EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner
and operator of drybulk vessels and provider of seaborne
transportation for drybulk cargoes, announced today its results for
the three and nine-month periods ended September 30, 2024.
Third Quarter 2024
Highlights:
- Total net revenues for the quarter of $14.7 million.
- Net loss attributable to controlling shareholders, of $4.2
million or $1.53 loss per share basic and diluted,
respectively.
- Adjusted net loss1 attributable to controlling shareholders for
the quarter of $3.9 million or $1.42 loss per share basic and
diluted, respectively.
- Adjusted EBITDA1 for the quarter was $0.5 million.
- An average of 13.0 vessels were owned and operated during the
third quarter of 2024 earning an average time charter equivalent
rate of $13,105 per day.
- To-date, about $5.0 million have been used to repurchase
314,337 shares of the Company, under our share repurchase plan of
up to $10 million, announced in August 2022.
Recent developments :
- The Company refinanced two of its
loans involving four of its vessels drawing approximately an
incremental $16 million thus increasing its cash reserves,
extending maturities to 2029 and 2030, respectively, and decreasing
interest cost margin.
Nine Months 2024 Highlights:
- Total net revenues of $46.6
million.
- Net loss attributable to
controlling shareholders was $6.4 million or $2.34 loss per share
basic and diluted.
- Adjusted net loss1 attributable to
controlling shareholders for the period was $7.5 million or $2.77
adjusted loss per share basic and diluted1, respectively, before
unrealized gain on derivatives.
- Adjusted EBITDA1 was $7.6
million.
- An average of 13.0 vessels were
owned and operated during the first nine months of 2024 earning an
average time charter equivalent rate of $13,339 per day.
__________________1Adjusted EBITDA, Adjusted net
loss attributable to controlling shareholders and Adjusted loss per
share are not recognized measurements under US GAAP (GAAP) and
should not be used in isolation or as a substitute for EuroDry’s
financial results presented in accordance with GAAP. Refer to a
subsequent section of the Press Release for the definitions and
reconciliation of these measurements to the most directly
comparable financial measures calculated and presented in
accordance with GAAP.
Aristides Pittas, Chairman and CEO of
EuroDry commented: “During the third
quarter of 2024, the average earnings for Kamsarmax/Panamax and
Ultramax vessels declined, with these declines continuing through
October and early November. Although fleet growth during 2024 has
been modest by recent historical standards, demand for vessels has
weakened, especially, during the second half of the year due partly
to the reversal of certain short term factors like Panama Canal
throughput constraints but more importantly due to weak demand from
China. China’s economic growth and the resulting demand for drybulk
trade is one of the key factors affecting the drybulk market and
one of the main challenges the latter faces. The recent
announcement of additional stimulus by China could change the near
and medium term prospects of the Chinese economy but its final
effect remains to be seen. Still, the biggest source of optimism in
the market comes from the supply side which is expected to grow
very modestly over the next couple of years.
“In the third quarter of 2024, we exploited the
weakness of the market during the summer to early drydock two of
our ships to improve their commercial prospects. In addition, two
more of our vessels underwent their scheduled drydock.
Consequently, our quarterly results were influenced by both the
weakness of the market and the cost of the drydockings and related
offhire days. With those drydockings completed, our fleet is better
positioned to benefit from potential market increases in 2025.
“At the same time, we continue exploring
investment opportunities in secondhand or newbuilding projects,
especially, as recent market declines resulted in lower vessel
values. In this context, we also increased our “firepower” through
loan refinancings securing about $16 million in extra liquidity. As
always, our focus remains to identify and undertake accretive
investment opportunities to generate returns for our
shareholders.”
Tasos Aslidis, Chief Financial Officer
of EuroDry commented: “Comparing our results for the third
quarter of 2024 with the same period of 2023, our net revenues
increased by about $4.7 million, due to the increased number of
vessels as compared to the third quarter of 2023. The time charter
equivalent rates for the period were higher by 8% on average
compared to the time charter equivalent rates our vessels earned in
the third quarter of 2023. Operating expenses, including management
fees, increased from $6,003 per vessel per day in the third quarter
of 2023 to $6,147 in the third quarter of 2024, while General and
Administrative expenses averaged $704 per vessel per day during the
third quarter of 2024 as compared to $677 per vessel per day for
the same quarter of last year partly due to higher (non-cash) cost
of the Company’s stock incentive plan and certain administrative
expenses for the entities owning the M/V Christos K and M/V Maria
represented by NRP Project Finance AS (“NRP investors”) (the
“Partnership”).
“Adjusted EBITDA during the third quarter of
2024 was $0.5 million compared to $3.1 million achieved for the
third quarter of last year. As of September 30, 2024, our
outstanding debt (excluding the unamortized loan fees) was $94.6
million while unrestricted and restricted cash was $7.6 million. As
of the same date, our scheduled debt repayments including balloon
payments over the next 12 months amounted to about $11.1 million
(excluding the unamortized loan fees) and all our loan covenants
are satisfied.”
