolitical tensions that could disrupt trade flows
- Uncertainty around China's economic recovery and domestic investment levels
- Potential protectionist measures that could negatively impact trade growth
The company's average time charter equivalent rate of
ATHENS, Greece, Aug. 08, 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 six month periods ended June 30, 2024.
Second Quarter 2024 Highlights:
- Total net revenues for the quarter of
$17.4 million . - Net loss attributable to controlling shareholders, of
$0.41 million or$0.15 loss per share basic and diluted, respectively. - Adjusted net loss1 attributable to controlling shareholders for the quarter of
$0.45 million or$0.17 loss per share basic and diluted, respectively, before unrealized gain on derivatives. - Adjusted EBITDA1 for the quarter was
$5.0 million . - An average of 13.0 vessels were owned and operated during the second quarter of 2024 earning an average time charter equivalent rate of
$14,427 per day. - The original share repurchase program of
$10 million approved by the Board in August 2022 and already extended for a year has been extended for another year. To-date, about$5.0 million have been used to repurchase 313,318 shares of the Company. - The Company also announced that it completed its 2023 Sustainability Report which is available at its website (http://www.eurodry.gr/company/sustainability.html)
First Half 2024 Highlights:
- Total net revenues of
$31.9 million . - Net loss attributable to controlling shareholders was
$2.2 million or$0.81 loss per share basic and diluted. - Adjusted net loss1 attributable to controlling shareholders for the period was
$3.7 million or$1.35 adjusted loss per share basic and diluted1, respectively, before unrealized gain on derivatives. - Adjusted EBITDA1 of
$7.1 million . - An average of 13.0 vessels were owned and operated during the first half of 2024 earning an average time charter equivalent rate of
$13,452 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 second quarter of 2024, the drybulk market fluctuated at levels 5
“Overall, the market environment remains volatile with increased geopolitical uncertainty and an increasing orderbook. Still though, any new orders placed will not affect the supply of vessels before 2027 at the earliest. Thus, in the near and medium term, the market fundamentals remain unchanged with a low supply growth providing support for any increases in demand to be converted to higher rates for our ships. Global economic growth is the main driver for the drybulk trade demand, and especially, economic developments in China. The expected interest rates cuts in the remaining of 2024 should contribute to higher economic activity in that respect as well as measures taken by the Chinese government to address domestic investment. On the opposite side, any protectionist measures taken would negatively influence trade growth.
“Our strategy remains to position our fleet to take advantage of any rate increases having the majority of our fleet employed in short term or index-linked charters. At the same time, we are evaluating fleet renewal and investment opportunities. We are also continuing our share repurchase program as our shares continue to trade significantly below our net asset value. Last but not least, I am pleased to announce the publication of our 2023 Sustainability Report which summarizes our progress in and underlines our commitment to the environmental, social responsibility and governance aspects of our business.”
Tasos Aslidis, Chief Financial Officer of EuroDry commented: “The net revenues of the second quarter of 2024 increased significantly compared to the second quarter of 2023 as a result of the increased time charter equivalent rates our vessels earned and the increased average number of vessels operated during the second quarter of 2024 compared to the same period of 2023. The time charter equivalent rates for the second quarter of 2024 were higher by
“Daily vessel operating expenses, including management fees, but excluding dry-docking costs, averaged
“Adjusted EBITDA during the second quarter of 2024 was
“As of June 30, 2024, our outstanding debt (excluding the unamortized loan fees) was
Second Quarter 2024 Results:
For the second quarter of 2024, the Company reported total net revenues of
For the second quarter of 2024, voyage expenses, net amounted to
