Eurodry Ltd. Q3 FY2024 earnings call

• Financial highlights: Q3 2024 reported total net revenues of $14.7 million and net loss of $4.2 million; adjusted EBITDA was $0.5 million. Nine months 2024 total net revenues were $46.6 million with adjusted EBITDA of $7.6 million.
• Refinancing: Refinanced two loans involving four vessels, releasing $60 million cash, extending maturities to 2029 and 2030, and lowering loan margins.
• Fleet details: Fleet of 13 vessels including 5 Panamax, 5 Ultramax, 2 Kamsarmaxes, and 1 Supramax; total cargo capacity ~1M DWT, average age 13.5 years.
• Dry dockings: Brought forward dry dockings of M/V Maria and M/V Christos, completed scheduled dry dockings for other vessels; faced 10 days of technical off-hire for Good Heart due to turbocharger damage.
• Fleet employment: ~63% of fleet secured on fixed rate charters for remainder of 2024, daily rates $17,750-$18,500.

EuroDry's main segment is dry bulk carriers. For the third quarter ended September 30, 2024, total net revenues were $14.7 million with a net loss attributable to controlling shareholders of $4.2 million. For the nine months ended September 30, 2024, total net revenues were $46.6 million. The fleet consists of 13 dry bulk carriers with a total cargo capacity of about 1 million deadweight tons and an average age of 13.5 years.

• Believes Q4 2024 and 2025 will be better than Q3 2024.
• Expected cash flow breakeven level for next 12 months around $11,766 per vessel per day due to lower scheduled drydocking expenses.
• Intends to continue share repurchase program around current share price levels.

• Market fluctuations: Poor market conditions in Q3 2024, dry bulk rates declined with supply exceeding demand.
• Geopolitical tensions: Impact on medium and longer-term growth prospects.
• Regulatory changes: Upcoming emissions regulations could tighten supply through increased scrapping or reduced operating speeds.

Q: Mark Reichman asked about fleet charter renewal strategy and pricing for vessels expiring in Nov-Dec 2024.

A: Aristides Pittas said they'll fix on short charters (15-90 days) as they don't want to fix longer at current low rates, positioning is key.

Q: Tate Sullivan asked about joint venture with NRP and potential acquisitions.

A: Aristides Pittas said relationship with NRP is going well, they're looking at other projects, and the joint venture's projects are expected to turn profitable.

Q: Poe Fratt asked about debt refinancings and stock buyback program.

A: Tasos Aslidis discussed refinancing details, Aristides Pittas mentioned stock buyback limited by factors, stock price undervalued but resources not unlimited.