EDRY EuroDry

Dry Bulk Β· Kamsarmax / Panamax / Ultramax / Supramax Β· 21 documents

EuroDry pays no dividend, in its own words, so our forecast is $0.00 a share.

2026Q3 Β· our model
$0.00
$20,598/d modelled
STATED
the company's stated decision to pay none
2026Q4 Β· our model
$0.00
0.0% annualised
$20,403/d modelled
the company's stated decision to pay none

Yields annualise each quarter Γ—4 at the last close, $45.70 (2026-10-16). Our model is not company guidance.

What will EuroDry pay for 2026Q3?

Company said
EuroDry has published no booked rates for 2026Q3. It pays no dividend, in its own words: β€œThus far we have not paid a dividend to our common shareholders.” (2026-04-28, source).
β€”
$0.00
no dividend
Our model
Every day at market rates; dividend by the company's stated decision to pay none.
$20,598/d
modelled
$0.00
modelled Β· STATED

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q3Market now8 weeks
Kamsarmax Β· 2 $20,3982026Q2 Β· fleet avg β€”none printed β€”licensed index only
Panamax Β· 3 $20,3982026Q2 Β· fleet avg β€”none printed β€”licensed index only
Ultramax Β· 5 $20,3982026Q2 Β· fleet avg β€”none printed β€”licensed index only
Supramax Β· 1 $20,3982026Q2 Β· fleet avg β€”none printed β€”licensed index only

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β€” a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago. Dry-bulk class rates exist only as licensed Baltic Exchange indices, which this site does not republish.

Your rates every day is at your rate

Kamsarmax 184 open days
Panamax 276 open days
Ultramax 460 open days
Supramax 92 open days

2026Q3 P&L and cash

LineModelYour scenarioΞ”
Vessel-days, days modelled

Ships on the fleet list Γ— the quarter's calendar days for kamsarmax, panamax, supramax, ultramax: no off-hire or drydock days are deducted there.

 1,012 1,012
By class
ClassDaysModel $/dayYours $/day
Kamsarmax18421,37521,375
Panamax27621,37521,375
Ultramax46019,95019,950
Supramax9219,95019,950
Fleet TCE, $/day assumed 20,598 20,598
Revenue (TCE basis), $m assumed

Vessel-days Γ— fleet TCE.

 20.8 20.8
Vessel opex, $m assumed

2026Q2: $5.6m over 1,012 vessel-days, held per day. Source (2026Q2)

 (5.6) (5.6)
G&A, $m assumed

2026Q2: $1.9m over 1,012 vessel-days, held per day. Source (2026Q2)

 (1.9) (1.9)
EBITDA, $m assumed 13.4 13.4
Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

 β€” β€”
Interest expense, $m assumed

2026Q2: $1.5m over 1,012 vessel-days, held per day. Source (2026Q2)

 (1.5) (1.5)
Scheduled debt amortisation, $m stated

2026Q2: $5.5m over 1,012 vessel-days, held per day (the issuer’s scheduled principal). Source (2026Q2)

 (5.5) (5.5)
Drydock cost, $m

No separate drydock cash line on file.

 β€” β€”
Cash break-even, $/day assumed

Ξ£ cash costs above Γ· vessel-days.

 14,312 14,312
Cushion vs fleet TCE, $/day 6,286 6,286
Free cash flow to equity, $m assumed

Revenue βˆ’ cash costs: the cash available for distribution.

 6.4 6.4
Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

 β€”

Dividend policy stated

No stated payout policy on file.

The company’s own word sets this dividend; it does not move with the rate.

OutputModelYour scenarioΞ”
Estimated DPS, $/share stated $0.00
Forward yield, run-rate % 0.0%

Yield annualises the quarter’s DPS Γ— 4 (a run-rate, not a forecast of the year) against the $45.70 close on 2026-10-16.

This dividend is set by the company's stated decision to pay none, not by the rate β€” your scenario moves the cash line, not the DPS.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Market context β€” rates, the dividend, and the price

Rates and dividend β€” realized rate and declared

Realized fleet TCEDeclared DPS
$0k
$15k
$30k
2026Q3
2026Q4
Declared DPS, USD/share — solid: declared · dashed: model
$0.00
$0.00

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate β€” see Dividend forecast.

