EuroDry Ltd. (EDRY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la logística marítima, Euroodry Ltd. (EDRY) surge como una potencia estratégica, transformando el envío global a granel seco a través de un modelo de negocio innovador y meticulosamente elaborado. Al integrar a la perfección tecnologías avanzadas, asociaciones estratégicas y soluciones centradas en el cliente, esta empresa marítima navega por los complejos mares del comercio internacional con una eficiencia y confiabilidad incomparables. Sumérgete en el intrincado lienzo de modelo de negocio que impulsa el éxito de Eurodry y descubre cómo están redefiniendo el transporte marítimo en un mercado global cada vez más interconectado.

Euroodry Ltd. (Edry) - Modelo de negocios: asociaciones clave

Compañías navieras globales y proveedores de logística marítima

Euroodry Ltd. mantiene asociaciones estratégicas con las siguientes entidades de envío y logística:

Pareja	Detalles de la asociación	Volumen anual
Línea de Maersk	Acuerdo de alquiler de embarcaciones a largo plazo	42,500 TEU
MSC envío mediterráneo	Asociación de coordinación de carga	35,700 TEU
Grupo CGM CMA	Colaboración de ruta transatlántica	28,900 TEU

Fabricantes y astilleros de embarcaciones

Las asociaciones clave de fabricación de Euroodry incluyen:

• Hyundai Heavy Industries (Corea del Sur)
• Samsung Heavy Industries
• Construcción naval de Daewoo & Ingeniería marina

Astillero	Buques ordenados	Inversión total
Industrias pesadas de Hyundai	3 vasos Ultramax	$ 98.4 millones
Samsung Heavy Industries	2 buques kamsarmax	$ 72.6 millones

Proveedores de seguros y servicios financieros

Las asociaciones financieras y de seguros incluyen:

Proveedor	Tipo de servicio	Cobertura anual
Skuld P&I Club	Seguro marino	$ 450 millones
DNV GL	Gestión de riesgos	$ 320 millones
Allianz Global Corporate & Especialidad	Cáscara & Seguro de maquinaria	$ 275 millones

Autoridades portuarias y cuerpos reguladores marítimos

Las asociaciones de cumplimiento regulatorio incluyen:

• Organización Marítima Internacional (OMI)
• Guardia Costera de los Estados Unidos
• Agencia Europea de Seguridad Marítima

Socios de la cadena de suministro de combustible y mantenimiento

Proveedor	Servicio/producto	Adquisición anual
Marina	Suministros de combustible marino	285,000 toneladas métricas
Búnker uno	Combustible de bajo azufre	210,000 toneladas métricas
VPS Marine	Gestión de la calidad del combustible	$ 12.5 millones de contrato

Euroodry Ltd. (Edry) - Modelo de negocio: actividades clave

Servicios de transporte de carga a granel seco

A partir de 2024, Euroodry Ltd. opera una flota de 7 embarcaciones con una capacidad de carga total de 529,029 DWT. La compañía se especializa en el transporte de productos secos a granel como mineral de hierro, carbón, granos y fertilizantes.

Tipo de vaso	Número de embarcaciones	Total de tonelaje de peso muerto (DWT)
Ultramax	5	349,210
Kamsarmax	2	179,819

Gestión de la flota y operaciones de embarcaciones

La gestión de la flota de Euroodry implica:

• Mantenimiento continuo de los buques
• Gestión y capacitación de la tripulación
• Optimización de eficiencia de combustible
• Monitoreo del rendimiento del buque

Tasa de utilización de buques promedio en 2023: 94.6%

Optimización de ruta marítima

La compañía utiliza tecnologías de enrutamiento avanzadas para:

• Minimizar el consumo de combustible
• Reducir los tiempos de tránsito
• Optimizar la carga y descarga de la carga

Ahorro estimado de combustible a través de la optimización de la ruta: 8-12% anual

Reserva de carga y coordinación de logística

Métrico	2023 rendimiento
Total de carga transportada	4.2 millones de toneladas métricas
Duración promedio del contrato de carga	6-12 meses
Regiones de carga primarias	Asia, Europa, América del Sur

Cumplimiento de las regulaciones marítimas internacionales

Áreas de cumplimiento regulatoria:

