Eurodry Ltd. (EDRY): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la logistique maritime, Eurodry Ltd. (EDRY) apparaît comme une puissance stratégique, transformant la navigation en vrac sèche mondiale grâce à un modèle commercial innovant et méticuleusement conçu. En intégrant de manière transparente les technologies avancées, les partenariats stratégiques et les solutions centrées sur le client, cette entreprise maritime navigue dans les mers complexes du commerce international avec une efficacité et une fiabilité inégalées. Plongez dans la toile du modèle commercial complexe qui propulse le succès d'Eurodry et découvrez comment ils redéfinissent le transport maritime dans un marché mondial de plus en plus interconnecté.

EURODRY LTD. (EDRY) - Modèle d'entreprise: partenariats clés

Les compagnies maritimes mondiales et les fournisseurs de logistique maritime

Eurodry Ltd. maintient des partenariats stratégiques avec les entités d'expédition et de logistique suivantes:

Partenaire	Détails du partenariat	Volume annuel
Ligne Maersk	Contrat de charte des navires à long terme	42 500 EVP
Expédition MSC Méditerranée	Partenariat de coordination de la cargaison	35 700 EVP
Groupe CMA CGM	Collaboration de route transatlantique	28 900 teu

Fabricants de navires et chantiers navals

Les principaux partenariats de fabrication d'Eurodry comprennent:

• Hyundai Heavy Industries (Corée du Sud)
• Samsung Heavy Industries
• Daewoo Shipbuilding & Génie maritime

Chantier naval	Navires commandés	Investissement total
Hyundai Heavy Industries	3 navires ultramax	98,4 millions de dollars
Samsung Heavy Industries	2 navires Kamsarmax	72,6 millions de dollars

Fournisseurs d'assurance et de services financiers

Les partenariats financiers et d'assurance comprennent:

Fournisseur	Type de service	Couverture annuelle
Skuld P&I Club	Assurance maritime	450 millions de dollars
DNV GL	Gestion des risques	320 millions de dollars
Allianz Global Corporate & Spécialité	Coque & Assurance machinerie	275 millions de dollars

Autorités portuaires et organismes de réglementation maritime

Les partenariats de conformité réglementaire comprennent:

• Organisation maritime internationale (OMI)
• Garde côtière américaine
• Agence européenne de sécurité maritime

Partners de la chaîne d'approvisionnement en carburant et en maintenance

Fournisseur	Service / produit	Approvisionnement annuel
Shell Marine	Fournis de carburant marin	285 000 tonnes métriques
Bunker un	À faible teneur en carburant	210 000 tonnes métriques
Marine VPS	Gestion de la qualité du carburant	Contrat de 12,5 millions de dollars

EURODRY LTD. (EDRY) - Modèle d'entreprise: Activités clés

Services de transport de cargaison en vrac sec

En 2024, Eurodry Ltd. exploite une flotte de 7 navires d'une capacité de charge totale de 529 029 DWT. L'entreprise est spécialisée dans le transport des produits secs en vrac tels que le minerai de fer, le charbon, les céréales et les engrais.

Type de navire	Nombre de navires	Tonnage total de poids mort (DWT)
Ultramax	5	349,210
Kamsarmax	2	179,819

Opérations de gestion de la flotte et de navires

La gestion de la flotte d'Eurodry implique:

• Entretien continu des navires
• Gestion et formation de l'équipage
• Optimisation d'efficacité énergétique
• Surveillance des performances des navires

Taux d'utilisation moyen des navires en 2023: 94,6%

Optimisation de l'itinéraire maritime

L'entreprise utilise des technologies de routage avancées vers:

• Minimiser la consommation de carburant
• Réduire les temps de transit
• Optimiser le chargement et le déchargement du fret

Économies de carburant estimées par l'optimisation de l'itinéraire: 8-12% par an

Booking et coordination de la logistique

Métrique	Performance de 2023
Cargo total transporté	4,2 millions de tonnes métriques
Durée du contrat de chargement moyen	6-12 mois
Régions de fret primaire	Asie, Europe, Amérique du Sud

Conformité aux réglementations maritimes internationales

Zones de conformité réglementaire:

• Régulation de la capuchon de soufre IMO 2020
• Normes environnementales de Marpol
• Code international de gestion de la sécurité (ISM)
• Convention de gestion des eaux de ballast

