EuroDry

At this year’s Capital Link, the first of the major conferences held in Athens during Posidonia Week, the spotlight was on the future of shipping fuels, newbuilding strategies, and enhancements for current vessels. The event opened with remarks from Greek Shipping Minister Christos Stylianides, followed by panel discussions featuring Greek shipowners from three major shipping sectors. The consensus among the panelists was positive regarding the current market conditions, attributing stability to ongoing disruptions. Discussions largely centered on fleet developments and the challenges in securing new build slots, especially for capesize vessels. Aristides Pittas, Chairman and CEO of Euroseas and EuroDry, pointed out the shortage of shipyards, complicating efforts to expand the fleet, particularly in smaller dry bulk segments. Conversely, Stamatis Tsantanis, Chairman and CEO of Seanergy Maritime and United Maritime, highlighted the difficulties in obtaining construction slots before 2027 or 2028, indicating a potential slowdown in capesize newbuilding orders. Regarding fuel choices for new vessels, traditional fuels remain preferred by many dry bulk owners, though some are experimenting with methanol-dual fuel options. Semiramis Paliou, CEO of Diana Shipping, discussed her company’s investment in methanol-dual fuel kamsarmax bulk carriers as a commitment to sustainable shipping, despite her reservations about methanol’s viability as a long-term solution. The conference also addressed strategies for extending the service life of existing fleets, with options like biofuel and carbon capture being considered. George Karageorgiou, President and CEO of Olympic Shipping and Management, noted that while larger companies might pursue greener solutions, many private owners remain cautious, focusing on immediate financial impacts. Andreas Hadjipetrou, Chief Commercial Officer of Columbia Group and Managing Director at Columbia Shipmanagement, echoed this sentiment, explaining that the majority of shipowners continue to use conventional fuels due to the high costs and uncertainties associated with alternatives like methanol or ammonia. This situation reflects a broader industry trend of cautious investment in the face of uncertain technological advancements. 3-June-2024

 

The Athens-based, New York Stock Exchange-listed shipping company EuroDry Ltd. (EDRY) holds a positive outlook on the bulker market for the upcoming two to three years. Led by CEO Aristides Pittas, EuroDry is optimistic due to the current low orderbook, although the geopolitical climate introduces an element of uncertainty. Despite the ongoing geopolitical tensions, Pittas maintains a confident stance on the future of bulker markets. In EuroDry’s Q4 2023 earnings report, Pittas highlighted the minimal expected growth of the dry bulk fleet as a solid basis for anticipating robust dry bulk charter rates in the near future. He pointed out that the ratio of newbuildings to the existing fleet size has remained at historically low levels for over three years, leading to a significant lack of new vessels. EuroDry Ltd. (EDRY) specializes in the ownership and operation of dry bulk vessels, providing maritime transportation services for dry bulk cargoes, including commodities such as iron ore, coal, grain, and other materials along global shipping routes. With a fleet that includes a variety of vessel sizes, EuroDry Ltd. (EDRY) leverages its operational expertise and market insights to optimize fleet performance and chartering strategies. EuroDry Ltd.’s (EDRY) strategic focus on maintaining a modern and efficient fleet, along with its ability to navigate the fluctuating dynamics of the dry bulk market, positions it well to capitalize on the anticipated market conditions. EuroDry Ltd.’s (EDRY) commitment to operational excellence and market analysis underscores its bullish outlook and readiness to harness potential opportunities in the bulker sector. 20-February-2024

 

Athens-based New York-listed shipowner and operator EuroDry (EDRY) has reported its third consecutive quarter of losses, primarily due to the relatively weak bulker markets between June and September 2023. CEO Aristides Pittas-led shipowner and operator EuroDry (EDRY) recorded a net loss of approximately $532,000 in the Q3 2023, a significant decline from the $6.2 million net profit it had reported in the Q3 2022. This decline in profitability was mainly attributed to a 41% year-on-year decrease in TCE (time charter equivalent) earnings, which amounted to $12,126 per day. Despite these challenges, Athens-based New York-listed shipowner and operator EuroDry (EDRY) remains committed to seeking acquisition opportunities and implementing share buyback initiatives. 8-November-2023

 

