Movers and SHAKERS
Another Solid Quarter - Promising 2H2019 Outlook.
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.
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- Another solid quarter as pure dry bulk market play. Reported 2Q2019 EBITDA was $1.8 million and adjusted EBITDA of $2.7 million excluding drydock expenses was above our estimate of $2.3 million mainly due to higher than expected TCE rates partially offset by slightly higher opex. 2Q2019 TCE revenue of $6.3 million was slightly above expectations by $0.1 million due to higher than expected shipping days of 628.
- Adjusting our 2019 EBITDA estimate to reflect 2Q2019 results and current dry bulk market environment. We have fine-tuned our forecasts and there is no change in adjusted EBITDA estimate of $10.4 million. Given the rapid...
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