EuroDry has made a modest return to the ledger's positive side, trumping Wall Street consensus for the first three months of 2019.
The Aristides Pittas-led owner posted a $0.4m profit for the quarter versus a $1.45m loss during the same period last year.
Earnings per share came in at $0.18, beating analysts' estimate of $0.50 loss per share.
Revenue gained 25% to $5.79m, thanks to EuroDry expanding its fleet from six to seven vessels since the fall.
It bought 75,800-dwt Star of Nippon (built 2004) in November 2018 after spinning off a year ago from boxship owner Euroseas.
EuroDry's physical and FFA contracts penned in the first quarter insulated earnings from a market hurt by Vale iron-ore disruptions and trade jitters, chief executive Aristides Pittas said.
“We believe that the recent market slowdown is due to short term factors and that, in the medium and long term, the fundamental supply-demand balance is supportive of an improving market," he said.
He said he expects higher charter rates are in the near future due to light orderbooks, scrubber drydockings and slow-steaming.
