EuroDry (NASDAQ:EDRY) reported higher second-quarter revenue and a return to profitability as time charter rates more than doubled from the prior-year period, while the dry bulk shipowner outlined plans to expand its fleet and refinance debt tied to one of its Kamsarmax vessels.
For the three months ended June 30, 2026, EuroDry reported total net revenues of $17.7 million, up 57% from $11.3 million a year earlier
Net income attributable to controlling shareholders was $6.59 million, or $2.32 per diluted share, compared with a $3.1 million loss in the second quarter of 2025. Adjusted net income was $6.95 million, or $2.44 per diluted share, and adjusted EBITDA was $11.71 million. “The company reported a net income attributable to controlling shareholders of $6.6 million as compared to a net loss attributable to controlling shareholders of $3.1 million for the same period of 2025,” Finance Manager Athina Atalioti said during the company’s earnings call. Charter Rates Drive Earnings Improvement EuroDry operated an average of 11 vessels in the second quarter, compared with 12 vessels in the year-earlier period.
Its average time-charter-equivalent rate rose to $20,398 per vessel per day from $10,428 per day a year earlier. Both commercial and operational utilization reached 100% during the quarter. Operating expenses, including management fees and general and administrative costs but excluding dry-docking expenses, declined slightly to $7,444 per vessel per day from $7,539.