Euroseas Reports Positive First Half Results

Greek shipowner Euroseas reported total revenue of USD 105.4 million in the first half of this year, up 17.6% compared to the same period in 2023.

In addition, the company achieved a net profit of USD 60.8 million and an adjusted net profit of USD 52.8 million in the first six months of 2024. Meanwhile, Euroseas' adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was USD 66.9 million.

Aristides Pittas, Chairman and CEO of Euroseas, commented: "The second quarter was a good quarter for the containership markets, with charter rates continuing their increase and on average [more than doubling] over their levels at the end of 2023, a trend clearly evident in the charter rates and contract periods we secured for our own vessels. In July 2024, we saw market charter rates pausing their increase consolidating their levels, partly due to summer seasonality and partly to the evolving geopolitical scene." 

Pittas continued, “In the container ship supply front, the challenges the market may face looking forward remain as there is a significant orderbook still to be delivered, at about 22% of the fleet down from a peak of about 30%, and, in addition, fleet capacity could be released if trade routes return to their end-2023 pattern, i.e. before Houthi attacks on Suez Canal crossing shipping forced liner companies to re-route their ships around Africa.

To absorb such additional supply, the industry depends on demand for containerized trade continuing and, even, increasing and that, in turn, requires global economic growth and trades staying healthy. The anticipated interest rate cuts in the remaining of 2024 by central banks should contribute to the latter and it is a factor to watch for shipping demand prospects in the medium term as are government protectionist measures that may reduce trade.”

As of the end of H1 2024, Euroseas has a fleet of 23 containerships and two small containerships under construction.

Source: Phaata.com (via Container-News)

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