EuroDry Ltd. Q3 2026 Earnings Recap

EuroDry reported third-quarter net income of $6.86 million, or $2.39 per diluted share, and the stock rose 8.6% after earnings. The quarter’s year-over-year dry-bulk market gains and Ultramax rate strength are positives, though recent Panamax spot and time-charter rates had softened.

Key Takeaways

• Q3 revenue was $19.4 million; adjusted net income was $6.67 million, or $2.32 per diluted share, and adjusted EBITDA was $11.34 million.
• The Baltic Dry Index rose about 65% year over year in Q3 and the Baltic Panamax Index rose about 42%. Ultramax spot rates increased from a Q3 average of $23,500/day to $25,500/day as of November 6.
• Rate trends were mixed: Panamax spot rates eased from a Q3 average of $18,000/day to $17,200/day, while one-year Panamax time-charter rates declined from $18,100/day to $16,875/day.
• EuroDry operates 11 vessels and has five newbuildings scheduled for delivery in 2027–2029; upon delivery, the fleet is expected to expand to 16 vessels.
• The company raised approximately $10.7 million through its at-the-market equity program, issuing 163,753 shares at an average price of $67.54; it also reported a $556,000 loss on two previously agreed FFAs.