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Time Charter Equivalent Rate
Represents the average daily earnings per vessel (usually shown as $/day) after voyage expenses. Changes in the TCE rate translate freight-market moves into per-ship income, so higher rates boost margins and free cash flow while lower rates can quickly erode earnings and dividend ability.TCE has moved from a 2021 peak through a multi-year trough and into a sharp sequential recovery in 2025 that underpinned Q4 profitability and full utilization; management’s limited fixed-rate hedges (~22%) and opportunistic short-duration locks helped capture the upswing. That said, cash‑flow breakeven is close to recent rates, debt maturities and an aging fleet keep earnings exposed to even modest rate softening, so the rally supports NAV and buybacks but is fragile unless market strength and longer-term cover persist.
Date | Time Charter Equivalent Rate |
|---|---|
Dec 31, 2025 | 16.26K |
Sep 30, 2025 | 13.23K |
Jun 30, 2025 | 10.43K |
Mar 31, 2025 | 7.17K |
Dec 31, 2024 | 12.20K |
Sep 30, 2024 | 13.11K |
Jun 30, 2024 | 14.43K |
Mar 31, 2024 | 12.46K |
Dec 31, 2023 | 14.57K |
Sep 30, 2023 | 12.13K |