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EuroDry Ltd. (EDRY)
Solid Quarter and Balanced Contracting Tempers Volatility
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. For every five ESEA shares, ESEA shareholders received one EDRY share. There are currently ~2.2 million EDRY shares outstanding. EuroDry operates in the dry bulk shipping markets. EuroDry’s operations are managed by Eurobulk Ltd., an affiliated ship management company, and Eurobulk FE (Far East) Ltd, which are responsible for the day-to-day commercial and technical management and operation of the fleet. EuroDry employs the fleet on spot and period charters and through pool arrangements.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Another solid quarter as pure dry bulk play. Adjusted EBITDA of $2.9 million was above our estimate of $2.6 million mainly due to higher than expected TCE rates of $12,088/day and lower opex, which more than offset lower shipping days.
- Adjusting our 2019 EBITDA estimate to $10.9 million to reflect positive quarter and current dry bulk market environment. Given the current dry bulk market environment, we
are orecasting that TCE rates weaken slightly in 4Q2019. But 3Q2019 was higher than expected so...
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*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.