Athens-based New York-listed shipowner and operator EuroDry (EDRY) has entered into a joint venture with a group of investors represented by NRP Project Finance to jointly own two recently acquired ultramax bulk carriers. The vessels in question are the 2015 built ultramax bulk carrier 63K DWT MV Christos K (ex MV Giants Causeway), and 2015 built ultramax bulk carrier 63K DWT MV Maria (ex MV Sadlers Wells). MV Christos K (ex MV Giants Causeway) and MV Maria (ex MV Sadlers Wells) were purchased from the London-based marine asset manager firm Marine Capital. It’s worth noting that a third ultramax bulk carrier, 2014 built ultramax bulk carrier 63K DWT MV Yannis Pittas (ex MV Gallileo), also acquired from London-based marine asset manager firm Marine Capital, is not part of this particular joint venture with NRP Project Finance. The total acquisition cost for these three ultramax bulk carriers amounted to approximately $65 million. In this joint venture, Athens-based New York-listed shipowner and operator EuroDry (EDRY) has announced that NRP Investors will secure a 39% ownership stake in each of the two ultramax bulk carriers. Additionally, CEO Aristides Pittas-led shipowner and operator EuroDry (EDRY) disclosed that it has taken delivery of the MV Christos K (ex MV Giants Causeway) and has arranged a sustainability-linked loan of $11 million with Eurobank to partially finance this acquisition. Once the remaining two ultramax bulk carriers from Marine Capital are delivered, EuroDry’s (EDRY) fleet will expand from 11 to 13 bulk carriers. New York-listed shipowner and operator EuroDry (EDRY) CEO Aristides Pittas emphasized that this joint venture transaction is a non-dilutive means of funding their fleet growth strategy while also broadening their investor base. 28-October-2023

 

New York-listed shipowner and operator EuroDry (EDRY) has finalised an agreement to procure three (3) ultramax bulk carriers from the distinguished UK-based marine asset management entity, Marine Capital. CEO Aristides Pittas-led shipowner and operator EuroDry (EDRY) revealed its acquisition of the 2015 built ultramax bulk carrier 63K DWT MV Giants Causeway, 2015 built ultramax bulk carrier 63K DWT MV Sadlers Wells, and 2014 built ultramax bulk carrier 63K DWT MV Gallileo for an aggregate sum approaching $65 million. Anticipations are set for the three (3) ultramax bulk carriers to join the EuroDry’s (EDRY) fleet in the forthcoming months of October and November 2023. The procurement shall be underwritten through EuroDry’s (EDRY) intrinsic resources coupled with financial aid from banks. These newly acquired three (3) ultramax bulk carriers mirror EuroDry’s (EDRY) very own MV Alexandros P, crafted at the identical shipyard back in 2017. This venture not only augments EuroDry’s (EDRY) contemporary fleet cluster but also coincides with EuroDry’s (EDRY) assessment of the market terrain. Given the notably reduced orderbook, the prospects appear propitious for a thriving dry bulk shipping market in the ensuing two to three years. Rumours have been circulating, suggesting that New York-listed shipowner and operator EuroDry (EDRY) is on the verge of acquiring the entire fleet of UK-based marine asset management entity Marine Capital. However, confirmation is still pending regarding the sole residual ultramax bulk carrier in Marine Capital’s possession, 2014 built ultramax bulk carrier 63K DWT MV Cape Cross. With the recent integration of these three three (3) ultramax bulk carriers, Athens-based shipowner and operator EuroDry (EDRY) has commendably augmented its fleet, scaling from ten (10) to a formidable thirteen (13) bulk carriers. In 2018, EuroDry (EDRY) was established as a dry bulk spin-off of container shipowner EuroSeas. Euroseas (ESEA) mainly owns and operates container ships. On the other hand, EuroDry (EDRY) owns and operates dry bulk carriers. Both EuroDry (EDRY) and Euroseas (ESEA) are backed by Greek shipowner Aristides Pittas. 15-September-2023

 

New York-listed shipowner and operator EuroDry (EDRY) CEO Aristides Pittas declares that the vessel detention stands as the principal cause for EuroDry’s (EDRY) Q2 2023 deficit. The US Coast Guard held EuroDry (EDRY) controlled ultramax bulk carrier in custody for an extended period due to specific inadequacies. Were it not for the US Coast Guard’s prolonged retention of an ultramax bulk carrier, Aristides Pittas-led shipowner and operator EuroDry (EDRY) might have witnessed a prosperous Q2 2023, articulates Chief Executive Officer Aristides Pittas. New York-listed Euroseas spinoff EuroDry (EDRY) owns and operates ten (10) bulk carriers and EuroDry (EDRY) reported a quarterly loss of $1.18 million. 10-August-2023

