Monday, February 23, 2026
EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd. on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day- to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Fourth quarter and full year results. EuroDry reported fourth-quarter net revenues of $17.4 million, exceeding our estimate of $16.5 million, driven by a stronger average TCE rate of $16,262 per day versus our $15,900 estimate and lighter drydocking of 13.7 days against our 22-day assumption. Adjusted EBITDA of $7.5 million and adjusted EPS of $0.88 came in ahead of our estimates of $6.7 million and $0.78, respectively. For the full year, net revenues of $52.3 million, adjusted EBITDA of $12.5 million, and an adjusted net loss of $2.50 per share all modestly surpassed our estimates of $51.4 million, $11.7 million, and a loss of $2.57.
Market update. Dry-bulk fundamentals strengthened in the fourth quarter, with average TCE rates rising to the highest levels in approximately two years. The global order book remains near historically low levels, at approximately 13.4% of the existing fleet, providing structural support. Near-term demand tailwinds include growing bauxite trade from West Africa, continued grain flows following the U.S.–China trade truce, and longer voyage distances due to Red Sea disruptions, though geopolitical uncertainty and tariff-related volatility remain risks.
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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 the 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.