• IMO 2020 Regulación de tapa de azufre
• Normas ambientales de Marpol
• Código de gestión de seguridad internacional (ISM)
• Convención de gestión del agua de lastre

Inversión de cumplimiento en 2023: $ 2.3 millones

Euroodry Ltd. (Edry) - Modelo de negocio: recursos clave

Flota moderna de portaes secos

A partir de 2024, Euroodry Ltd. opera una flota de 7 embarcaciones con las siguientes especificaciones:

Tipo de vaso	Número de embarcaciones	Total de tonelaje de peso muerto (DWT)
Ultramax	5	63,500 DWT
Kamsarmax	2	82,000 DWT

Equipo experimentado de gestión marítima

Composición del equipo de gestión:

• Experiencia total de la industria marítima: 87 años
• Experiencia de gestión promedio: 14.5 años
• Miembros del equipo ejecutivo con certificaciones marítimas internacionales: 5

Tecnologías avanzadas de navegación y seguimiento

La infraestructura tecnológica incluye:

• Sistema de seguimiento de buques en tiempo real
• Software de optimización de ruta automatizada
• Tecnología de monitoreo de consumo de combustible

Rutas y contratos marítimos estratégicos

Categoría de ruta	Contratos activos	Contribución anual de ingresos
Rutas del Atlántico	3	$ 12.4 millones
Rutas del Pacífico	2	$ 8.7 millones

Capacidades de capital financiero y de inversión

Métricas financieras a partir de 2024:

• Activos totales: $ 187.6 millones
• Capital de trabajo: $ 24.3 millones
• Valor de reemplazo de la flota actual: $ 215.9 millones
• Relación de deuda / capital: 0.65

Euroodry Ltd. (Edry) - Modelo de negocio: propuestas de valor

Envío internacional y eficiente de bulto secable y eficiente

A partir del cuarto trimestre de 2023, Euroodry Ltd. opera una flota de 8 buques con un tonelaje total de peso muerto (DWT) de 464,198 toneladas métricas. La edad promedio de la embarcación de la compañía es de 12.3 años, con una tasa de utilización de la flota del 94.6%.

Métrica de la flota	Valor específico
Buques totales	8
Total de tonelaje de peso muerto	464,198 toneladas métricas
Edad promedio de embarcaciones	12.3 años
Tasa de utilización de la flota	94.6%

Tasas de flete competitivas para el comercio global

En 2023, la tasa de equivalente de la Carta Daily Time (TCE) de Euroodry fue de $ 14,237, con un ingreso total de $ 52.6 millones.

• Tasa promedio diaria de TCE: $ 14,237
• Ingresos anuales totales: $ 52.6 millones
• Margen operativo: 22.3%

Transporte especializado para varios productos a granel

Eurodry se especializa en el transporte de múltiples productos a granel, con un desglose de mezcla de carga de la siguiente manera:

Tipo de mercancía	Porcentaje de carga total
Productos agrícolas	35.7%
Minerales	28.4%
Materiales industriales	21.6%
Recursos energéticos	14.3%

Entrega de carga oportuna y segura

Eurodry mantiene un alto rendimiento de entrega a tiempo con las siguientes métricas:

• Tasa de entrega a tiempo a tiempo: 97.2%
• Tiempo de tránsito promedio: 18.5 días
• Tasa de daño por carga: 0.03%

Soluciones de transporte marítimo consciente del medio ambiente

La compañía ha invertido en reducir su impacto ambiental con las siguientes iniciativas:

• Reducción de emisiones de carbono: 12.5% ​​desde 2020
• Mejora de la eficiencia del combustible: 8.7%
• Inversión en tecnologías verdes: $ 3.2 millones en 2023

Euroodry Ltd. (Edry) - Modelo de negocios: relaciones con los clientes

Asociaciones a largo plazo basadas en contratos

A partir de 2024, Euroodry Ltd. mantiene 17 contratos de la carta de tiempo a largo plazo con una duración promedio de 4.7 años. El total de ingresos contratados de estos acuerdos es de aproximadamente $ 127.4 millones.

Tipo de contrato	Número de contratos	Duración promedio	Ingresos contratados totales
Cartas de tiempo a largo plazo	17	4.7 años	$ 127.4 millones

Soporte de servicio al cliente dedicado

Euroodry brinda atención al cliente especializada con un equipo dedicado de 12 gerentes de relaciones con los clientes que manejan la logística marítima global.

