EuroDry’s president and CEO, Aristides Pittas, appears cautiously optimistic for the third quarter of 2025, estimating that if freight rates are maintained or strengthened in September, the company may record an improved course.
As highlighted during the presentation of the listed company’s financial results, the dry cargo market “recovered slightly” in the second quarter without reaching profitability, but especially in July freight rates approached the fleet’s breakeven point, while they fell further in early August – a traditionally weak period.
If current levels improve, as they usually do in September, the group expects “better” results, as all EuroDry vessels are on short-term charters. In the event of further improvement, the company “sees” opportunities to renew/expand the fleet.
In the second quarter of 2025 net income stood at 11.3 million (-35.3% year-on-year), with a loss attributable to shareholders of 3.1 million and adjusted EBITDA of 1.9 million.
The average number of vessels in the fleet was 12 vessels and the average time charter equivalent (TCE) reached 10,428 dollars per day (compared to 13 vessels and 14,427 dollars per day in 2024).
The decline – according to the company – is mainly due to lower fares and a smaller number of ships.
At the half-year level, net income amounted to 20.5 million (-35.7%), with a loss attributable to shareholders of 6.8 million and adjusted EBITDA of 0.9 million.
The average fleet during this period was 12.4 vessels with an average time charter equivalent (TCE) of 8,761 dollars per day (compared to 13,452 dollars per day in the corresponding period of 2024).
It is worth noting that the company completed the sale for scrapping of the M/V Tasos for a profit of 2.1 million dollars, while continuing its share buyback program. Already, 334,674 shares have been repurchased at a cost of 5.3 million euros, while the program has received approval to extend for another year.
