 ATHENS, Greece, Aug. 06, 2020 GLOBE NEWSWIRE -- EuroDry Ltd. NASDAQ: EDRY, the Company or EuroDry, an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three and six month periods ended June 30, 2020. Second Quarter 2020 Highlights: Total net revenues of 4.0 million. Net loss of 3.8 million; net loss attributable to common shareholders after a 0.4 million dividend on Series B Preferred Shares of 4.2 million or 1.86 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was 3.9 million or 1.73 loss per share basic and diluted. Adjusted EBITDA1 was 1.3 million. An average of 7.0 vessels were owned and operated during the second quarter of 2020 earning an average time charter equivalent rate of 7,297 per day. The Company declared a dividend of 0.4 million on its Series B Preferred Shares. The dividend will be paid in-kind by issuing additional Series B Preferred Shares.First Half 2020 Highlights: Total net revenues of 9.1 million. Net loss of 6.1 million; net loss attributable to common shareholders after a 0.7 million dividend on Series B Preferred Shares of 6.9 million or 3.03 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was 6.2 million or 2.76 loss per share basic and diluted. Adjusted EBITDA1 was 1.0 million. An average of 7.0 vessels were owned and operated during the first half of 2020 earning an average time charter equivalent rate of 7,390 per day.Aristides Pittas, Chairman and CEO of EuroDry commented: During the second quarter of 2020, the drybulk market experienced the effects of the COVID-19 pandemic and lockdown of the main economies resulting in decreased cargo volumes transported and significant declines in charter rates. These developments put pressure on our cash flow, which combined with the offhire time of one of our vessels to undergo its fourth special survey led to us posting our worst quarterly results since the Companys spin-off. During the second half of June, the market started recovering in line with the reopening of the major economies- with rates returning to the levels seen at the beginning of the year; therefore, we expect a reversal of fortunes in the third quarter if such trends continue.We believe, however, that there is significant uncertainty remaining about COVID-19 related developments in the world economies and the continuing trade tensions between U.S. and China which affect the drybulk markets. In addition, port lockdowns have affected our ability to change crew on board our vessels. We have taken relevant measures to ensure our crew members and shore employees health and safety, despite the ongoing hurdles and travel restrictions imposed by lockdowns around the world. Thus, our strategy is to ensure that we mitigate and address the risks of COVID-19 and have sufficient liquidity to deal with the possibility of renewed market weakness. In the midst of these unprecedented developments, we remain optimistic about the post-pandemic and medium term prospects of drybulk shipping as the fleet orderbook is the lowest in more than 20 years which should result in limited fleet growth when the above-said pandemic-driven uncertainty recedes.As always, we continue to seek and evaluate opportunities and options to renew or expand our fleet exploring also merger possibilities with other fleets in accretive transactions.Tasos Aslidis, Chief Financial Officer of EuroDry commented: The net revenues of the second quarter of 2020 decreased compared to the second quarter of 2019 as a result of the time charter equivalent rates our vessels earned during the quarter which were lower by 32.0 compared to the average time charter equivalent rates our vessels earned in the second quarter of 2019. The significantly lower rates compared to the same period of last year are a result of the dramatic effects on the global economy and seaborne trade of the COVID-19 pandemic. As part of our efforts to ensure sufficient liquidity, we have agreed or are in the process of discussing with some of our lenders to defer a number of loan repayments due in 2020 to later periods or to the end of the respective facilities. At the same time, we have agreed with our preferred shareholders to introduce the option from April 1, 2020 to January 29, 2021 for the Company to pay the preferred dividend in-kind by issuing new preferred shares. If paid in-kind, the preferred dividend would be at an annual rate of 10.25, 1 higher than if it is paid in cash.Total daily vessel operating expenses, including management fees, general and administrative expenses but excluding drydocking costs, averaged 6,131 per vessel per day during the second quarter of 2020 as compared to 5,948 per vessel per day for the same quarter of last year, and 6,093 per vessel per day for the first half of 2020 as compared to 5,898 per vessel per day for the same period of 2019. This increase is mainly due to increased supply of stores and spare parts for our vessels in 2020 compared to 2019. Adjusted EBITDA during the second quarter of 2020 was 1.3 million versus 1.8 million in the second quarter of last year. As of June 30, 2020, our outstanding debt excluding the unamortized loan fees was 53.4 million, while unrestricted and restricted cash was 4.4 million. As of the same date, our scheduled debt repayments over the next 12 months amounted to about 5.4 million excluding the unamortized loan fees and all our loan covenants are satisfied.___1Adjusted EBITDA, Adjusted net incomeloss and Adjusted earningsloss per share are not recognized measurements under US GAAP GAAP and should not be used in isolation or as a substitute for EuroDrys financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP.Second Quarter 2020 Results: For the second quarter of 2020, the Company reported total net revenues of 4.0 million representing a 35.1 decrease over total net revenues of 6.2 million during the second quarter of 2019 which was the result of the lower time charter rates our vessels earned during the second quarter of 2020 compared to the same period of 2019. The Company reported net loss for the period of 3.8 million and net loss attributable to common shareholders of 4.2 million, as compared to net loss and net loss attributable to common shareholders of 1.8 million and 2.6 million respectively, for the same period of 2019. The results for the second quarter of 2020 include an unrealized loss of 0.2 million on three interest rate swap contracts and an unrealized loss of 0.1 million on forward freight agreement FFA contracts as compared to an unrealized loss of 0.2 million on an interest rate swap contract and an unrealized loss of 0.9 million on FFA contracts during the second quarter of 2019. Depreciation expenses for the second quarter of 2020 amounted to 1.6 million remaining unchanged compared to the same period of 2019. General and administrative expenses amounting to 0.6 million, remained at the same level compared to the second quarter of 2019. During the second quarter of 2020, two of our vessels completed their special survey for a total cost of 1.5 million, one of which had commenced during the first quarter of 2020.Interest and other financing costs for the second quarter of 2020 amounted to 0.6 million compared to 0.9 million for the same period of 2019. Interest during the second quarter of 2020 was lower due to the lower average outstanding debt and the decreased Libor rates of our loans during the period as compared to the same period of last year. For the three months ended June 30, 2020, the Company recognized a 0.2 million loss on three interest rate swaps and a 0.1 million unrealized loss on FFA contracts entered into during the second quarter of 2020 as compared to a loss on derivatives of 0.6 million for the same period of 2019, comprising of a 0.4 million loss on FFA contracts and a 0.2 million loss on one interest rate swap.On average, 7.0 vessels were owned and operated during the second quarter of 2020 earning an average time charter equivalent rate of 7,297 per day compared to 7.0 vessels in the same period of 2019 earning on average 10,724 per day. Adjusted EBITDA for the second quarter of 2020 was 1.3 million compared to 1.8 million achieved during the second quarter of 2019.Basic and diluted loss per share attributable to common shareholders for the second quarter of 2020 was 1.86 calculated on 2,267,375 basic and diluted weighted average number of shares outstanding, compared to basic and diluted loss per share of 1.14 for the second quarter of 2019, calculated on 2,244,803 basic and diluted weighted average number of shares outstanding. Excluding the effect on the loss attributable to common shareholders for the quarter of the unrealized loss on derivatives, the adjusted loss attributable to common shareholders for the quarter ended June 30, 2020 would have been 1.73 per share basic and diluted compared to an adjusted loss of 0.65 per share basic and diluted for the quarter ended June 30, 2019. Usually, security analysts do not include the above item in their published estimates of earnings per share. First Half 2020 Results: For the first half of 2020, the Company reported total net revenues of 9.1 million representing an 24.1 decrease over total net revenues of 12. 