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EuroDry Ltd. Reports Results for the Year and Quarter Ended December 31, 2024
EDRYEuroDry .(EDRY) GlobeNewswire·2025-02-24 12:34

Core Viewpoint - EuroDry Ltd. reported a significant decline in drybulk market rates, reaching decade-long lows, primarily due to reduced demand from China and low trade volumes. However, there are expectations for a recovery driven by Chinese government stimulus and seasonal market trends [5]. Fourth Quarter 2024 Highlights - Total net revenues for Q4 2024 were 14.5million,an8.814.5 million, an 8.8% decrease from 15.9 million in Q4 2023 [10]. - The company experienced a net loss attributable to controlling shareholders of 3.3million,or3.3 million, or 1.20 loss per share, compared to a net loss of 0.03millioninQ42023[21][22].−AdjustedEBITDAforQ42024was0.03 million in Q4 2023 [21][22]. - Adjusted EBITDA for Q4 2024 was 4.8 million, down from 6.6millioninQ42023[9][22].−Theaveragetimecharterequivalentrateforvesselswas6.6 million in Q4 2023 [9][22]. - The average time charter equivalent rate for vessels was 12,201 per day, a 16.3% decrease from 14,570perdayinQ42023[10][8].FullYear2024Highlights−Totalnetrevenuesforthefullyear2024were14,570 per day in Q4 2023 [10][8]. Full Year 2024 Highlights - Total net revenues for the full year 2024 were 61.1 million, representing a 28.3% increase from 47.6millionin2023[24].−Thenetlossattributabletocontrollingshareholdersfor2024was47.6 million in 2023 [24]. - The net loss attributable to controlling shareholders for 2024 was 9.7 million, or 3.54losspershare,comparedtoanetlossof3.54 loss per share, compared to a net loss of 2.9 million in 2023 [34][36]. - Adjusted EBITDA for the full year 2024 was 12.4million,downfrom12.4 million, down from 14.6 million in 2023 [35]. Recent Developments - The company signed contracts for the construction of two ultramax bulk carriers, scheduled for delivery in 2027, with a total consideration of approximately 71.8million[7].−EuroDryagreedtosellitsoldestvessel,M/VTasos,forapproximately71.8 million [7]. - EuroDry agreed to sell its oldest vessel, M/V Tasos, for approximately 5 million, expecting to record a gain of about 2.1millionfromthesale[7].FinancialPerformance−TheaveragenumberofvesselsoperatedinQ42024was13.0,comparedto12.2inQ42023[8].−VesseloperatingexpensesforQ42024were2.1 million from the sale [7]. Financial Performance - The average number of vessels operated in Q4 2024 was 13.0, compared to 12.2 in Q4 2023 [8]. - Vessel operating expenses for Q4 2024 were 6.6 million, up from 6.1millioninQ42023,attributedtotheincreasednumberofvessels[12].−Thecompanyrecordedanimpairmentchargeof6.1 million in Q4 2023, attributed to the increased number of vessels [12]. - The company recorded an impairment charge of 2.8 million in Q4 2024, which did not exist in Q4 2023 [17]. Fleet Profile - EuroDry's fleet consists of 13 dry bulk vessels with a total deadweight tonnage of 918,502 [38]. - The average time charter equivalent rate for the fleet in 2024 was 13,039perday,comparedto13,039 per day, compared to 12,528 per day in 2023 [42].