The line is the declared dividend per share β€” dashed where it is the model's estimate. Model estimate β€” not issuer guidance.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β†’

Where EDRY departs from that

  • The company has said it pays no dividend, so the page publishes $0.00 with its own words rather than a model figure.

What drives it β€” fleet TCE, 2026Q3

Expected fleet TCE
$20,598/d
36% MODELLED (FFA forward) Β· 64% ASSUMED
How we got to the DPS
The company's stated decision to pay none STATED $0.00
Stated payout policy declined β€” the company publishes no payout policy this model can read

Earnings bridge β€” 2026Q2 β†’ 2026Q3

Booked cover β€” issuer guidance targets a different quarter than the anchor β€” no same-vintage comparison TBD
Expected DPS (2026Q3) $0.00

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet
11
Realized TCE
$20,398/d 2026Q2
Declared DPS
β€”
TTM DPS
β€”
Coverage
β€”
Revenue
$17.7M
Opex
$5.6M
Net income
$6.6M

2Γ— kamsarmax Β· 3Γ— panamax Β· 1Γ— supramax Β· 5Γ— ultramax current

Fleet model β€” 2026Q3

Fleet model estimate β€” not issuer guidance.

ClassShipsTCSpot% FixedGuided $/dSpot $/dBlended $/dQTD rev $MModeled Q rev $M
Kamsarmax2β€”β€” β€” β€” β€” 21,375 β€” 3.9
Panamax3β€”β€” β€” β€” β€” 21,375 β€” 5.9
Ultramax5β€”β€” β€” β€” β€” 19,950 β€” 9.2
Supramax1β€”β€” β€” β€” β€” 19,950 β€” 1.8
Total11 20,598 β€” 20.8

Guided rates are issuer-booked cover for 2026Q3 blended with the Braemar dry-FFA curve for the open days.

Revenue if rates hold
$20.8M

Bear counts booked cover only, with open days at zero; Base is the next-quarter estimate above, which prices the open days; Bull needs a recent peak index, which this fleet's classes do not have.

Model gaps & assumptions

kamsarmax: priced off the Panamax FFA curve β€” the board quotes no Kamsarmax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· index realization not applied to the Panamax/Supramax/Handysize families: the Braemar curve began in 2026-09, so there is no history to measure this issuer's capture against β€” their open share is priced at the full curve Β· kamsarmax: no fixed-coverage guidance -> 100% spot proxy Β· panamax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· panamax: no fixed-coverage guidance -> 100% spot proxy Β· ultramax: priced off the Supramax FFA curve β€” the board quotes no Ultramax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· ultramax: no fixed-coverage guidance -> 100% spot proxy Β· supramax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· supramax: no fixed-coverage guidance -> 100% spot proxy Β· no dividend, in the company's words: β€œThus far we have not paid a dividend to our common shareholders.” (2026-04-28)

Realized fleet TCE

Realized fleet TCE versus benchmark: 1 points, 2026-04-01 to 2026-04-01; Realized fleet TCE latest 20,398.00.

image/svg+xml 2025 2026 2027 2028 19,500 19,750 20,000 20,250 20,500 20,750 21,000 21,250 21,500 20,398 Realized fleet TCE USD/day

Benchmark comparison will appear once issuer-printed benchmark data is available.

Guidance & sources

Issuer guidance β€” forward-looking

PeriodMetricValueCoverageAs ofSource
2027FYFleet charters expiring (vessels) 1 vessels β€” 2026-10-14 print
Historical guidance (1 rows)
PeriodMetricValueCoverageAs ofSource
2026FYFleet charters expiring (vessels) 10 vessels β€” 2026-10-14 print
Sources β€” press, filings & documents

Press & filings by quarter

QuarterReportPresentationDividendOther
2026Q4 6-K, FORM 6-K β€” β€” β€”
2026Q3 6-K, 6-K, 6-K β€” β€” β€”
2026Q2 6-K, 6-K exhibit, 6-K exhibit, 6-K, FORM 20-F β€” β€” β€”
2026Q1 6-K β€” β€” β€”
2025Q4 6-K β€” β€” β€”
2025Q3 FORM 6-K, 6-K, 6-K, 6-K, 6-K β€” β€” β€”
2025Q2 6-K, FORM 20-F β€” β€” β€”
2025Q1 6-K, 6-K β€” β€” β€”

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