EuroDry Chairman and CEO Aristides Pittas expressed his optimism that the dry bulk market in March 2025 will recover, following the various incentive packages from the Chinese government in combination with typical seasonal demand.
On the occasion of the announcement of the company’s annual results for 2024, Pittas said that during the last two months of last year and the two-month period of January-February 2025, the dry bulk market fell to prices never seen since the early days of the Covid pandemic and touched the lowest levels in a decade last seen in 2016.
Pittas stressed that “the weak market in January and February 2025 will impact the company’s first quarter results, however, he stressed that he expects the market to recover in March and during the second quarter of 2025, when the company’s fleet will be able to fully benefit.”
Revenue growth
On a year-on-year basis, EuroDry reported total net revenues of 61.1 million dollars, representing a 28.3% increase compared to total net revenues of 47.6 million dollars in the twelve months of 2023, as a result of the increased number of vessels operating during the year and the slightly higher time equivalent freight rates earned by the vessels.
On average, 13 vessels were owned and operated during the twelve months in 2024, earning an average equivalent time charter rate of 13,039 dollars per day, compared to 10.6 vessels during the same period in 2023 with an average profit of 12,528 dollars per day.
Vessel operating expenses amounted to 25.7 million dollars in the twelve months of 2024, compared to 20.8 million in the same period in 2023.
The increase is mainly due to the increased number of ships operating in 2024 compared to the corresponding period in 2023.