 

New York-listed shipowner and operator EuroDry (EDRY) returns to loss as weak dry bulk market prevails. However, Aristides Pittas-led shipowner and operator EuroDry (EDRY) stated that the trade volumes of iron ore and coal increased from a year ago. New York-listed Euroseas spinoff EuroDry’s (EDRY) Q2 2023 results have returned to loss as the dry bulk market weakened significantly during the three-month period. Athens-based New York-listed shipowner and operator EuroDry (EDRY), owner of 10 bulk carriers, reported $1.18 million in net loss for Q2 2023. Both EuroDry (EDRY) and Euroseas (ESEA) are backed by Greek shipowner Aristides Pittas. 9-August-2023

 

New York-listed shipowner and operator EuroDry (EDRY) sold 2000 built panamax bulk carrier 74K DWT MV Pantelis for around $9.5 million. Aristides Pittas-led dry bulk shipowner and operator EuroDry (EDRY) aims for fleet expansion with panamax bulk carrier-sale cash. Furthermore, EuroDry (EDRY) is optimistic about dry bulk shipping market opportunities. In 2018, EuroDry (EDRY) was established as a dry bulk spin-off of container shipowner EuroSeas. Euroseas (ESEA) mainly owns and operates container ships. On the other hand, EuroDry (EDRY) owns and operates dry bulk carriers. Both EuroDry (EDRY) and Euroseas (ESEA) are backed by Greek shipowner Aristides Pittas. Nasdaq-listed shipowner and operator EuroDry (EDRY) stays positive on dry bulk shipping markets as the company schedules to renew its fleet. Aristides Pittas-led dry bulk shipowner and operator EuroDry (EDRY) has increased liquidity with money from the sale of 2000 built panamax bulk carrier 74K DWT MV Pantelis. Currently, New York-listed shipowner and operator EuroDry (EDRY) owns and operates 10 bulk carriers. 16-November-2022

 

New York-listed shipowner and operator EuroDry (EDRY) blaze a $10 million share buyback spree as the company profits increase. In 2018, EuroDry was established as a dry bulk spin-off of container shipowner EuroSeas. Aristides Pittas-led dry bulk shipowner and operator EuroDry (EDRY) notices the company’s stock as undervalued. Athens-based New York-listed shipowner and operator EuroDry (EDRY) will repurchase up to $10 million of EuroDry (EDRY) shares after logging one of its most profitable quarters. New York-listed Euroseas spinoff EuroDry (EDRY) expressed the share purchase programme would add value to shareholders. According to EuroDry (EDRY), the company’s stocks are trading at a very steep discount to the NAV (net asset value). EuroDry (EDRY) expresses the company’s stock is discounted. Euroseas (ESEA) mainly owns and operates container ships. On the other hand, EuroDry (EDRY) owns and operates dry bulk carriers. Both EuroDry (EDRY) and Euroseas (ESEA) are backed by Greek shipowner Aristides Pittas. 11-August-2022

 

New York-listed shipowner and operator EuroDry (EDRY) intends to extend the bulk carrier fleet to take advantage of uncertainty-driven low ship supply. However, Aristides Pittas-led shipowner and operator EuroDry (EDRY) is currently not planning to order new building bulk carriers. EuroDry (EDRY) prepares to acquire secondhand bulk carriers. Currently, New York-listed shipowner and operator EuroDry (EDRY) has a fleet of 11 bulk carriers. Athens-based New York-listed shipowner and operator EuroDry (EDRY) has not chared out bulk carriers for longer periods. Therefore, the shipping market is reluctant toward the dry bulk ships today at these price levels. In Q1 2022, EuroDry (EDRY) acquired one (1) panamax bulk carrier and one (1) supramax bulk carrier. EuroDry (EDRY) acquired 2005 built panamax bulk carrier 76K DWT MV Santa Cruz for around $16 million and 2014 built supramax bulk carrier 57K DWT MV Molyvos Luck for around $21 million. Q1 2022 results are not enough to attract EuroDry (EDRY) to order new building bulk carriers. Aristides Pittas orders new ships for Euroseas (ESEA), a sister company of EuroDry (EDRY). Euroseas (ESEA) mainly owns and operates container ships. Aristides Pittas-backed New York-listed shipowner and operator Euroseas (ESEA) has nine (9) newbuildings on order through 2024 in Korea. The shipping market is witnessing new building orders in container ships because currently container shipowners can obtain long-term charters. 20-May-2022

