The following is a summary of the EuroDry Ltd. (EDRY) Q4 2023 Earnings Call Transcript:

Financial Performance:

• EuroDry reported Q4 total net revenues of $15.9 million and net income attributable to shareholders was $0.3 million or $0.13 per share.

• Adjusted net income for the quarter was $1.9 million or $0.70 per diluted share.

• The company repurchased a total of 273,120 shares of common stock for about $4.1 million, under its share repurchase plan.

• EuroDry's Q4 revenues rose by 5.2% over total net revenues from Q4 2022.

• Interest and financing costs increased to $2 million, due to the increased debt and the rise in benchmark rates of loans.

• A net loss of $2.9 million was reported for the full year of 2023, contrasting with a net income of $33.5 million reported for 2022.

Business Progress:

• 11 out of the 13 vessels are engaged in short-term charters, with two vessels employed under index-linked charters until 2024 and 2025, respectively.

• The company operates a fleet of 13 drybulk carriers, with a total capacity of approximately 920,000 deadweight.

• New emissions regulations anticipated in the industry may lead to reduced active fleet, potentially resulting in freight market spikes.

• The company is hesitant on additional investments in new vessels due to high vessel values and recent purchases that reduced the liquidity.

• Commercial utilization rate for 2023 was 100%, however, the daily operating expenses increased to $7,340 per vessel per day.

• The company continues its strategic financial decisions to minimize losses and manage debts.

More details: EuroDry IR

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