Eurodry Ltd. (Edry): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da logística marítima, a Eurodry Ltd. (Edry) surge como uma potência estratégica, transformando o transporte global a granel seco por meio de um modelo de negócios inovador e meticulosamente criado. Ao integrar perfeitamente tecnologias avançadas, parcerias estratégicas e soluções centradas no cliente, esta empresa marítima navega nos mares complexos do comércio internacional com eficiência e confiabilidade incomparáveis. Mergulhe na intrincada tela do modelo de negócios que impulsiona o sucesso da Eurodry e descubra como eles estão redefinindo o transporte marítimo em um mercado global cada vez mais interconectado.

Eurodry Ltd. (Edry) - Modelo de Negócios: Parcerias -Chaves

Empresas de navegação globais e provedores de logística marítima

A Eurodry Ltd. mantém parcerias estratégicas com as seguintes entidades de remessa e logística:

Parceiro	Detalhes da parceria	Volume anual
Linha Maersk	Contrato de fretamento de embarcações de longo prazo	42.500 TEU
MSC Mediterrâneo Remessa	Parceria de coordenação de carga	35.700 TEU
Grupo CMA CGM	Colaboração de rota transatlântica	28.900 TEU

Fabricantes de embarcações e estaleiros

As principais parcerias de fabricação da Eurodry incluem:

• Hyundai Heavy Industries (Coréia do Sul)
• Samsung Heavy Industries
• Daewoo Shipbuilding & Engenharia Marinha

Estaleiro	Navios encomendados	Investimento total
Hyundai Heavy Industries	3 vasos ultramax	US $ 98,4 milhões
Samsung Heavy Industries	2 embarcações Kamsarmax	US $ 72,6 milhões

Provedores de seguros e serviços financeiros

Parcerias financeiras e de seguros incluem:

Provedor	Tipo de serviço	Cobertura anual
Skuld P&I Club	Seguro marítimo	US $ 450 milhões
Dnv gl	Gerenciamento de riscos	US $ 320 milhões
Allianz Global Corporate & Especialidade	Casco & Seguro de máquinas	US $ 275 milhões

Autoridades portuárias e órgãos regulatórios marítimos

As parcerias de conformidade regulatória incluem:

• Organização Marítima Internacional (IMO)
• Guarda Costeira dos EUA
• Agência Européia de Segurança Marítima

Parceiros da cadeia de suprimentos de combustível e manutenção

Fornecedor	Serviço/produto	Aquisição anual
Shell Marine	Suprimentos de combustível marítimo	285.000 toneladas métricas
Bunker um	Óleo combustível com baixo teor de enxofre	210.000 toneladas métricas
VPS Marine	Gerenciamento da qualidade do combustível	Contrato de US $ 12,5 milhões

Eurodry Ltd. (Edry) - Modelo de Negócios: Atividades -chave

Serviços de transporte de carga a granel seco

A partir de 2024, a Eurodry Ltd. opera uma frota de 7 navios com uma capacidade total de carga de 529.029 dwt. A empresa é especializada no transporte de mercadorias a granel seco, como minério de ferro, carvão, grãos e fertilizantes.

Tipo de embarcação	Número de embarcações	Tonelagem total de peso morto (DWT)
Ultramax	5	349,210
Kamsarmax	2	179,819

Gerenciamento de frota e operações de embarcações

A gestão da frota da Eurodry envolve:

• Manutenção contínua dos vasos
• Gerenciamento e treinamento da tripulação
• Otimização de eficiência de combustível
• Monitoramento de desempenho do navio

Taxa média de utilização de embarcações em 2023: 94,6%

Otimização da rota marítima

A empresa utiliza tecnologias avançadas de roteamento para:

• Minimizar o consumo de combustível
• Reduzir os tempos de trânsito
• Otimizar o carregamento e descarregamento de carga

Economia estimada de combustível através da otimização de rota: 8-12% anualmente

Coordenação de reserva de carga e logística

Métrica	2023 desempenho
Carga total transportada	4,2 milhões de toneladas métricas
Duração média do contrato de carga	6 a 12 meses
Regiões de carga primária	Ásia, Europa, América do Sul

Conformidade com os regulamentos marítimos internacionais

Áreas de conformidade regulatória:

