Euroseas reports mixed results in H1 2025

Euroseas has reported a mixed set of results for the first half of 2025, with a year-on-year decline in second-quarter profitability despite what the company describes as a containership market that is continuing its "upward climb."

The Greece-based vessel owner saw its net income fall in the second quarter, though its performance over the full six-month period showed an increase in both revenue and profit.

For the three months ending June 30, the company posted total net revenues of $57.2 million, a slight decrease from the $58.7 million recorded in the second quarter of 2024. This contributed to a net income of $29.9 million, a notable drop from the $40.7 million profit reported in the prior-year period. The company's outgoings for the quarter included $11.5 million in vessel operating expenses and four million dollars in interest and financing costs.

In contrast, the results for the full first half of the year were more positive. For the six months ending June 30, total net revenues grew to $113.6 million from $105.4 million in the first half of 2024. This resulted in a net income of $66.8 million, an increase from the $60.8 million earned in the corresponding period last year.

Chairman and CEO Aristides Pittas commented on the strong market conditions, stating, "Our vessels, all being fixed at highly profitable rates, have enabled us to produce one of our best quarterly results of the last five years in terms of adjusted earnings per share." 

He acknowledged challenges from overall fleet supply growth but noted that the feeder and intermediate segments in which Euroseas operates have a low orderbook and an aged fleet profile, which he sees as an advantage. The company's board also increased its quarterly dividend by five cents to $0.70 per share.