EuroHoldings Ltd. reported a sharp increase in revenue and profitability for the second quarter of 2026, supported by higher charter rates and the contribution of its product tanker operations.
The Nasdaq-listed shipping company generated net revenues of US$8.6 million during the quarter, up 195% from US$2.9 million in the same period of 2025.
Net income reached US$4.3 million, compared with US$0.8 million a year earlier. Meanwhile, adjusted EBITDA increased to US$5 million from US$0.8 million. Earnings per share rose to US$1.52 from US$0.30 in the second quarter of 2025.
During the quarter, EuroHoldings owned and operated an average of three vessels. They achieved an average time charter equivalent (TCE) rate of US$28,039 per day, up 69.6% from US$16,528 per day in the corresponding period last year.
The company said the improved performance reflected both the increase in its average operating fleet and higher TCE rates. In particular, its product tanker, which operated under voyage charters, made a significant contribution to revenue.
First-half revenue climbs to US$16.2 million
For the first six months of 2026, EuroHoldings recorded net revenues of US$16.2 million, representing an increase of 180.6% from US$5.8 million in the first half of 2025.
The company reported first-half net income of US$6.7 million, compared with US$11.9 million a year earlier. However, the 2025 figure included a US$10.23 million gain from the sale of the 2,008 TEU containership Diamantis P.
Adjusted EBITDA for the six-month period climbed to US$8.2 million from US$1.7 million, while average TCE increased to US$28,204 per day from US$16,158 per day.
“During the second quarter, on the top of a solid revenue base from our two elder containerships, we benefitted from significant earnings contributions coming from our product tanker vessel to which we expect soon to add a sister vessel, M/V Hellas Fighter, as earlier announced,” said Aristides Pittas, Chairman, President and CEO of EuroHoldings.
Pittas added that the company continues to evaluate further expansion in the product tanker sector.
Hellas Fighter delivery pushed to September
EuroHoldings also provided an update on its previously announced acquisition of the 49,997 dwt MR product tanker Hellas Fighter.
The 2015-built vessel was originally expected to join the company by mid-August. However, delivery has been delayed until September 2026 due to discharging delays.
EuroHoldings plans to finance the acquisition through a combination of its own funds and bank debt. The company has secured the required financing, including a US$10 million loan collateralized by its two containerships.
Following the delivery of Hellas Fighter, EuroHoldings will operate four vessels: two feeder containerships with combined capacity of 3,171 TEUs and two MR product tankers with combined capacity of 99,994 dwt.
The company’s containership fleet comprises the 1,732 TEU Joanna and the 1,439 TEU Aegean Express.
EuroHoldings also declared its sixth consecutive quarterly dividend of US$0.14 per share. The dividend is expected to be paid on or around 16 September to shareholders of record as of 9 September.