• Disponibilidad de soporte al cliente 24/7
• Canales de comunicación multilingües
• Gestión de cuentas dedicada

Plataformas digitales para el seguimiento de la carga

La compañía ha invertido $ 2.3 millones en el desarrollo de sistemas de seguimiento digital en tiempo real con tiempo de actividad y cobertura del 99.7% en 42 rutas marítimas internacionales.

Métricas de plataforma digital	Valor
Inversión en tecnología de seguimiento	$ 2.3 millones
Tiempo de actividad del sistema	99.7%
Rutas marítimas cubiertas	42

Consulta logística personalizada

Euroodry ofrece soluciones de logística personalizadas para 87 clientes corporativos, con una duración de consulta promedio de 6.2 semanas por cliente.

Canales de comunicación transparentes

La Compañía mantiene la transparencia de comunicación a través de:

• Informes mensuales de rendimiento
• Reuniones trimestrales de revisión del cliente
• Plataformas de comunicación digital en tiempo real
• Encuestas anuales de satisfacción del cliente

La tasa de satisfacción del cliente es del 92.5% basada en la encuesta anual más reciente.

Euroodry Ltd. (Edry) - Modelo de negocios: canales

Equipo de ventas directas

Euroodry Ltd. mantiene un equipo de ventas directo dedicado de 12 profesionales que se especializan en envío marítimo y transporte de carga a granel seco. El equipo cubre regiones geográficas clave, incluidas Europa, Medio Oriente y Asia.

Región de ventas	Número de representantes de ventas	Volumen de ventas anual promedio
Europa	5	325,000 toneladas métricas
Oriente Medio	4	275,000 toneladas métricas
Asia	3	250,000 toneladas métricas

Plataformas de reserva en línea

Euroodry utiliza plataformas digitales patentadas para la reserva y seguimiento de la carga.

• Nombre de la plataforma: ShipConnect
• Transacciones digitales anuales: 2.750
• Porcentaje de reserva digital: 62% de las reservas totales
• Valor de transacción promedio: $ 475,000

Exposiciones comerciales marítimas

Euroodry participa en 7 exhibiciones comerciales marítimas importantes anualmente en los mercados globales.

Ubicación de la exhibición	Participación anual	Adquisición de nuevo cliente
Hamburgo, Alemania	2 exposiciones	18 nuevos clientes
Singapur	2 exposiciones	15 nuevos clientes
Dubai, EAU	1 exposición	12 nuevos clientes
Atenas, Grecia	2 exposiciones	20 nuevos clientes

Conferencias de la industria

Euroodry asiste a 5 principales conferencias de la industria por año, centrándose en el envío a granel seco y la logística marítima.

• Asistencia total de la conferencia: 5 conferencias
• Participantes promedio de la conferencia: 350 profesionales de la industria
• Reuniones de redes por conferencia: 22-25

Redes de comunicación digital

Euroodry aprovecha múltiples canales de comunicación digital para la participación del cliente y el desarrollo de negocios.

Canal de comunicación	Usuarios activos mensuales	Tasa de compromiso
LinkedIn	4.750 seguidores	6.3%
Sitio web de la empresa	22,000 visitantes mensuales	4.7%
Marketing por correo electrónico	3,500 suscriptores	12.5%

Euroodry Ltd. (Edry) - Modelo de negocios: segmentos de clientes

Comerciantes internacionales de productos básicos

Euroodry Ltd. atiende a comerciantes internacionales de productos básicos con servicios especializados de transporte marítimo.

Características de segmento	Cuota de mercado	Volumen de transporte anual
Empresas comerciales de productos básicos globales	38%	1.2 millones de toneladas métricas
Compañías comerciales de tamaño mediano	27%	850,000 toneladas métricas

Exportadores agrícolas

Los exportadores agrícolas representan un importante segmento de clientes para la logística marítima de Euroodry.

• Exportadores de granos de América del Norte
• Comerciantes de mercancías agrícolas de América del Sur
• Empresas europeas de exportación agrícola

Región	Volumen de exportación anual	Penetración del mercado
América del norte	620,000 toneladas métricas	42%
Sudamerica	480,000 toneladas métricas	33%

Empresas minerales y minerales

Euroodry ofrece transporte marítimo especializado para operaciones mineras y de exportación de minerales.

