Athens-based dry bulk vessel operator EuroDry has posted its financial results for the three-month period ended March 31, 2026.
For Q1 2026, EuroDry posted total net revenues of US$12.8 million and adjusted gross operating profit of US$4.9 million. Net income attributable to controlling shareholders was US$0.26 million or US$0.09 earnings per share attributable to controlling shareholders basic and diluted.
Adjusted net income attributable to controlling shareholders for the quarter was US$0.33 million or US$0.12 earnings per share attributable to controlling shareholders basic and diluted, which represents the net income attributable to controlling shareholders excluding the unrealised loss on derivatives.
"During the first quarter of 2026, a seasonally slow quarter, the dry bulk market gave up very little ground as compared to the last quarter of last year," Aristides Pittas, Chairman and CEO of EuroDry, commented. "Additionally in April and May 2026, the market has firmed across the board with one-year time charter rates and trip earnings flirting and reaching US$20,000 per day for both Ultramaxes and Kamsarmaxes."
Pittas added that EuroDry's profitability during Q1 2026 fully reflected the market conditions with the company's earnings dropping compared to Q4 2025 in consequence of the easing of market rates during the quarter.
"But as the market has increased during the last month and a half, so has our profitability, a development that we expect to be reflected in next quarter’s results."
“Our net revenues for the first quarter of 2026 were higher by 38.9 per cent as compared to the first quarter of 2025," added Tasos Aslidis, Chief Financial Officer of EuroDry. "This was primarily driven by the increase of 101.1 per cent in average time charter equivalent rates our vessels earned during the current quarter as compared to the first quarter of 2025, partly offset by the decreased average number of vessels owned and operated in the current period compared to the same period of 2025."
Adjusted gross operating profit during the first quarter of 2026 was US$4.9 million compared to an operating loss of US$1 million achieved for the first quarter of last year. As of March 31, 2026, EuroDry's outstanding debt (excluding the unamortised loan fees) was US$100.9 million versus restricted and unrestricted cash of approximately US$24.9 million.
The company reported a net income for the period of US$0.4 million and a net income attributable to controlling shareholders of US$0.3 million, as compared to a net loss of US$4 million and a net loss attributable to controlling shareholders of US$3.7 million for the same period of 2025.
The net income attributable to the non-controlling interest of US$0.2 million in the first quarter of 2026 represents the income attributable to the 39 per cent ownership of the entities owning the vessels Christos K and Maria represented by NRP Project Finance.