Depreciation expense for the second quarter of 2024 was
Related party management fees for the period were
General and administrative expenses for the second quarter of 2024 was at
During the second quarter of 2024, one vessel completed its special survey and another two entered into dry-dock in order complete their special survey, for a total cost of
Interest and other financing costs for the second quarter of 2024 amounted to
For the three months ended June 30, 2024, the Company recognized a
The Company reported net loss for the period of
Adjusted EBITDA for the second quarter of 2024 was
Basic and diluted loss per share attributable to the Company for the second quarter of 2024 was
Excluding the effect on the loss attributable to controlling shareholders for the quarter of the unrealized gain on derivatives, the adjusted loss for the quarter ended June 30, 2024 would have been
First Half 2024 Results:
For the first half of 2024, the Company reported total net revenues of
For the first half of 2024, Voyage expenses, net, were
Vessel operating expenses were
Depreciation expense for the first half of 2024 was
Related party management fees for the first half of 2024 were slightly increased to
General and administrative expenses for the first half of 2024, remained at the same levels of
During the first half of 2024 three of our vessels completed their special survey with drydocking and another two entered dry-docks in order to complete their special surveys, for a total cost of
Interest and other financing costs for the first half of 2024 amounted to
For the six months ended June 30, 2024, the Company recognized a
The Company reported net loss for the period of
Adjusted EBITDA for the first half of 2024 was
Basic and diluted loss per share attributable to the Company for the first half of 2024 was
Excluding the effect on the net loss attributable to controlling shareholders for the first half of the year of the unrealized (gain) / loss on derivatives, the adjusted loss for the six-month period ended June 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 Average Baltic Kamsarmax P5TC (**) index | |
| ALEXANDROS P. | Ultramax | 63,500 | 2017 | TC until Aug-24 | ||
| CHRISTOS K*** | Ultramax | 63,197 | 2015 | In Drydock, passing her special survey | ||
| YANNIS PITTAS | Ultramax | 63,177 | 2014 | In Drydock, passing her special survey | ||
| MARIA*** | Ultramax | 63,153 | 2015 | TC until Sep-24 | ||
| GOOD HEART | Ultramax | 62,996 | 2014 | TC until Aug-24 | ||
| MOLYVOS LUCK | Supramax | 57,924 | 2014 | TC until Aug-24 | ||
| EIRINI P | Panamax | 76,466 | 2004 | TC until Oct-24 | ||
| SANTA CRUZ | Panamax | 76,440 | 2005 | TC until Sep-24 | ||
| STARLIGHT | Panamax | 75,845 | 2004 | TC until Aug-24 | ||
| TASOS | Panamax | 75,100 | 2000 | TC until Aug-24 | ||
| BLESSED LUCK | Panamax | 76,704 | 2004 | TC until Aug-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 June 30, 2023 | 3 months, ended June 30, 2024 | 6 months, ended June 30, 2023 | 6 months, ended June 30, 2024 | |
| FLEET DATA | ||||
| Average number of vessels (1) | 10.00 | 13.00 | 10.00 | 13.00 |
| Calendar days for fleet (2) | 910.0 | 1,183.0 | 1,810.0 | 2,366.0 |
| Scheduled off-hire days incl. laid-up (3) | 39.7 | 38.5 | 45.8 | 91.0 |
| Available days for fleet (4) = (2) - (3) | 870.3 | 1,144.5 | 1,764.2 | 2,275.0 |
| Commercial off-hire days (5) | 15.2 | 4.5 | 17.4 | 4.5 |
| Operational off-hire days (6) | 43.5 | 7.4 | 46.0 | 28.8 |
| Voyage days for fleet (7) = (4) - (5) - (6) | 811.6 | 1,132.6 | 1,700.8 | 2,241.7 |
| 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) | 12,179 | 14,427 | 11,393 | 13,452 |
| Vessel operating expenses excl. drydocking expenses (12) | 6,780 | 6,396 | 6,424 | 6,289 |
| General and administrative expenses (13) | 876 | 666 | 882 | 675 |
| Total vessel operating expenses (14) | 7,656 | 7,062 | 7,306 | 6,964 |
| Drydocking expenses (15) | 1,771 | 1,617 | 1,171 | 1,555 |
(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 are calculated 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 expense is 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 is 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 divided. 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, August 8, 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 13748278. 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 webcast of the conference call and accompanying slides, available on the Company’s website. To listen to the archived audio file, visit our website http://www.eurodry.gr and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
