|Over a week ago|
EuroDry price target lowered to $38 from $45 at Maxim » 08:2209/2009/20/22
Maxim analyst Tate…
Maxim analyst Tate Sullivan lowered the firm's price target on EuroDry to $38 from $45 but keeps a Buy rating on the shares. The analyst updates his estimates after the company announced the sale of one of its oldest dry bulk ships and also to reflect the lower dry bulk shipping rates. Sullivan remains positive on EuroDry longer term, stating the demand for existing dry bulk vessels and limited supply growth of new vessels will allow the company to continue to earn shipping rates above costs.
EuroDry to sell M/V Pantelis for $9.7M » 16:0709/1909/19/22
EuroDry announced that it…
EuroDry announced that it has signed an agreement to sell M/V Pantelis, a 74,020 dwt drybulk vessel, built in 2000, for approximately $9.7M. The vessel is expected to be delivered to its new owners, an unaffiliated third party, by mid-October 2022.
|Over a quarter ago|
EuroDry reports Q1 adjusted EPS $3.30 vs. 55c last year » 08:1005/1805/18/22
Reports Q1 revenue $18.3M…
Reports Q1 revenue $18.3M vs. $8.6M last year. Aristides Pittas, Chairman and CEO of EuroDry commented: "Despite the challenging global economic and geopolitical environment, during the first quarter of 2022, our vessels were employed at very profitable rates, the highest compared to any period of the last 12 years except the second half of 2021. The significant earnings generated by our vessels have allowed us to exploit investment opportunities and to expand our fleet by 2 units in 2022, building on our two-prong growth strategy that combines modern eco vessels built during the last 8-10 years that have attractive commercial characteristics with high quality older and, thus, lower capital cost vessels that make outsized contribution to our earnings per dollar invested. We continue to remain very optimistic about the prospects of the drybulk market in spite of the global uncertainties which could affect overall economic growth and demand for drybulk shipping. Our optimism is based on the limited supply of vessels which is the result, in the near term, of the continuing inefficiencies in the transportation system from the pandemic and the Ukraine Crisis in the medium term, of the historically low orderbook which is near the lowest levels of the last 25 years expressed as a percentage of the fleet. In addition to the above, the effects of the upcoming application of environmental regulations could further restrict the supply of vessels over the next several years. Within this environment, we are pursuing opportunities to grow our fleet in accretive ways and manage our profitability to maximize the rewards to our shareholders."
EuroDry price target raised to $57 from $50 at Maxim » 08:2104/2104/21/22
Maxim analyst Tate…
Maxim analyst Tate Sullivan raised the firm's price target on EuroDry to $57 from $50 and keeps a Buy rating on the shares. The analyst is boosting his estimates after the company announced the acquisition of its 11th dry bulk ship and to reflect the slightly higher daily contract rates compared to his previous forecasts. Sullivan adds that he is increasing his Q4 book value per share on EuroDry to $43.46 from $42.86.
EuroDry to acquire M/V Santa Cruz for $15.75M » 16:0804/1904/19/22
EuroDry announced that it…
EuroDry announced that it has agreed to acquire M/V Santa Cruz, a 76,440 dwt drybulk vessel built in 2005, for $15.75M. The vessel was controlled by an un-affiliated third party and has been managed by Eurobulk, also the manager of the majority of the company's vessels. The vessel is expected to be delivered to the company around the end of April. The company will also assume the existing charter of the vessel at $14,800 per day until July. The acquisition will be financed with own funds.
EuroDry announces new charter for M/V Molyvos Luck » 09:0703/0303/03/22
EuroDry announced a new…
EuroDry announced a new charter for its drybulk vessel M/V "Molyvos Luck". Specifically: M/V "Molyvos Luck", a 57,924 dwt vessel built in 2014, entered into a new time charter contract for a period of between a minimum of eleven and a maximum of thirteen months at the option of the charterer, at a daily rate of $25,750. The new rate will commence upon completion of the existing charter, estimated in early May 2022.
EuroDry reports Q4 EPS $5.32,one-estimate $4.46 » 16:1402/0902/09/22
Reports Q4 revenue…
Reports Q4 revenue $22.3M, consensus $22.1M. reducing our cost of capital and increasing earnings to our common shareholders in 2022 and beyond. "During the quarter, drybulk spot earnings, after peaking in October 2021 when they registered their highest level since early 2010, subsequently retreated by about 35% in November and December, while in January 2022 they retreated by approximately another 30%; at the same time, after initially retreating too, one-year time rates recovered during December 2021 and January 2022 suggesting that there are expectations amongst the market participants that the spot earnings' retreat, a cyclically common effect during the first couple of months of every year, is only temporary. Even at their present levels though, spot earnings are at high levels relative to the last decade. "Despite the market strength during 2021, the orderbook remained at historically low levels. This suggests minimal fleet growth over the next 2-3 years, likely, leading to higher rates in the rest of 2022 if trade increases even at just historically average levels. Within this framework of expectations, we have expanded our fleet acquiring our tenth vessel, M/V Molyvos Luck, which will further position us to take advantage of expected market increases. "Overall, we are committed to continue growing EuroDry focusing on the middle size range of drybulk carriers. Our increased liquidity and low leverage ratio provide us with significant firepower to pursue our strategy."
EuroDry announces agreement to acquire M/V Molyvos Luck » 09:0701/1901/19/22
EuroDry announced that it…
EuroDry announced that it has agreed to acquire M/V Molyvos Luck, a 57,924 dwt drybulk vessel built in 2014, for $21.2 million. The vessel was majority owned by an un-affiliated third party and has been managed by Eurobulk Ltd., also the manager of the majority of the Company's vessels. The vessel is expected to be delivered to the Company around the end of January 2022. The Company will also assume the existing charter of the vessel at $13,250/day until April 2022. The acquisition will be initially financed by the Company's own funds; a bank loan will be arranged to partly finance the acquisition after the purchase is completed. Aristides Pittas, Chairman and CEO of EuroDry commented: "We are pleased to announce the acquisition of M/V Molyvos Luck, a Supramax, drybulk carrier built in 2014. This acquisition further expands our modern fleet cluster at a time when the market fundamentals are very supportive of a continuing strong market as there are signs that the pandemic may recede and fleet growth is expected to be limited as evidenced by the historically low levels of the orderbook. At current market rates, we expect that M/V Molyvos Luck will make a significant contribution to our net income and EBITDA. The accumulation of funds that our fleet generates provides us with several investment, expansion or other shareholder reward options and we will continue pursuing those most appropriate for the benefit of our shareholders at any given point."