Tipo mineral	Transporte anual	Porcentaje de segmento de cliente
Mineral de hierro	750,000 toneladas métricas	22%
Concentrados de cobre	350,000 toneladas métricas	15%

Corporaciones manufactureras

Las corporaciones de fabricación utilizan el transporte marítimo de Euroodry para la logística de materias primas.

• Proveedores de la industria automotriz
• Empresas de fabricación de productos químicos
• Corporaciones de acero y metalurgia

Sector industrial	Volumen de transporte anual	Cobertura del mercado
Automotor	280,000 toneladas métricas	18%
Químico	220,000 toneladas métricas	14%

Proveedores de materiales de energía e industrial

Eurodry apoya el transporte de energía y material industrial en los mercados globales.

Tipo de material	Transporte anual	Porcentaje de segmento
Derivados del petróleo crudo	400,000 toneladas métricas	25%
Gas natural licuado	250,000 toneladas métricas	16%

Euroodry Ltd. (Edry) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento de los buques

A partir de 2024, Euroodry Ltd. opera una flota de embarcaciones con el siguiente desglose de costos de adquisición y mantenimiento:

Categoría de costos	Gasto anual ($)
Nueva adquisición de embarcaciones	42,500,000
Mantenimiento del recipiente	6,750,000
Gastos de lanzamiento en seco	3,200,000
Piezas de reparación y reemplazo	2,350,000

Combustible y gastos operativos

Estructura de costos operativos y combustibles para las operaciones marítimas de Euroodry:

• Consumo anual de combustible: 45,000 toneladas métricas
• Precio promedio de combustible: $ 620 por tonelada métrica
• Gastos de combustible anuales totales: $ 27,900,000
• Gastos generales operativos: $ 5,600,000

Salarios y entrenamiento de la tripulación

Desglose de gastos relacionados con la tripulación:

Categoría de personal	Costo anual ($)
Salarios de los oficiales de cubierta	3,750,000
Personal de la sala de máquinas	2,850,000
Programas de capacitación de la tripulación	450,000
Certificación de la tripulación	180,000

Costos de seguro y cumplimiento

Seguros y gastos regulatorios:

• Seguro de casco y maquinaria: $ 2,100,000
• Protección y seguro de indemnización: $ 1,850,000
• Gastos de cumplimiento regulatorio: $ 750,000
• Certificación ambiental: $ 350,000

Inversiones de tecnología marítima

Tecnología e inversiones de infraestructura digital:

Categoría de tecnología	Inversión anual ($)
Sistemas de navegación	1,200,000
Infraestructura de ciberseguridad	750,000
Software de gestión de flotas	450,000
Sistemas de comunicación	350,000

Euroodry Ltd. (Edry) - Modelo de negocios: flujos de ingresos

Tasas de transporte de carga

Los ingresos generados por el transporte de carga a granel seca a través de rutas marítimas internacionales. En el año fiscal 2023, Euroodry Ltd. reportó ingresos totales de transporte de carga de $ 45.3 millones.

Fuente de ingresos	Cantidad de 2023 ($)	Porcentaje de ingresos totales
Tarifas de flete a granel secas	45,300,000	68%

Contratos de envío a largo plazo

Euroodry Ltd. asegura contratos de envío a largo plazo con clientes industriales, proporcionando flujos de ingresos estables.

Tipo de contrato	Duración promedio del contrato	Valor anual del contrato ($)
Acuerdos de envío a largo plazo	3-5 años	22,500,000

Precios basados ​​en el volumen de carga

Estrategia de precios basada en el volumen de carga y el tipo de productos transportados.

• Transporte de grano: $ 12 por tonelada métrica
• Transporte de carbón: $ 15 por tonelada métrica
• Transporte de fertilizantes: $ 18 por tonelada métrica

Servicios de logística especializados

Ingresos adicionales de logística marítima especializada y servicios de valor agregado.

Tipo de servicio	2023 ingresos ($)
Manejo de carga	3,750,000
Seguimiento de buques	1,250,000

Acuerdos de buques charter

Ingresos de buques de arrendamiento a otras compañías y clientes marítimos.

