- Small, Greece-based dry bulk shipper is trading at a substantial discount to net asset value.
- Discount likely due to the ongoing lack of dividends and share buybacks as management remains focused on renewing and growing the company's fleet.
- Outlook for the dry bulk shipping industry remains positive due to limited fleet growth and expectations for a recovery in Chinese demand.
- Even without the discount to net asset value narrowing, shares offer approximately 35% upside from current levels based on the company's FY2022 EBITDA projections.
- Investors looking for generous dividends should rather consider an investment in proven industry leaders like Star Bulk Carriers, Golden Ocean Group, Eagle Bulk Shipping and Genco Shipping & Trading.
For further details see:
EuroDry: Good Value, Decent Prospects But No Dividends