EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced its results for the three- and six-month periods ended June 30, 2026.
Second Quarter 2026 Highlights:
• Total net revenues for the quarter of $17.7 million.
• Net income attributable to controlling shareholders, of $6.6 million or $2.36 and $2.32 earnings per share attributable to controlling shareholders basic and diluted, respectively.
• Adjusted net income attributable to controlling shareholders for the quarter of $6.9 million or $2.49 and $2.44 adjusted earnings per share attributable to controlling shareholders basic and diluted, respectively.
• Adjusted EBITDA for the quarter was $11.7 million.
• An average of 11.0 vessels were owned and operated during the second quarter of 2026 earning an average time charter equivalent rate of $20,398 per day. Refer to a subsequent section of the Press Release for the definition and method of calculation of the time charter equivalent rate.
• To date, about $5.8 million has been used to repurchase 358,130 shares of the Company, under our share repurchase plan of up to $10 million, announced in August 2022. The Board approved the continuation of the share repurchase plan for a further year in August 2025 and 2026, respectively, and will review it again after a period of twelve months.
Financing arrangements
• On July 28, 2026, the Company signed a term sheet with Alpha Bank S.A. in order to refinance the existing indebtedness of M/V “Ekaterini” with a loan of up to $19 million. The agreement is subject to customary documentation.
First Half 2026 Highlights:
• Total net revenues of $30.5 million.
• Net income attributable to controlling shareholders was $6.8 million or $2.45 and $2.41 earnings per share attributable to controlling shareholders basic and diluted, respectively.
• Adjusted net income attributable to controlling shareholders for the period was $7.3 million or $2.61 and $2.57 adjusted earnings per share attributable to controlling shareholders basic and diluted, respectively.
• Adjusted EBITDA of $16.6 million.
• An average of 11.0 vessels were owned and operated during the first half of 2026 earning an average time charter equivalent rate of $17,452 per day. Refer to a subsequent section of the Press Release for the definition and method of calculation of the time charter equivalent rate.
Aristides Pittas, Chairman and CEO of EuroDry, commented: “We are pleased to report a highly profitable quarter, our strongest in four years. During the second quarter of 2026, the drybulk market strengthened significantly, with time charter rates reaching levels last seen in 2022. This positive momentum continued into July 2026 and is also reflected in Forward Freight Agreement ("FFA") rates for the remainder of 2026 and throughout 2027.”
“As we have noted on several occasions, our financial performance is closely linked to prevailing market rates. Accordingly, the strong market conditions during the second quarter were fully reflected in our revenues and earnings. If the elevated rates currently implied by the FFA market materialize, they should be reflected in our financial performance during the respective future periods.”
“The strength of the market primarily reflects increased demand for drybulk vessels, driven by higher overall drybulk trade, including stronger volumes of iron ore and bauxite, an even shortterm recovery in coal trade, longer average voyage distances, and transportation inefficiencies and trade dislocations stemming from ongoing geopolitical developments and uncertainty. At the same time, the industry orderbook continued to grow, reaching 14.4% of the existing fleet.
We believe this remains a manageable level, considering the aging profile of the global fleet, increasingly stringent environmental regulations that are likely to raise the operating costs of older vessels, and the fact that the delivery schedule for vessels currently on order is spread over several years.”
“We continue to monitor market developments closely and remain well positioned to capitalize on value-accretive investment opportunities to renew and expand our fleet for the long-term benefit of our shareholders.”
Tasos Aslidis, Chief Financial Officer of EuroDry, commented: “The net revenues of the second quarter of 2026 were stronger compared to the second quarter of 2025 as a result of the higher time charter equivalent rates our vessels earned during the second quarter of 2026 compared to the same period of 2025. The time charter equivalent rates for the second quarter of 2026 were higher by 95.6% on average compared to the time charter equivalent rates our vessels earned in the second quarter of 2025.”
“Daily vessel operating expenses, including management fees, but excluding dry-docking costs, averaged $6,608 per vessel per day during the second quarter of 2026 as compared to $6,785 per vessel per day for the same quarter of last year, and $6,599 per vessel per day for the first half of 2026 as compared to $6,685 per vessel per day for the same period of 2025.
General and administrative expenses averaged $836 per vessel per day during the second quarter of 2026 as compared to $754 per vessel per day for the same quarter of last year, and $863 per vessel per day for the first half of 2026 as compared to $734 per vessel per day for the same period of 2025. This increase is explained by the allocation of expenses of approximately the same levels in the respective three-month and six-month periods, to a decreased number of vessels in the three months and six months ended June 30, 2026.”
“Adjusted EBITDA during the second quarter of 2026 was $11.7 million compared to $1.9 million in the second quarter of last year.”
“As of June 30, 2026, our outstanding debt (excluding the unamortized loan fees) was $98.1 million, while unrestricted and restricted cash was $31.3 million. As of the same date, our scheduled debt repayments including balloon payments over the next 12 months amounted to about $22.0 million.”
Full press release: EuroDry Ltd.