 

Aristides Pittas-led dry bulk carrier owner and operator EuroDry (EDRY) acquired 2014 built ultramax bulk carrier 62K DWT MV Good Heart (ex MV Asia Ruby II) for around $25 million. New York-listed Euroseas spinoff EuroDry will take the delivery of MV MV Good Heart (ex MV Asia Ruby II) in October 2021. EuroDry will finance the ultramax bulk carrier with cash and bank loan. At current dry bulk market freight rates, EuroDry anticipates MV Good Heart (ex MV Asia Ruby II) will make a notable increase to the company’s net income and Ebitda. In May 2021, New York-listed Euroseas spinoff EuroDry acquired 2004 built panamax bulk carrier 74K DWT MV Blessed Luck for around $12 million. EuroDry controlled bulk carriers are managed by Aristides Pittas-led Eurobulk. 22-August-2021

 

Aristides Pittas-led dry bulk carrier owner and operator EuroDry (EDRY) is in discussions with moneylenders to push back loan payments due 2020. Greek shipowner and operator EuroDry published the worst financial report since 2018. Currently, New York-listed EuroDry has a fleet of seven (7) bulk carriers. EuroDry reported a net loss of $3.8 million in Q2 2020. Coronavirus recession hit EuroDry as hard as it has other New York-listed shipowners. EuroDry has agreed with preferred shareholders to pay dividends by issuing new preferred shares. Greek shipowner and operator EuroDry is taking the liquidity-enhancing measures to deal with the weak shipping markets during coronavirus recession. EuroDry is optimistic about the post-pandemic, medium-term prospects of dry bulk shipping. In 2018, EuroDry was established as a dry bulk spin-off of container shipowner EuroSeas. 5-August-2020

 

Athens-based New York-listed shipowner and operator EuroDry (EDRY) reported higher Q4 2019 earnings amid improved revenue. Aristides Pittas-led shipowner and operator EuroDry (EDRY) achieved higher earnings for Q4 2019 on improved revenue and grew the fleet. Currently, EuroDry (EDRY) has a fleet of seven (7) dry bulk carriers. New York-listed Greek shipowner and operator EuroDry (EDRY) reported a net income of $1 million in Q4 2019. EuroDry (EDRY) reported revenue of $7.6 million in Q4 2019. EuroDry (EDRY) reported operating expenses of $5.6 million in Q4 2019. Despite uncertainty due to the pandemic, EuroDry (EDRY) strives to boost the fleet. In May 2018, Aristides Pittas-led shipowner and operator EuroDry (EDRY) spun off from sister container ship company Euroseas (ESEA). Both EuroDry (EDRY) and Euroseas (ESEA) are New York-listed and backed by Aristides Pittas. EuroDry (EDRY) continues to seek opportunities to merge with other fleets to extend the company. On the other hand, EuroDry (EDRY) seeks initiatives to improve the company’s visibility amongst investors. Higher investor visibility should lower EuroDry’s (EDRY) discount to NAV (Net Asset Value) to obtain more pleasing returns for investors. In Q4 2019, the dry bulk market experienced a plunge in freight rates. This decline in freight rates was not completely reflected in the net revenues and TCE (Time Charter Equivalent) rate of Q4 2019. EuroDry (EDRY) reported an adjusted net income of $0.38 million for the full year of 2019. 11-February-2020

 

Athens-based New York-listed shipowner and operator EuroDry (EDRY) anticipates a profitable Q4 2019. Currently, Aristides Pittas-led shipowner and operator EuroDry (EDRY) has a fleet of seven (7) bulk carriers. EuroDry (EDRY) reported a net loss of $0.79 million in Q3 2019. EuroDry (EDRY) reported operating expenses of $6.69 million in Q3 2019. EuroDry (EDRY) reported revenue of $7.7 million in Q3 2019. In Q3 2019, New York-listed shipowner and operator EuroDry’s (EDRY) net income is affected by bulk carriers’ drydocking expenses. In Q4 2019, EuroDry (EDRY) does not have any drydocking scheduled and therefore Q4 would be profitable. 15-November-2019

