Third Quarter 2025 Financial Highlights:
Total net revenues of $3.0 million. Net income of $1.5 million or $0.55 earnings per share basic and diluted. Adjusted net income for the period remained unchanged at $1.5 million or $0.55 per share basic and diluted.
Adjusted EBITDA1 was $1.4 million.
An average of 2.0 vessels were owned and operated during the third quarter of 2025 earning an average time charter equivalent rate of $16,580 per day.
Declared a quarterly dividend of $0.14 per share for the third quarter of 2025, as in previous quarters, which is payable on or about December 16, 2025, to shareholders of record on December 9, 2025.
Nine Months 2025 Financial Highlights:
Total net revenues of $8.7 million. Net income of $13.4 million or $4.81 earnings per share basic and diluted. Adjusted net income for the period was $3.2 million or $1.15 per share basic and diluted.
Adjusted EBITDA1 was $3.1 million.
An average of 2.1 vessels were owned and operated during the first nine months of 2025 earning an average time charter equivalent rate of $16,298 per day.
Recent developments:
As previously announced, on November 3, 2025, the Company signed a Memorandum of Agreement to acquire a medium-range (MR) product tanker vessel with capacity of 49,997 dwt, built in 2015 in South Korea, from an affiliated party. The vessel will be purchased for a price of $31.83 million, with delivery expected in mid-November 2025. An independent committee of disinterested directors was formed to evaluate and approve the transaction. On November 14, 2025, the Company signed a loan agreement with Piraeus Bank S.A. for $20.0 million to partly finance the acquisition of the vessel.
Aristides Pittas, Chaiman, President and CEO of Euroholdings commented: "We are pleased to report the results for the third quarter of 2025 which were much improved as compared to the previous one. We are also happy to declare the third quarterly dividend representing an annualized yield of about 8% on the strength of the earnings generated from our current containership vessels.
"In June 2025, we announced a change in our shareholder base which resulted in Marla Investments Inc., a company associated with the Latsis family of Greece, acquiring about 51% of the Company with the Pittas family remaining a large shareholder as well. Subsequently, our Board of Directors decided to focus our growth in the tanker sector and, initially, the medium range ("MR") product tankers. The first step of this new strategic direction is taking place with the acquisition of M/V Hellas Avatar, a 49,997dwt modern product tanker built in 2015, that we announced on November 5, 2025.
"While our two elder containerships continue to generate earnings and positive cash flow, we are evaluating our next step in the tanker sector. We remain committed to growing Euroholdings into a premier publicly-listed owner and operator in a sector which we believe offers significant market opportunities and increased visibility in the energy and public markets."
Athina Atalioti, Chief Financial Officer of Euroholdings commented: "In the third quarter of 2025, on a per-vessel-per-day basis, our vessels earned an average charter rate of $16,580, 17.7% higher compared to $14,087 average charter rate for the same period of 2024. Our net revenues decreased to $3.0 million in the third quarter of 2025 compared to $4.2 million during the same period of last year as a result of two vessels operating and earning revenues during the third 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 $7,902 per vessel per day during the third quarter of 2025 as compared to $7,431 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 third quarter of 2025 was $1.4 million versus $1.0 million in the third quarter of last year."
Third Quarter 2025 Results:
For the third quarter of 2025, the Company reported total net revenues of $3.0 million representing a 29.4% decrease over total net revenues of $4.2 million during the third quarter of 2024 which was the result of the decreased average number of vessels operating in the third quarter of the current year. On average, 2.0 vessels were owned and operated during the third quarter of 2025 earning an average time charter equivalent rate of $16,580 per day compared to 3.0 vessels in the same period of 2024 earning on average $14,087 per day.
For the third quarter of 2025, voyage expenses amounted to $0.03 million and mainly relate to owners' expenses in various ports, as compared to $0.7 million in the same period of 2024 mainly including owners expenses while one of our vessels was repositioning in order to pass her special survey with drydock.
Vessel operating expenses decreased to $1.1 million for the third quarter of 2025 from $1.5 million in the same period of 2024. The decrease is mainly attributable to the decreased average number of vessels owned and operated during the period.
Related party management fees for the period were $0.2 million for the third quarters of 2025 and 2024.
General and administrative expenses remained unchanged at $0.2 million for both the third quarters of 2025 and 2024.
Interest income increased to $0.1 million for the third quarter of 2025 compared to nil in the same period of 2024. The increase in interest income is attributable to higher cash balances maintained during the third quarter of 2025 compared to the corresponding period in 2024.
The Company reported net income for the third quarter of 2025 of $1.5 million, as compared to net income of $1.0 million for the same period of 2024.
Adjusted EBITDA for the third quarter of 2025 was $1.4 million compared to $1.0 million achieved during the third quarter of 2024.
Basic and diluted earnings per share for the third quarter of 2025 was $0.55 calculated on 2,816,615 basic and diluted weighted average number of shares outstanding, compared to basic and diluted earnings per share of $0.34 for the third quarter of 2024, calculated on 2,780,855 basic and diluted weighted average number of shares outstanding.
