Euroholdings, an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its results for the three- and six-month periods ended June 30, 2025. The Company was incorporated by Euroseas Ltd. to serve as the holding company of three subsidiaries that were contributed by Euroseas to Euroholdings effective January 1, 2025; Euroseas spun-off Euroholdings on March 17, 2025, which has since been operated as an independent company. The results below refer to Euroholdings and its subsidiaries for the periods presented. Historical comparative periods reflect the results of the carve-out operations of the three vessels that were contributed to the Company.
Second Quarter 2025 Financial Highlights:
Total net revenues of $2.9 million. Net income of $0.8 million; or $0.30 earnings per share basic and diluted. Adjusted net income for the period remained unchanged at $0.8 million or $0.30 per share basic and diluted.
Adjusted EBITDA1 was $0.8 million.
An average of 2.0 vessels were owned and operated during the second quarter of 2025 earning an average time charter equivalent rate of $16,528 per day.
Declared a quarterly dividend of $0.14 per share for the second quarter of 2025, payable on or about September 16, 2025, to shareholders of record on September 9, 2025.
First Half 2025 Financial Highlights:
Total net revenues of $5.8 million. Net income of $11.9 million; or $4.28 earnings per share basic and diluted. Adjusted net income for the period was $1.7 million or $0.60 per share basic and diluted.
Adjusted EBITDA1 was $1.7 million.
An average of 2.08 vessels were owned and operated during the first quarter of 2025 earning an average time charter equivalent rate of $16,158 per day.
Recent Developments:
Our Board of Directors decided to focus on the tanker sector and, initially, pursue a modern medium range product tanker investment.
Aristides Pittas, Chaiman, President and CEO of Euroholdings commented: “We are pleased to report the results for the first half of 2025 of Euroholdings, a company spun-off from Euroseas Ltd., in March 2025, containing 2 elder containerships and the proceeds from the sale of a third one. As both our vessels have been profitably chartered, we are pleased to report profitable results according to our expectations and happy to announce the declaration of the second quarterly dividend representing an annualized yield of about 7.5%.
“We are also happy to report that as announced in late June 2025, our shareholder base has been further strengthened as Marla Investments Inc., a company associated with the Latsis family of Greece, has acquired 51.04% of our shares with the Pittas family remaining a large shareholder as well. We believe that the combined financial strength of our major shareholders and their desire to grow Euroholdings will, indeed, enable our company to deliver superior returns to all of our shareholders.
“In that context, our Board decided to focus our growth in the tanker sector and, initially, the medium range (“MR”) product tankers. Over the next several months, we will be gradually implementing this growth strategy targeting modern vessels.
“In parallel, as the containership markets have remained strong, our feeder vessels may be rechartered beyond their current contracts contributing further earnings and value to our shareholders and further enabling the execution of our growth plan in the product tanker sector.”
Athina Atalioti, Chief Financial Officer of Euroholdings commented: “In the second quarter of 2025, on a per-vessel-per-day basis, our vessels earned an average charter rate of $16,528, 7.1% higher compared to $15,435 average charter rate for the same period of 2024. Our net revenues decreased to $2.9 million in the second quarter of 2025 compared to $4.0 million during the same period of last year as a result of operating and earning revenues from two vessels during the second quarter of 2025 compared to three for the same period of last year.
“Total daily vessel operating expenses, including management fees, general and administrative expenses but excluding drydocking costs, averaged $11,296 per vessel per day during the second quarter of 2025 as compared to $6,349 per vessel per day for the same quarter of last year. This increase is mainly due to higher general and administrative expenses per vessel as a result of the spin-off costs and costs related to the company being public and fewer vessels we owned during the period as compared to the same period of 2024.
“Adjusted EBITDA during the second quarter of 2025 was $0.8 million versus $2.3 million in the second quarter of last year reflecting the lower number of vessels we operated during the period and the above mentioned higher general and administrative expenses.”