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Positive Impact from Preferred Changes and Recent Dry Bulk Market Rebound.
EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands and trades on the NASDAQ Capital Market under the ticker EDRY. EDRY is the product of a spin-off of the dry bulk fleet by Euroseas (ESEA) completed in May 2018.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Recent preferred restructuring improves cost structure. ~$4.3 million of Series B Preferred Shares was redeemed and the dividend rate was lowered by 275 basis points through January 2021. There is a positive impact on the cost structure; the reduced dividend saves $0.54 million, or ~$212/day, and the lower Series B Preferred saves $0.41 million, or ~$163/day.
- EuroDry stands to benefit if dry bulk market rebound extends into next year. To counteract the market weakness and reduce exposure to TCE rate volatility, Panamax forward freight agreements (FFA) were secured and effective coverage is close to...
*Analyst certification and important disclosures included in full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.