Eurodry ( (EDRY) ) has released its Q4 earnings. Here is a breakdown of the information Eurodry presented to its investors.
EuroDry Ltd., a NASDAQ-listed company, operates in the drybulk shipping industry, managing a fleet of vessels that transport drybulk cargoes across the globe. The company is known for its strategic management and operation of a diverse fleet, including Panamax, Ultramax, Kamsarmax, and Supramax drybulk carriers.
In its latest earnings report, EuroDry Ltd. revealed a challenging financial performance for the year and quarter ending December 31, 2024. The company reported a net loss of $9.7 million for the year, with total net revenues reaching $61.1 million. For the fourth quarter, the company faced a net loss of $3.3 million, with revenues decreasing to $14.5 million compared to the same period in the previous year.
Key financial metrics highlighted include an adjusted EBITDA of $12.4 million for the year and $4.8 million for the fourth quarter. The company operated an average of 13 vessels throughout the year, achieving a time charter equivalent rate of $13,039 per day. Strategic developments included the signing of contracts for two new Ultramax bulk carriers and the sale of an older vessel, M/V Tasos, for demolition.
Despite the current financial setbacks, EuroDry’s management remains optimistic about future prospects. The company anticipates a market recovery in the coming months, driven by potential economic stimuli from China and seasonal market improvements. EuroDry is also exploring investment opportunities to expand its fleet further, positioning itself for future growth in the drybulk shipping sector.