EuroDry Orders Two $74M Eco Kamsarmax Vessels, Reports $12.8M Q1 Revenue
EuroDry reported $12.8m in Q1 net revenues, $0.26m net income ($0.09 EPS) and $4.9m adjusted EBITDA from 11 vessels earning $14,416 per day. It deployed $5.6m to buy back 349,330 shares and ordered two eco 82,000 DWT Kamsarmax vessels for $74m, due for delivery by mid-2028.
1. Q1 2026 Financial Results
EuroDry generated $12.8 million in net revenues for the quarter ended March 31, 2026, up 38.9% year-over-year, reflecting an average time charter equivalent rate of $14,416 per day across 11 vessels. Net income attributable to controlling shareholders was $0.26 million ($0.09 per share) and adjusted EBITDA reached $4.9 million.
2. Share Repurchase Plan Update
The company has spent approximately $5.6 million repurchasing 349,330 shares under its $10 million buyback authorization, with the board extending the program for another year through August 2026. This disciplined capital return reflects management’s confidence in long-term value creation.
3. Newbuilding Orders for Two Kamsarmax Vessels
EuroDry signed contracts with Hengli Shipbuilding for two 82,000 DWT eco Kamsarmax bulk carriers at a total commitment of $74 million. These vessels, designed to EEDI Phase 3 standards, are slated for delivery in Q1 and Q2 2028 and will be funded with a mix of debt and equity.
4. Market Outlook and Strategic Positioning
Management noted a strengthening drybulk market, with one-year time charter rates nearing $20,000 per day for Kamsarmaxes. The decision to expand the newbuilding program targets replacing aging tonnage with eco-efficient ships and supports an almost entirely modern fleet by mid-2028.