Investissement de conformité en 2023: 2,3 millions de dollars

EURODRY LTD. (EDRY) - Modèle d'entreprise: Ressources clés

Flotte de porte-vrac sèche moderne

En 2024, Eurodry Ltd. exploite une flotte de 7 navires avec les spécifications suivantes:

Type de navire	Nombre de navires	Tonnage total de poids mort (DWT)
Ultramax	5	63 500 DWT
Kamsarmax	2	82 000 dwt

Équipe de gestion maritime expérimentée

Composition de l'équipe de gestion:

• Expérience totale de l'industrie maritime: 87 ans
• Expérience de gestion moyenne: 14,5 ans
• Membres de l'équipe de direction avec des certifications maritimes internationales: 5

Technologies avancées de navigation et de suivi

L'infrastructure technologique comprend:

• Système de suivi des navires en temps réel
• Logiciel automatisé d'optimisation de l'itinéraire
• Technologie de surveillance de la consommation de carburant

Itinéraires et contrats maritimes stratégiques

Catégorie d'itinéraire	Contrats actifs	Contribution annuelle des revenus
Routes atlantiques	3	12,4 millions de dollars
Routes du Pacifique	2	8,7 millions de dollars

Capacités de capital financier et d'investissement

Mesures financières à partir de 2024:

• Actif total: 187,6 millions de dollars
• Fonds de roulement: 24,3 millions de dollars
• Valeur de remplacement actuelle de la flotte: 215,9 millions de dollars
• Ratio dette / fonds propres: 0,65

EURODRY LTD. (EDRY) - Modèle d'entreprise: propositions de valeur

Expédition fiable et efficace en vrac international sèche

Au quatrième trimestre 2023, Eurodry Ltd. exploite une flotte de 8 navires avec un tonnage total de poids mort (DWT) de 464 198 tonnes métriques. L'âge moyen des navires de l'entreprise est de 12,3 ans, avec un taux d'utilisation de la flotte de 94,6%.

Métrique de la flotte	Valeur spécifique
Navires totaux	8
Tonnage total de poids mort	464 198 tonnes métriques
Âge du navire moyen	12,3 ans
Taux d'utilisation de la flotte	94.6%

Taux de fret compétitifs pour le commerce mondial

En 2023, le taux d'équivalent quotidien moyen du temps (TCE) d'Eurodry était de 14 237 $, avec un chiffre d'affaires total de 52,6 millions de dollars.

• Taux de TCE quotidien moyen: 14 237 $
• Revenu annuel total: 52,6 millions de dollars
• Marge opérationnelle: 22,3%

Transport spécialisé pour diverses produits en vrac

Eurodry se spécialise dans le transport de plusieurs produits en vrac, avec une panne de mélange de fret comme suit:

Type de marchandise	Pourcentage de cargaison totale
Produits agricoles	35.7%
Minéraux	28.4%
Matériaux industriels	21.6%
Ressources énergétiques	14.3%

Livraison de fret en temps opportun et sécurisé

Eurodry maintient une performance de livraison à temps élevée avec les mesures suivantes:

• Taux de livraison à temps: 97,2%
• Temps de transit moyen: 18,5 jours
• Taux de dommages à la cargaison: 0,03%

Solutions de transport maritime soucieux de l'environnement

La société a investi dans la réduction de son impact environnemental avec les initiatives suivantes:

• Réduction des émissions de carbone: 12,5% depuis 2020
• Amélioration de l'efficacité énergétique: 8,7%
• Investissement dans les technologies vertes: 3,2 millions de dollars en 2023

EURODRY LTD. (EDRY) - Modèle d'entreprise: relations avec les clients

Partenariats à long terme basés sur les contrats

En 2024, Eurodry Ltd. maintient 17 contrats à long terme de charte à long terme avec une durée moyenne de 4,7 ans. Le total des revenus contractuels de ces accords est d'environ 127,4 millions de dollars.

Type de contrat	Nombre de contrats	Durée moyenne	Revenus contractuels totaux
Chartes à long terme	17	4,7 ans	127,4 millions de dollars

Assistance dédiée au service client

Eurodry fournit un support client spécialisé avec une équipe dédiée de 12 gestionnaires de relations clients gérant la logistique maritime mondiale.