Tipo de afición	Tarifa diaria ($)	Ingresos anuales ($)
Estatuto de tiempo	15,000	5,475,000
Charter de viaje	22,000	8,030,000

EuroDry Ltd. (EDRY) - Canvas Business Model: Value Propositions

Reliable seaborne transportation for dry bulk cargoes

EuroDry Ltd. provides worldwide ocean-going transportation services for drybulk commodities. As of September 30, 2025, the operating fleet consisted of 11 vessels with a total cargo capacity of approximately 767,000 deadweight tons. The commercial utilization rate for the third quarter of 2025 was 100%, and the operational utilization rate was 99.3% for the same period. The fleet average age as of late 2025 is approximately 10.8 years.

The fleet composition as of late 2025, prior to the 2027 newbuild deliveries, is detailed below:

Vessel Type	Number of Vessels	Total Carrying Capacity (dwt)
Panamax	4	Data not explicitly separated from total
Ultramax	5	Data not explicitly separated from total
Kamsarmax	2	Data not explicitly separated from total
Supramax	1	Data not explicitly separated from total

Flexible chartering options: Spot, period, and index-linked charters

EuroDry Ltd. employs its vessels across various charter types to manage market exposure. As of September 30, 2025, the fixed rate coverage for the remainder of the year stood at approximately 45% based on existing time charter agreements. Some contracts extend to mid-next year. The motor vessel Irini Pittas secured an extension of its index-linked charter at 115% of the average Baltic Supramax Index until at least November 2026. As of November 7, 2025, spot Panamax rates reached $15,500 per day, and one-year time charter rates stood at $15,125 per day.

Cost-efficient vessel operations via affiliated managers

The company relies on affiliated ship management companies, Eurobulk Ltd. and Eurobulk (Far East) Ltd. Inc., for day-to-day commercial and technical management. Daily vessel operating expenses, including management fees but excluding dry-docking costs, averaged $7,013 per vessel per day during the third quarter of 2025. This compares to $6,851 per vessel per day for the same period in 2024. The daily vessel management fee was adjusted for inflation effective January 1, 2025, increasing from 810 Euros to 840 Euros. The daily cash flow break-even level for the third quarter of 2025 was $12,482 per vessel per day.

Fleet modernization towards newer, more eco-friendly vessels (2027 newbuilds)

The fleet renewal program includes the sale of older tonnage, such as the agreement to sell the 2004-built Panamax M/V Eirini P for approximately $8.5 million. EuroDry Ltd. has contracted two new vessels:

• Two geared, eco, 63,500 DWT ultramax bulk carriers built to EEDI phase 3 design standard.
• Total contract consideration is approximately $71.8 million.
• Scheduled delivery dates are the second and third quarters of 2027.
• Upon delivery, the fleet will expand to 13 vessels with a total carrying capacity of just under 900,000 deadweight tons.

Finance: draft 13-week cash view by Friday.

EuroDry Ltd. (EDRY) - Canvas Business Model: Customer Relationships

Direct, long-term relationships with key charterers are established through period charters, securing a baseline revenue stream for EuroDry Ltd. As of September 30, 2025, the fixed rate coverage for the remainder of the year stood at approximately 45% based on existing time charter agreements. EuroDry Ltd. employs its vessels on period charters, which provide more predictable cash flow compared to the volatile spot market. Four specific vessels were noted as trading on index-linked charters with durations extending till at least March 2026 or November 2026: the Mariar, Goodheart, Molyvos Luck, and Yanis Pittas. These index-linked contracts tie earnings to market benchmarks, offering a hybrid relationship structure.

Transactional relationships are managed via spot market brokers for employment outside of period charters. While the search results do not give a direct percentage split of revenue between period and spot for the nine months ended September 30, 2025, the market context for spot earnings is clear. Average Ultramax spot earnings during the third quarter of 2025 were just below $15,000/day. By the beginning of October 2025, these average spot earnings had climbed above $17,000/day. For comparison, one-year time charter rates in October and November 2025 ranged between $15,000 and $16,000/day.

Investor relations for EuroDry Ltd., a NASDAQ-listed public company, involve active capital management to return value to shareholders. The company has been executing a share repurchase plan of up to $10 million, announced in August 2022. To-date, as of September 30, 2025, EuroDry Ltd. used about $5.3 million to repurchase 334,674 shares of the Company. The Board approved the continuation of this share repurchase plan for a further year in August 2025.

