EuroDry Ltd. (EDRY): Business Model Canvas [Dec-2025 Updated]

You're looking at the mechanics of a classic, capital-intensive play in the dry bulk shipping sector: EuroDry Ltd. (EDRY). As an analyst who's seen a few cycles, what stands out here isn't just the $34.9 million in net revenues for the first nine months of 2025, but the aggressive pivot: selling off older assets to finance two new Ultramax eco-friendly vessels due in 2027 while managing $97.9 million in debt. This Business Model Canvas distills exactly how EuroDry Ltd. (EDRY) is balancing the immediate cash flow from its 11-ship fleet against a major, multi-year modernization push. Honestly, it's a tightrope walk. Dive below to see the specific partnerships and cost structures driving this defintely crucial transition.

EuroDry Ltd. (EDRY) - Canvas Business Model: Key Partnerships

The Key Partnerships for EuroDry Ltd. center on the operational management, capital structure, and commercial deployment of its drybulk fleet.

Affiliated Ship Managers: The day-to-day commercial and technical management and operations of the vessels are handled by affiliated entities.

• Affiliated ship managers are Eurobulk Ltd. and Eurobulk (Far East) Ltd. Inc.
• Eurobulk Ltd. holds ISO 9001:2008 and ISO 14001:2004 certifications.

Dry Bulk Vessel Pool Operators: EuroDry Ltd. utilizes pool arrangements for the commercial employment of its vessels.

Fleet Composition as of Q3 2025: The operational fleet size and composition are directly tied to these partnerships, with future growth planned.

The fleet is scheduled to grow following the delivery of newbuilds.

• Future fleet size is expected to be 14 vessels.
• Total carrying capacity is projected to reach 969,886 dwt or 970,402 dwt on a fully delivered basis.

Financial Institutions for Debt Financing: Eurobank S.A. and Crediabank S.A. are key partners in structuring debt to support fleet growth and refinancing activities as of late 2025.

As of September 30, 2025, EuroDry Ltd. reported outstanding debt of $97.9 million and unrestricted/restricted cash of $11.9 million. Scheduled debt repayments over the next 12 months from that date amounted to about $12.5 million.

Shipyards for Newbuilding Construction: Partnerships with shipyards are in place for the construction of the two Ultramax vessels.

• Two Ultramax vessels are under construction.
• One vessel is identified as Hull No XY166 (M/V "Troboni").
• Delivery for both newbuilds is scheduled for Q2 and Q3 2027.

EuroDry Ltd. (EDRY) - Canvas Business Model: Key Activities

You're looking at the core engine room of EuroDry Ltd. as of late 2025. These are the main things the company does day-to-day to keep the ships moving and the balance sheet managed. Honestly, it's all about securing the right rates and keeping the fleet modern.

Commercial management: Securing spot and period charter contracts

The activity here centers on locking in revenue for the fleet of 11 vessels as of September 30, 2025, which have a total carrying capacity of approximately 767,000 dwt. The average Time Charter Equivalent (TCE) rate earned in the third quarter of 2025 was $13,232 per day. This compares to $13,105 per day in the third quarter of 2024. The company is actively managing its exposure, with fixed-rate coverage for the remainder of 2025 reported at approximately 5%.

EuroDry Ltd. is clearly looking for better rates to commit more of the fleet. Management indicated interest in securing longer-term coverage at TCE rates between $15,000 and $17,000 per day. To give you context on the market they are watching, spot Panamax rates reached $15,500 per day as of November 2025, and one-year time charter rates stood at $15,125 per day.

Here's a quick look at the employment structure as of the Q3 2025 report:

Technical management: Vessel maintenance, dry-docking, and operations

Keeping the ships running is a constant. The fleet, which had an average age of 10.8 years as of September 30, 2025, requires scheduled upkeep. For instance, the motor vessel Santa Cruz completed its special survey and drydock over a period of 35 days during the third quarter of 2025. This contrasts with the prior year, where seven vessels completed their special surveys for a total cost of $8.2 million during the same period in 2024.