Third Quarter 2024 Results:For
the third quarter of 2024, the Company reported total net revenues
of $14.7 million representing a 47.0% increase over total net
revenues of $10.0 million during the third quarter of 2023, which
was primarily the result of the increased average number of vessels
operating in the third quarter of 2024 compared to the
corresponding period of 2023 and the increased charter rates
earned. On average, 13.0 vessels were owned and operated during the
third quarter of 2024 earning an average time charter equivalent
rate of $13,105 per day compared to 10.0 vessels in the same period
of 2023 earning on average $12,126 per day.
For the third quarter of 2024, voyage expenses,
net amounted to $1.5 million and mainly relate to vessels
repositioning between charters and expenses during operational
off-hire time. For the third quarter of 2023, a gain on bunkers
resulted in positive voyage expenses of $0.1 million.
Vessel operating expenses increased to $6.3
million for the third quarter of 2024 from $4.7 million for the
third quarter of 2023. The increase is attributable to the
increased number of vessels operating in the third quarter of 2024
compared to the corresponding period in 2023.
Depreciation expense for the third quarter of
2024 amounted to $3.5 million, compared to $2.6 million for the
same period of 2023. This increase is again due to the higher
number of vessels operating in the third quarter of 2024 as
compared to the same period of 2023.
General and administrative expenses increased to
$0.8 million in the third quarter of 2024, as compared to $0.6
million in the third quarter of 2023. This increase is mainly
attributable to the increased cost of our stock incentive plan in
the third quarter of 2024 compared to the same period of 2023.
Related party management fees for the period
were $1.1 million compared to $0.8 million for the same period of
2023, again due to the increased number of vessels owned and
operated in the third quarter of 2024, as well as due to the
adjustment for inflation in the daily vessel management fee,
effective from January 1, 2024, increasing it from 775 Euros to 810
Euros and the unfavorable movement of the euro/dollar exchange
rate.
During the third quarter of 2024, four of our
vessels completed their special survey with drydocking for a total
cost of $4.5 million. During the third quarter of 2023, one of our
vessels completed her special survey with drydocking, for a total
cost of $0.8 million.
Interest and other financing costs for the third
quarter of 2024 amounted to $2.0 million compared to $1.6 million
for the same period of 2023. Interest expense during the third
quarter of 2024 was higher mainly due to the increased amount of
debt of our loans during the period as compared to the same period
of last year.
For the three months ended September 30, 2024,
the Company recognized a $0.3 million unrealized loss and a $0.05
million realized gain on one interest rate swap contract. For the
three months ended September 30, 2023, the Company recognized a
$0.14 million unrealized gain and a $0.05 million realized gain on
one interest rate swap contract. Interest income for the third
quarter of 2024 amounted to $0.02 million compared to $0.4 million
interest income for the same period of 2023. The decrease in
interest income is attributable to lower cash balances maintained
during the third quarter of 2024 compared to the corresponding
period in 2023.
The Company reported net loss for the period of
$5.2 million and a net loss attributable to controlling
shareholders of $4.2 million, as compared to a net loss and a net
loss attributable to controlling shareholders of $0.5 million for
the same period of 2023. The net loss attributable to the
non-controlling interest of $1.0 million in the third quarter of
2024 represents the loss attributable to the 39% ownership of the
Partnership.
Adjusted EBITDA for the third quarter of 2024
was $0.5 million compared to $3.1 million achieved during the third
quarter of 2023.
Basic and diluted loss per share attributable to
the Company for the third quarter of 2024 was $1.53 calculated on
2,729,603 basic and diluted weighted average number of shares
outstanding, compared to loss per share of $0.19 calculated on
2,758,013 basic and diluted weighted average number of shares
outstanding for the third quarter of 2023.
Excluding the effect on the loss attributable to
controlling shareholders for the quarter of the unrealized loss on
derivatives, the adjusted loss for the quarter ended September 30,
2024 would have been $1.42 per share basic and diluted, compared to
adjusted loss of $0.24 per share basic and diluted, respectively
for the quarter ended September 30, 2023. Usually, security
analysts do not include the above item in their published estimates
of earnings per share.
First Nine Months 2024 Results:
For the first nine months of 2024, the Company
reported total net revenues of $46.6 million representing a 47.0%
increase over total net revenues of $31.7 million during the first
nine months of 2023, which was mainly the result of the increased
number of vessels operated during the nine-month period of 2024
compared to the same period of 2023 and the increased charter rates
earned. On average, 13.0 vessels were owned and operated during the
first nine months of 2024 earning an average time charter
equivalent rate of $13,339 per day compared to 10.0 vessels in the
same period of 2023 earning on average $11,644 per day.
