EuroDry reports Q2 EPS (15c) vs (43c) last year

Reports Q2 revenue $17.4M vs $10.34M last year. Aristides Pittas, Chairman and CEO of EuroDry commented: “During the second quarter of 2024, the drybulk market fluctuated at levels 5-10% higher than the previous quarter showing some signs of seasonal slowdown by the end of June. Earnings for eco-Kamsarmax vessels averaged about $17,800 during the second quarter and around $15,900 in July while earnings for eco-Ultramax vessels averaged $3-4,000 thousand dollars per day higher than Kamsarmaxes throughout 2024. Our fleet, which includes five older Panamaxes that typically trade at 3-4,000/day below eco-Kamsarmax vessels, earned a blended rate of $14,427/day as a result of some legacy charters. Our results for the quarter were influenced by various scheduled drydockings.”