EuroDry announces Q3 adjusted earnings per share of 23 cents, compared to a loss of $1.42 in the previous year.
Reports Q3 revenue $14.4M vs. $14.7M last year. 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."
