ATHENS, Greece, May 21, 2024 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ:EDRY, the "Company" or "EuroDry")), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three-month period ended March 31, 2024. First Quarter 2024 Highlights: Total net revenues of $14.4 million. Net loss attributable to controlling shareholders, of $1.8 million or $0.65 loss per share basic and diluted, respectively. Adjusted net loss1 attributable to controlling shareholders for the quarter of $3.2 million or $1.18 loss per share basic and diluted, respectively, before unrealized gain on derivatives. Adjusted EBITDA1 was $2.1 million. An average of 13.0 vessels were owned and operated during the first quarter of 2024 earning an average time charter equivalent rate of $12,455 per day. Refer to a subsequent section of the Press Release for the definition and method of calculation of time charter equivalent rate. As of May 21, 2024, we had repurchased 299,646 shares of our common stock in the open market for $4.7 million, since the initiation of our repurchase plan of up to $10 million, announced in August 2022. Aristides Pittas, Chairman and CEO of EuroDry commented: "During the second half of first quarter of 2024 and through mid-May 2024, drybulk earnings for Ultramax and Kamsarmax vessels have on average maintained the levels of the previous three months with tripcharter rates around $16,000/day and timecharter rates a couple of thousand dollars per day higher. While these earnings levels would have been profitable for our fleet, our results for the quarter were influenced by a higher than average number of vessels undergoing drydocking and realized losses on FFA contracts. Looking forward we continue to be cautiously optimistic for the drybulk sector with continuing low orderbook as percent of the fleet and effects from carbon emissions regulation underpinning our optimism. On the demand side, economic developments in China and worldwide economic growth along with the objective to reduce the use of coal provide the challenges the sector has to overcome. Of course, other geopolitical factors, like the Houthi attacks on shipping, have a positive near term effect forcing vessels to travel longer distances. "We are positioning our fleet to take advantage of possible increases in rates and, thus, have all our vessels being exposed to the market either pursuing short term tripcharters or having their earnings linked to market indices. At the same time, we continuously evaluate investment opportunities in modern vessels and intend to continue our share repurchase program to exploit the difference between our share price and the intrinsic value of our shares." Tasos Aslidis, Chief Financial Officer of EuroDry commented: "Our net revenues for the first quarter of 2024 were higher by 27.2% as compared to the first quarter of 2023. This is primarily driven by the increase of 16.7% in average time charter equivalent rates our vessels earned during the quarter as compared to the first quarter of 2023, as well as by the increased number of vessels owned and operated in the first quarter of 2024 as compared to the same period of 2023. "Vessel operating expenses were $6.2 million for the first quarter of 2024 as compared to $4.7 million for the same period of 2023. The increase is mainly attributable to the increased number of vessels operating in the first quarter of 2024 compared to the corresponding period in 2023. "Adjusted EBITDA during the first quarter of 2024 was $2.1 million compared to $2.4 million achieved for the first quarter of last year. As of March 31, 2024, our outstanding debt (excluding the unamortized loan fees) was $101.5 million versus restricted and unrestricted cash of approximately $12.7 million." First Quarter 2024 Results:For the first quarter of 2024, the Company reported total net revenues of $14.42 million representing a 27.2% increase over total net revenues of $11.34 million during the first quarter of 2023, which was the result of the increased time charter rates our vessels earned during the first quarter of 2024 and the increased number of vessels owned and operated in first quarter of 2024 compared to the same period of last year. On average, 13.0 vessels were owned and operated during the first quarter of 2024 earning an average time charter equivalent rate of $12,455 per day compared to 10.0 vessels in the same period of 2023 earning on average $10,674 per day. The Company reported a net loss for the period of $1.91 million and a net loss attributable to controlling shareholders of $1.78 million, as compared to a net loss and a net loss attributable to controlling shareholders of $1.54 million for the same period of 2023. The net loss attributable to the non-controlling interest of $0.13 million in the first quarter of 2024 represents the loss attributable to the 39% ownership of the entities owning the M/V Christos K and M/V Maria represented by NRP Project Finance AS ("NRP investors") (the "Partnership"). For the first quarter of 2024, voyage expenses amounted to $1.51 million and mainly relate to vessels repositioning between charters and expenses during operational off-hire time, as compared to $2.44 million in the same period of 2023.The amount for the first quarter of 2023 included expenses incurred by one of our vessels while employed under a voyage charter. Vessel operating