Business
EuroDry Ltd. Reports Results for the Nine-Month Period and Quarter Ended September 30, 2022
ATHENS, Greece, Nov. 10, 2022 (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. 10, 2022 (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, 2022. Third Quarter 2022 Highlights: Total net revenues for the quarter of $15.8 million.Net income attributable to common shareholders of $6.2 million or $2.11 and $2.10 earnings per share basic and diluted, respectively. Adjusted net income attributable to common shareholders1 for the quarter of $5.7 million, or, $1.94 and $1.93 per share basic and diluted, respectively.Adjusted EBITDA1 was $9.5 million.An average of 11.0 vessels were owned and operated during the third quarter of 2022 earning an average time charter equivalent rate of $20,637 per day.On September 19, 2022 we announced the sale of M/V Pantelis, a 74,020 dwt drybulk vessel, built in 2000, for approximately $9.7 million. The vessel was delivered to her new owners, an unaffiliated party, on October 17, 2022. As of November 9, 2022 we had repurchased 108,963 shares of our common stock in the open market for $1.5 million, under our share repurchase plan of up to $10 million, announced in August 2022. Nine Months 2022 Highlights: Total net revenues of $55.1 million.Net income attributable to common shareholders was $27.3 million, or $9.43 and $9.34 earnings per share basic and diluted, respectively. Adjusted net income attributable to common shareholders1 for the period was $25.1 million or $8.69 and $8.60 adjusted earnings per share basic and diluted, respectively, before unrealized gain on derivatives. Adjusted EBITDA1 was $35.9 million. An average of 10.5 vessels were owned and operated during the first nine months of 2022 earning an average time charter equivalent rate of $22,876 per day. Aristides Pittas, Chairman and CEO of EuroDry commented: “During the third quarter of 2022, average time charter rates for the sizes of vessels we own dropped on average by 35-50% compared to the second quarter of 2022 with Supramax and Ultramax spot earnings dropping a bit less. Since the end of the third quarter, time charter rates slid down by another 5% to 12%, while average spot earnings improved. We believe that these developments were the result of, first, lower shipping demand due ...