Euroholdings Ltd., an owner and operator of container carriers and tanker vessels and provider of container and tanker seaborne transportation services, announced today 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.”
First Quarter 2026 Results:
For the first quarter of 2026, the Company reported total net revenues of $7.6 million representing a 166.0% increase over total net revenues of $2.9 million during the first quarter of 2025 which was the result of the increased average number of vessels operating in the first quarter of the current year and the increased average time charter equivalent rates our vessels earned in this period.
The latter was the result of the increased hire earned by the product tanker that was on spot voyages. On average, 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 compared to 2.1 vessels in the same period of 2025 earning on average $15,798 per day.
For the first quarter of 2026, voyage expenses amounted to $1.17 million and mainly relate to expenses incurred by one of our vessels while employed under voyage charters and to owners expenses in various ports, as compared to $0.03 million in the same period of 2025 that relate to expenses incurred by one of our vessels while commencing repairs afloat.
Vessel operating expenses increased to $1.9 million for the first quarter of 2026 from $1.1 million in the same period of 2025. The increase is mainly attributable to the increased average number of vessels owned and operated during the period and the inflationary prices we paid for the supply of our vessels due to the war in Iran.
During the first quarter of 2026, one vessel completed its special survey with dry-dock, for a total cost of $0.8 million. During the first quarter of 2025 one of our vessels completed its intermediate survey with drydock for a total cost of $0.3 million.
Vessel depreciation for the first quarter of 2026 increased to $0.5 million from $0.01 million in the first quarter of 2025, as a result of the depreciation charge for the newly acquired vessel within the fourth quarter of 2025.
Related party management fees for the period were $0.3 million for the first quarter of 2026 compared to $0.2 million in the same period of 2025. This was the result of the adjustment for inflation in the daily vessel management fee, effective from January 1, 2026, for the container vessels from 850 Euros to 875 Euros per vessel.
The management fee for the container vessels is paid to Eurobulk Ltd. A rate of 1,250 Euros per day is paid for the tanker vessel, further contributing to the increase of the related party management fees in the first quarter of 2026 compared to the same period of 2025, where management fees were incurred in relation to the Company’s three container vessels, including the vessel sold in January 2025 as per the management agreement. The manager for the tanker vessel is Latsco Marine Management Inc.
General and administrative expenses remained unchanged at $0.3 million for both the first quarters of 2026 and 2025.
On January 10, 2025, the Company signed an agreement to sell M/V Diamantis P, a 2,008 teu container carrier, built in 1998, for further trading, for approximately $13.15 million, resulting in a gain on sale of $10.23 million within the first quarter of 2025. No case of vessel sale exists within the first quarter of 2026.
Interest expense during the first quarter of 2025 was nil. Interest and other financing costs for the first quarter of 2026 amounted to $0.3 million, as a result of the loan drawn down for the acquisition of M/V “Hellas Avatar” in the fourth quarter of 2025.
The Company reported net income for the first quarter of 2026 of $2.4 million, as compared to net income of $11.1 million for the same period of 2025.
Adjusted EBITDA for the first quarter of 2026 was $3.1 million compared to $0.9 million achieved during the first quarter of 2025.
Basic and diluted earnings per share for the first quarter of 2026 was $0.84 calculated on 2,816,615 basic and diluted weighted average number of shares outstanding, compared to basic and diluted earnings per share of $3.99 for the first quarter of 2025, calculated on 2,780,855 basic and diluted weighted average number of shares outstanding.
The adjusted earnings for the first quarter of 2026 remained unchanged at $0.84 per share basic and diluted compared to the earnings per share of the quarter, as no adjustment was applied. Excluding the effect on the earnings for the quarter of the gain on sale of vessel, the adjusted earnings for the quarter ended March 31, 2025, would have been $0.31 per share basic and diluted. Usually, security analysts do not include the above item in their published estimates of earnings per share.
Source: Euroholdings Ltd.
