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Home News Euroseas profit nears US$30 million in 2022 Q1

Euroseas profit nears US$30 million in 2022 Q1

The Greek ship owner Euroseas has announced its financial results for the first quarter of 2022 which ended on 31 March.

Aristides Pittas, chairman and CEO of Euroseas, commented that "despite their recent small correction, the containership feeder charter rates have remained at levels near historical highs resulting in increased profitability for Euroseas."

The company's total net revenues were US$45.4 million and net income reached US$29.9 million, while adjusted EBITDA was US$31.1 million.

"We expect the market to remain strong in the near and medium term and are monitoring the above trends which alongside with new regulation on greenhouse gas emissions and expected increased new vessel deliveries will shape our markets," added Pittas.

Currently, Euroseas owns and operates 16 vessels, earning an average time charter equivalent rate of US$33,986 per day during the first quarter of 2022.

Meanwhile, Euroseas' board of directors has approved a share repurchase programme for up to a total of US$20 million of the company's common stock and will review the programme after a period of 12 months.

Finally, the Greek vessel owner declared a quarterly dividend of US$0.50 per share for the first quarter of 2022 payable on or about 16 June to shareholders of record on 9 June.

"Our investment strategy is focused either on placing newbuilding orders that also enhance the environmental footprint of our company, or, secondhand vessels with simultaneous charters that bring their cost basis to below historical average levels by the end of the charter, thus, providing us the option for upsized returns," stated the boss of Euroseas.

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