Greek shipowner Euroholdings reported a first quarter net profit of $2.4 million on net revenues of $7.6 million for the period ended March 31, 2026.
These figures represent an increase from the net revenues of $2.9 million recorded during the same period of 2025, when a one-off vessel sale gain of $10.23 million inflated the previous year's net profit to $11.1 million.
An average of three vessels were owned and operated during the quarter, earning an average daily time charter equivalent rate of $28,388.
Chief Financial Officer Athina Atalioti stated that the revenue increase occurred, "as a result of operating and earning revenues from three vessels during the first quarter of 2026 compared to two for the same period of last year," alongside improved charter rates.
Daily vessel operating expenses, including management fees and administrative costs, rose to $9,175 per vessel from $8,511 in the first quarter of 2025.
Atalioti attributed this rise to inflationary pressures on vessel supplies stemming from the war in Iran and the slightly higher running costs of the product tanker compared to containerships.
Alongside its financial results, Euroholdings announced an agreement to purchase the 2015-built product tanker Hellas Fighter for $39.25 million from an affiliate of its majority shareholder, Marla Investments. Delivery of the 49,997 DWT vessel is expected to take place between mid-June and mid-August of 2026, financed through a combination of cash and debt.
During the quarter, one vessel completed a special survey with drydocking at a total cost of $0.8 million. Related party management fees grew to $0.3 million, driven by a higher daily fee of €1,250 for the tanker vessel and an inflation adjustment raising container vessel fees from €850 to €875.
Euroholdings reported outstanding debt of $19.6 million as of March 31, 2026, which excludes unamortized loan fees. Cash reserves stood at approximately $6.1 million, a figure that includes both restricted and unrestricted cash.