Athens-based container ship owner Euroseas reported a first-quarter profit of $32.5 million, down from $36.9 million in the same period last year.
The company also recorded total net revenues of $55.8 million for the three months ending March 31, 2026, representing a one per cent decrease compared to the first quarter of 2025.
Over this period, Euroseas operated an average of 21 vessels that earned an average daily time charter equivalent rate of $30,354. Chief Financial Officer Tasos Aslidis noted that daily vessel operating expenses rose by approximately five per cent, which he attributed to the softening of the US dollar against the euro.
Inflation adjustments pushed the daily vessel management fee from €840 to €875, effective January 1, according to the company. No drydocking took place during the quarter, with approximately $50,000 spent on supplies for upcoming maintenance.
In terms of corporate growth, Euroseas announced a joint venture on May 4 with investors represented by NRP Project Finance to share ownership of a 4,484 twenty-foot equivalent unit (TEU) vessel named Thrylos.
The vessel is expected to be delivered in the first quarter of 2028, with the outside investors acquiring a 49 per cent stake for approximately $12.2 million.
Aristides Pittas, Euroseas' Chairman and Chief Executive Officer, discussed the mixed market outlook and highlighted geopolitical complications affecting the sector.
"During the first quarter of 2026, the shipping and macroeconomic environment we operate in has become even more uncertain due to the Iran war and the practical closure of the Strait of Hormuz," Pittas said.
Despite these disruptions, the company noted it has expanded its fleet expansion plans by adding four shipbuilding contracts to its previous order of six vessels. This 10-vessel shipbuilding programme is scheduled for delivery between the third quarter of 2027 and the first quarter of 2029.