Friday, November 14, 2025
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.
Third quarter financial results. EuroDry reported third quarter 2025 revenues of $15.3 million, in line with expectations of $15.1 million and down slightly from $15.8 million last year due to a smaller fleet. Adjusted EBITDA improved sharply to $4.1 million, up from $0.5 million in Q3 2024, due to lower expenses and stronger utilization. The company operated an average of 12 vessels at a TCE of $13,232/day, modestly above $13,105/day in the prior-year period. Adjusted net loss narrowed to $0.6 million, or $(0.23)/share, compared to a loss of $3.9 million, or $(1.42)/share, last year.
Market outlook. Management indicated that dry-bulk fundamentals continued to strengthen through Q3, supported by improving Chinese import activity, firmer demand across key cargo segments, and increased ton-mile requirements. Limited fleet growth and a historically low orderbook continue to support a tightening supply backdrop as the market moves into 2026. We expect Q4 results to capture more of the recent improvement as earlier charters roll off, though geopolitical uncertainty remains a risk to global trade flows.
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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.
