Euroholdings Ltd, an owner and operator of container carriers and tanker vessels and provider of container and tanker seaborne transportation services, announced its results for the quarter ended March 31, 2026.
First Quarter 2026 Financial Highlights:
- Total net revenues of $7.6 million. Net income of $2.4 million; or $0.84 earnings per share basic and diluted. Adjusted net income for the period remained unchanged to $2.4 million or $0.84 per share basic and diluted.
- Adjusted EBITDA1 was $3.1 million.
- An average of 3.0 vessels were owned and operated during the first quarter of 2026 earning an average time charter equivalent rate of $28,388 per day.
- Declared a quarterly dividend of $0.14 per share for the first quarter of 2026, payable on or about June 16, 2026, to shareholders of record on June 9, 2026.
Recent Developments:
- The Company agreed to acquire a medium-range (MR) product tanker vessel with capacity of 49,997 dwt, built in 2015 in South Korea, from a related party of Marla Investments Inc., our majority shareholder, not under common control. The vessel will be purchased for a price of $39.25 million, with delivery expected between mid-June and mid-August of 2026. The transaction was approved by an independent committee consisting of disinterested directors. The Company will use own funds and debt to finance the acquisition of the vessel.
Aristides Pittas, Chairman, President and CEO of Euroholdings commented : “We are pleased to report another quarter of positive results, the highest adjusted earnings per share quarterly results to-date, reaping the benefits of our shift into product tankers. Our adjusted earnings increased almost three-fold compared to a year ago and almost doubled as compared to the earnings of the fourth quarter of last year. The recent strength of the product tanker market and the charter contracts of our containership vessels bode well for our continuing profitability in the second quarter as well.
“We are happy to announce today the acquisition of an additional product tanker, sister to our m/v Hellas Avatar, that will join our fleet between June 15th to August 15th. We believe, this addition will further contribute to our profitability.
“We are also pleased to continue our strategy of rewarding our shareholders through substantial dividends and we are therefore declaring our fifth consecutive quarterly dividend, representing an annualized yield of approximately 6.5%.”
Athina Atalioti, Chief Financial Officer of Euroholdings commented:“In first quarter of 2026, our vessels earned an average time charter equivalent rate of $28,388, this is a 79.7% increase compared to the average rate of our vessels in the same period of 2025. Our two container carriers were employed under time charters while our tanker vessel was chartered under spot voyages in the first quarter of 2026. Our net revenues increased to $7.6 million in the first quarter of 2026 compared to $2.9 million during the same period of last year as a result of operating and earning revenues from three vessels during the first quarter of 2026 compared to two for the same period of last year, as well as due to the improved charter rates mentioned above.
“Total daily vessel operating expenses, including management fees, general and administrative expenses but excluding drydocking costs, averaged $9,175 per vessel per day during the first quarter of 2026 as compared to $8,511 per vessel per day for the same quarter of last year. This increase is mainly due to higher operating expenses as a result of the inflationary prices paid in the current quarter for the supply of our vessels because of the war in Iran, as compared to the same period of 2025 and the cost of running our product tanker which is slightly higher than the containerships.
“Adjusted EBITDA during the first quarter of 2025 was $3.1 million versus $0.9 million in the first quarter of last year, reflecting the higher number of vessels we operated during the period. As of March 31, 2026, our outstanding debt (excluding the unamortized loan fees) was $19.6 million versus restricted and unrestricted cash of approximately $6.1 million.”