# EuroDry

EuroDry is an Asset Manager based in Athens, Greece.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Athens, Greece
- **Region:** Europe
- **Address:** Athens, Greece
- **Founded:** 2018
- **Assets under management:** Undisclosed
- **Website:** eurodry.gr
- **LinkedIn:** https://www.linkedin.com/company/eurodry

## Regulatory record

- **Reports private funds:** No

## About

Worldwide ocean-going transportation services. Owning and operating #drybulk carriers. Nasdaq listed #EDRY. | EuroDry Ltd. is a provider of worldwide ocean-going transportation services. The Company owns and operates drybulk carriers that transport major bulks such as iron ore, coal and grains, and minor bulks such as bauxite, phosphate and fertilizers.

## Sectors

- Maritime & Shipping
- Infrastructure

## People

- Aristides Pittas — Chairman and CEO

## Questions

### Who controls the investment and chartering decisions at EuroDry?

Investment decisions — including vessel acquisitions, sales, and newbuilding orders — are directed by Chairman and CEO Aristides Pittas, who has controlled the Pittas family shipping interests for over three decades. Day-to-day commercial chartering is executed by an in-house team but is ultimately overseen by Pittas and the board. Technical management is outsourced to a related-party manager, Eurobulk Ltd., which also serves the affiliated container-shipping company Euroseas.

### How does EuroDry differ from its former parent, Euroseas?

EuroDry was created through a spin-off in 2018 to separate the Pittas group’s drybulk and container-shipping assets into two distinct publicly listed entities. EuroDry holds only drybulk vessels, while Euroseas focuses exclusively on containerships. The separation gives investors targeted exposure to the drybulk freight market without cross-contamination from container-shipping fundamentals.

### What types of charter contracts does EuroDry prefer?

EuroDry uses a mix of time-charter contracts, which provide stable revenue visibility over months, and spot-market voyage charters, which capture upside in strong freight-rate environments. The balance shifts with market conditions, but the company generally maintains a higher proportion of time-charter coverage to underwrite debt service and operating costs, reducing earnings volatility.

### Where does EuroDry generate its revenue geographically?

Revenue is generated globally, with vessels trading primarily between the Atlantic and Pacific basins. Key cargo routes connect South American grain exporters and Australian coal ports to Chinese, Indian, and European importers. The company does not report revenue by geography, but drybulk shipping is inherently transnational, with vessel employment dictated by prevailing freight rates across major trade lanes.

### What financing structures does EuroDry use to acquire vessels?

EuroDry finances vessel acquisitions through a combination of secured bank loans, sale-and-leaseback arrangements with Asian and European lessors, and occasional public equity offerings. The company targets moderate leverage and has used share repurchases and dividends to return capital when freight markets generate surplus cash. Its banking relationships are concentrated among Greek and Northern European maritime lenders.

### What commodity exposure does an investment in EuroDry carry?

EuroDry's drybulk fleet transports iron ore (primary steelmaking input), coal (thermal and metallurgical), grains (soybeans, corn, wheat), and minor bulks including bauxite, cement, and fertilizers. Consequently, its revenue is correlated with global infrastructure spending, agricultural output, and energy demand, particularly in China and India, which dominate drybulk import volumes.

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Last updated: 2026-06-03T20:00:00.000Z

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