The slide presentation for the second quarter ended June 30, 2024, will also be available in PDF format 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 June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | |||||
| 2023 | 2024 | 2023 | 2024 | |||||
| Revenues | ||||||||
| Time charter revenue | 10,971,323 | 18,497,005 | 20,289,173 | 33,818,790 | ||||
| Voyage charter revenue | - | - | 2,609,775 | - | ||||
| Commissions | (628,905 | ) | (1,059,174 | ) | (1,214,562 | ) | (1,956,314 | ) |
| Net revenues | 10,342,418 | 17,437,831 | 21,684,386 | 31,862,476 | ||||
| Operating expenses | ||||||||
| Voyage expenses, net | 1,087,162 | 2,156,887 | 3,522,285 | 3,664,404 | ||||
| Vessel operating expenses | 5,395,601 | 6,560,345 | 10,086,286 | 12,793,704 | ||||
| Drydocking expenses | 1,612,008 | 1,913,278 | 2,119,835 | 3,678,908 | ||||
| Vessel depreciation | 2,576,820 | 3,456,863 | 5,111,289 | 6,898,931 | ||||
| Related party management fees | 773,900 | 1,005,688 | 1,541,355 | 2,086,682 | ||||
| General and administrative expenses | 797,566 | 788,300 | 1,597,115 | 1,597,248 | ||||
| Other operating loss | 500,000 | - | 500,000 | - | ||||
| Total Operating expenses | 12,743,057 | 15,881,361 | 24,478,165 | 30,719,877 | ||||
| Operating (loss) / income | (2,400,639 | ) | 1,556,470 | (2,793,779 | ) | 1,142,599 | ||
| Other income / (expenses) | ||||||||
| Interest and other financing costs | (1,392,289 | ) | (2,020,838 | ) | (2,859,208 | ) | (4,090,743 | ) |
| Gain on derivatives, net | 2,464,276 | 90,063 | 2,565,250 | 633,606 | ||||
| Foreign exchange gain / (loss) | 5,151 | 8,503 | (8,313 | ) | 10,069 | |||
| Interest income | 139,269 | 32,323 | 371,477 | 61,551 | ||||
| Other income / (expenses), net | 1,216,407 | (1,889,949 | ) | 69,206 | (3,385,517 | ) | ||
| Net loss | (1,184,232 | ) | (333,479 | ) | (2,724,573 | ) | (2,242,918 | ) |
| Net (gain) / loss attributable to non-controlling interest | - | (77,858 | ) | - | 50,079 | |||
| Net loss attributable to controlling shareholders | (1,184,232 | ) | (411,337 | ) | (2,724,573 | ) | (2,192,839 | ) |
| Loss per share, basic and diluted | (0.43 | ) | (0.15 | ) | (0.98 | ) | (0.81 | ) |
| Weighted average number of shares, basic and diluted | 2,761,182 | 2,710,413 | 2,782,000 | 2,721,952 | ||||
| EuroDry Ltd. Unaudited Consolidated Condensed Balance Sheets (All amounts expressed in U.S. Dollars – except number of shares) | ||||
| December 31, 2023 | June 30, 2024 | |||
| ASSETS | ||||
| Current Assets: | ||||
| Cash and cash equivalents | 8,002,024 | 4,408,348 | ||
| Trade accounts receivable, net | 6,740,606 | 7,411,843 | ||
| Other receivables | 2,127,266 | 2,457,803 | ||
| Inventories | 4,117,663 | 2,642,099 | ||
| Restricted cash | 2,797,569 | 1,478,327 | ||
| Derivatives | 196,627 | 224,206 | ||
| Prepaid expenses | 243,380 | 342,400 | ||
| Total current assets | 24,225,135 | 18,965,026 | ||
| Fixed assets: | ||||
| Vessels, net | 203,528,116 | 197,183,657 | ||
| Long-term assets: | ||||
| Restricted cash | 3,300,000 | 3,570,000 | ||
| Derivatives | - | 145,947 | ||
| Total assets | 231,053,251 | 219,864,630 | ||
| LIABILITIES, AND SHAREHOLDERS' EQUITY | ||||
| Current liabilities: | ||||
| Long term bank loans, current portion | 17,804,553 | 13,565,923 | ||
| Trade accounts payable | 3,146,931 | 2,675,316 | ||
| Accrued expenses | 2,320,606 | 1,741,647 | ||
| Deferred revenue | 346,838 | 545,746 | ||
| Due to related companies | 577,542 | 913,966 | ||
| Derivatives | 1,287,720 | - | ||
| Total current liabilities | 25,484,190 | 19,442,598 | ||
| Long-term liabilities: | ||||
| Long term bank loans, net of current portion | 86,123,063 | 83,741,735 | ||
| Derivatives | 17,769 | - | ||
| Total long-term liabilities | 86,140,832 | 83,741,735 | ||
| Total liabilities | 111,625,022 | 103,184,333 | ||
| Shareholders' equity: | ||||
| Common stock (par value | 28,324 | 27,879 | ||
| Additional paid-in capital | 68,069,724 | 67,565,155 | ||
| Retained earnings | 41,564,249 | 39,371,410 | ||
| Total EuroDry Ltd. common shareholders’ equity | 109,662,297 | 106,964,444 | ||
