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."