For the nine months of 2024, voyage expenses,
net, were $5.2 million and relate to vessels repositioning between
charters and expenses during operational off-hire time. For the
nine months of 2023 voyage expenses, net, were $3.4 million and
mainly relate to expenses incurred by one of our vessels while
employed under a voyage charter and expenses during the detention
of one of our vessels in Corpus Christi.
Vessel operating expenses were $19.1 million for
the nine months of 2024 as compared to $14.8 million for the same
period of 2023. The increase is mainly attributable to the
increased number of vessels operating in the first nine months of
2024 compared to the corresponding period of 2023.
Depreciation expense for the first nine months
of 2024 was $10.4 million compared to $7.7 million during the same
period of 2023, mainly due to the higher number of vessels
operating in the same period.
Related party management fees for the first nine
months of 2024 were increased to $3.2 million from $2.3 million for
the same period of 2023 as a result of an adjustment for inflation
in the daily vessel management fee, effective from January 1, 2024,
increasing the daily vessel management fee from 775 Euros to 810
Euros and the increased number of vessels operating partly offset
by the favorable movement of the euro/dollar exchange rate during
the period.
General and administrative expenses increased to
$2.4 million during the first nine months of 2024 as compared to
$2.2 million in the same period of last year. This increase is
mainly attributable to the increased cost of our stock incentive
plan.
Finally, during the nine months period of 2023,
we recorded a provision of $0.5 million for anticipated costs
related to the detention of one of our vessels in Corpus Christi
presented as other operating loss.
In the first nine months of 2024, seven of our
vessels completed their special survey with drydocking for a total
cost of $8.2 million. During the same period of 2023, three of our
vessels completed their special survey with drydocking for a total
cost of $2.9 million.
Interest and other financing costs for the first
nine months of 2024 amounted to $6.0 million compared to $4.4
million for the same period of 2023. This increase is mainly due to
the increased amount of debt in the current period as well as the
increase in the benchmark rates of our loans compared to the same
period of 2023.
For the nine months ended September 30, 2024,
the Company recognized a $0.1 million unrealized loss and a $0.2
million realized gain on one interest rate swap as well as a $1.3
million unrealized gain and $1.0 million realized loss on FFA
contracts. For the nine months ended September 30, 2023, the
Company recognized a $1.6 million unrealized loss and a $1.9
million realized gain on four interest rate swaps, three of which
were terminated early in the first quarter of 2023, as well as a
$2.5 million realized gain on FFA contracts.
Interest income for the first nine months of
2024 amounted to $0.1 million compared to $0.7 million interest
income for the same period of 2023. The decrease of interest income
is attributable to lower cash balances maintained during the first
nine months of 2024 compared to the corresponding period in
2023.
The Company reported net loss for the period of
$7.4 million and a net loss attributable to controlling
shareholders of $6.4 million, as compared to net loss and net loss
attributable to controlling shareholders of $3.3 million, for the
first nine months of 2023. The net loss attributable to the
non-controlling interest of $1.0 million in the first nine months
of 2024 represents the loss attributable to the 39% ownership of
the entities owning the M/V Christos K and M/V Maria represented by
NRP Project Finance AS (“NRP investors”) (the “Partnership”).
Adjusted EBITDA for the first nine months of
2024 was $7.6 million compared to $8.0 million achieved during the
first nine months of 2023.
Basic and diluted loss per share attributable to
the Company for the first nine months of 2024 was $2.34, calculated
on 2,724,521 basic and diluted weighted average number of shares
outstanding compared to loss per share of $1.17, calculated on
2,773,916 basic and diluted weighted average number of shares
outstanding.