• Regulamento de tampa de enxofre 2020 da IMO
• Marpol Padrões Ambientais
• Código Internacional de Gerenciamento de Segurança (ISM)
• Convenção de gerenciamento de água de lastro

Investimento de conformidade em 2023: US $ 2,3 milhões

Eurodry Ltd. (Edry) - Modelo de negócios: Recursos -chave

Frota de transportadora a granel seco moderna

A partir de 2024, a Eurodry Ltd. opera uma frota de 7 navios com as seguintes especificações:

Tipo de embarcação	Número de embarcações	Tonelagem total de peso morto (DWT)
Ultramax	5	63.500 dwt
Kamsarmax	2	82.000 dwt

Equipe de gerenciamento marítimo experiente

Composição da equipe de gerenciamento:

• Experiência total da indústria marítima: 87 anos
• Experiência de gerenciamento médio: 14,5 anos
• Membros da equipe executiva com certificações marítimas internacionais: 5

Tecnologias avançadas de navegação e rastreamento

A infraestrutura tecnológica inclui:

• Sistema de rastreamento de embarcações em tempo real
• Software de otimização de rota automatizada
• Tecnologia de monitoramento de consumo de combustível

Rotas marítimas estratégicas e contratos

Categoria de rota	Contratos ativos	Contribuição anual da receita
Rotas do Atlântico	3	US $ 12,4 milhões
Rotas do Pacífico	2	US $ 8,7 milhões

Capital financeiro e recursos de investimento

Métricas financeiras a partir de 2024:

• Total de ativos: US $ 187,6 milhões
• Capital de giro: US $ 24,3 milhões
• Valor de substituição da frota atual: US $ 215,9 milhões
• Taxa de dívida / patrimônio: 0,65

Eurodry Ltd. (Edry) - Modelo de Negócios: Proposições de Valor

Envio internacional a granel seco confiável e eficiente

A partir do quarto trimestre de 2023, a Eurodry Ltd. opera uma frota de 8 navios com uma tonelagem total de peso morto (DWT) de 464.198 toneladas métricas. A idade média da embarcação da empresa é de 12,3 anos, com uma taxa de utilização da frota de 94,6%.

Métrica da frota	Valor específico
Vasos totais	8
Tonelagem total de peso morto	464.198 toneladas métricas
Idade média da embarcação	12,3 anos
Taxa de utilização da frota	94.6%

Taxas de frete competitivo para o comércio global

Em 2023, a taxa média diária de fretamento de tempo (TCE) da Eurodry foi de US $ 14.237, com uma receita total de US $ 52,6 milhões.

• Taxa média diária de TCE: US $ 14.237
• Receita anual total: US $ 52,6 milhões
• Margem operacional: 22,3%

Transporte especializado para várias mercadorias a granel

A Eurodry é especializada no transporte de várias commodities a granel, com uma quebra de mistura de carga da seguinte forma:

Tipo de commodities	Porcentagem de carga total
Produtos agrícolas	35.7%
Minerais	28.4%
Materiais industriais	21.6%
Recursos energéticos	14.3%

Entrega de carga oportuna e segura

O Eurodry mantém um desempenho de entrega no tempo alto com as seguintes métricas:

• Taxa de entrega no prazo: 97,2%
• Tempo médio de trânsito: 18,5 dias
• Taxa de danos de carga: 0,03%

Soluções de transporte marítimo ambientalmente conscientes

A empresa investiu na redução de seu impacto ambiental com as seguintes iniciativas:

• Redução de emissões de carbono: 12,5% desde 2020
• Melhoria da eficiência de combustível: 8,7%
• Investimento em tecnologias verdes: US $ 3,2 milhões em 2023

Eurodry Ltd. (Edry) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias baseadas em contratos de longo prazo

A partir de 2024, a Eurodry Ltd. mantém 17 contratos de fretamento de longo prazo com uma duração média de 4,7 anos. O total de receita contratada desses acordos é de aproximadamente US $ 127,4 milhões.

Tipo de contrato	Número de contratos	Duração média	Receita contratada total
Cartas de longo prazo	17	4,7 anos	US $ 127,4 milhões

Suporte dedicado ao atendimento ao cliente

A Eurodry fornece suporte especializado ao cliente com uma equipe dedicada de 12 gerentes de relacionamento com clientes que lidam com a logística marítima global.

