Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, reported the following results for the three-month period and full year ended December 31, 2025.
Fourth Quarter 2025 Financial Highlights:
- Total net revenues of $57.4 million. Net income of $40.5 million or $5.82 and $5.79 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $31.3 million or $4.50 and $4.48 per share basic and diluted.
- An average of 21.22 vessels were owned and operated during the fourth quarter of 2025 earning an average time charter equivalent rate of $30,268 per day.
- Declared a quarterly dividend of $0.75 per share for the fourth quarter of 2025 payable on or about March 17, 2026 to shareholders of record on March 10, 2026 as part of the Company’s common stock dividend plan.
- As of February 25, 2026, the Company has repurchased 480,455 of our common stock in the open market, representing about 6.8% of the outstanding shares, for a total of about $11.36 million, under the share repurchase plan of up to $20 million announced in May 2022.
Full Year 2025 Highlights:
- Total net revenues of $227.9 million. Net income of $137.0 million or $19.73 and $19.72 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $116.3 million or $16.75 and $16.74 per share basic and diluted, respectively.
- Adjusted EBITDA1 was $155.9 million.
An average of 22.22 vessels were owned and operated during 2025, earning an average time charter equivalent rate of $29,107 per day.
Aristides Pittas, Chairman and CEO of Euroseas commented:
“We are pleased to report a very profitable fourth quarter with our earnings per share for the quarter being one of the highest ever. During the fourth quarter of 2025 and in January and February 2026 to date, containership charter rates maintain their high levels for one more time. Container freight rates were a bit more volatile reflecting mostly seasonal trends. The strength of the charter market is evidenced by our most recent fixture for our M/V EM Spetses, a 19-year old, 1700 teu containership, that we announced recently.
“Our entire fleet is chartered at very profitable rates with our charter coverage for 2026 being about 87%, our coverage in 2027 exceeding 71% with many of our contracts extending well into 2028 and beyond. Our contracted revenues are over $550 million over the next five years and, even if we assume very conservative rates for our charter renewals, we expect to continue reporting strong profitability.
“Against this positive and quite protected situation for Euroseas, the overall containership market has to deal with a couple of challenges, mainly, the absorption of the high orderbook in the large containership segments and the eventual resumption of traffic through the Suez Canal which would reduce the demand for tonnage given the shorter distances required to travel. However, we would like to note that there is a stark difference between large containerships and the segments we operate, feeders and intermediate size vessels, as the latter not only face much lower orderbook levels but also have a large percentage of vessels over 20 years of age. Thus, we believe that it is very likely for the supply of feeders and intermediate containerships to contract, benefiting owners of modern vessels like us. Needless to say, the geo-political, economic and trade-related factors, like the renewed focus on US tariffs imposed, influence the volume of containerized trade and, consequently, demand for vessels, adding to the overall uncertainty in the markets.
“Nevertheless, given our strong balance sheet, we believe we are well positioned to take advantage of any developments in the markets, and we continuously evaluate and pursue accretive investment opportunities in both the secondhand and newbuilding sectors. At the same time, our balance sheet and contracted revenues backlog provide us with sufficient comfort to increase the rewards to our shareholders by increasing our dividend by 7% to $0.75 per share providing an annualized yield of about 5%”.
Tasos Aslidis, Chief Financial Officer of Euroseas, commented: “Our net revenues for the fourth quarter of 2025 are increased by approximately 7.7% compared to the same period of 2024. This was the result of the increased average time charter rates our vessels earned in the fourth quarter of 2025, compared to the corresponding period of 2024. The Company operated an average of 21.22 vessels for the fourth quarter of 2025, versus 23.0 vessels during the same period last year. Net revenues amounted to $57.4 million for the fourth quarter of 2025 compared to $53.3 million for the fourth quarter of 2024.
“Total daily vessel operating expenses, including management fees, general and administrative expenses, but excluding drydocking costs, increased by approximately 7.2%, during the fourth quarter of 2025 compared to the same quarter of last year. This increase is mainly attributable to the increased cost of our stock incentive plan and increased U.S. dollar to euro exchange rate during the period.
“Adjusted EBITDA1 during the fourth quarter of 2025 was $40.7 million compared to $32.8 million achieved in the fourth quarter of last year, reaching $155.9 million versus $135.8 million in the respective twelve-month periods of 2025 and 2024.
“As of December 31, 2025, our outstanding bank debt (excluding the unamortized loan fees) was $218.6 million, versus restricted and unrestricted cash of approximately $183.3 million. As of the same date, our scheduled debt repayments over the next 12 months amounted to about $19.5 million (excluding the unamortized loan fees).”