Key Points – EuroDry returned to profitability in Q1 2026 as higher charter rates lifted net revenues 38.9% year over year to $12.8 million.
The company posted net income of $0.26 million, versus a $3.7 million loss a year earlier, with TCE rates more than doubling to $14,416 per vessel per day. – The company is expanding its fleet with four newbuildings, including two newly ordered 82,000-dwt eco Kamsarmax bulk carriers from Hengli Shipbuilding
Once delivered, EuroDry said its fleet will grow from 11 vessels to 15 and its carrying capacity will rise to about 1.05 million deadweight tons. – Management sees a supportive near-term dry bulk market, citing stronger Panamax and Supramax rates, healthy utilization, and relatively low industry vessel supply. EuroDry also said it continues share repurchases, having bought back 348,000 shares for $5.6 million, while estimating NAV above $52.77 per share. EuroDry (NASDAQ:EDRY) reported a return to profitability in the first quarter of 2026, supported by stronger charter rates despite operating a smaller average fleet than a year earlier, while management said it is expanding its newbuilding program with two additional Kamsarmax bulk carriers.
Chairman and Chief Executive Officer Aristides Pittas said the dry bulk owner generated total net revenues of $12.8 million for the three months ended March 31, 2026. Net income attributable to controlling shareholders was $0.26 million, or $0.09 per diluted share. Adjusted net income attributable to controlling shareholders was $0.33 million, or $0.12 per diluted share, and adjusted EBITDA was $4.9 million.