Excluding the effect on the net loss
attributable to controlling shareholders for the first nine months
of the year of the unrealized (gain) / loss on derivatives, the
adjusted loss for the nine-month period ended September 30, 2024,
would have been $2.77 per share basic and diluted, compared to
adjusted loss of $0.57 per share basic and diluted, respectively,
for the nine-month period ended September 30, 2023. As previously
mentioned, usually, security analysts do not include the above item
in their published estimates of earnings per share. Fleet
Profile:
The EuroDry Ltd. fleet profile is as follows:
Name |
Type |
Dwt |
YearBuilt |
Employment(*) |
TCE Rate ($/day) |
Dry Bulk Vessels |
|
|
|
|
|
EKATERINI |
Kamsarmax |
82,000 |
2018 |
TC until Mar-25 |
Hire 105.5% of the Average Baltic Kamsarmax P5TC index (**) |
XENIA |
Kamsarmax |
82,000 |
2016 |
TC until Apr-25 |
Hire 108% of the Average Baltic Kamsarmax P5TC index(**) |
ALEXANDROS P. |
Ultramax |
63,500 |
2017 |
TC until Dec-24 |
$8,700 |
CHRISTOS K*** |
Ultramax |
63,197 |
2015 |
TC until Dec-24 |
$15,000 plus a GBB(****) of $150,000 |
YANNIS PITTAS |
Ultramax |
63,177 |
2014 |
TC until Dec-24 |
$15,000 |
MARIA*** |
Ultramax |
63,153 |
2015 |
TC until Dec-24 |
$17,750 |
GOOD HEART |
Ultramax |
62,996 |
2014 |
TC until Jan-25 |
$18,100 |
MOLYVOS LUCK |
Supramax |
57,924 |
2014 |
TC until Dec-24 |
$15,500 plus a GBB(****) of $155,000 |
EIRINI P |
Panamax |
76,466 |
2004 |
TC until Dec-24 |
$10,500 |
SANTA CRUZ |
Panamax |
76,440 |
2005 |
TC until Nov-24 |
$11,125 |
STARLIGHT |
Panamax |
75,845 |
2004 |
TC until Dec-24 |
$11,400 |
TASOS |
Panamax |
75,100 |
2000 |
TC until Dec-24 |
$10,800 |
BLESSED LUCK |
Panamax |
76,704 |
2004 |
TC until Nov-24 |
$14,750 plus a GBB(****) of $475,000 |
Total Dry Bulk Vessels |
13 |
918,502 |
|
|
|
Note: |
(*) |
Represents the
earliest redelivery date |
(**) |
The average Baltic Kamsarmax P5TC Index is an index based on
five Panamax time charter routes. |
(***) |
The entity owning the vessel is 61% owned by EuroDry
Ltd. and 39% by NRP Investors. |
(****) |
Gross Ballast Bonus. |
Summary Fleet Data:
|
3 months,endedSeptember30,
2023 |
|
3 months,endedSeptember30,
2024 |
|
9 months,endedSeptember30,
2023 |
|
9 months,endedSeptember30,
2024 |
|
FLEET DATA |
|
|
|
|
Average number of vessels (1) |
10.0 |
|
13.0 |
|
10.0 |
|
13.0 |
|
Calendar days for fleet (2) |
920.0 |
|
1,196.0 |
|
2,730.0 |
|
3,562.0 |
|
Scheduled off-hire days incl. laid-up (3) |
23.9 |
|
105.9 |
|
69.7 |
|
196.9 |
|
Available days for fleet (4) = (2) - (3) |
896.1 |
|
1,090.1 |
|
2,660.3 |
|
3,365.1 |
|
Commercial off-hire days (5) |
5.4 |
|
- |
|
22.8 |
|
4.5 |
|
Operational off-hire days (6) |
4.5 |
|
16.1 |
|
50.5 |
|
44.9 |
|
Voyage days for fleet (7) = (4) - (5) - (6) |
886.2 |
|
1,074.0 |
|
2,587.0 |
|
3,315.7 |
|
Fleet utilization (8) = (7) / (4) |
98.9 |
% |
98.5 |
% |
97.2 |
% |
98.5 |
% |
Fleet utilization, commercial (9) = ((4) - (5)) / (4) |
99.4 |
% |
100.0 |
% |
99.1 |
% |
99.9 |
% |
Fleet utilization, operational (10) = ((4) - (6)) / (4) |
99.5 |
% |
98.5 |
% |
98.1 |
% |
98.7 |
% |
|
|
|
|
|
AVERAGE DAILY RESULTS |
|
|
|
|
Time charter equivalent rate (11) |
12,126 |
|
13,105 |
|
11,644 |
|
13,339 |
|
Vessel operating expenses excl. drydocking expenses (12) |
6,003 |
|
6,147 |
|
6,282 |
|
6,242 |
|
General and administrative expenses (13) |
677 |
|
704 |
|
813 |
|
685 |
|
Total vessel operating expenses (14) |
6,680 |
|
6,851 |
|
7,095 |
|
6,927 |
|
Drydocking expenses (15) |
890 |
|
3,776 |
|
1,077 |
|
2,301 |
|
(1) Average number of vessels is the number of
vessels that constituted the Company’s fleet for the relevant
period, as measured by the sum of the number of calendar days each
vessel was a part of the Company’s fleet during the period divided
by the number of calendar days in that period.
(2) Calendar days. We define calendar days as
the total number of days in a period during which each vessel in
our fleet was owned by us including off-hire days associated with
major repairs, drydockings or special or intermediate surveys or
days of vessels in lay-up. Calendar days are an indicator of the
size of our fleet over a period and affect both the amount of
revenues and the amount of expenses that we record during that
period.
(3) The scheduled off-hire days including
vessels laid-up are days associated with scheduled repairs,
drydockings or special or intermediate surveys or days of vessels
in lay-up.
