EuroDry is a Marshall Islands-based drybulk shipping company that owns and operates a fleet of 11 ocean-going vessels with total capacity of 766,420 dwt. The fleet consists of Kamsarmax, Panamax, Ultramax, and Supramax carriers that transport dry commodities — primarily iron ore, coal, grains, and minor bulks like bauxite and fertilizers — along worldwide shipping routes. EuroDry does not own cargo; it simply provides vessel capacity to charterers, which include commodity trading firms, agricultural exporters, and industrial companies. Major charterers include Oldendorff, Cargill, and Cargill. EuroDry earns revenue through time charters (fixed daily hire rates, predictable cash flow), voyage charters (market-rate, lump-sum contracts), and index-linked charters that float with published market indices. EuroDry outsources vessel management, chartering, and technical operations to affiliated managers Eurobulk and Eurochart, keeping overhead low. The company's growth strategy focuses on fleet modernization — selling older Panamax vessels and replacing them with newer, more fuel-efficient Ultramax carriers. EuroDry has two Ultramax newbuildings under construction, scheduled for delivery in 2027, which will expand the fleet to 13 vessels. EuroDry trades on Nasdaq under the ticker EDRY and has an active share repurchase program, with management citing a significant discount to its estimated NAV per share as justification.