EuroDry Q1 2026 Results and $74M Newbuilding Order for Two Kamsarmax Bulk Carriers

EuroDry Ltd. reported its first quarter 2026 financial results with total net revenues of $12.8 million, representing a 38.9% increase year-over-year. The company achieved net income attributable to controlling shareholders of $0.26 million ($0.09 per share) and adjusted EBITDA of $4.9 million. The company's fleet earned an average time charter equivalent rate of $14,416 per day with 11 vessels operating during the quarter. Significantly, EuroDry announced the order for two modern 82,000 DWT Kamsarmax bulk carriers from Hengli Shipbuilding for approximately $74 million, scheduled for delivery in Q1 and Q2 2028. The vessels will be eco-designed to EEDI phase 3 standards and will be financed through a combination of debt and equity. This expands the company's newbuilding program to four vessels total, with the two Ultramax vessels previously ordered scheduled for delivery in 2027. The company also reported continued progress on its share repurchase program, with $5.6 million used to repurchase 349,330 shares under its $10 million authorization. As of March 31, 2026, EuroDry had outstanding debt of $100.9 million and cash of $24.9 million.