EuroDry (EDRY) Noble Capital Markets Emerging Growth Conference summary

Company overview and fleet

• Operates 11 dry bulk vessels, with 8 modern ships and 3 older ones, plus 2 new ships on order for delivery in mid-2027.

• Average fleet age is 13 years; younger ships are notably newer than the average.

• Fleet management is handled by a company owned by the CEO's family, with a long history in shipping.

• Strategy includes growing and modernizing the fleet by replacing older ships and expanding via earnings and M&A.

Market dynamics and industry outlook

• Dry bulk shipping is highly sensitive to global economic trends, especially China's growth.

• The order book for new ships is at historic lows, leading to an aging fleet and limited new supply.

• Supply constraints position the sector to benefit from any demand increases.

• Environmental regulations may further tighten supply by encouraging slower vessel speeds.

• Trade disruptions (e.g., Suez and Panama Canal issues) and reconstruction efforts could boost demand.

Commodities and demand trends

• Iron ore is the largest cargo segment, with positive outlook; coal trade is declining due to decarbonization.

• Metallurgical coal remains tied to steel production, while thermal coal faces substitution.

• Grain and steel products are also significant cargoes, with market rates improving and a promising forward market.