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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