Core Insights - EuroDry Ltd. reported a total net revenue of 17.4millionforQ22024,a68.610.3 million in Q2 2023, driven by higher time charter rates and an increased number of vessels operated [11][19] - The company experienced a net loss attributable to controlling shareholders of 0.41millioninQ22024,comparedtoanetlossof1.2 million in the same period of 2023 [18][19] - Adjusted EBITDA for Q2 2024 was 5.0million,upfrom2.5 million in Q2 2023, indicating improved operational performance [11][19] Financial Performance - For the first half of 2024, total net revenues reached 31.9million,a46.921.7 million in the first half of 2023 [21] - The average time charter equivalent rate for Q2 2024 was 14,427perday,an18.512,179 per day in Q2 2023 [11][19] - Adjusted net loss for the first half of 2024 was 3.7million,or1.35 per share, compared to an adjusted loss of 0.33pershareinthefirsthalfof2023[29][30]OperationalHighlights−Thecompanyoperatedanaverageof13vesselsinbothQ2andthefirsthalfof2024,comparedto10vesselsinthesameperiodsof2023[11][21]−Dailyvesseloperatingexpensesdecreasedto6,396 per vessel per day in Q2 2024 from 6,780inQ22023,reflectingimprovedcostmanagement[10][19]−ThefleetutilizationrateforQ22024was99.017,800 per day during Q2 2024, while eco-Ultramax vessels earned 3,000to4,000 more per day [7] - The company anticipates that low supply growth will support demand increases, particularly influenced by global economic growth and developments in China [8][9] Strategic Initiatives - EuroDry has extended its share repurchase program for another year, having repurchased approximately $5.0 million worth of shares to date [3][9] - The company is evaluating fleet renewal and investment opportunities while maintaining a strategy to capitalize on rate increases through short-term or index-linked charters [9] - The 2023 Sustainability Report has been published, highlighting the company's commitment to environmental, social responsibility, and governance aspects [4][9]
