Business
EuroDry Ltd. Reports Results for the Six-Month Period and Quarter Ended June 30, 2023
ATHENS, Greece, Aug. 08, 2023 (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. 08, 2023 (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, 2023. Second Quarter 2023 Highlights: Total net revenues for the quarter of $10.3 million.Net loss of $1.2 million or $0.43 loss per share basic and diluted.Adjusted net loss1 for the quarter of $1.3 million or $0.48 adjusted loss per share basic and diluted1, respectively.Adjusted EBITDA1 for the quarter was $2.5 million.An average of 10.0 vessels were owned and operated during the second quarter of 2023 earning an average time charter equivalent rate of $12,179 per day.The original share repurchase program of $10 million approved by the Board in August 2022 has been extended for another year. To-date, about $3.25 million have been used to repurchase 216,551 shares of the Company.The Company also announced that it completed its 2022 Sustainability Report which is available at its website (http://www.eurodry.gr/company/sustainability.html). First Half 2023 Highlights: Total net revenues of $21.7 million.Net loss was $2.7 million or $0.98 loss per share basic and diluted. Adjusted net loss1 for the period was $0.92 million or $0.33 adjusted loss per share basic and diluted1.Adjusted EBITDA1 of $4.8 million.An average of 10.0 vessels were owned and operated during the first half of 2023 earning an average time charter equivalent rate of $11,393 per day. Aristides Pittas, Chairman and CEO of EuroDry commented: “After recovering early in second quarter, the drybulk markets turned down again reaching by July 2023 the very low levels last seen in January of this year. This decline in the market rates affected our results for the second quarter as the majority of our vessels were exposed to the fluctuations of the markets. Still, certain FFA coverage we had taken early in the year significantly mitigated the effect of the weak markets. “While geopolitical uncertainties have remained, the macroeconomic picture improved during the quarter with inflation dropping in many countries and various analysts revising positively their economic outlook forecasts. Drybulk trade volumes increased, especially for iron ore and coal. Given this positive economic and shi...