$14,750 plus a 
                                                               GBB(****) of 
BLESSED LUCK       Panamax   76,704    2004  TC until Nov-24     $475,000 
---------------  ---------  -------  ------  ---------------  -------------- 
Total Dry Bulk 
 Vessels                13  918,502 
---------------  ---------  -------  ------  ---------------  -------------- 
 
 
Note: 
(*)     Represents the earliest redelivery date 
(**)    The average Baltic Kamsarmax P5TC Index is an index 
         based on five Panamax time charter routes. 
(***)   The entity owning the vessel is 61% owned by EuroDry 
         Ltd. and 39% by NRP Investors. 
(****)  Gross Ballast Bonus. 
 

Summary Fleet Data:

 
                 3 months,      3 months,       9 months,       9 months, 
                   ended           ended           ended           ended 
                 September       September       September       September 
                 30, 2023        30, 2024        30, 2023        30, 2024 
---------------  ---------      ----------      ----------      ---------- 
FLEET DATA 
Average number 
 of vessels 
 (1)                  10.0            13.0            10.0            13.0 
Calendar days 
 for fleet (2)       920.0         1,196.0         2,730.0         3,562.0 
Scheduled 
 off-hire days 
 incl. laid-up 
 (3)                  23.9           105.9            69.7           196.9 
Available days 
 for fleet (4) 
 = (2) - (3)         896.1         1,090.1         2,660.3         3,365.1 
Commercial 
 off-hire days 
 (5)                   5.4               -            22.8             4.5 
Operational 
 off-hire days 
 (6)                   4.5            16.1            50.5            44.9 
Voyage days for 
 fleet (7) = 
 (4) - (5) - 
 (6)                 886.2         1,074.0         2,587.0         3,315.7 
Fleet 
 utilization 
 (8) = (7) / 
 (4)                  98.9%           98.5%           97.2%           98.5% 
Fleet 
 utilization, 
 commercial (9) 
 = ((4) - (5)) 
 / (4)                99.4%          100.0%           99.1%           99.9% 
Fleet 
 utilization, 
 operational 
 (10) = ((4) - 
 (6)) / (4)           99.5%           98.5%           98.1%           98.7% 
 
AVERAGE DAILY 
RESULTS 
Time charter 
 equivalent 
 rate (11)          12,126          13,105          11,644          13,339 
Vessel 
 operating 
 expenses excl. 
 drydocking 
 expenses (12)       6,003           6,147           6,282           6,242 
General and 
 administrative 
 expenses (13)         677             704             813             685 
Total vessel 
 operating 
 expenses (14)       6,680           6,851           7,095           6,927 
---------------  ---------      ----------      ----------      ---------- 
Drydocking 
 expenses (15)         890           3,776           1,077           2,301 
---------------  ---------      ----------      ----------      ---------- 
 

(1) Average number of vessels is the number of vessels that constituted the Company's fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company's fleet during the period divided by the number of calendar days in that period.

(2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was owned by us including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period.

(3) The scheduled off-hire days including vessels laid-up are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up.

(4) Available days. We define available days as the total number of Calendar days in a period net of scheduled off-hire days incl. laid up. We use available days to measure the number of days in a period during which vessels were available to generate revenues.

(5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment.

(6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels.

(7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes.

(8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment.

(9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period.

(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period.

(11) Time charter equivalent rate, or TCE, is a measure of the average daily net revenue performance of our vessels. Our method of calculating TCE is determined by dividing time charter revenue and voyage charter revenue net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, or are related to repositioning the vessel for the next charter. TCE provides additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters, pool agreements and bareboat charters) under which the vessels may be employed between the periods. Our definition of TCE may not be comparable to that used by other companies in the shipping industry.

(12) We calculate daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and related party management fees by dividing vessel operating expenses and related party management fees by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.

(13) Daily general and administrative expenses are calculated by us by dividing general and administrative expenses by fleet calendar days for the relevant time period.

(14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. We compute TVOE as the sum of vessel operating expenses, related party management fees and general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.

(15) Daily drydocking expenses are calculated by us by dividing drydocking expenses by the fleet calendar days for the relevant period. Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period. The Company expenses drydocking expenses as incurred.

Conference Call and Webcast:

Today, November 19, 2024 at 10:00 a.m. Eastern Time, the Company's management will host a conference call and webcast to discuss the results.

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote "EuroDry" to the operator and/or conference ID 13750229. Click here for additional participant International Toll -Free access numbers.

Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.

Audio webcast - Slides Presentation:

(MORE TO FOLLOW) Dow Jones Newswires

November 19, 2024 09:15 ET (14:15 GMT)