Euroholdings has released its financial results for the first quarter ended March 31, 2026. The company achieved its highest adjusted earnings per share to date and announced the purchase of an additional medium-range product tanker.
First quarter financial results
Total net revenues reached $7.6 million for the quarter. Net income came in at $2.4 million, or $0.84 per share basic and diluted. Adjusted EBITDA stood at $3.1 million.
The company operated an average of 3.0 vessels during the period. These vessels earned an average time charter equivalent rate of $28,388 per day.
Dividend declaration
Euroholdings declared a quarterly dividend of $0.14 per share for the first quarter of 2026. The dividend is payable on or about June 16, 2026, to shareholders of record as of June 9, 2026. This marks the company’s fifth consecutive quarterly dividend, at an annualised yield of approximately 6.5%.
New vessel acquisition
Euroholdings agreed to buy a medium-range product tanker of 49,997 dwt, built in 2015 in South Korea. The purchase price is $39.25 million. Delivery is expected between mid-June and mid-August 2026. The company will use a mix of own funds and debt to finance the deal. An independent committee of disinterested directors approved the transaction.
“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 compared to 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” said Aristides Pittas, chairman, president and chief executive officer, Euroholdings.
Pittas confirmed the new tanker is a sister vessel to the m/v Hellas Avatar and will join the fleet between June 15 and August 15, 2026. He also reaffirmed the company’s commitment to rewarding shareholders through its ongoing dividend programme.
