EuroDry Ltd. released its financial results for the fourth quarter and full year ended December 31, 2024, on February 24, 2025, reporting a net loss attributable to controlling shareholders of $3.3 million for Q4 2024. This compares to a net income of $0.3 million in the same period of 2023. Total net revenues for the fourth quarter decreased by 8.8% to $14.5 million, primarily due to a 16.3% decline in average time charter equivalent (TCE) rates to $12,201 per day.
The fourth quarter results were significantly impacted by a $2.8 million impairment charge booked to reduce the carrying amount of the M/V Santa Cruz to its estimated market value. Adjusted EBITDA for Q4 2024 was $4.8 million, down from $6.6 million in Q4 2023. Basic and diluted loss per share for the quarter was $1.20, compared to earnings per share of $0.13 in Q4 2023.
For the full year 2024, EuroDry reported total net revenues of $61.1 million, a 28.3% increase from 2023, driven by an increased number of vessels. However, the company posted a net loss attributable to controlling shareholders of $9.7 million for the full year, compared to a $2.9 million loss in 2023. Full year Adjusted EBITDA was $12.4 million, down from $14.6 million in 2023, reflecting the challenging market conditions and $8.5 million in drydocking costs for seven vessels.
As of December 31, 2024, EuroDry's outstanding debt stood at $108.2 million, with unrestricted and restricted cash totaling $11.9 million. Management noted that the dry bulk market experienced significant declines in late 2024 and early 2025, reaching lows not seen since 2016. The company expects a recovery in March and Q2 2025, positioning its fleet to take advantage of potential market improvements.
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