EuroDry may have had a profitable second quarter were it not for US Coast Guard detention of an ultramax bulker, chief executive Aristides Pittas said.
The New York-listed owner of 10 bulkers posted $1.18m in net loss for the quarter on Tuesday, down from a $10.6m profit recorded during the same quarter in 2022.
Pittas has acknowledged that a weak dry bulk market has played a part in the deficit, but he has pointed to the 62,996-dwt Good Heart (built 2014) being taken out of commission for several weeks as the main culprit for the loss.