• Disponibilité du support client 24/7
• Canaux de communication multilingues
• Gestion de compte dédiée

Plates-formes numériques pour le suivi des fret

La société a investi 2,3 millions de dollars dans le développement de systèmes de suivi numérique en temps réel avec une disponibilité et une couverture de 99,7% sur 42 itinéraires maritimes internationaux.

Métriques de plate-forme numérique	Valeur
Investissement dans la technologie de suivi	2,3 millions de dollars
Time de disponibilité du système	99.7%
Itinéraires maritimes couverts	42

Consultation en logistique personnalisée

Eurodry propose des solutions logistiques personnalisées pour 87 clients d'entreprise, avec une durée de consultation moyenne de 6,2 semaines par client.

Canaux de communication transparents

La société maintient la transparence de la communication à travers:

• Rapports de performance mensuels
• Réunions de révision des clients trimestriels
• Plates-formes de communication numérique en temps réel
• Enquêtes annuelles sur la satisfaction des clients

Le taux de satisfaction des clients s'élève à 92,5% sur la base de la dernière enquête annuelle.

EURODRY LTD. (EDRY) - Modèle d'entreprise: canaux

Équipe de vente directe

Eurodry Ltd. maintient une équipe de vente directe dédiée de 12 professionnels spécialisés dans l'expédition maritime et le transport de cargaisons en vrac sec. L'équipe couvre les régions géographiques clés, notamment l'Europe, le Moyen-Orient et l'Asie.

Région de vente	Nombre de représentants commerciaux	Volume moyen des ventes annuelles
Europe	5	325 000 tonnes métriques
Moyen-Orient	4	275 000 tonnes métriques
Asie	3	250 000 tonnes métriques

Plateformes de réservation en ligne

Eurodry utilise des plates-formes numériques propriétaires pour la réservation et le suivi des cargaisons.

• Nom de la plate-forme: ShipConnect
• Transactions numériques annuelles: 2 750
• Pourcentage de réservation numérique: 62% du total des réservations
• Valeur de transaction moyenne: 475 000 $

Expositions commerciales maritimes

Eurodry participe à 7 principales expositions commerciales maritimes chaque année sur les marchés mondiaux.

Emplacement de l'exposition	Participation annuelle	Nouvelle acquisition de clients
Hambourg, Allemagne	2 expositions	18 nouveaux clients
Singapour	2 expositions	15 nouveaux clients
Dubaï, EAU	1 exposition	12 nouveaux clients
Athènes, Grèce	2 expositions	20 nouveaux clients

Conférences de l'industrie

Eurodry assiste à 5 grandes conférences de l'industrie par an, en se concentrant sur la navigation en vrac sèche et la logistique maritime.

• Total de fréquentation de la conférence: 5 conférences
• Participants à la conférence moyenne: 350 professionnels de l'industrie
• Réunions de réseautage par conférence: 22-25

Réseaux de communication numérique

Eurodry exploite plusieurs canaux de communication numérique pour l'engagement des clients et le développement commercial.

Canal de communication	Utilisateurs actifs mensuels	Taux d'engagement
Liendin	4 750 abonnés	6.3%
Site Web de l'entreprise	22 000 visiteurs mensuels	4.7%
E-mail marketing	3 500 abonnés	12.5%

EURODRY LTD. (EDRY) - Modèle d'entreprise: segments de clientèle

Commerçants internationaux de matières premières

Eurodry Ltd. dessert les commerçants de produits internationaux avec des services de transport maritime spécialisés.

Caractéristiques du segment	Part de marché	Volume de transport annuel
Sociétés mondiales de trading de matières premières	38%	1,2 million de tonnes métriques
Sociétés commerciales de taille moyenne	27%	850 000 tonnes métriques

Exportateurs agricoles

Les exportateurs agricoles représentent un segment de clientèle important pour la logistique maritime d'Eurodry.

• Exportateurs de céréales d'Amérique du Nord
• Traders de produits agricoles d'Amérique du Sud
• Sociétés d'exportation agricole européenne

Région	Volume d'exportation annuel	Pénétration du marché
Amérique du Nord	620 000 tonnes métriques	42%
Amérique du Sud	480 000 tonnes métriques	33%

MINORAGES ET MINÉRALES

Eurodry fournit un transport maritime spécialisé pour les opérations minières et d'exportation minérale.