The adjusted net earnings for the quarter ended September 30, 2025, increased to $0.55 per share basic and diluted compared to adjusted net earnings of $0.34 per share basic and diluted for the quarter ended September 30, 2024.
Nine Months 2025 Results: For the first nine months of 2025, the Company reported total net revenues of $8.7 million representing a 27.4% decrease over total net revenues of $12.1 million during the first nine months of 2024, which was the result of the lower average numbers of vessels operated during the first nine months of 2025 compared to the same period of 2024. On average, 2.1 vessels were owned and operated during the first nine months of 2025 earning an average time charter equivalent rate of $16,298 per day compared to 3.0 vessels in the same period of 2024 earning on average $14,760 per day.
For the first nine months of 2025, voyage expenses were $0.1 million and mainly relate to owners' expenses in various ports. For the same period of 2024, voyage expenses were $0.9 million and relate to vessels repositioning between charters and expenses during operational off-hire and scheduled off-hire time.
Vessel operating expenses were $3.3 million for the first nine months of 2025 as compared to $4.6 million for the first nine months of 2024. The decrease is mainly attributable to the lower number of vessels operating in the first nine months of 2025 compared to the corresponding period in 2024, partly offset by the cost of the repairs performed on M/V Diamantis P prior to its sale.
Related party management fees for the first nine months of 2025 decreased to $0.6 million from $0.7 million for the same period of 2024 due to the lower number of vessels operating in 2025 partly offset by the adjustment for inflation in the daily vessel management fee, effective from January 1, 2025, increasing it from 810 Euros to 840 Euros, and the unfavorable movement of the euro/dollar exchange rate during the period.
General and administrative expenses for the first nine months of 2025 were $1.2 million compared to $0.6 million for the same period of 2024. The increased general and administrative expenses reflect mainly expenses related to the Company being public, including the compensation expense recognized due to accelerated vesting of share-based awards upon a change of control.
During the first nine months of 2025 one of our vessels completed its intermediate survey for a total cost of $0.4 million. During the first nine months of 2024 one of our vessels was drydocked in order to pass its special survey, which was completed in the fourth quarter of 2024, also for a total cost of $0.4 million.
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 $13.2 million, resulting in a gain on sale of $10.2 million.
Interest and other financing costs for the first nine months of 2025 were nil. For the same period of 2024 interest and other financing costs amounted to $0.1 million as the Company's bank debt was fully repaid in March 2024.
Interest income increased to $0.2 million for the first nine months of 2025, compared to nil in the same period of 2024. The increase in interest income is attributable to higher cash balances maintained during the first nine months of 2025 compared to the corresponding period in 2024.
The Company reported net income for the period of $13.4 million, as compared to net income of $4.7 million, for the first nine months of 2024.
Adjusted EBITDA for the first nine months of 2025 was $3.1 million compared to $4.8 million achieved during the first nine months of 2024.
Basic and diluted earnings per share for the first nine months of 2025 was $4.81, calculated on 2,793,954 basic and diluted weighted average number of shares outstanding compared to earnings per share of $1.70, calculated on 2,780,855 basic and diluted weighted average number of shares outstanding.
Excluding the effect on the earnings for the first nine months of the year of the gain on sale of vessel, the adjusted net earnings for the nine-month period ended September 30, 2025, would have been $1.15 per share basic and diluted, compared to adjusted earnings of $1.70 per share basic and diluted, for the nine-month period ended September 30, 2024. Usually, security analysts do not include the above item in their published estimates of earnings per share.
Fleet Profile:
After the delivery of M/V HELLAS AVATAR, the Euroholdings Ltd. fleet profile is as follows:
Name
Type
Dwt
TEU
Year Built
Employment (*)
TCE Rate ($/day)
JOANNA (**)
Feeder
22,301
1,732
1999
TC until Mar-26then until Sep-26,then until Nov-26
$19,000$9,500$16,500
AEGEAN EXPRESS (*)
Feeder
18,581
1,439
1997
TC until Nov-25
$16,700
Total Container Carriers
2
40,882
3,171
HELLAS AVATAR
Product Tanker
49,997
2015
Spot
Total Tankers
1
49,997
Grand Total
3
90,879
Note: (*) TC denotes time charter. All dates listed are the earliest redelivery dates under each TC.(**) Period to November 2026 is at the option of the charterer.
Summary Fleet Data:
3 months, endedSeptember 30, 2024
3 months, endedSeptember 30, 2025
9 months ended September 30, 2024
9 months ended September 30, 2025
FLEET DATA
Average number of vessels (1)
3.0
2.0
3.0
2.1
Calendar days for fleet (2)
276.0
184.0
822.0
560.4
Scheduled off-hire days incl. laid-up (3)
10.9
-
10.9
7.3
Available days for fleet (4) = (2) - (3)
265.1
184.0
811.1
553.1
Commercial off-hire days (5)
-
-
3.7
-
Operational off-hire days (6)
2.5
-
3.8
-
Voyage days for fleet (7) = (4) - (5) - (6)
262.6
184.0
803.6
553.1
Fleet utilization (8) = (7) / (4)
99.0%
100.0%
99.1%
100.0%
Fleet utilization, commercial (9) = ((4) - (5)) / (4)
