EuroDry Q1 2026 Results: Shipping Firm Returns to Profit and Orders Two Eco Kamsarmax Bulk Carriers
EuroDry Q1 2026 Results: Shipping Firm Returns to Profit and Orders Two Eco Kamsarmax Bulk Carriers
EuroDry Ltd. reported a profitable first quarter of 2026, supported by stronger drybulk charter rates, improved fleet utilization, and a major fleet expansion plan involving two new 82,000 DWT Kamsarmax bulk carriers.
The Greece-based drybulk shipping company announced total net revenues of $12.8 million for the quarter ended March 31, 2026, up 38.9% from $9.2 million in the same period last year. Net income attributable to controlling shareholders reached $256,441, or $0.09 per share, compared with a loss of $3.7 million, or $1.35 per share, in Q1 2025.
Key Financial Highlights
EuroDry’s adjusted net income came in at $0.33 million, or $0.12 per share, excluding unrealized derivative losses. Adjusted EBITDA was $4.9 million, a sharp improvement from negative adjusted EBITDA of $1.0 million in the first quarter of 2025.
The company operated an average of 11 vessels during the quarter, compared with 12.8 vessels a year earlier. Even with a smaller fleet, performance improved because average time charter equivalent rates doubled to $14,416 per day, compared with $7,167 per day in Q1 2025.
Fleet Utilization Remained Strong
EuroDry reported fleet utilization of 99.7%, with commercial utilization reaching 100%. This shows that the company was able to keep its vessels employed efficiently during the period, despite the first quarter usually being a slower season for drybulk shipping.
Two New Kamsarmax Vessels Ordered
A major part of the announcement was EuroDry’s decision to order two modern 82,000 DWT Kamsarmax bulk carriers from Hengli Shipbuilding in Dalian. The vessels are expected to be delivered in the first and second quarters of 2028. The total contract value is about $74 million, to be financed through a mix of debt and equity.
The new ships are designed as eco vessels and will complement two Ultramax vessels already under construction. Once all four newbuildings are delivered between 2027 and 2028, EuroDry expects its fleet to consist almost entirely of modern eco vessels.
Management Points to Market Recovery
Chairman and CEO Aristides Pittas said the drybulk market softened only slightly during the seasonally slow first quarter, while market conditions strengthened in April and May. Management expects the stronger rate environment to support future profitability.
CFO Tasos Aslidis said the year-over-year revenue increase was mainly driven by stronger charter rates, partly offset by a smaller average fleet size. Vessel operating expenses also fell to $5.5 million from $6.6 million, largely due to fewer vessels in operation.
Balance Sheet and Share Repurchases
As of March 31, 2026, EuroDry had outstanding debt of about $100.9 million, excluding unamortized loan fees, and restricted plus unrestricted cash of about $24.9 million. The company also said it has used about $5.6 million to repurchase 349,330 shares under its $10 million buyback plan.
Outlook
EuroDry’s first-quarter results show a clear improvement from the prior-year period. Higher charter rates, strong vessel employment, lower operating expenses, and the move toward eco-friendly newbuildings suggest the company is positioning itself for a more efficient and competitive future fleet.
However, investors will likely continue watching drybulk freight rates, financing costs, new vessel deliveries, and global commodity demand. These factors can strongly affect shipping companies because earnings often move with market cycles.
Conclusion
EuroDry’s Q1 2026 performance marked a meaningful turnaround, with the company returning to profit while also committing to long-term fleet modernization. The order for two new Kamsarmax vessels signals confidence in future drybulk demand and a strategy focused on newer, more efficient ships.
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