(4) Available days. We define available days as
the total number of Calendar days in a period net of scheduled
off-hire days incl. laid up. We use available days to measure the
number of days in a period during which vessels were available to
generate revenues.
(5) Commercial off-hire days. We define
commercial off-hire days as days a vessel is idle without
employment.
(6) Operational off-hire days. We define
operational off-hire days as days associated with unscheduled
repairs or other off-hire time related to the operation of the
vessels.
(7) Voyage days. We define voyage days as the
total number of days in a period during which each vessel in our
fleet was in our possession net of commercial and operational
off-hire days. We use voyage days to measure the number of days in
a period during which vessels actually generate revenues or are
sailing for repositioning purposes.
(8) Fleet utilization. We calculate fleet
utilization by dividing the number of our voyage days during a
period by the number of our available days during that period. We
use fleet utilization to measure a company's efficiency in finding
suitable employment for its vessels and minimizing the amount of
days that its vessels are off-hire for reasons such as unscheduled
repairs or days waiting to find employment.
(9) Fleet utilization, commercial. We calculate
commercial fleet utilization by dividing our available days net of
commercial off-hire days during a period by our available days
during that period.
(10) Fleet utilization, operational. We
calculate operational fleet utilization by dividing our available
days net of operational off-hire days during a period by our
available days during that period.
(11) Time charter equivalent rate, or TCE, is a
measure of the average daily net revenue performance of our
vessels. Our method of calculating TCE is determined by dividing
time charter revenue and voyage charter revenue net of voyage
expenses by voyage days for the relevant time period. Voyage
expenses primarily consist of port, canal and fuel costs that are
unique to a particular voyage, which would otherwise be paid by the
charterer under a time charter contract, or are related to
repositioning the vessel for the next charter. TCE provides
additional meaningful information in conjunction with voyage
revenues, the most directly comparable GAAP measure, because it
assists our management in making decisions regarding the deployment
and use of our vessels and because we believe that it provides
useful information to investors regarding our financial
performance. TCE is a standard shipping industry performance
measure used primarily to compare period-to-period changes in a
shipping company's performance despite changes in the mix of
charter types (i.e., spot voyage charters, time charters, pool
agreements and bareboat charters) under which the vessels may be
employed between the periods. Our definition of TCE may not be
comparable to that used by other companies in the shipping
industry.
(12) We calculate daily vessel operating
expenses, which include crew costs, provisions, deck and engine
stores, lubricating oil, insurance, maintenance and repairs and
related party management fees by dividing vessel operating expenses
and related party management fees by fleet calendar days for the
relevant time period. Drydocking expenses are reported
separately.
(13) Daily general and administrative expenses
are calculated by us by dividing general and administrative
expenses by fleet calendar days for the relevant time period.
(14) Total vessel operating expenses, or TVOE,
is a measure of our total expenses associated with operating our
vessels. We compute TVOE as the sum of vessel operating expenses,
related party management fees and general and administrative
expenses; drydocking expenses are not included. Daily TVOE is
calculated by dividing TVOE by fleet calendar days for the relevant
time period.
(15) Daily drydocking expenses are calculated by
us by dividing drydocking expenses by the fleet calendar days for
the relevant period. Drydocking expenses include expenses during
drydockings that would have been capitalized and amortized under
the deferral method. Drydocking expenses could vary substantially
from period to period depending on how many vessels underwent
drydocking during the period. The Company expenses drydocking
expenses as incurred.
Conference Call and
Webcast:Today, November 19, 2024 at 10:00 a.m. Eastern
Time, the Company's management will host a conference call and
webcast to discuss the results.
Conference Call
details:Participants should dial into the call 10 minutes
before the scheduled time using the following numbers: 877 405 1226
(US Toll-Free Dial In) or +1 201 689 7823 (US and Standard
International Dial In). Please quote “EuroDry” to the operator
and/or conference ID 13750229. Click here for additional
participant International Toll -Free access numbers.
Alternatively, participants can register for the
call using the call me option for a faster connection to join the
conference call. You can enter your phone number and let the system
call you right away. Click here for the call me option.