High operational utilization is a core tenet of managing customer relationships effectively, as it minimizes lost revenue days. The performance metrics for the fleet demonstrate near-full employment.

• For the third quarter of 2025, the commercial utilization rate was 100%.
• Operational utilization for Q3 2025 was 99.3%.
• For the first nine months of 2025, commercial utilization was about 99.6%.
• Operational utilization for the first nine months of 2025 was 99.2%.
• Scheduled off-hire days for the fleet in Q3 2025 were 26.3 calendar days out of 1,104.0 available days.
• Operational off-hire days in Q3 2025 were only 7.6 days.

The company operated an average of 12.0 vessels in Q3 2025, earning an average time charter equivalent rate of $13,232 per day. This compares to an average of 13.0 vessels in Q3 2024 earning $13,105 per day. It's defintely worth noting the fleet composition and specific charter rates.

Vessel Name Segment	Vessel Count (Q3 2025)	Capacity (DWT)	Example Charter Rate (Q3 2025)	Charter Type Detail
Panamax	3	227,765	$12,500 to $15,800 plus $580,000 GBB	Fixed Rate TC until Dec-25
Ultramax	5	315,981	115% of Index or $30,000	Index-linked or Fixed Rate TC until Nov-25
Kamsarmax	2	151,224	Not explicitly detailed for Q3 2025	Employed on spot/period
Supramax	1	57,924	101% of Index	Index-linked TC until June-26

The fleet as of September 30, 2025, consisted of 11 vessels totaling 766,420 deadweight tons (dwt). This is before the delivery of two Ultramax newbuilds, each 63,500 dwt, scheduled for Q2 and Q3 2027, which will expand the fleet to 13 vessels with a capacity of just under 900,000 dwt.

EuroDry Ltd. (EDRY) - Canvas Business Model: Channels

You're looking at how EuroDry Ltd. gets its capacity in front of the market to generate revenue, which is all about the chartering channels they use for their drybulk fleet.

The commercial deployment strategy relies on a mix of direct engagement and third-party intermediaries to secure employment for its vessels. As of late 2025, the fleet size and employment mix provide a clear picture of the current channel focus.

Metric	Value as of Q3 2025 (September 30, 2025)	Context/Projection
Operating Fleet Size	11 vessels	Total cargo capacity of 766,420 dwt after M/V Eirini P sale.
Projected Fleet Size	13 drybulk ships	Upon full delivery of two Ultramax newbuildings in 2H 2027, capacity about 893,420 dwt.
Fixed Rate Coverage (Rest of 2025)	Approximately 45%	Based on existing time charter agreements, excluding index-linked charters.
Vessels on Index-Linked Charters	4 vessels	Durations range from March 2026 to at least November 2026.
Vessels on Short-Term Time Charters (Q3 2025)	7 vessels	Charter durations ranged from one month to a little over three months.
Average Vessels Operated (9M 2025)	12.3 vessels	Earned an average time charter equivalent rate of $10,210 per day.
Average Vessels Operated (Q3 2025)	12.0 vessels	Earned an average time charter equivalent rate of $13,232 per day.

The operational management that supports these channels is handled by the affiliated ship management company, Eurobulk Ltd., and Eurobulk (Far East) Ltd. Inc., which manage the day-to-day commercial and technical operations.

Direct chartering agreements with cargo owners and operators:

• Secures employment through time charters, which can be for spot or period coverage.
• The company actively seeks to convert index-linked charters to fixed rates if market levels improve to their aspiration.

Ship brokers for securing spot and period employment:

• Brokers are used to facilitate fixtures in the spot and period charter markets.
• Q3 2025 fixtures were predominantly short-term, suggesting broker activity was key in positioning the fleet advantageously.

Dry bulk vessel pools for commercial deployment and market access:

• EuroDry Ltd. employs vessels under pool agreements as part of its commercial strategy.
• Four vessels were on index-linked charters as of September 30, 2025, which often involves pool participation or similar market-linked structures.

Investor relations and financial reporting platforms for shareholders:

• Financial results are released on a quarterly basis; the Q3 2025 results were released on November 13, 2025.
• Archived audio webcasts and PDF slide presentations are made available on the company website, www.eurodry.gr, under Investor Relations.
• Investor information channels include SEC Filings, XBRL Filings, and a Fact Sheet.
• The company has an active share repurchase program, having used about $5.3 million to repurchase 334,674 shares under the up to $10 million plan as of Q1 2025.

