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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."

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