Audio webcast - Slides
Presentation:There will be a live and then archived audio
webcast of the conference call, via the internet through the
EuroDry website (www.eurodry.gr). Participants to the live webcast
should register on the website approximately 10 minutes prior to
the start of the webcast. A slide presentation on the Third Quarter
2024 results in PDF format will also be available 10 minutes prior
to the conference call and webcast accessible on the company's
website (www.eurodry.gr) on the webcast page. Participants to the
webcast can download the PDF presentation.
|
EuroDry Ltd. Unaudited Consolidated
Condensed Statements of Operations(All amounts
expressed in U.S. Dollars – except number of shares) |
|
|
Three MonthsEndedSeptember
30, |
Three MonthsEndedSeptember
30, |
Nine MonthsEndedSeptember
30, |
Nine MonthsEndedSeptember
30, |
|
2023 |
2024 |
2023 |
2024 |
|
(unaudited) |
(unaudited) |
Revenues |
|
|
|
|
Time charter revenue |
10,665,929 |
|
15,574,434 |
|
30,955,102 |
|
49,393,224 |
|
Voyage charter revenue |
- |
|
2,609,775 |
|
- |
|
|
Commissions |
(657,175 |
) |
(860,189 |
) |
(1,871,737 |
) |
(2,816,503 |
) |
Net
revenues |
10,008,754 |
|
14,714,245 |
|
31,693,140 |
|
46,576,721 |
|
|
|
|
|
|
Operating expenses |
|
|
|
|
Voyage expenses, net |
(80,185 |
) |
1,500,201 |
|
3,442,100 |
|
5,164,605 |
|
Vessel operating expenses |
4,734,265 |
|
6,284,099 |
|
14,820,551 |
|
19,077,803 |
|
Drydocking expenses |
819,246 |
|
4,515,874 |
|
2,939,081 |
|
8,194,782 |
|
Vessel depreciation |
2,619,171 |
|
3,464,975 |
|
7,730,460 |
|
10,363,906 |
|
Related party management fees |
788,110 |
|
1,067,742 |
|
2,329,465 |
|
3,154,424 |
|
General and administrative expenses |
622,767 |
|
841,997 |
|
2,219,882 |
|
2,439,245 |
|
Other operating loss |
- |
|
- |
|
500,000 |
|
- |
|
Total Operating expenses |
(9,503,374 |
) |
(17,674,888 |
) |
(33,981,539 |
) |
(48,394,765 |
) |
|
|
|
|
|
Operating income / (loss) |
505,380 |
|
(2,960,643 |
) |
(2,288,399 |
) |
(1,818,044 |
) |
|
|
|
|
|
Other income / (expenses) |
|
|
|
|
Interest and other financing costs |
(1,589,023 |
) |
(1,955,868 |
) |
(4,448,230 |
) |
(6,046,611 |
) |
Gain / (loss) on derivatives, net |
188,252 |
|
(248,277 |
) |
2,753,502 |
|
385,329 |
|
Foreign exchange gain / (loss) |
1,248 |
|
(30,180 |
) |
(7,065 |
) |
(20,111 |
) |
Interest income |
362,106 |
|
16,166 |
|
733,582 |
|
77,717 |
|
Other expenses, net |
(1,037,417 |
) |
(2,218,159 |
) |
(968,211 |
) |
(5,603,676 |
) |
Net loss |
(532,037 |
) |
(5,178,802 |
) |
(3,256,610 |
) |
(7,421,720 |
) |
Net loss attributable to non-controlling interest |
- |
|
999,403 |
|
- |
|
1,049,482 |
|
Net loss attributable to controlling
shareholders |
(532,037 |
) |
(4,179,399 |
) |
(3,256,610 |
) |
(6,372,238 |
) |
Loss per share, basic and diluted |
(0.19 |
) |
(1.53 |
) |
(1.17 |
) |
(2.34 |
) |
Weighted average number of shares, basic and diluted |
2,758,013 |
|
2,729,603 |
|
2,773,916 |
|
2,724,521 |
|
EuroDry Ltd.Unaudited Consolidated
Condensed Balance Sheets(All amounts expressed in
U.S. Dollars – except number of shares) |
|
|
December 31, 2023 |
September 30, 2024 |
|
|
|
ASSETS |
|
Current
Assets: |
|
|
Cash and cash equivalents |
8,002,024 |
2,649,201 |
Trade accounts receivable, net |
6,740,606 |
7,907,382 |
Other receivables |
2,127,266 |
2,454,389 |
Inventories |
4,117,663 |
1,874,056 |
Restricted cash |
2,797,569 |
1,339,916 |
Derivatives |
196,627 |
117,808 |
Prepaid expenses |
243,380 |
361,244 |
Total current
assets |
24,225,135 |
16,703,996 |
|
|
|
Fixed
assets: |
|
|
Vessels, net |
203,528,116 |
194,421,390 |
Long-term
assets: |
|
|
Restricted cash |
3,300,000 |
3,590,000 |
Total assets |
231,053,251 |
214,715,386 |
|
|
|
LIABILITIES, AND
SHAREHOLDERS' EQUITY |
|
|
Current
liabilities: |
|
|
Long term bank loans, current portion |
17,804,553 |
10,922,608 |
Trade accounts payable |
3,146,931 |
5,437,105 |
Accrued expenses |
2,320,606 |
2,263,086 |
Deferred revenue |
346,838 |
575,527 |
Due to related companies |
577,542 |
729,211 |
Derivatives |
1,287,720 |
- |
Total current
liabilities |
25,484,190 |
19,927,537 |
|
|
|
Long-term
liabilities: |
|
|
Long term bank loans, net of current portion |
86,123,063 |
82,998,576 |
Derivatives |
17,769 |
50,671 |
Total long-term
liabilities |
86,140,832 |
83,049,247 |
Total
liabilities |
111,625,022 |
102,976,784 |
|
|
|
Shareholders'
equity: |
|
|
Common stock (par value $0.01, 200,000,000 shares authorized,
2,832,417 and 2,787,953 issued and outstanding, respectively) |
28,324 |
27,879 |
Additional paid-in capital |
68,069,724 |
67,802,262 |
Retained earnings |
41,564,249 |
35,192,011 |
Total shareholders'
equity attributable to EuroDry Ltd. shareholders |
109,662,297 |
103,022,152 |
Non-controlling interest |
9,765,932 |
8,716,450 |
Total shareholders’ equity |
119,428,229 |
111,738,602 |
Total liabilities and shareholders' equity |
231,053,251 |
214,715,386 |
|
|
|
EuroDry Ltd.Unaudited Consolidated Condensed
Statements of Cash Flows (All amounts expressed in U.S.
