Friday, November 06, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Richard Magnusen, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Updating estimates. We have adjusted our third-quarter 2026 adj. EBITDA, net income, and adj. EPS estimates to $10.5 million, $6.0 million, and $1.91 from $10.2 million, $5.8 million, and $1.70, respectively, driven by lower estimates for voyage expenses and management fees. We are maintaining our $19.1 million net revenue estimate. For FY 2026, we forecast net revenue, adj. EBITDA, net income, and adj. EPS of $69.0 million, $36.7 million, $18.6 million, and $5.91, respectively, compared to our previous estimates of $68.9 million, $36.4 million, $18.3 million, and $5.77.
Market strength continued into Q3. Strength in dry bulk shipping, supported by demand for iron ore, grain, and bauxite, continued into the third quarter. The historically low global orderbook, limited shipyard capacity, aging global fleet, and environmental regulations are expected to support shipping rates in 2026. As demand trends in the first half of 2026 have leveled off, freight markets could be less favorable through the remainder of 2026, emphasizing the importance of EuroDry’s ability to adjust its charter coverage as market conditions evolve.
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