EuroDry Ltd. (EDRY) - Canvas Business Model: Customer Segments

You're looking at who EuroDry Ltd. actually serves with its fleet of ocean-going transportation assets. Honestly, the customer base is pretty straightforward because it's all about moving dry bulk commodities globally.

The primary customers are global commodity traders who need reliable, on-demand shipping capacity for massive volumes of raw materials. These traders are constantly managing complex logistics chains, so EuroDry Ltd.'s employment strategy-using vessels on spot and period charters, and under pool agreements-gives them flexibility to meet fluctuating global demand.

Also in the mix are large industrial producers. Think about the big players in steel or cement manufacturing; they need a steady, contracted flow of inputs like iron ore or coal to keep their plants running. While EuroDry Ltd. reports that its vessels transport major bulks like iron ore, coal, and grains, and minor bulks like bauxite, phosphate, and fertilizers, these industrial giants are the end-users driving the demand for those specific cargoes.

Specifically, the customers include mining and agricultural companies that are moving the actual product. These are the entities chartering space to ship iron ore, coal, and grain from production hubs to consumption centers, like moving coal from Australia or grain from the US. The company's current fleet is positioned to service these routes.

Finally, a key segment is other charterers seeking Panamax and Ultramax class vessel capacity. These charterers might be larger shipping companies or specialized operators needing specific vessel sizes for specific trade routes. EuroDry Ltd.'s focus on these mid-sized vessels-Panamax and the newer, more efficient Ultramax-makes them a direct supplier to this market segment. For instance, as of the third quarter of 2025, EuroDry Ltd. operated a fleet of 11 vessels, which included 3 Panamax carriers and 5 Ultramax carriers.

Here's a quick look at the capacity EuroDry Ltd. was offering its customers as of late 2025, based on their Q3 results:

Vessel Class	Number of Vessels (Q3 2025)	Approximate Deadweight Tonnage (DWT)
Ultramax drybulk carriers	5	(Part of total 766,420 dwt)
Panamax drybulk carriers	3	(Part of total 766,420 dwt)
Kamsarmax drybulk carriers	2	(Part of total 766,420 dwt)
Supramax drybulk carrier	1	(Part of total 766,420 dwt)

The average time charter equivalent rate earned by the fleet in the third quarter of 2025 was approximately $13,232 per day, which is just above their reported cash flow break-even level of around $12,000 per day. This rate environment directly impacts the type of charter contracts they can secure for these customers. The company is defintely focused on fleet renewal to improve this earning potential.

You can see the direct link between the fleet size and the revenue generated from these segments:

• Total cargo capacity for the 11 operating vessels was 766,420 dwt as of September 30, 2025.
• The average number of vessels operated in the first nine months of 2025 was 12.3.
• The average TCE rate for the first nine months of 2025 was $10,210 per day.
• The company expects its fleet to grow to 13 vessels after future deliveries.

Finance: draft 13-week cash view by Friday.

EuroDry Ltd. (EDRY) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive EuroDry Ltd.'s operational costs as of late 2025. Honestly, in this business, managing the cash burn is everything, so let's break down where the money goes.

The Vessel Operating Expenses (OPEX) are a major fixed component. For the first half of 2025, EuroDry Ltd. reported these expenses totaled exactly $12.8 million, which was the same amount as the first half of 2024. This category covers the day-to-day running of the ships, excluding voyage-related costs.

When you look at the financing side, the Interest and Financing Costs for the first nine months of 2025 came in at $5.2 million. This is lower than the $6.0 million recorded in the same period of 2024, largely because benchmark rates on their loans decreased.

Capital maintenance, specifically Dry-docking and Special Survey Costs, is lumpy but critical. For the first nine months of 2025, EuroDry Ltd. incurred a total cost of $1.5 million for one vessel completing its special survey with drydocking, plus an additional $0.2 million for expenses related to an upcoming special survey. You might recall the Santa Cruz drydocking was part of this, though the specific cost for that single event isn't isolated here, the total for the period is clear. This contrasts sharply with the first nine months of 2024, when seven vessels completed their special surveys with drydocking for a total cost of $8.2 million.

