EuroDry Ltd. announced its financial results for the first quarter ended March 31, 2025, on June 5, 2025, reporting total net revenues of $9.2 million. The company recorded a net loss attributable to controlling shareholders of $3.7 million, or $1.35 loss per basic and diluted share. This reflects a challenging market environment during the period.
Adjusted EBITDA for the first quarter was negative $1.0 million, indicating that the company's core operations did not generate positive earnings before interest, taxes, depreciation, and amortization. Average time charter equivalent (TCE) rates for the fleet stood at $8,716 per day, contributing to the reduced profitability. The market softness experienced in late 2024 continued into early 2025, impacting the company's performance.
The significant decline in revenues and the negative Adjusted EBITDA highlight the persistent macroeconomic and geopolitical headwinds affecting the dry bulk sector. EuroDry continues to focus on fleet modernization and strategic growth initiatives to navigate these challenging conditions.
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