| Non-controlling interest | 9,765,932 | 9,715,853 | ||
| Total shareholders' equity | 119,428,229 | 116,680,297 | ||
| Total liabilities and shareholders' equity | 231,053,251 | 219,864,630 | ||
| EuroDry Ltd. Unaudited Consolidated Condensed Statements of Cash Flows (All amounts expressed in U.S. Dollars) | |||||
| Six Months Ended June 30, | Six Months Ended June 30, | ||||
| 2023 | 2024 | ||||
| Cash flows from operating activities: | |||||
| Net loss | (2,724,573 | ) | (2,242,918 | ) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
| Vessel depreciation | 5,111,289 | 6,898,931 | |||
| Amortization and write off of deferred charges | 95,858 | 130,042 | |||
| Share-based compensation | 516,649 | 469,056 | |||
| Unrealized loss / (gain) on derivatives | 1,807,275 | (1,479,016 | ) | ||
| Bad debt expense | 134,294 | - | |||
| Changes in operating assets and liabilities | 2,527,748 | (22,227 | ) | ||
| Net cash provided by operating activities | 7,468,540 | 3,753,868 | |||
| Cash flows from investing activities: | |||||
| Cash paid for vessel acquisitions and capitalized expenses | (80,997 | ) | (672,716 | ) | |
| Cash paid for vessel sale expenses | (15,274 | ) | - | ||
| Net cash used in investing activities | (96,271 | ) | (672,716 | ) | |
| Cash flows from financing activities: | |||||
| Cash paid for share repurchases | (1,049,054 | ) | (974,070 | ) | |
| Loan arrangement fees paid | (126,000 | ) | - | ||
| Proceeds from long term bank loans | 14,000,000 | 3,250,000 | |||
| Repayment of long-term bank loans | (17,820,000 | ) | (10,000,000 | ) | |
| Net cash used in financing activities | (4,995,054 | ) | (7,724,070 | ) | |
| Net increase / (decrease) in cash, cash equivalents and restricted cash | 2,377,215 | (4,642,918 | ) | ||
| 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 | 39,500,228 | 9,456,675 | |||
Cash breakdown
| Cash and cash equivalents | 36,669,290 | 4,408,348 | ||
| Restricted cash, current | 645,938 | 1,478,327 | ||
| Restricted cash, long term | 2,185,000 | 3,570,000 | ||
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 39,500,228 | 9,456,675 |
| EuroDry Ltd. Reconciliation of Net loss to Adjusted EBITDA (All amounts expressed in U.S. Dollars) | ||||||||
| Three Months Ended June 30, 2023 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | |||||
| Net loss | (1,184,232 | ) | (333,479 | ) | (2,724,573 | ) | (2,242,918 | ) |
| Interest and other financing costs, net (incl. interest income) | 1,253,020 | 1,988,515 | 2,487,731 | 4,029,192 | ||||
| Vessel depreciation | 2,576,820 | 3,456,863 | 5,111,289 | 6,898,931 | ||||
| Unrealized loss / (gain) on Forward Freight Agreement derivatives | 83,025 | - | 40,830 | (1,287,720 | ) | |||
| Gain on interest rate swap derivatives | (254,517 | ) | (90,063 | ) | (76,920 | ) | (300,703 | ) |
Adjusted EBITDA | 2,474,116 | 5,021,836 | 4,838,357 | 7,096,782 | ||||
Adjusted EBITDA Reconciliation:
EuroDry Ltd. considers Adjusted EBITDA to represent net loss before interest, income taxes, depreciation, unrealized loss / (gain) on Forward Freight Agreement derivatives (“FFAs”) and gain 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 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 June 30, 2023 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | |||||
| Net loss attributable to controlling shareholders | (1,184,232 | ) | (411,337 | ) | (2,724,573 | ) | (2,192,839 | ) |
| Unrealized (gain) / loss on derivatives | (138,029 | ) | (36,024 | ) | 1,807,276 | (1,479,016 | ) | |
| Adjusted net loss attributable to controlling shareholders | (1,322,261 | ) | (447,361 | ) | (917,297 | ) | (3,671,855 | ) |
| Adjusted loss per share, basic and diluted | (0.48 | ) | (0.17 | ) | (0.33 | ) | (1.35 | ) |
| Weighted average number of shares, basic and diluted | 2,761,182 | 2,710,413 | 2,782,000 | 2,721,952 | ||||
Adjusted net loss 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 is 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 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 carrier, 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
What were EuroDry's total net revenues for Q2 2024?
What was EuroDry's net loss for Q2 2024?
How did EuroDry's adjusted EBITDA for Q2 2024 compare to the previous year?
What were the results for EuroDry's share repurchase program?
How did EuroDry's fleet utilization change in Q2 2024?