Dollars) |
|
Nine MonthsEndedSeptember 30, |
|
Nine MonthsEndedSeptember 30, |
|
2023 |
|
2024 |
|
|
|
|
Cash flows from operating
activities: |
|
Net loss |
(3,256,610 |
) |
(7,421,720 |
) |
Adjustments to reconcile net loss
to net cash provided by operating activities: |
|
|
Vessel depreciation |
7,730,460 |
|
10,363,906 |
|
Amortization and write off of
deferred charges |
146,754 |
|
191,069 |
|
Share-based compensation |
619,624 |
|
706,162 |
|
Unrealized loss / (gain) on
derivatives |
1,664,409 |
|
(1,175,999 |
) |
Bad debt expense |
134,294 |
|
- |
Changes in operating assets and liabilities |
5,321,305 |
|
3,089,806 |
|
Net cash provided by operating activities |
12,360,236 |
|
5,753,224 |
|
|
|
|
Cash flows from investing
activities: |
|
|
Cash paid for vessel acquisitions
and capitalized expenses |
(6,639,561 |
) |
(1,102,130 |
) |
Cash paid for vessel sale
expenses |
(15,274 |
) |
- |
|
Net cash used in investing activities |
(6,654,835 |
) |
(1,102,130 |
) |
|
|
|
Cash flows from financing
activities: |
|
|
Cash paid for share
repurchase |
(1,782,084 |
) |
(974,070 |
) |
Loan arrangement fees paid |
(126,000 |
) |
- |
|
Proceeds from long term bank
loans |
14,000,000 |
|
- |
|
Repayment of long term bank
loans |
(20,895,000 |
) |
(10,197,500 |
) |
Net cash used in financing activities |
(8,803,084 |
) |
(11,171,570 |
) |
|
|
|
Net decrease in cash, cash
equivalents and restricted cash |
(3,097,683 |
) |
(6,520,476 |
) |
Cash, cash equivalents and restricted cash at beginning of
period |
37,123,013 |
|
14,099,593 |
|
Cash, cash equivalents and restricted cash at end of
period |
34,025,330 |
|
7,579,117 |
|
Cash breakdown
Cash and cash equivalents |
31,203,003 |
|
2,649,201 |
|
Restricted cash, current |
637,327 |
|
1,339,916 |
|
Restricted cash, long term |
2,185,000 |
|
3,590,000 |
|
Total cash, cash equivalents and restricted cash shown in
the statement of cash flows |
34,025,330 |
|
7,579,117 |
|
EuroDry Ltd.Reconciliation of Net loss to
Adjusted EBITDA (All amounts expressed
in U.S. Dollars) |
|
|
Three MonthsEndedSeptember
30,2023 |
Three MonthsEndedSeptember
30,2024 |
Nine MonthsEndedSeptember
30,2023 |
Nine MonthsEndedSeptember
30,2024 |
Net loss |
(532,037 |
) |
(5,178,802 |
) |
(3,256,610 |
) |
(7,421,720 |
) |
Interest and other financing costs, net (incl. interest
income) |
1,226,917 |
|
1,939,702 |
|
3,714,648 |
|
5,968,894 |
|
Vessel depreciation |
2,619,171 |
|
3,464,975 |
|
7,730,460 |
|
10,363,906 |
|
Unrealized loss / (gain) on Forward Freight Agreement
derivatives |
- |
|
- |
|
40,830 |
|
(1,287,720 |
) |
(Gain) / loss on interest rate swap derivatives |
(188,252 |
) |
248,277 |
|
(265,172 |
) |
(52,426 |
) |
Adjusted EBITDA |
3,125,799 |
|
474,152 |
|
7,964,156 |
|
7,570,934 |
|
Adjusted EBITDA
Reconciliation:EuroDry Ltd. considers Adjusted EBITDA to
represent net loss before interest and other financing costs,
income taxes, depreciation, unrealized loss / (gain) on Forward
Freight Agreement derivatives (“FFAs”) and (gain)/loss on interest
rate swap derivatives. Adjusted EBITDA does not represent and
should not be considered as an alternative to net loss, as
determined by United States generally accepted accounting
principles, or GAAP. Adjusted EBITDA is included herein because it
is a basis upon which the Company assesses its financial
performance because the Company believes that this non-GAAP
financial measure assists our management and investors by
increasing the comparability of our performance from period to
period by excluding the potentially disparate effects between
periods of, financial costs, unrealized loss / (gain) on FFAs,
(gain)/loss on interest rate swap derivatives, and depreciation.
