Results were generally in line with expectations. EuroDry reported revenues of $18.3m in the 2022-1Q versus $8.6m last year, slightly below our $19.5m estimate. Utilization rates remain near 100%. TCE rates were $24,636 versus $14,924 last year. Operating income was $10.2m versus $3.1m, in line with our $10.5m estimate. Adjusted EBITDA was $12.7m versus $4.7m and in line with our $12.9m estimate. Similarly, adjusted net income was $9.5m/$3.30, near our $9.8m/$3.40 projections.Charters extended. New vessels added. EuroDry extended the charters for several of its vessels at favorable rates. The company took ownership of two vessels this year including one in February and one in April. It sold one vessel. The company now has 11 vessels with the rates for most of the vessels fixed for the rest of 2022 and about half fixed for 2023. Spot prices rose sharply last fall before falling in the first quarter of the year. Rates are still attractive relative to historical levels and the outlook is positive due to a lack of new dry bulk ship builds and expanding world economic conditions. Read More >>