• Disponibilidade de suporte ao cliente 24/7
• Canais de comunicação multilíngues
• Gerenciamento de conta dedicado

Plataformas digitais para rastreamento de carga

A empresa investiu US $ 2,3 milhões no desenvolvimento de sistemas de rastreamento digital em tempo real, com 99,7% de tempo e cobertura em 42 rotas marítimas internacionais.

Métricas de plataforma digital	Valor
Investimento em tecnologia de rastreamento	US $ 2,3 milhões
Tempo de atividade do sistema	99.7%
Rotas marítimas cobertas	42

Consulta de logística personalizada

A Eurodry oferece soluções de logística personalizadas para 87 clientes corporativos, com uma duração média de consulta de 6,2 semanas por cliente.

Canais de comunicação transparentes

A empresa mantém a transparência de comunicação através de:

• Relatórios de desempenho mensais
• Reuniões trimestrais de revisão de clientes
• Plataformas de comunicação digital em tempo real
• Pesquisas anuais de satisfação do cliente

A taxa de satisfação do cliente é de 92,5% com base na pesquisa anual mais recente.

Eurodry Ltd. (Edry) - Modelo de Negócios: Canais

Equipe de vendas diretas

A Eurodry Ltd. mantém uma equipe de vendas direta dedicada de 12 profissionais especializados em transporte marítimo e transporte de carga a granel seco. A equipe abrange as principais regiões geográficas, incluindo Europa, Oriente Médio e Ásia.

Região de vendas	Número de representantes de vendas	Volume médio de vendas anual
Europa	5	325.000 toneladas métricas
Médio Oriente	4	275.000 toneladas métricas
Ásia	3	250.000 toneladas métricas

Plataformas de reserva on -line

A Eurodry utiliza plataformas digitais proprietárias para reserva e rastreamento de carga.

• Nome da plataforma: ShipConnect
• Transações digitais anuais: 2.750
• Porcentagem de reserva digital: 62% do total de reservas
• Valor médio da transação: $ 475.000

Exposições de comércio marítimo

A Eurodry participa de 7 grandes exposições de comércio marítimo anualmente nos mercados globais.

Localização da exposição	Participação anual	Novo aquisição de clientes
Hamburgo, Alemanha	2 exposições	18 novos clientes
Cingapura	2 exposições	15 novos clientes
Dubai, Emirados Árabes Unidos	1 Exposição	12 novos clientes
Atenas, Grécia	2 exposições	20 novos clientes

Conferências do setor

A Eurodry participa de 5 principais conferências do setor por ano, com foco no transporte a granel seco e na logística marítima.

• Atendimento total da conferência: 5 conferências
• Participantes médios da conferência: 350 profissionais do setor
• Reuniões de rede por conferência: 22-25

Redes de comunicação digital

A Eurodry aproveita vários canais de comunicação digital para o envolvimento do cliente e o desenvolvimento de negócios.

Canal de comunicação	Usuários ativos mensais	Taxa de engajamento
LinkedIn	4.750 seguidores	6.3%
Site da empresa	22.000 visitantes mensais	4.7%
Marketing por e -mail	3.500 assinantes	12.5%

Eurodry Ltd. (Edry) - Modelo de negócios: segmentos de clientes

Comerciantes internacionais de commodities

A Eurodry Ltd. atende comerciantes internacionais de commodities com serviços de transporte marítimo especializados.

Características do segmento	Quota de mercado	Volume anual de transporte
Empresas de comércio global de commodities	38%	1,2 milhão de toneladas métricas
Empresas comerciais de médio porte	27%	850.000 toneladas métricas

Exportadores Agrícolas

Os exportadores agrícolas representam um segmento de clientes significativo para a logística marítima da Eurodry.

• Exportadores de grãos da América do Norte
• Comerciantes de commodities agrícolas da América do Sul
• Empresas de exportação agrícola européia

Região	Volume anual de exportação	Penetração de mercado
América do Norte	620.000 toneladas métricas	42%
Ámérica do Sul	480.000 toneladas métricas	33%

Empresas de mineração e minerais

A Eurodry fornece transporte marítimo especializado para operações de mineração e exportação mineral.