expenses increased to $6.23 million for the first quarter of 2024 from $4.69 million in the same period of 2023. The increase is mainly attributable to the increased number of vessels operating in the first quarter of 2024 compared to the corresponding period in 2023. Depreciation expense for the first quarter of 2024 was $3.44 million compared to $2.53 million for the same period of 2023 as a result of the higher number of vessels owned and operated in the first quarter of 2024. Related party management fees for the period were $1.08 million compared to $0.77 million for the same period of 2023, again due to the increased number of vessels owned and operated in the first quarter of 2024, as well as due to the adjustment for inflation in the daily vessel management fee, effective from January 1, 2024, increasing it from 775 Euros to 810 Euros and the unfavorable movement of the euro/dollar exchange rate. General and administrative expenses were $0.81 million for the first quarter of 2024 as compared to $0.80 million for the same period of last year. In the first quarter of 2024, two of our vessels were drydocked in order to pass their special survey for a total cost of $1.77 million. In the first quarter of 2023 one of our vessels was drydocked in order to pass her intermediate survey, which was completed in the second quarter of 2023. The above drydocking expenses amounted to $0.51 million during the first quarter of 2023. Interest and other financing costs for the first quarter of 2024 increased to $2.07 million as compared to $1.47 million for the same period of 2023. Interest expense during the first quarter of 2024 was higher mainly due to the increased amount of debt and the increased benchmark rates of our loans during the period as compared to the same period of last year. For the three months ended March 31, 2024, the Company recognized a $0.15 million unrealized gain and a $0.06 million realized gain on one interest rate swap, as well as a $1.29 million unrealized gain and a $0.95 million realized loss on forward freight agreement contracts. For the three months ended March 31, 2023, the Company recognized a $1.99 million unrealized loss and a $1.81 million realized gain on four interest rate swaps, three of which were terminated early in the first quarter of 2023, as well as a $0.04 million unrealized gain and a $0.24 million realized gain on forward freight agreement contracts. Adjusted EBITDA for the first quarter of 2024 was $2.10 million compared to $2.36 million achieved during the first quarter of 2023. Basic and diluted loss per share attributable to the Company for the first quarter of 2024 was $0.65, calculated on 2,733,491 basic and diluted weighted average number of shares outstanding, compared to basic and diluted loss per share of $0.55 for the first quarter of 2023, calculated on 2,803,049 basic and diluted weighted average number of shares outstanding. Excluding the effect on the net loss attributable to controlling shareholders for the quarter of the unrealized loss / (gain) on derivatives, the adjusted loss for the quarter ended March 31, 2024 would have been $1.18 per share basic and diluted, compared to adjusted earnings of $0.14 per share basic and diluted, respectively for the quarter ended March 31, 2023. Usually, security analysts do not include the above item in their published estimates of earnings per share. Fleet Profile: The EuroDry Ltd. fleet profile is as follows: Name Type Dwt Year Built Employment(*) TCE Rate ($/day) Dry Bulk Vessels           EKATERINI Kamsarmax 82,000 2018 TC until Mar-25 Hire 105.5% of the Average Baltic Kamsarmax P5TC(**) index XENIA Kamsarmax 82,000 2016 TC until Jun-24 $15,000 ALEXANDROS P. Ultramax 63,500 2017 TC until May-24Then until Jul-24 $16,500$11,000 - $17,750***** CHRISTOS K*** Ultramax 63,197 2015 TC until May-24 $22,000 plus a GBB**** of $220,000 YANNIS PITTAS Ultramax 63,177 2014 TC until Jun-24 $21,000 plus aGBB**** of $210,000 MARIA*** Ultramax 63,153 2015 TC until Jun-24 $22,000 plus aGBB**** pf $220,000 GOOD HEART Ultramax 62,996 2014 TC until May-24 $14,500 MOLYVOS LUCK Supramax 57,924 2014 TC until Jun-24 $15,100 EIRINI P Panamax 76,466 2004 TC until Jun-24 $13,250 SANTA CRUZ Panamax 76,440 2005 TC until Jun-24 $17,750 plus aGBB*** of $775,000 STARLIGHT Panamax 75,845 2004 TC until May-24 $12,250 TASOS Panamax 75,100 2000 TC until Jul-24 $16,500 plus aGBB**** of $650,000 BLESSED LUCK Panamax 76,704 2004 TC until Jul-24 $15,400 Total Dry Bulk Vessels 13 918,502       Note:  (*) TC denotes time charter. Charter duration indicates the earliest redelivery date. (**) The average Baltic Kamsarmax P5TC Index is an index based on five Panamax time charter routes. (***) The entity owning the vessel is 61% owned by EuroDry and 39% by NRP Investors. (****) Gross Ballast Bonus. (*****) Rate will depend on the redelivery region. Summary Fleet Data:   Three months, ended March 31, 2023   Three months, ended March 31, 2024   FLEET DATA     Average number of vessels (1) 10.00   13.00   Calendar days for fleet (2) 900.0   1,183.0   Scheduled off-hire days incl. laid-up (3) 6.0   52.5   Available days for fleet (4) = (2) - (3) 894.0   1,130.5   Commercial off-hire days (5) 2.2   -   Operational off-hire days (6) 2.5   21.4   Voyage days for fleet (7) = (4) - (5) - (6) 889.3   1,109.1   Fleet utilization (8) = (7) / (4) 99.5%