Euroholdings announced its financial results for the three- and six-month periods ended June 30, 2025.
The results presented include Euroholdings and its subsidiaries, with prior comparative periods reflecting the carve-out performance of the contributed vessels.
For the first half of 2025, Euroholdings reported total net revenues of US$5.8 million, a 26.4% decrease from US$7.9 million in the same period of 2024.
The decline was primarily due to a lower average number of vessels in operation 2.08 vessels in 2025 versus 3.0 vessels in 2024 partially offset by a higher average time charter equivalent rate of US$16,158/day compared to US$15,084/day in the prior year.
Voyage expenses, net, totaled $0.06 million in the first half of 2025, mainly reflecting vessel-related costs in various ports. This compares to $0.2 million in 2024, which was driven by repositioning costs between charters and expenses incurred during off-hire periods.
On January 10, 2025, the Company signed an agreement to sell the M/V Diamantis P, a 2,008 TEU container ship built in 1998, for approximately US$13.15 million for further trading. The transaction generated a gain on sale of US$10.23 million.
For the second quarter of 2025, total net revenues were US$2.9 million, down 27.8% from US$4.0 million in Q2 2024, reflecting a reduced fleet size.
The Company operated an average of 2.0 vessels in the quarter, achieving a TCE rate of US$16,528/day compared to 3.0 vessels earning US$15,435/day in the same period of 2024.
Aristides Pittas, Chairman, President & CEO of Euroholdings, commented that in late June, they welcomed Marla Investments as their new majority shareholder with a 51.04% stake, alongside the Pittas family’s continued significant ownership.
He added also that in line with these ambitions, the Board has decided to focus future growth on the tanker market, starting with medium range product tankers. Over the coming months, they will begin executing this strategy with acquisitions of modern vessels.
At the same time, with containership markets remaining strong, their feeder vessels may be rechartered beyond current contracts, generating additional earnings and supporting the tanker sector expansion plans.
