About EuroDry

EuroDry Ltd., through its subsidiaries, provides ocean-going transportation services worldwide. The company owns and operates drybulk carriers that transport major bulks, such as iron ore, coal and grains, and minor bulks, such as bauxite, phosphate and fertilizers. As of March 31, 2023, the company's fleet consisted of ten drybulk carriers (comprising five Panamax drybulk carriers, two Kamsarmax, two Ultramax drybulk carriers and one Supramax drybulk carrier), all of which are in operation. The total cargo carrying capacity of the company's ten drybulk carriers is 728,975 deadweight ton (dwt). The company's fleet consists of drybulk carriers that transport iron ore, coal, grain and other dry cargoes along worldwide shipping routes. Strategy The company's business strategy focuses on providing consistent shareholder returns by carefully selecting the timing and the structure of its investments in drybulk vessels and by reliably, safely and competitively operating the vessels it owns, through its affiliates, Eurobulk Ltd. (Eurobulk) and Eurobulk (Far East) Ltd. Inc. (Eurobulk FE). The key elements of the company's strategy are to renew and expand its fleet; maintain balanced employment; optimize use of financial leverage; and manage a broad range of ESG (environmental, social and governance) initiatives. Customers The company has well-established relationships with major dry bulk charterers, which it serves by carrying a variety of cargoes over a multitude of routes around the globe. The company's major charterer customers include Klaveness (A/S Klaveness Chartering), Quadra (Quadra Commodities S.A.), Guardian pool, Ausca, Amaggi (Amaggi Europe B.V.), Tongli (Tongli Shipping PTE Ltd.), Ultrabulk (Ultrabulk A/S), and Cargill amongst others. In 2022, OLAM Group (OLAM), Quadra, Tongli, Ultrabulk, and Amaggi accounted for 13%, 13%, 12%, 11%, and 11% of the company's revenues, respectively. Competition The company's competitors include Diana Shipping Inc.; Eagle Bulk Shipping Inc.; Genco Shipping and Trading Limited; Navios Maritime Partners Inc.; Star Bulk Carriers Corp.; Safe Bulkers, Inc.; and Globus Maritime Limited. Regulation A variety of government and private entities subject the company's vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities, such as the United States Coast Guard (USCG), harbor master or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal operators. Under Chapter IX of the International Convention for the Safety of Life at Sea of 1974 (SOLAS Convention), or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (ISM Code), the company's operations are also subject to environmental standards and requirements. The company relies upon the safety management system that the company and its technical management team have developed for compliance with the ISM Code. The U.S. Environmental Protection Agency (EPA) and the United States Coast Guard (USCG) have also enacted rules relating to ballast water discharge, compliance with which requires the installation of equipment on the company's vessels to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial costs, and/or otherwise restrict its vessels from entering the U.S. Waters. History EuroDry Ltd. was founded in 2018. The company was incorporated under the Business Corporations Act of the Marshall Islands (BCA) in 2018.