EuroDry Q2 2026: Net Income Swings to $6.6M on 57% Revenue Surge, TCE Rates Nearly Double
EDRY has more than doubled off its 52-week low of $10 on elevated volume (1.9× avg).
Summary
EuroDry reported Q2 2026 net income of $6.6 million, a sharp turnaround from a $3.1 million loss a year ago, as drybulk charter rates nearly doubled. The company also advanced a $19 million vessel refinancing and continued its share repurchase program.
Key Events · Earnings and Guidance · EDRY
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Q2 Net Income Swings to $6.6M
Net income attributable to controlling shareholders was $6.6 million ($2.36 basic EPS), compared to a loss of $3.1 million in Q2 2025, driven by a 57% increase in net revenues to $17.7 million.
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TCE Rates Nearly Double
Average time charter equivalent rate reached $20,398 per day, up 95.6% year-over-year, reflecting strong drybulk market conditions.
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Adjusted EBITDA Surges to $11.7M
Adjusted EBITDA was $11.7 million, up from $1.9 million in the prior-year quarter, highlighting significant operating leverage.
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$19M Vessel Refinancing Term Sheet Signed
On July 28, 2026, the company signed a term sheet with Alpha Bank S.A. to refinance the existing indebtedness of M/V Ekaterini with a loan of up to $19 million, subject to customary documentation.
Analysis · EDRY · Energy & Transportation
EuroDry delivered its strongest quarter in four years, swinging from a $3.1M loss to a $6.6M profit. A rally in the drybulk market pushed average time charter equivalent rates up 95.6% year-over-year to $20,398 per day, fueling a 57% revenue increase despite operating one fewer vessel. Adjusted EBITDA hit $11.7M, up from $1.9M. The company also signed a term sheet to refinance a vessel loan for up to $19M and continued its share buyback, having repurchased $5.8M of a $10M authorization. With four newbuilds on order and a strong forward freight market, EuroDry is positioned for sustained earnings growth, though the cyclical nature of shipping rates remains a risk.
At the time of this filing, EDRY was trading at $29.82 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $85.5M. The 52-week trading range was $10.00 to $30.07. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.