EuroDry look to “sizable returns”
(Posted on 14/02/20)
EuroDry Ltd, an owner and operator of dry bulk vessels and provider of seaborne transportation for drybulk cargoes, has announced its results for the three- and twelvemonth periods ended December 31, 2019.
Full Year 2019 Highlights include Total net revenues of $27.2 million.
An average of 7.0 vessels were owned and operated during the twelve months of 2019 earning an average time charter equivalent rate of $11,190 per day. The Spin-off Euroseas Ltd. (“Euroseas”) contributed to the Company seven subsidiaries comprising its drybulk fleet of six vessels, one Ultramax and two Kamsarmax vessels built between 2016 and 2018, and three Japanese-built Panamax vessels built between 2000 and 2004. The Company was spun-off from Euroseas Ltd. on May 30, 2018. Comparative period results for the full year 2018 reflect the results of the carve-out operations of the seven subsidiaries that were contributed to the Company from Euroseas.
Aristides Pittas, Chairman and CEO of EuroDry commented: “During the fourth quarter of 2019, the drybulk market experienced a decline in rates which in some cases exceeded a 20% drop compared to third quarter’s rates. This decline in rates was not fully reflected in the net revenues and time charter equivalent rate of the fourth quarter of 2019, due to the fact that certain vessels were employed under long-term time charters fixed in prior periods and certain vessels were fixed at favourable rates during the third quarter of 2019 running through the fourth quarter of 2019. However, the market continued declining during January and February of 2020 as, on the top of trade uncertainties which by December 2019 seemed to be subsiding, new concerns were added regarding the effects of the coronavirus epidemic on the world growth and trade. The positive by-product of the uncertainties in the marketplace is the limited numbers of new orders placed and the declining orderbook as a percentage of the fleet. Thus, we continue to believe that drybulk markets could offer significant opportunities for sizable returns in the medium term.” “In the capital markets, we continue to pursue opportunities to merge with other fleets to grow the company providing a platform for consolidation. At the same time, we are pursuing initiatives to increase EuroDry’s visibility amongst investors. We believe that such increased visibility with investors will help reduce the significant discount to the NAV our stock trades at, thus, offering additional upside to our shareholders and new investors alike.”
Tasos Aslidis, Chief Financial Officer of EuroDry commented: “The operating results of the fourth quarter of 2019 reflect the average level of charter rates our vessels enjoyed during the quarter which was similar to the average time charter equivalent rate our vessels earned in the fourth quarter of 2018.
Latest News
Dry bulk industry pays tribute to outgoing INTERCARGO Chairman Dimitri Fafalios
(Posted on 10/01/25)Leading figures across the dry bulk shipping sector have joined in paying tribute to Dimitri Fafalios... Read more
IMO Secretary-General sets his priorities for 2025 in new year message
(Posted on 07/01/25)International Maritime Organization (IMO) Secretary-General Arsenio Dominguez has highlighted key items... Read more
Anemoi’s Vale VLOC Rotor Sails installation is largest wind-propulsion project to date
(Posted on 17/12/24)Anemoi Marine Technologies has completed the installation of five Rotor Sails onboard the 400,000 dwt... Read more
Partnership to provide crews with seamless Data Roaming experience
(Posted on 17/12/24)ShipMoney, a leader in digital payment solutions, has announced its partnership with Megga Telecom,... Read more
Thordon’s water-lubricated shaft bearings selected for bulk carrier refit
(Posted on 11/12/24)Thordon Bearings has delivered COMPAC water-lubricated propeller shaft and SXL rudder bearings to replace... Read more
DNV: cost-efficient strategies can cut price of FuelEU Maritime compliance
(Posted on 11/12/24)According to a new DNV white paper outlining FuelEU Maritime requirements and compliance strategies... Read more
Roadmap for Nordic Shipping’s fuel transition delivered to ministers
(Posted on 04/12/24)The Nordic Roadmap project has unveiled the Fuel Transition Roadmap for Nordic Shipping (‘the... Read more
MHSS expands to address unique maritime mental health challenges
(Posted on 04/12/24)Mental Health Support Solutions (MHSS) is pleased to announce the expansion of its team in Korea and... Read more
AVS Global strengthens Asia-Pacific operations
(Posted on 04/12/24)AVS Global, the Istanbul-based ship supply, catering, supply management, logistics, and procurement... Read more
U-Ming Marine appoints Anemoi to install Rotor Sails on VLOC
(Posted on 29/11/24)Leading wind-propulsion technology provider Anemoi Marine Technologies Ltd. (“Anemoi”) and... Read more
