EuroDry Ltd. (NASDAQ: EDRY) has shared the financial results of the three months completed on March 31, 2021. The firm has also disclosed that it has inked a deal to buy M/V Blessed Luck, a 76,704-dwt dry bulk vessel built in Japan. The firm has provided the highlights for the first quarter of 2021.
The firm has reported that its total net revenues stood at $8.6 million. Its net income reached $0.9 million and net income attributable to common shareholders touched $0.4 million or $0.19 earnings per share basic and diluted. On the other hand, Adjusted net income attributable to common shareholders for the period stood at $1.3 million or $0.55 EPS basic and diluted.
Furthermore, the firm disclosed that its dividend reaches $0.3 million on its Series B Preferred Shares. The dividend will be given in cash. EDRY has an Adjusted EBITDA of $4.0 million. An average of 7.0 vessels was held and controlled during the first quarter of 2021 earning an average time charter comparable rate of $14,924 per day.
In addition to this, EDRY revealed that it has bought M/V Blessed Luck, a 76,704-dwt dry bulk vessel built-in 2004 in Japan, for $12.12 million. The vessel is majority held by a third party and has been controlled by Eurobulk Ltd., also the manager of three of the firm’s vessels.
The vessel is anticipated to be supplied to the firm within May 2021. The buying will be funded moderately by a short-term sellers’ credit of $5 million and a one-year bridge loan of $6 million offered by an entity affiliated.