EuroDry Ltd. (NASDAQ: EDRY) shares hiked Wednesday, as the company, an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three-month period ended March 31, 2026. Total net revenues were $12.8 million, while net income attributable to controlling shareholders, of $0.26 million or $0.09 earnings per share attributable to controlling shareholders basic and diluted.
Adjusted net income attributable to controlling shareholders for the quarter proved to be $0.33 million or $0.12 earnings per share attributable to controlling shareholders basic and diluted, which represents the net income attributable to controlling shareholders excluding the unrealized loss on derivatives. Adjusted EBITDA was $4.9 million.
The Company has signed two contracts with Hengli Shipbuilding (Dalian) for the construction of two 82,000 DWT Kamsarmax bulk carriers. Both vessels are eco and are built to EEDI phase 3 design standard; they are scheduled to be delivered during the first and second quarters of 2028.
The total consideration for the two newbuilding contracts is approximately $74.0 million and will be financed with a combination of debt and equity. The contracts are conditional upon receiving a refund guarantee from a bank acceptable to the Company.
Said CEO Aristides Pittas,
“During the first quarter of 2026, a seasonally slow quarter, the drybulk market gave up very little ground as compared to the last quarter of last year.”
EDRY shares 69 cents, or 3.4%, to $21.30.
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