Operational efficiency metrics for the third quarter of 2025 showed:

• Commercial utilization rate: 100%
• Operational utilization rate: 99.3%
• Total daily operating expenses: $7,013 per vessel per day

The company also executed a disposal of an older asset through this function, selling the M/V Tasos for demolition on March 17, 2025.

Fleet renewal and expansion: Selling older ships and acquiring newbuilds

EuroDry Ltd. is actively managing the age profile of its fleet. A key part of this was the agreement signed on August 24, 2025, to sell the M/V Eirini P., a 76,466 dwt vessel built in 2004, for approximately $8.5 million. This vessel was delivered to its buyers on October 21, 2025, and the sale was expected to generate a gain of about $0.6 million or $0.21 per share. This sale reduced the operating fleet to 11 vessels as of September 30, 2025.

The expansion side involves securing future capacity. EuroDry Ltd. has two Ultramax newbuildings under construction, each with a capacity of 63,100 dwt or 63,500 dwt, scheduled for delivery in 2027. Upon delivery, the fleet will expand to 13 vessels with a total carrying capacity of just under 900,000 dwt. The company signed financing arrangements for these newbuilds in late 2025.

Capital management: Executing the $10 million share repurchase program

The company is using capital to support its stock price via a buyback program. As of the third quarter of 2025, EuroDry Ltd. had used about $5.3 million to repurchase 334,674 shares of its common stock under the plan. This program, originally announced in August 2022, has a total authorization of up to $10 million. The Board approved the continuation of this share repurchase plan for a further one year in August 2025.

Key figures related to the repurchase activity include:

• Total Share Repurchase Program Size: $10,000,000
• Shares Repurchased (to-date Q3 2025): 334,674 shares
• Cash Used for Repurchases (to-date Q3 2025): $5,300,000
• Program Extension Approval: August 2025

Finance: draft 13-week cash view by Friday.

EuroDry Ltd. (EDRY) - Canvas Business Model: Key Resources

You're looking at the core assets EuroDry Ltd. relies on to operate in the drybulk shipping market as of late 2025. These aren't just line items; they are the physical, financial, and human capital that drive the business.

The most tangible resource is the fleet itself. As of September 30, 2025, EuroDry Ltd. operated 11 dry bulk vessels, representing a total carrying capacity of 766,420 Deadweight Tons (DWT). The average age of this operational fleet stood at 10.8 years. The company is also actively managing future capacity, with two Ultramax newbuildings under construction, scheduled for delivery in the second and third quarters of 2027, which will increase total capacity to approximately 893k DWT.

Here is the breakdown of the 11 operational vessels as detailed in the latest available fleet data:

Financially, liquidity and leverage define the near-term flexibility. As of September 30, 2025, EuroDry Ltd. maintained $11.9 million in cash and cash equivalents, covering both unrestricted and restricted balances. On the liability side, the total outstanding debt, excluding unamortized loan fees, was $97.9 million. This debt structure includes new financing arrangements signed in late 2025 to partially fund the newbuilding program.

The non-physical, yet critical, resources center on human capital and certified operational standards. You rely on the people running the show and the systems they use. Key non-physical resources include:

• The experienced management team, led by Chairman and CEO Aristides Pittas, possessing deep sector expertise in drybulk shipping.
• The affiliated ship management structure, Eurobulk Ltd., which is certified under ISO 9001 (Quality Management) and ISO 14001 (Environmental Management) standards.
• The company's strategy to focus on acquiring and operating modern, efficient eco-design vessels, which is a strategic asset in a tightening regulatory environment.

These operational standards, like the ISO 9001 certification, are essential for maintaining the high-quality, safe, and competitive vessel operations that EuroDry Ltd. promises its charterers. Finance: review the scheduled debt repayments of about $12.5 million due over the next 12 months against the $11.9 million cash balance by Wednesday.

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:

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.

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.

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:

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:

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:

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.