EuroDry Ltd.
- Open
- 22.10
- Day high
- 22.80
- Day low
- 21.06
- Prev close
- 21.89
- Volume
- 29K
- Mkt cap
- $62M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.7
- P/S
- 1.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$4K over the last 3 months (2 open-market buys, 2 sales)
- 🏛Institutions reducing (13F)
EuroDry Ltd. (EDRY) is a Industrials company listed on NASDAQ. The stock is up 126% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 2 sales (SEC Form 4).
EuroDry Ltd. (EDRY) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EDRY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 20, 2026 | $0.24 | $0.12 | -50.0% | $13M | -18.1% |
| Feb 19, 2026 | $0.78 | $0.87 | +11.5% | $17M | +7.6% |
| Nov 13, 2025 | $-0.15 | $-0.23 | -53.3% | $14M | -20.3% |
| Sep 30, 2025 | — | $-1.12 | — | $11M | — |
| Jun 5, 2025 | $-1.84 | $-2.07 | -12.5% | $9M | -25.2% |
| Nov 19, 2024 | $1.10 | $-1.42 | -229.1% | $15M | -8.4% |
| Aug 8, 2024 | $0.58 | $-0.17 | -129.3% | $17M | -17.7% |
| May 21, 2024 | $-0.29 | $-1.18 | -306.9% | $14M | -2.0% |
| Feb 15, 2024 | $0.25 | $0.70 | +180.0% | $16M | +12.2% |
| May 15, 2023 | $-0.28 | $0.14 | +150.0% | $11M | -18.2% |
| Feb 13, 2023 | $2.69 | $1.18 | -56.1% | $15M | +4.3% |
| Nov 10, 2022 | $1.90 | $2.10 | +10.5% | $16M | -24.2% |
EDRY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 23, 2026 | Pittas Aristeidis Pdirector | Buy | 250 | $22.00 |
| Apr 15, 2026 | Pittas Aristeidis Pdirector, officer: Vice Chairman | Sell | 498 | $20.00 |
| Apr 10, 2026 | Pittas Aristeidis Pdirector, officer: Vice Chairman | Sell | 352 | $20.10 |
| Apr 9, 2026 | Pittas Aristeidis Pdirector, officer: Vice Chairman | Buy | 352 | $20.10 |
Source: EDRY SEC Form 4 filings, latest Jun 23, 2026. For informational purposes only — not investment advice.
See the full EDRY insider & 13F page →EuroDry Ltd. company profile
Overview
EuroDry Ltd. (NASDAQ:EDRY) is a Greek shipping company founded in 2018 that operates a fleet of dry bulk cargo vessels. The company was incorporated to capitalize on the global demand for transporting raw materials and commodities across international shipping routes. Based in Marousi, Greece, EuroDry went public on NASDAQ in June 2018 and has since built a diversified fleet of modern dry bulk carriers. The company has evolved from its initial 10-vessel fleet to currently operating 13 vessels with plans for fleet expansion through new vessel acquisitions.
Business
EuroDry operates in the marine dry bulk shipping industry, which serves as a critical component of global trade infrastructure by transporting essential raw materials and commodities between countries. The company owns and operates specialized cargo vessels called dry bulk carriers that transport unpackaged dry cargo in large quantities. The company's fleet consists of different vessel types optimized for various cargo sizes and trade routes. Panamax vessels (around 75,000 deadweight tons) are designed to fit through the Panama Canal and represent the largest segment of EuroDry's fleet with 5 ships. Ultramax vessels (around 64,000 deadweight tons) offer operational flexibility for mid-sized cargo loads, with EuroDry operating 5 such vessels. The fleet also includes 2 Kamsarmax carriers (around 82,000 deadweight tons) and 1 Supramax vessel (around 58,000 deadweight tons). The total fleet capacity is approximately 920,000 deadweight tons with an average age of 13.5 years. EuroDry's vessels transport two categories of cargo: major bulks including iron ore (used in steel production), coal (for energy generation), and grains (agricultural commodities), and minor bulks such as bauxite (aluminum ore), phosphate, and fertilizers. These commodities form the backbone of global industrial and agricultural supply chains, making dry bulk shipping essential to international trade. The company provides ocean-going transportation services worldwide, connecting commodity producers with consumers across different continents.
