Dry bulk vessel owner EuroDry reported a net loss attributable to controlling shareholders of $0.7 million, or $0.24 per share, for the third quarter of 2025. This compares to a net loss of $4.2 million in the same period of 2024.
Total net revenues for the quarter were $14.4 million, a slight decrease from $14.7 million in Q3 2024, primarily due to a reduced fleet size.
Adjusted EBITDA for the quarter was $4.1 million, up from $0.5 million in the prior-year period. The company’s fleet of 12 vessels earned an average Time Charter Equivalent (TCE) rate of $13,232 per day during the quarter, comparable to the $13,105 per day earned in Q3 2024.
Aristides Pittas, Chairman and CEO, commented, “During the third quarter of 2025 as well as during the month of October and the beginning of November of 2025, the drybulk market continued improving...Our results for the third quarter do not reflect this improvement since the majority of our charters had been finalized earlier at lower market levels.”
He expressed confidence that the market improvement would be reflected in the fourth quarter.
EuroDry also announced significant financing activities. On October 30, 2025, it signed a term sheet with Eurobank to refinance the loan for the Yannis Pittas and partly finance the newbuilding hull number XY166, securing up to $39.5 million.
Additionally, on November 3, 2025, the company signed a loan agreement with Crediabank for up to $26.9 million to finance the construction of hull number XY164.
For the first nine months of 2025, EuroDry reported a net loss attributable to controlling shareholders of $7.4 million on total net revenues of $34.9 million.