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

Core Viewpoint - EuroDry Ltd. reported a significant decline in drybulk market rates, reaching decade-long lows, primarily due to low demand from China and low trade volumes, but anticipates a recovery driven by Chinese government stimuli and seasonal market trends [5][6]. 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 income of 0.3millioninthesameperiodlastyear[21][22].−Averagetimecharterequivalentrateforvesselswas0.3 million in the same period last year [21][22]. - Average time charter equivalent rate for vessels was 12,201 per day, down 16.3% from 14,570perdayinQ42023[10][8].−AdjustedEBITDAforQ42024was14,570 per day in Q4 2023 [10][8]. - Adjusted EBITDA for Q4 2024 was 4.8 million, down from 6.6millioninQ42023[9][22].FullYear2024Highlights−Totalnetrevenuesforthefullyear2024were6.6 million in Q4 2023 [9][22]. Full Year 2024 Highlights - Total net revenues for the full year 2024 were 61.1 million, 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]. - Average time charter equivalent rate for the year was 13,039perday,comparedto13,039 per day, compared to 12,528 per day in 2023 [24]. 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].−Thecompanyagreedtosellitsoldestvessel,M/VTasos,forapproximately71.8 million [7]. - The company agreed to sell its oldest vessel, M/V Tasos, for approximately 5 million, expecting to record a gain of about 2.1millionfromthesale[7][6].FinancialPerformance−VesseloperatingexpensesforQ42024were2.1 million from the sale [7][6]. Financial Performance - Vessel operating expenses for Q4 2024 were 6.6 million, an increase from 6.1millioninQ42023,attributedtoahighernumberofvesselsoperating[12].−Generalandadministrativeexpensesdecreasedto6.1 million in Q4 2023, attributed to a higher number of vessels operating [12]. - General and administrative expenses decreased to 0.8 million in Q4 2024 from 1.2millioninQ42023,duetoreducedcostsrelatedtoapartnershipformation[14].−Thecompanyrecordedanimpairmentchargeof1.2 million in Q4 2023, due to reduced costs related to a partnership formation [14]. - The company recorded an impairment charge of 2.8 million in Q4 2024, reflecting a reduction in the carrying amount of a vessel to its estimated market value [17]. Fleet Profile - The company operated an average of 13.0 vessels in Q4 2024, compared to 12.2 vessels in the same period last year [8]. - The fleet's average daily results showed a time charter equivalent rate of 12,201perdayinQ42024,downfrom12,201 per day in Q4 2024, down from 14,570 per day in Q4 2023 [41].