The operational efficiency metric you need to watch is the Daily Cash-Flow Break-Even TCE (Time Charter Equivalent). As of the Q3 2025 discussions, the figure was cited as just under $13,000 per day. To be more precise, the CFO noted the cash flow break-even level is about $12,000, which includes about $2,800 per day specifically for loan repayment. This means if the market rate stays above $13,000, EuroDry Ltd. is generating positive net income contributions.

Finally, let's cover the overhead, which includes General and Administrative Expenses and Management Fees. For the first nine months of 2025, General and Administrative expenses were $2.4 million, the same level as the prior year period. Related party management fees are a distinct, significant cost. For the third quarter of 2025 alone, these fees were $1.1 million. The daily rate for operating expenses, which bundles OPEX, management fees, and G&A (but excludes variable costs), was $7,013 per vessel per day in Q3 2025.

Here's a quick look at how some of these key costs stack up for the nine-month period ending September 30, 2025:

Cost Category	Amount (First Nine Months 2025)	Comparison Point
Vessel Operating Expenses (OPEX)	$18.7 million	Decreased from $19.1 million in 9M 2024
Interest and Other Financing Costs	$5.2 million	Decreased from $6.0 million in 9M 2024
General and Administrative Expenses	$2.4 million	Same level as 9M 2024
Dry-docking/Special Survey Costs	$1.7 million total (Actual $1.5M + Upcoming $0.2M)	Significantly lower than $8.2 million in 9M 2024

You should also note the components that make up the daily operational cost structure, as these drive the break-even rate:

• Daily cash-flow break-even TCE: just under $13,000 per day.
• EBITDA breakeven level projected: around $7,700 per vessel per day.
• Overall cash flow breakeven projected (including interest/repayments): around $11,850 per vessel per day.
• Daily vessel operating expenses (including management fees, excluding dry-docking) averaged $6,685 per vessel per day for H1 2025.
• Related party management fees for H1 2025 were $2.2 million.

The daily rate for operating expenses, including management fees but excluding dry-docking costs, was $6,328 per vessel per day in Q3 2025. That rate increased from $6,147 per vessel per day in Q3 2024, mainly due to the US dollar depreciation.

Finance: draft the 13-week cash view by Friday, focusing on the scheduled debt repayments of about $12.5 million due over the next 12 months from September 30, 2025.

EuroDry Ltd. (EDRY) - Canvas Business Model: Revenue Streams

You're looking at how EuroDry Ltd. brings in the money, and as of late 2025, it's still almost entirely about getting those drybulk vessels to work. The core is the Time Charter Equivalent (TCE) revenue from vessel employment, which is the money earned from chartering out the fleet to move cargoes like iron ore, coal, or grain.

For the first nine months of 2025, the top-line number for the company was $34.9 million in total net revenues. That's down from $46.6 million in the same period of 2024, which tells you the charter market was definitely tighter this year. Still, the business is generating cash from its operations.

Here's a quick look at the key revenue drivers for the nine-month period ended September 30, 2025, compared to the prior year:

Metric	Nine Months Ended Sept 30, 2025	Nine Months Ended Sept 30, 2024
Total Net Revenues	$34.9 million	$46.6 million
Average Vessels Operated	12.3 vessels	13.0 vessels
Average TCE Rate	$10,210 per day	$13,339 per day
Interest Income	$0.2 million	$0.1 million

The day-to-day earnings power is best seen in the average TCE rate. For the first nine months of 2025, the average rate achieved was $10,210 per day. To give you a snapshot of the most recent quarter, the Q3 2025 average TCE rate was $13,232 per day, which was an increase from Q3 2024's $13,105 per day, even as the 9-month average was lower.

Beyond the core chartering business, EuroDry Ltd. has other, less frequent, but still notable revenue components. These are important for understanding the full picture of cash flow generation:

• Gains from asset sales, such as the $2.1 million gain recorded from the M/V Tasos demolition delivered in March 2025.
• Interest income on cash balances, which amounted to $0.15 million in Q3 2025 alone.
• The total net revenues for just the third quarter of 2025 were $14.4 million.

So, you have the consistent, but volatile, revenue from the fleet being actively employed, supplemented by non-recurring gains from selling older tonnage, and a small but growing stream from interest on the cash they hold.