 

Athens-based New York-listed shipowner and operator EuroDry (EDRY) is optimistic for the future. Aristides Pittas-led shipowner and operator EuroDry (EDRY) is keeping an optimistic outlook on the future, despite reporting a loss for Q2 2019. EuroDry (EDRY) anticipates dry bulk freight rates to improve through 2019 amid a limited fleet supply as a consequence of scrubber installations before the IMO (International Maritime Organization) 2020 deadline. EuroDry (EDRY) is optimistic about the near and medium-term prospects of the shipping market as fleet growth is anticipated to stay constrained. The major uncertainty is affiliated with the continuance and extent of the trade tensions between the US and China. New York-listed shipowner and operator EuroDry (EDRY) has been carefully assessing miscellaneous opportunities to acquire new ships and renew EuroDry (EDRY) fleet. Furthermore, EuroDry (EDRY) examines merger opportunities with other fleets. EuroDry (EDRY) reported a net loss of $2.5 million for Q2 2019. EuroDry (EDRY) reported operating expenses of $1.5 million for Q2 2019. EuroDry (EDRY) reported revenue of $6.4 million for Q2 2019. In May 2018, Aristides Pittas-led shipowner and operator EuroDry (EDRY) spun off from sister container ship company Euroseas (ESEA). 11-August-2019

 

Aristides Pittas-led dry bulk carrier owner and operator EuroDry (EDRY) is willing to expand its fleet of 7 dry bulk carriers. New York-listed Euroseas spinoff EuroDry is aiming to acquire 4  panamax, 2 kamsarmax, and 1 ultramax dry bulk carriers. EuroDry is planning to enter into Merger and Acquisition deals for faster growth. CEO Aristides Pittas explained that EuroDry has $10 million cash in the company which could be used to buy bulk carriers and leverage it up 50%. If bulk carrier prices seem to be correcting to lower levels, then EuroDry may buy more bulk carriers. If bulk carrier prices rise, EuroDry might consider other options like ship-for-shares deals. CEO Aristides Pittas explained that EuroDry also considers en bloc purchases of bulk carriers to grow its fleet faster. According to CEO Aristides Pittas, capital markets are not open to raising equity at this point. CEO Aristides Pittas added that having a larger fleet is not necessarily the goal or the mean to success in dry bulk shipping because most factors are relatively equal among owners. EuroDry plans to focus fleet expansion efforts on either panamax or ultramax bulk carriers between 5 to 15 years old. EuroDry would be not be looking for newbuilds. EuroDry is optimistic that the dry bulk market will improve enough to allow for fleet expansion. Shipping markets will also have the disruption of the International Maritime Organization (IMO) 2020 regulations. Bulk carriers are going to go slower and more bulk carriers will stop to install scrubbers. 26-June-2019

 

Athens-based New York-listed shipowner and operator EuroDry (EDRY) is anticipating better days for dry bulk shipping in Q3 2019. The Brazilian mining giant Vale reclosed its mines after the dam disaster but EuroDry (EDRY) still anticipates a firm second half of a three-year outlook that indicates a more promising supply-demand balance. Higher ship charter rates should also arise from limited fleet growth caused by downtime for environmental compliance and slow-steaming. According to Aristides Pittas-led shipowner and operator EuroDry (EDRY), the existing fundamentals look extremely advantageous as the new building order book stands at only 1% of the anticipated fleet. EuroDry (EDRY) assumes that the recent shipping market slowdown is due to short-term elements and that in the medium-term and long-term, the fundamental supply-demand balance is supporting an improving shipping market. According to New York-listed shipowner and operator EuroDry (EDRY), panamax and supramax bulk carriers were much less affected by the Vale dam disaster. EuroDry (EDRY) anticipates the coal trade to increase due to the strong demand for electricity and the grain trade would rebound. According to EuroDry (EDRY), IMO (International Maritime Organization) 2020 regulations may add uncertainty to the future. In May 2018, Aristides Pittas-led shipowner and operator EuroDry (EDRY) spun off from sister container ship company Euroseas (ESEA). Aristides Pittas-backed Euroseas (ESEA) is the sister company of EuroDry (EDRY). 23-May-2019

