Core Insights - EuroDry Ltd. reported a total net revenue of $17.4 million for Q2 2024, a 68.6% increase from $10.3 million in Q2 2023, driven by higher time charter rates and an increased number of vessels operated [11][19] - The company experienced a net loss attributable to controlling shareholders of $0.41 million in Q2 2024, compared to a net loss of $1.2 million in the same period of 2023 [18][19] - Adjusted EBITDA for Q2 2024 was $5.0 million, up from $2.5 million in Q2 2023, indicating improved operational performance [11][19] Financial Performance - For the first half of 2024, total net revenues reached $31.9 million, a 46.9% increase from $21.7 million in the first half of 2023 [21] - The average time charter equivalent rate for Q2 2024 was $14,427 per day, an 18.5% increase compared to $12,179 per day in Q2 2023 [11][19] - Adjusted net loss for the first half of 2024 was $3.7 million, or $1.35 per share, compared to an adjusted loss of $0.33 per share in the first half of 2023 [29][30] Operational Highlights - The company operated an average of 13 vessels in both Q2 and the first half of 2024, compared to 10 vessels in the same periods of 2023 [11][21] - Daily vessel operating expenses decreased to $6,396 per vessel per day in Q2 2024 from $6,780 in Q2 2023, reflecting improved cost management [10][19] - The fleet utilization rate for Q2 2024 was 99.0%, up from 93.3% in Q2 2023, indicating more efficient use of the fleet [33] Market Environment - The drybulk market showed fluctuations of 5-10% higher than the previous quarter, with signs of seasonal slowdown by the end of June 2024 [7][8] - Earnings for eco-Kamsarmax vessels averaged about $17,800 per day during Q2 2024, while eco-Ultramax vessels earned $3,000 to $4,000 more per day [7] - The company anticipates that low supply growth will support demand increases, particularly influenced by global economic growth and developments in China [8][9] Strategic Initiatives - EuroDry has extended its share repurchase program for another year, having repurchased approximately $5.0 million worth of shares to date [3][9] - The company is evaluating fleet renewal and investment opportunities while maintaining a strategy to capitalize on rate increases through short-term or index-linked charters [9] - The 2023 Sustainability Report has been published, highlighting the company's commitment to environmental, social responsibility, and governance aspects [4][9]
EuroDry Ltd. Reports Results for the Six-Month Period and Quarter Ended June 30, 2024