Friday, November 13, 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.
3Q 2026 Financial Results. EuroDry Ltd. reported strong third-quarter financial performance, driven primarily by higher time charter equivalent (TCE) rates. Net revenues increased 34.9% year-over-year to $19.4 million, while average TCE rates increased 55.3% to $20,551 per day from $13,232 per day. Adjusted net income attributable to common shareholders increased to $6.7 million, or $2.32 per diluted share, compared with an adjusted net loss of $0.6 million, or $(0.23) per diluted share, in the prior-year period. Adjusted EBITDA increased 174% to $11.3 million from $4.1 million.
Strong Operational Quarter. Fleet utilization remained high at 99.7%, including 100% commercial utilization, with no scheduled off-hire days during the quarter. Total operating expenses declined to $10.7 million from $13.3 million in the prior-year period, primarily reflecting lower voyage and drydocking expenses. Higher charter rates and lower total operating expenses contributed to significantly improved operating profitability.
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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
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