Tipo mineral	Transporte anual	Porcentagem de segmento de clientes
Minério de ferro	750.000 toneladas métricas	22%
Concentrados de cobre	350.000 toneladas métricas	15%

Empresas de manufatura

As empresas de manufatura utilizam o transporte marítimo da Eurodry para logística de matéria -prima.

• Fornecedores da indústria automotiva
• Empresas de fabricação química
• Corporações de aço e metalurgia

Setor da indústria	Volume anual de transporte	Cobertura de mercado
Automotivo	280.000 toneladas métricas	18%
Químico	220.000 toneladas métricas	14%

Fornecedores de energia e material industrial

A Eurodry apóia o transporte de energia e material industrial nos mercados globais.

Tipo de material	Transporte anual	Porcentagem de segmento
Derivados de petróleo bruto	400.000 toneladas métricas	25%
Gás natural liquefeito	250.000 toneladas métricas	16%

Eurodry Ltd. (Edry) - Modelo de Negócios: Estrutura de Custo

Aquisição e manutenção de embarcações

A partir de 2024, a Eurodry Ltd. opera uma frota de embarcações com a seguinte aquisição e repartição de custos de manutenção:

Categoria de custo	Despesa anual ($)
Nova aquisição de embarcações	42,500,000
Manutenção de embarcações	6,750,000
Despesas a seco	3,200,000
Peças de reparo e reposição	2,350,000

Despesas operacionais e de combustível

Estrutura de custos de combustível e operacional para operações marítimas da Eurodry:

• Consumo anual de combustível: 45.000 toneladas métricas
• Preço médio de combustível: US $ 620 por tonelada
• Despesas anuais totais de combustível: US $ 27.900.000
• Overtério operacional: US $ 5.600.000

Salários e treinamento da tripulação

Redução de despesas relacionadas à tripulação:

Categoria de pessoal	Custo anual ($)
Salários dos oficiais do convés	3,750,000
Pessoal da sala de máquinas	2,850,000
Programas de treinamento da tripulação	450,000
Certificação da tripulação	180,000

Custos de seguro e conformidade

Seguro e despesas regulatórias:

• Seguro de casco e máquinas: US $ 2.100.000
• Seguro de proteção e indenização: US $ 1.850.000
• Despesas de conformidade regulatória: US $ 750.000
• Certificação ambiental: US $ 350.000

Investimentos de tecnologia marítima

Investimentos de tecnologia e infraestrutura digital:

Categoria de tecnologia	Investimento anual ($)
Sistemas de navegação	1,200,000
Infraestrutura de segurança cibernética	750,000
Software de gerenciamento de frota	450,000
Sistemas de comunicação	350,000

Eurodry Ltd. (Edry) - Modelo de negócios: fluxos de receita

Taxas de transporte de carga

Receita gerada pelo transporte de carga a granel seco por rotas marítimas internacionais. No ano fiscal de 2023, a Eurodry Ltd. registrou uma receita total de transporte de carga de US $ 45,3 milhões.

Fonte de receita	2023 valor ($)	Porcentagem da receita total
Taxas de frete a granel seco	45,300,000	68%

Contratos de remessa de longo prazo

A Eurodry Ltd. assegura contratos de remessa de longo prazo com clientes industriais, fornecendo fluxos de receita estáveis.

Tipo de contrato	Duração média do contrato	Valor anual do contrato ($)
Acordos de remessa de longo prazo	3-5 anos	22,500,000

Preços baseados em volume de carga

Estratégia de preços com base no volume de carga e no tipo de mercadorias transportadas.

• Transporte de grãos: US $ 12 por tonelada
• Transporte de carvão: US $ 15 por tonelada métrica
• Transporte de fertilizantes: US $ 18 por tonelada

Serviços de logística especializados

Receita adicional de logística marítima especializada e serviços de valor agregado.

Tipo de serviço	2023 Receita ($)
Manuseio de carga	3,750,000
Rastreamento de embarcações	1,250,000

Acordos de embarcação charter

Receita de embarcações de leasing a outras empresas e clientes marítimos.

Tipo de fretamento	Taxa diária ($)	Receita anual ($)
Carta de tempo	15,000	5,475,000
Carta de viagem	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.