EuroDry Ltd., an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three and nine-month periods ended September 30, 2025.
Third Quarter 2025 Highlights:
• Total net revenues for the quarter of $14.4 million.
• Net loss attributable to controlling shareholders, of $0.7 million or $0.24 loss per share basic and diluted.
• Adjusted net loss1 attributable to controlling shareholders for the quarter of $0.6 million or $0.23 adjusted loss per share attributable to controlling shareholders basic and diluted.
• Adjusted EBITDA1 for the quarter was $4.1 million.
• An average of 12.0 vessels were owned and operated during the third quarter of 2025 earning an average time charter equivalent rate of $13,232 per day.
• To-date, about $5.3 million has been used to repurchase 334,674 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 will review it again after a period of twelve months.
Nine Months 2025 Highlights:
• Total net revenues of $34.9 million.
• Net loss attributable to controlling shareholders was $7.4 million or $2.71 loss per share basic and diluted.
• Adjusted net loss1 attributable to controlling shareholders for the period was $9.3 million or $3.39 adjusted loss per share attributable to controlling shareholders basic and diluted1 , which excludes among other items the net gain on sale of one of our vessels of $2.1 million. • Adjusted EBITDA1 was $5.0 million.
• An average of 12.3 vessels were owned and operated during the first nine months of 2025 earning an average time charter equivalent rate of $10,210 per day.
Recent developments and financing arrangements:
• As previously announced, the Company on August 24, 2025, signed an agreement to sell M/V Eirini P., a 76,466 dwt drybulk vessel, built in 2004. The vessel was sold to an unaffiliated third party, for approximately $8.5 million. The vessel was delivered to its buyers on October 21, 2025. The Company recorded a gain on the sale of approximately $0.7 million which has been recorded on delivery of the vessel in October 2025.
• On October 30, 2025, the Company signed a term sheet with Eurobank S.A. in order to refinance the loan of M/V Yannis Pittas with a tranche of $13.5 million along with a tranche to partly finance the construction of Hull No XY166 (M/V “Troboni”) with an additional loan of up to $26 million for a total loan of up to $39.5 million. The agreement is subject to customary documentation.
• On November 3, 2025, the Company signed a loan agreement with Crediabank S.A. for a loan up to $26.9 million to fully finance the remaining pre-delivery instalments during the construction period and partly the final payment at delivery of Hull No XY164 (M/V “Aristeidis”).
Aristides Pittas, Chairman and CEO of EuroDry, commented: “During the third quarter of 2025 as well as during the month of October and the beginning of November of 2025, the drybulk market continued improving with average Ultramax spot earnings being just below $15,000/day during the third quarter and exceeding $17,000 /day since the beginning of October, with one year time charter rates for such vessels ranging between $15,000 and $16,000/day during October and November. Similarly, average Kamsarmax earnings have been between $15,000 and $17,000 since the beginning of the third quarter with an upward trend.
“Our results for the third quarter do not reflect this improvement since the majority of our charters had been finalized earlier at lower market levels. We are confident though that this market improvement will be reflected in Q4.
“During the third quarter and the following period, we took significant steps to improve our liquidity by refinancing one of our ships, selling one of our elder vessels and, furthermore, partly financing the pre-delivery payments of our newbuildings, thus, increasing our liquidity by approximately $15 million by the end of 2025. In the context of financing our newbuildings, we welcome Credia Bank to our group of financiers, and we look forward to extending our cooperation in the future.
“These steps along with the improved market levels which are expected to result in positive cash flow generation from our fleet put us in a position to continue our fleet renewal and expansion plans in 2026 undeterred by the continuing economic and geopolitical uncertainty for the long-term benefit of our shareholders.”
Tasos Aslidis, Chief Financial Officer of EuroDry commented: “Comparing our results for the third quarter of 2025 with the same period of 2024, our net revenues slightly decreased by about $0.3 million, due to the decreased number of vessels as compared to the third quarter of 2024. The time charter equivalent rates our vessels earned for the period were approximately at the same levels compared to the time charter equivalent rates our vessels earned in the third quarter of 2024. Operating expenses, including management fees, increased from $6,147 per vessel per day in the third quarter of 2024 to $6,328 in the third quarter of 2025 mainly due to the depreciation of the US dollar, while General and Administrative expenses averaged $685 per vessel per day during the third quarter of 2025 as compared to $704 per vessel per day for the same quarter of last year partly due to lower (non-cash) cost of the Company’s stock incentive plan.
“Adjusted EBITDA during the third quarter of 2025 was $4.1 million compared to $0.5 million achieved for the third quarter of last year. As of September 30, 2025, our outstanding debt (excluding the unamortized loan fees) was $97.9 million while unrestricted and restricted cash was $11.9 million. As of the same date, our scheduled debt repayments including balloon payments over the next 12 months amounted to about $12.5 million (excluding the unamortized loan fees) and all our loan covenants are satisfied.”