Revenue model
EuroDry generates revenue through vessel chartering arrangements where customers pay daily rates to use the company's ships for transporting their cargo. The company employs two primary charter strategies: spot market charters and time charters. Spot charters are short-term agreements typically lasting 20-65 days where rates fluctuate with market conditions, while time charters are longer-term contracts that provide more predictable revenue streams. The company's customers include commodity traders, mining companies, agricultural exporters, and other shipping intermediaries who need reliable transportation for bulk commodities. EuroDry's revenue is directly tied to daily charter rates, which are quoted as dollars per vessel per day. In 2024, the company achieved an average time charter equivalent rate of $12,200 per vessel per day in Q4, with full-year revenues of $61.1 million. Several factors significantly impact EuroDry's profitability margins. Charter rate volatility represents the primary revenue risk, as rates can fluctuate dramatically based on supply-demand dynamics in global shipping markets. Fuel costs affect operational expenses, though these are often passed through to charterers. Vessel utilization rates directly impact revenue generation - EuroDry maintained 100% commercial utilization in Q4 2024. Dry docking expenses for mandatory vessel maintenance create periodic cost spikes, with the company spending $4.5 million on dry docking in Q3 2024. Global economic conditions influence commodity trade volumes, particularly China's economic growth which significantly affects demand for raw material imports. Geopolitical disruptions like the Red Sea tensions and Panama Canal restrictions can temporarily boost rates by constraining shipping capacity, while seasonal patterns in agricultural and energy commodity trades create cyclical demand variations.
Competitive moat
EuroDry operates in the highly competitive and cyclical dry bulk shipping industry where establishing a strong economic moat is challenging. The company's primary competitive advantages are relatively modest and center around operational efficiency and fleet positioning. EuroDry maintains a modern, well-maintained fleet with an average age of 13.5 years, which provides operational reliability and fuel efficiency compared to older vessels. The company's flexible charter strategy allows it to capitalize on spot market opportunities while maintaining some stability through selective time charters. However, EuroDry's moat is fundamentally weak due to the commoditized nature of dry bulk shipping. Vessels are largely interchangeable assets, and customers typically select carriers based primarily on availability, price, and basic operational standards rather than unique value propositions. The company faces intense competition from hundreds of other dry bulk operators globally, ranging from large integrated shipping companies to smaller independent operators. The industry's cyclical nature and capital intensity create additional competitive pressures. During market downturns, excess capacity drives charter rates below profitable levels, while market upturns attract new entrants and vessel orders that eventually increase supply. EuroDry's small scale relative to major shipping companies limits its negotiating power with customers and suppliers. The company also faces potential disruption from technological advances in vessel efficiency, alternative fuel systems, and autonomous shipping technologies, though these changes are likely to occur gradually over many years.
Risks & safety
EuroDry's margin of safety appears concerning based on current financial metrics and market conditions. **Liquidity and Solvency:** 1. Current ratio of 1.44 indicates adequate short-term liquidity coverage 2. Cash position of $6.7 million is relatively low given operational requirements 3. Debt-to-equity ratio of 1.08 shows high leverage with €108 million in outstanding debt 4. Negative free cash flow of -$8.6 million in Q4 2024 indicates cash burn 5. Company projects debt reduction to $67.5 million by end of 2026 through cash flow **Valuation Metrics:** 1. Price-to-book ratio of 0.31 suggests potential asset value discount 2. EV/EBITDA of 6.85 appears reasonable for the cyclical industry 3. Negative earnings make P/E ratio analysis unreliable 4. Graham net-net of -36% indicates insufficient liquid asset coverage **Other Considerations:** 1. Cyclical industry currently in downturn with charter rates below breakeven levels 2. High operational leverage amplifies both upside and downside risks 3. Asset-heavy business model provides some downside protection through vessel values
Recent development
Over the past few years, EuroDry has pursued a strategy focused on fleet optimization and financial flexibility while navigating challenging market conditions. The company has actively managed its fleet composition by divesting older, less efficient vessels and investing in newer tonnage. In late 2024, EuroDry sold its oldest vessel, the MV Tassos, for approximately $5 million and simultaneously signed contracts for two new 63,000 deadweight ton Kamsarmax bulk carriers scheduled for delivery in Q2-Q3 2027. The company has implemented an opportunistic charter strategy emphasizing short-term flexibility over long-term contract security. Rather than locking in multi-year charters at current low rates, EuroDry has maintained approximately 63% of its fleet on short-term charters ranging from 20-65 days, positioning itself to capture potential rate improvements. This strategy reflects management's belief that current market conditions are cyclically depressed. EuroDry has also pursued aggressive capital allocation policies including substantial share repurchase programs. The company repurchased approximately 314,000 shares for $5 million in Q3 2024 and has maintained active buyback programs across multiple quarters. Additionally, the company has undertaken strategic debt refinancing, including refinancing two vessels in 2024 that released $60 million in cash reserves and provided additional financial flexibility. Management has indicated plans to finance new vessel acquisitions with 55-60% debt ratios and is actively evaluating further vessel acquisition opportunities if asset prices decline an additional 15% from current levels.
EDRY company profile · for informational purposes only — not investment advice.
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