 

Athens-based New York-listed shipowner and operator EuroDry (EDRY) reported a net profit of $0.4 million for Q1 2019. EuroDry (EDRY) reported earnings of $0.18 per share for Q1 2019. EuroDry (EDRY) reported revenue of $$5.7 million for Q1 2019. New York-listed shipowner and operator EuroDry (EDRY) considers that the current shipping market downshift is due to short-term factors and that, in the medium and long term, the essential supply-demand balance is supporting an improving shipping market. New York-listed shipowner and operator EuroDry (EDRY) anticipates more elevated charter rates soon due to low order books, exhaust gas scrubber dry-dockings, and slow-steaming. Currently, Athens-based New York-listed shipowner and operator EuroDry (EDRY) has a fleet of seven (7) bulk carriers. In November 2018, Aristides Pittas-led shipowner and operator EuroDry (EDRY) acquired 2004 built panamax bulk carrier 75K DWT MV Star of Nippon. In May 2018, Aristides Pittas-led shipowner and operator EuroDry (EDRY) spun off from sister container ship company Euroseas (ESEA). Euroseas (ESEA), a sister company of EuroDry (EDRY). 21-May-2019

 

New York-listed shipowner and operator Euroseas (ESEA) dry bulk spin-off EuroDry (EDRY) still beats finance market consensus for Q4 2018. Athens-based New York-listed shipowner and operator EuroDry (EDRY) has fallen closer to the red side of the ledger yet still outperformed finance analysts’ predictions. EuroDry (EDRY) reported a net income of $0.56 million for Q4 2018. EuroDry (EDRY) reported adjusted earnings of $0.7 million for Q4 2018. EuroDry (EDRY) reported earnings of $0.31 per share for Q4 2018. EuroDry (EDRY) reported revenue of $6.99 million for Q4 2018. EuroDry (EDRY) reported net expenses of $1.2 million for Q4 2018. Freight rates during Q4 2018 and Q1 2019 weakened amid the US-China trade war. However, Athens-based New York-listed shipowner and operator EuroDry (EDRY) secured physical, FFA (Forward Freight Agreements), and fixed-rate arrangements to protect the company against negative shipping market activities. New York-listed shipowner and operator EuroDry (EDRY) assumes that dry bulk shipping markets could present substantial opportunities for sizable returns in the medium term. Furthermore, EuroDry (EDRY) has completed some loan refinancing. According to EuroDry (EDRY), IMO (International Maritime Organization) regulations should restrict fleet growth for positive business demand. EuroDry (EDRY) anticipates that with time, EuroDry (EDRY) will improve the company’s visibility amongst investors and contribute to lowering the substantial discount to the NAV (Net Asset Value) the company’s stock trades at, therefore, presenting supplementary rewards to EuroDry (EDRY) shareholders. Aristides Pittas-backed EuroDry (EDRY) was established on 30 May 2018 when Euroseas’ (ESEA) six (6) dry bulk carriers were separated from the fleet to qualify Euroseas (ESEA) to evolve an eleven (11) container ship pure player. 18-February-2019

 

Athens-based New York-listed shipowner and operator EuroDry (EDRY) anticipates higher coal shipping demand. According to Aristides Pittas-led shipowner and operator EuroDry (EDRY), the demand for coal shipping may remain robust over the next couple of years despite an international motivation for less coal use. Aristides Pittas-led shipowner and operator EuroDry (EDRY) anticipates Q1 freight rates to be relatively low due to the US-China trade war and the current Vale dam catastrophe, which may reduce annual iron ore output by 40 million tonnes. According to EuroDry (EDRY), coal trade despite the longer-term problems due to the overall wish to diminish coal usage, have been surprisingly robust in 2018. Coal trade is expected to further increase in 2020 as electricity demand remains robust. In May 2018, Aristides Pittas-led shipowner and operator EuroDry (EDRY) spun off from sister container ship company Euroseas (ESEA). Euroseas (ESEA) is the sister company of EuroDry (EDRY). 15-February-2019