Thursday, February 12, 2026
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.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Increasing FY 2026 estimates. We have increased our FY 2026 revenue, adjusted EBITDA, and adjusted EPS estimates to $60.8 million, $25.5 million, and $2.82, respectively, from $57.3 million, $22.4 million, and $1.46. The upward revisions are driven by higher expected vessel earnings, with our forecast average TCE rate rising to $14,743 from $13,873 previously.
Eurodry’s sweet spot. Eurodry owns and operates vessels in the middle of the size range of dry bulk carriers, or 50,000 to 85,000 dead weight tons (dwt), which present the most flexible employment opportunities. EDRY’s fleet consists of 11 vessels with a total carrying capacity of 766,420 dwt. With two Ultramax vessels of 63,500 dwt each under construction and scheduled for delivery in the second and third quarters of 2027, the total carrying capacity will increase to 893,000 dwt. Growth will be driven by the charter rate environment, coupled with fleet growth. While EDRY continues to renew and modernize its fleet, it expects to acquire and consolidate smaller owners.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.