Business
EuroDry Ltd. Reports Results for the Six-Month Period and Quarter Ended June 30, 2020
ATHENS, Greece, Aug. 06, 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, Aug. 06, 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 six month periods ended June 30, 2020. \n Second Quarter 2020 Highlights: Total net revenues of $4.0 million. Net loss of $3.8 million; net loss attributable to common shareholders (after a $0.4 million dividend on Series B Preferred Shares) of $4.2 million or $1.86 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $3.9 million or $1.73 loss per share basic and diluted.Adjusted EBITDA1 was $(1.3) million.An average of 7.0 vessels were owned and operated during the second quarter of 2020 earning an average time charter equivalent rate of $7,297 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. First Half 2020 Highlights: Total net revenues of $9.1 million. Net loss of $6.1 million; net loss attributable to common shareholders (after a $0.7 million dividend on Series B Preferred Shares) of $6.9 million or $3.03 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $6.2 million or $2.76 loss per share basic and diluted.Adjusted EBITDA1 was $(1.0) 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 $7,390 per day. Aristides Pittas, Chairman and CEO of EuroDry commented: “During the second quarter of 2020, the drybulk market experienced the effects of the COVID-19 pandemic and lockdown of the main economies resulting in decreased cargo volumes transported and significant declines in charter rates. These developments put pressure on our cash flow, which combined with the offhire time of one of our vessels to undergo its fourth special survey led to us posting our worst quarterly results since the Company’s spin-off. During the second half of June, the market started recovering – in line with the reopening of the major economies- with rates returning to the levels seen at the beginning of the year; therefore, we expect a reversal of fortunes in the third quarter if such...