EuroDry Ltd., an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three and twelve-month periods ended December 31, 2024.
Fourth Quarter 2024 Highlights:
• Total net revenues of $14.5 million.
• Net loss attributable to controlling shareholders, of $3.3 million or $1.20 loss per share basic and diluted.
• Adjusted net loss1 attributable to controlling shareholders, for the quarter of $0.7 million, or $0.25 per share basic and diluted, which excludes among other items an impairment charge of $2.8 million on one of our vessels.
• Adjusted EBITDA was $4.8 million.
• An average of 13.0 vessels were owned and operated during the fourth quarter of 2024 earning an average time charter equivalent rate of $12,201 per day.
• To date, about $5.3 million has been used to repurchase 334,674 shares of the Company, under our share repurchase plan of up to $10 million, announced in August 2022.
Recent developments:
• In November 2024, the Company signed two contracts with Nantong Xiangyu Shipbuilding for the construction of two 63,500 DWT ultramax bulk carriers. Both vessels are geared, eco, and are built to EEDI phase 3 design standard. The two newbuildings are scheduled to be delivered during the second and third quarters of 2027. The total consideration for the two newbuilding contracts is approximately $71.8 million and will be financed with a combination of debt and equity.
• The Company on January 29, 2025, signed an agreement to sell M/V Tasos, a 75,100 dwt drybulk vessel, built in 2000, for demolition, for approximately $5 million. The vessel is expected to be delivered to its buyers, an unaffiliated third party, until early-March 2025, upon completion of her present charter. As a result of the vessel sale, we expect to record a gain of approximately $2.1million
Full Year 2024 Highlights:
• Total net revenues of $61.1 million.
• Net loss attributable to controlling shareholders, of $9.7 million, or $3.54 loss per share basic and diluted.
• Adjusted net loss attributable to controlling shareholders, for the period was $8.2 million or $3.02 adjusted loss per share basic and diluted.
• Adjusted EBITDA was $12.4 million.
• An average of 13.0 vessels were owned and operated during the twelve months of 2024 earning an average time charter equivalent rate of $13,039 per day
Aristides Pittas, Chairman and CEO of EuroDry commented: “During the last couple of months of 2024 and during January and February of 2025, the drybulk market dropped to rates not seen since the early days of the COVID pandemic and touched decade-long lows last seen in 2016. It appears that a combination of low trade volumes due to low demand from China combined with a record low percentage of the fleet tied up in ports more than counterbalanced the low fleet growth during the period. There is some expectation, though, that the various stimuli packages released by the Chinese government during the fourth quarter of 2024 would start showing results in the near future; such stimuli combined with the typical seasonal recovery of the drybulk markets during the second quarter could lead to a noticeable recovery of the charter rates as already indicated by the forward (“FFA”) market.
“The low market of the fourth quarter was reflected in our results for the period although our vessels achieved better charters than market averages indicate. And while the low market of January and February 2025 will affect our first quarter results, we expect a recovery of the market in March and during the second quarter of 2025 to return us to profitability as our fleet is positioned to take full advantage of it having passed most drydockings in 2024. At the same time, as prices for vessels have also weakened, we are diligent in searching for potential investment opportunities; and to help finance such opportunities should they arise, we have committed to sell our eldest vessel M/V Tasos, as we recently announced.”
Full report: EuroDry Ltd.