13.1 C
Hamburg
Thursday, June 5, 2025
Home News Euroseas exceeds US$85 million in profits in 2022 so far

Euroseas exceeds US$85 million in profits in 2022 so far

Greek ship owner Euroseas published its results for the first nine months and third quarter of 2022.

The 2022Q3 financial highlights showed that the company’s total net revenues reached US$46 million and net income was US$25.2 million.

Euroseas reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of US$26.2 million, while an average of 18 vessels were owned and operated during the third quarter of 2022 by the company, earning an average time charter equivalent rate of US$30,893 per day.

Additionally, the 2022 first nine-month report showed total net revenues reaching US$139.8 million, while the company’s net income was US$85.9 million.

Moreover, the adjusted EBITDA of Euroseas from January to September 2022 was US$91.5 million. An average of 16.8 vessels were owned and operated by the company during the first nine months of the year, earning an average time charter equivalent rate of US$32,814 per day.

Aristides Pittas, chairman and CEO of Euroseas, commented, “Containership rates reached all-time highs for most vessel segments during March of 2022, stayed near those levels through August, but since the beginning of September 2022 have started declining, dropping almost 80% until the beginning of November.”

He added, “Still, present charter rates are, for the segments we operate, more than double the average rates during 2019, the year before the pandemic.”





Latest Posts

We Asked AI: AI robots handling shipping operations

Artificial intelligence robots are increasingly being used to control and optimize shipping operations across global ports and logistics hubs. These advanced systems manage tasks such...

China’s military posturing affects shipping realignments in Indian Ocean

As China continues its assertive military drills across key Indo-Pacific maritime routes, ripples of geopolitical tension intersect with dramatic shifts in maritime trade logistics. The...

MAN Energy Solutions rebrands as Everllence

MAN Energy Solutions has officially rebranded to Everllence, marking a pivotal step in the company’s strategic evolution. The new global identity underscores its expanding role...

HHLA acquires majority stake in Ukrainian terminal

Hamburger Hafen und Logistik AG (HHLA) has decided to invest in a Ukrainian terminal, acquiring 60% of the shares in Eurobridge Intermodal Terminal LLC...

India vows to emerge as shipbuilding power through external partnerships

India's shipbuilding sector is experiencing a strategic transformation, driven by a convergence of geopolitical motives, national industrial goals, and ambitious maritime visions. Under Prime Minister...
error: Content is protected !!