EuroDry Ltd. Reports Results for the Quarter and Six-Month Period Ended June 30, 2025

Core Viewpoint - EuroDry Ltd. reported a net loss for the second quarter of 2025, indicating that while the drybulk market showed some recovery, it was insufficient to return the company to profitability. The outlook for the third quarter is cautiously optimistic if market rates improve as expected [5][10][29]. Financial Performance - Total net revenues for Q2 2025 were $11.3 million, a decrease of 35.3% from $17.4 million in Q2 2024 [10][21]. - The net loss attributable to controlling shareholders for Q2 2025 was $3.1 million, or $1.12 loss per share, compared to a net loss of $0.3 million, or $0.15 loss per share, in Q2 2024 [6][19]. - Adjusted EBITDA for Q2 2025 was $1.9 million, down from $5.0 million in Q2 2024 [10][19]. Operational Metrics - An average of 12.0 vessels were owned and operated during Q2 2025, earning an average time charter equivalent rate of $10,428 per day, compared to 13.0 vessels at $14,427 per day in Q2 2024, reflecting a 27.7% decrease in rates [10][36]. - Daily vessel operating expenses averaged $6,785 per vessel per day in Q2 2025, up from $6,396 in Q2 2024, primarily due to inflation adjustments and unfavorable currency exchange rates [9][36]. Market Conditions - The drybulk market showed signs of recovery in Q2 2025, but geopolitical and macroeconomic uncertainties, including US tariffs and recent attacks on bulk carriers, continue to pose risks to demand [7][5]. - The company has maintained its vessels on short-term charters during low-rate periods but is considering longer-term charters if market conditions improve [8]. Fleet Profile - EuroDry's fleet consists of 12 dry bulk vessels with a total deadweight tonnage of 842,886. The average time charter equivalent rate for the first half of 2025 was $8,761 per day [32][21]. - The company has two vessels under construction, expected to be delivered in Q2 and Q3 of 2027 [32]. Cash Flow and Debt - As of June 30, 2025, the company had outstanding debt of $102.1 million and cash reserves of $11.4 million [10][29]. - Scheduled debt repayments over the next 12 months amount to approximately $12.7 million [10].