Container vessel owner Euroseas reported net income of $29.7 million, or $4.27 per share, for the third quarter of 2025. This compares to a net income of $27.6 million in the same period last year. Adjusted EBITDA for the quarter was $38.8 million, up from $36.1 million in Q3 2024.
Total net revenues for the third quarter reached $56.9 million, a 5.1 per cent increase from $54.1 million in Q3 2024. The company’s fleet of 22 vessels earned an average time charter equivalent (TCE) rate of $29,284 per day, representing a 10.7 per cent increase over the prior-year period.
Euroseas also announced forward charters for five of its vessels. The Synergy Oakland secured a charter extension for a minimum of 34 months at $33,500 per day, commencing in May 2026.
Additionally, the company chartered its four intermediate vessels currently under construction for a minimum of 47 months at $35,500 per day, starting upon their delivery in 2027 and 2028.
Aristides Pittas, Chairman and CEO, stated, “Today, we are extremely happy to report new forward charter contracts for five of our vessels...Oakland will contribute almost $25 million of EBITDA over its minimum charter period, while each of our newbuildings almost $40 million of EBITDA.”
He noted that these charters increase the company's revenue visibility well into 2032.
The company declared a quarterly dividend of $0.70 per share, payable on December 16, 2025. As of November 18, 2025, Euroseas had repurchased 466,374 shares of its common stock for approximately $10.5 million.