The Greek vessel owner Euroseas has announced total net revenues of US$93.9 million and a net income of US$60.7 million for the first half of the year, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the same period reached US$65.3 million.
During the first six months of 2022, the New York-listed company owned and operated an average of 16.23 vessels, earning an average time charter equivalent rate of US$33,843 per day.
Euroseas first half net earnings surpass US$60 million
“The extremely high charter coverage that we have achieved for the remainder of the year but also for 2023 and 2024 suggests that we should continue experiencing highly profitable quarters regardless of charter rates development,” commented Aristides Pittas, chairman and CEO of Euroseas.
Pittas went on to say, “We feel well prepared to navigate such an uncertain environment as our chartered fleet between now and the end of 2024 is to generate significant cash flow reserves. We intend to use the cash flow we are generating not only to reward our shareholders via our on-going dividend and share repurchase program but also to fund the equity portion of our nine-vessel newbuilding program and still have a significant war chest to pursue investment opportunities in an accretive way to our shareholders.”
