Monday, July 29, 2024
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.
Refer to the full report for the price target, fundamental analysis, and rating.
Eurodry operates a competitive fleet. EuroDry Ltd. owns and operates dry bulk carriers that transport major bulks, including iron ore, coal, grains, and minor bulks such as bauxite, phosphate, and fertilizer. Eurodry’s fleet is comprised of 13 dry bulk carriers, including five Panamax, five Ultramax, two Kamsarmax, and one Supramax dry bulk carriers all of which are in operation. The total cargo carrying capacity of the company’s 13 dry bulk carriers is 918,502 deadweight tonnes (dwt). The average age of the fleet is 13.5 years. The orderbook in the sector is nearing a 20-year low and demand growth for drybulk vessels appears strong through at least the remainder of 2024. Some uncertainty exists beyond 2024, particularly with respect to bulk commodity demand in China.
Updating estimates. We have lowered our 2024 EBITDA and EPS estimates to $23.8 million and $1.54, respectively, from $28.1 million and $2.05. The revisions reflect fewer available days in the second and third quarters due to drydocking, along with modestly lower time charter equivalent rates.
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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*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.