EuroDry announced its results for the three–month period ended March 31, 2022.
First Quarter 2022 Highlights:
• Total net revenues of $18.3 million.
• Net income attributable to common shareholders of $10.5 million or $3.69 and $3.64 earnings per share basic and diluted, respectively.
• Adjusted net income attributable to common shareholders1 for the quarter of $9.5 million or $3.34 and $3.30 earnings per share basic and diluted, respectively, before unrealized gain on derivatives.
• Adjusted EBITDA1 was $12.7 million.
• An average of 9.54 vessels were owned and operated during the first quarter of 2022 earning an average time charter equivalent rate of $24,636 per day.
Aristides Pittas, Chairman and CEO of EuroDry commented:
“Despite the challenging global economic and geopolitical environment, during the first quarter of 2022, our vessels were employed at very profitable rates, the highest compared to any period of the last 12 years except the second half of 2021. The significant earnings generated by our vessels have allowed us to exploit investment opportunities and to expand our fleet by 2 units in 2022, building on our two–prong growth strategy that combines modern eco vessels built during the last 8–10 years that have attractive commercial characteristics with high quality older and, thus, lower capital cost vessels that make outsized contribution to our earnings per dollar invested.”
“We continue to remain very optimistic about the prospects of the drybulk market in spite of the global uncertainties which could affect overall economic growth and demand for drybulk shipping. Our optimism is based on the limited supply of vessels which is the result, in the near term, of the continuing inefficiencies in the transportation system from the pandemic and the Ukraine crisis in the medium term, of the historically low orderbook which is near the lowest levels of the last 25 years expressed as a percentage of the fleet. In addition to the above, the effects of the upcoming application of environmental regulations could further restrict the supply of vessels over the next several years. “Within this environment, we are pursuing opportunities to grow our fleet in accretive ways and manage our profitability to maximize the rewards to our shareholders.”