Type minéral	Transport annuel	Pourcentage de segment client
Minerai de fer	750 000 tonnes métriques	22%
Copper Concentré	350 000 tonnes métriques	15%

Sociétés de fabrication

Les sociétés de fabrication utilisent le transport maritime d'Eurodry pour la logistique des matières premières.

• Fournisseurs de l'industrie automobile
• Entreprises de fabrication de produits chimiques
• Corporations d'acier et de métallurgie

Secteur de l'industrie	Volume de transport annuel	Couverture du marché
Automobile	280 000 tonnes métriques	18%
Chimique	220 000 tonnes métriques	14%

Fournisseurs d'énergie et de matières industrielles

Eurodry soutient l'énergie et le transport des matériaux industriels sur les marchés mondiaux.

Type de matériau	Transport annuel	Pourcentage de segment
Dérivés de pétrole brut	400 000 tonnes métriques	25%
Gaz naturel liquéfié	250 000 tonnes métriques	16%

EURODRY LTD. (EDRY) - Modèle d'entreprise: Structure des coûts

Acquisition et maintenance des navires

En 2024, Eurodry Ltd. exploite une flotte de navires avec la répartition des coûts d'acquisition et de maintenance suivante:

Catégorie de coûts	Dépenses annuelles ($)
Nouvelle acquisition de navires	42,500,000
Entretien des navires	6,750,000
Dépenses de dockage à sec	3,200,000
Pièces de réparation et de remplacement	2,350,000

Frais de carburant et opérationnels

Structure des coûts de carburant et opérationnel pour les opérations maritimes d'Eurodry:

• Consommation de carburant annuelle: 45 000 tonnes métriques
• Prix ​​de carburant moyen: 620 $ par tonne métrique
• Total des dépenses annuelles en carburant: 27 900 000 $
• Offres opérationnelles: 5 600 000 $

Salaires et formation d'équipage

Répartition des dépenses liées à l'équipage:

Catégorie de personnel	Coût annuel ($)
Salaires des officiers du pont	3,750,000
Personnel de salle des machines	2,850,000
Programmes de formation de l'équipage	450,000
Certification de l'équipage	180,000

Frais d'assurance et de conformité

Frais d'assurance et de réglementation:

• Assurance de la coque et des machines: 2 100 000 $
• Assurance de protection et d'indemnisation: 1 850 000 $
• Dépenses de conformité réglementaire: 750 000 $
• Certification environnementale: 350 000 $

Investissements technologiques maritimes

Investissements technologiques et infrastructures numériques:

Catégorie de technologie	Investissement annuel ($)
Systèmes de navigation	1,200,000
Infrastructure de cybersécurité	750,000
Logiciel de gestion de la flotte	450,000
Systèmes de communication	350,000

EURODRY LTD. (EDRY) - Modèle d'entreprise: Strots de revenus

Frais de transport de marchandises

Les revenus générés par le transport de marchandises sèches sur les routes maritimes internationales. Au cours de l'exercice 2023, Eurodry Ltd. a déclaré un chiffre d'affaires total de transport de fret de 45,3 millions de dollars.

Source de revenus	2023 Montant ($)	Pourcentage du total des revenus
Frais de fret sec	45,300,000	68%

Contrats d'expédition à long terme

Eurodry Ltd. sécurise les contrats d'expédition à long terme avec des clients industriels, fournissant des sources de revenus stables.

Type de contrat	Durée du contrat moyen	Valeur du contrat annuel ($)
Accords d'expédition à long terme	3-5 ans	22,500,000

Prix ​​basés sur le volume de fret

Stratégie de tarification basée sur le volume des marchandises et le type de produits transportés.

• Transport des céréales: 12 $ par tonne métrique
• Transport du charbon: 15 $ par tonne métrique
• Transport engrais: 18 $ par tonne métrique

Services de logistique spécialisés

Revenus supplémentaires de la logistique maritime spécialisée et des services à valeur ajoutée.

Type de service	2023 Revenus ($)
Manutention	3,750,000
Suivi des navires	1,250,000

Accords de navires à charte

Revenus des navires de location à d'autres sociétés et clients maritimes.

Type charter	Taux quotidien ($)	Revenus annuels ($)
Charte de temps	15,000	5,475,000
Charte de voyage	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.