The Company's definition of Adjusted EBITDA may not be the same as
that used by other companies in the shipping or other
industries.
EuroDry Ltd.Reconciliation of Net loss
attributable to controlling shareholders to Adjusted net loss
attributable to controlling shareholders (All
amounts expressed in U.S. Dollars – except share data and number of
shares) |
|
|
Three MonthsEndedSeptember
30,2023 |
Three MonthsEndedSeptember
30,2024 |
Nine MonthsEndedSeptember
30,2023 |
Nine MonthsEndedSeptember
30,2024 |
Net loss attributable to controlling
shareholders |
(532,037 |
) |
(4,179,399 |
) |
(3,256,610 |
) |
(6,372,238 |
) |
Unrealized (gain) / loss on derivatives |
(142,867 |
) |
303,017 |
|
1,664,409 |
|
(1,175,999 |
) |
Adjusted net loss attributable to controlling
shareholders |
(674,904 |
) |
(3,876,382 |
) |
(1,592,201 |
) |
(7,548,237 |
) |
Adjusted earnings loss per share, basic and diluted |
(0.24 |
) |
(1.42 |
) |
(0.57 |
) |
(2.77 |
) |
Weighted average number of shares, basic and diluted |
2,758,013 |
|
2,729,603 |
|
2,773,916 |
|
2,724,521 |
|
Adjusted net loss attributable to controlling
shareholders and Adjusted loss per share
Reconciliation:
EuroDry Ltd. considers Adjusted net loss
attributable to controlling shareholders to represent net loss
before unrealized (gain) / loss on derivatives, which includes FFAs
and interest rate swaps. Adjusted net loss attributable to
controlling shareholders and Adjusted loss per share are included
herein because we believe they assist our management and investors
by increasing the comparability of the Company's fundamental
performance from period to period by excluding the potentially
disparate effects between periods of unrealized (gain) / loss on
derivatives, which may significantly affect results of operations
between periods. Adjusted net loss attributable to controlling
shareholders and Adjusted loss per share do not represent and
should not be considered as an alternative to net loss attributable
to controlling shareholders or loss per share, as determined by
GAAP. The Company's definition of Adjusted net loss attributable to
controlling shareholders and Adjusted loss per share may not be the
same as that used by other companies in the shipping or other
industries. Adjusted net loss attributable to controlling
shareholders and Adjusted loss per share are not adjusted for all
non-cash income and expense items that are reflected in our
statement of cash flows.
About EuroDry Ltd.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.
The Company has a fleet of 13 vessels, including
5 Panamax drybulk carriers, 5 Ultramax drybulk carriers, 2
Kamsarmax drybulk carriers and 1 Supramax drybulk carrier.
EuroDry’s 13 drybulk carriers have a total cargo capacity of
918,502 dwt.
Forward Looking StatementThis
press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended) concerning
future events and the Company's growth strategy and measures to
implement such strategy; including expected vessel acquisitions and
entering into further time charters. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "hopes,"
"estimates," and variations of such words and similar expressions
are intended to identify forward-looking statements. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates that are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to changes in the demand
for dry bulk vessels, competitive factors in the market in which
the Company operates; risks associated with operations outside the
United States; and other factors listed from time to time in the
Company's filings with the Securities and Exchange Commission. The
Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is
based.
Visit our website www.eurodry.gr
Company
Contact |
Investor Relations /
Financial Media |
Tasos AslidisChief Financial
OfficerEuroDry Ltd.11 Canterbury Lane,Watchung, NJ07069Tel. (908)
301-9091E-mail: aha@eurodry.gr |
Nicolas BornozisMarkella
KaraCapital Link, Inc.230 Park Avenue, Suite 1540New York,
NY10169Tel. (212) 661-7566E-mail: eurodry@capitallink.com |
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