Business
EuroDry Ltd. Reports Results for the Nine-Month Period and Quarter Ended September 30, 2020
ATHENS, Greece, Nov. 11, 2020 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and
About this update from Eurodry Ltd.
[{"type":"text","content":"ATHENS, Greece, Nov. 11, 2020 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three and nine-month periods ended September 30, 2020.\n Third Quarter 2020 Highlights: Total net revenues of $6.8 million. Net income of $0.5 million; net income attributable to common shareholders (after a $0.4 million dividend on Series B Preferred Shares) of $0.1 million or $0.06 earnings per share basic and diluted. Adjusted net income attributable to common shareholders1 for the period was $0.1 million or $0.05 adjusted earnings per share basic and diluted. Adjusted EBITDA1 was $2.8 million.An average of 7.0 vessels were owned and operated during the third quarter of 2020 earning an average time charter equivalent rate of $11,873 per day.The Company declared a dividend of $0.4 million on its Series B Preferred Shares. The dividend will be paid in-kind by issuing additional Series B Preferred Shares. Nine Months 2020 Highlights: Total net revenues of $15.9 million. Net loss of $5.6 million; net loss attributable to common shareholders (after a $1.2 million dividend on Series B Preferred Shares) of $6.7 million or $2.97 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $6.1 million or $2.70 adjusted loss per share basic and diluted.Adjusted EBITDA1 was $1.8 million.An average of 7.0 vessels were owned and operated during the first half of 2020 earning an average time charter equivalent rate of $8,927 per day. Aristides Pittas, Chairman and CEO of EuroDry commented: “During the third quarter of 2020, EuroDry benefited from gradually improving charter markets as a result of the re-opening of most economies after the pandemic-related lockdowns. Since the beginning of October and during early November, the market rates have given up some of the gains, but they remain at satisfactory levels given the increased economic uncertainty due to the second wave of the pandemic and renewed economic lockdowns, especially, in Europe. Thus, we expect that the drybulk markets will be affected in the near term by the state of the world economies as influenced by the COVID-19 pandemic, and, in the medium term, by the low fleet growth due to histor...