EuroDry (EDRY) Noble Capital Markets Emerging Growth Virtual Investor Conference summary

Company overview and strategy

• Operates 12 dry bulk vessels, focusing on mid-sized Supramax to Kamsarmax ships for flexibility and efficiency.

• Currently selling an older vessel and has two new Ultramax ships under construction for delivery in 2027.

• Pursues a fleet renewal strategy, replacing aging Panamax vessels with more fuel-efficient newbuilds.

• Management team and board have deep industry experience, supporting strategic direction.

• Vertically integrated operations through an affiliated management company.

Market environment and outlook

• Dry bulk market rates have been volatile, with recent improvements after a period of below-average rates.

• Fleet under construction remains low, supporting a positive long-term supply outlook.

• Demand growth has lagged, mainly due to weaker Chinese imports and global trade disruptions.

• Trade route changes, such as Suez and Panama Canal issues, have increased voyage distances and demand.

• Environmental regulations and aging global fleet may lead to increased scrapping, limiting supply growth.

Financial position and fleet management

• All vessels are on short-term charters, fully exposing earnings to market rates.

• Cash flow break-even is about $12,000 per day; current rates above $13,000 support positive cash flow.

• Debt stands at approximately $98 million, with recent refinancing to improve liquidity.

• Book value is about $90 million, with estimated NAV per share of $35–$36, but shares trade at a significant discount.

• Liquidity enhanced by vessel sales and refinancing, but further improvement is a priority.