ATHENS, Greece, Aug. 12, 2026 (GLOBE NEWSWIRE) -- EuroHoldings Ltd (NASDAQ: EHLD, the "Company" or "EuroHoldings"), an owner and operator of container carriers and tanker vessels and provider of container and tanker seaborne transportation services, announced today its results for the three- and six-month periods ended June 30, 2026.
Second Quarter 2026 Financial Highlights:
-- Total net revenues of $8.6 million. Net income of $4.3 million; or $1.52
earnings per share basic and diluted. Adjusted net income1 for the period
remained unchanged at $4.3 million or $1.52 per share basic and diluted.
-- Adjusted EBITDA1 was $5.0 million.
-- An average of 3.0 vessels were owned and operated during the second
quarter of 2026 earning an average time charter equivalent rate of
$28,039 per day.
-- Declared a quarterly dividend of $0.14 per share for the second quarter
of 2026, payable on or about September 16, 2026, to shareholders of
record on September 9, 2026.
First Half 2026 Financial Highlights:
-- Total net revenues of $16.2 million. Net income of $6.7 million; or $2.37
earnings per share basic and diluted. Adjusted net income1 for the period
remained unchanged at $6.7 million or $2.37 per share basic and diluted.
-- Adjusted EBITDA1 was $8.2 million.
-- An average of 3.0 vessels were owned and operated during the first half
of 2026 earning an average time charter equivalent rate of $28,204 per
day.
Recent developments:
As announced in May 2026, the Company agreed to acquire a medium-range (MR) product tanker vessel with capacity of 49,997 dwt, built in 2015 in South Korea, from a related party of Marla Investments Inc., our majority shareholder, not under common control. The vessel was expected to be delivered by mid-August of 2026 but due to discharging delays the vessel is now expected to be delivered by September 2026. The Company will finance the purchase with a combination of own funds and bank debt and has secured the required debt financing for the acquisition, including a $10 million loan collateralized by its two containership vessels.
___________________________
(1) Adjusted EBITDA, Adjusted net income and Adjusted income per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for Euroholdings financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Aristides Pittas, Chairman, President and CEO of Euroholdings commented: "We are pleased to report another quarter of highest to-date adjusted quarterly earnings. During the second quarter, on the top of a solid revenue base from our two elder containerships, we benefitted from significant earnings contributions coming from our product tanker vessel to which we expect soon to add a sister vessel, M/V Hellas Fighter, as earlier announced. We continue to evaluate the timing, funding and pace of further expansion in the product tanker sector aiming to establish a public consolidation and targeted investment platform.
"We are also happy to report that our Board of Directors declared our sixth consecutive dividend of $0.14 per share which represents an annualized yield of approximately 6.5%."
Athina Atalioti, Chief Financial Officer of Euroholdings commented: "In the second quarter of 2026, on a per-vessel-per-day basis, our vessels earned an average time charter equivalent rate of $28,039, 69.6% higher compared to the average rate of $16,528 for the same period of 2025. Our net revenues increased to $8.6 million in the second quarter of 2026 compared to $2.9 million during the same period of last year as a result of operating and earning revenues from three vessels during the second quarter of 2026 compared to two for the same period of last year, as well as due to the improved charter rates mentioned above.
"Total daily vessel operating expenses, including management fees but excluding drydocking costs and general and administrative expenses, averaged $6,957 per vessel per day during the second quarter of 2026, slightly lower compared to $7,184 per vessel per day for the same quarter of last year. Total daily general and administrative expenses averaged $1,085 per vessel per day during the second quarter of 2026 compared to $4,112 per vessel per day for the same quarter of last year. This decrease is mainly due to lower general and administrative expenses per vessel as a result of reduced costs during the second quarter of 2026 as compared to the same period of 2025. The latter included costs related to the Company being public, including the compensation expense recognized due to accelerated vesting upon a change of control event of share-based awards "inherited" from our parent during the spin-off as well as the allocation of the general and administrative expenses to fewer vessels.
"Adjusted EBITDA during the second quarter of 2026 was $5.0 million versus $0.8 million in the second quarter of last year."
"As of June 30, 2026, our outstanding debt (excluding the unamortized loan fees) was $19.2 million versus restricted and unrestricted cash of approximately $10.9 million."
Second Quarter 2026 Results:
For the second quarter of 2026, the Company reported total net revenues of $8.6 million representing a 195.0% increase over total net revenues of $2.9 million during the second quarter of 2025 which was the result of the increased average number of vessels operating in the second quarter of the current year and the increased average time charter equivalent rates our vessels earned in this period. The latter was the result of the increased time charter equivalent revenue earned by the product tanker that was employed on voyage charters. On average, 3.0 vessels were owned and operated during the second quarter of 2026 earning an average time charter equivalent rate of $28,039 per day compared to 2.0 vessels in the same period of 2025 earning on average $16,528 per day.
For the second quarter of 2026, voyage expenses amounted to $1.4 million and mainly relate to expenses incurred by one of our vessels while employed under voyage charters and to owners expenses in various ports, as compared to $0.03 million, mainly relating to owners' expenses in various ports in the same period of 2025.
Vessel operating expenses increased to $1.6 million for the second quarter of 2026 from $1.1 million in the same period of 2025. The increase is mainly attributable to the increased average number of vessels owned and operated during the period.
Vessel depreciation for the second quarter of 2026 increased to $0.5 million from $0.02 million in the second quarter of 2025, as a result of the depreciation charge for the vessel acquired within the fourth quarter of 2025.
Related party management fees for the period were $0.3 million for the second quarter of 2026 as compared to $0.2 million for the same period of 2025. This was the result of the higher number of vessels operating in 2026, as well as the adjustment for inflation in the daily vessel management fee for the container vessels, effective from January 1, 2026, increasing it from 850 Euros to 875 Euros per vessel, and the unfavorable movement of the euro/dollar exchange rate during the period. The management fee for the container vessels is paid to Eurobulk Ltd. A rate of 1,250 Euros per day is paid for the tanker vessel acquired within the fourth quarter of 2025, further contributing to the increase of the related party management fees in the second quarter of 2026 compared to the same period of 2025. The manager of the tanker vessel is Latsco Marine Management Inc.
General and administrative expenses were $0.3 million for the second quarter of 2026, compared to $0.7 million for the same period of 2025. The decreased general and administrative expenses reflect mainly costs incurred in 2025 related to the Company being public, including the compensation expense recognized due to accelerated vesting of share-based awards upon a change of control.
Interest expense during the second quarter of 2025 was nil. Interest and other financing costs for the second quarter of 2026 amounted to $0.3 million, as a result of the loan drawn down for the acquisition of M/V "Hellas Avatar" in the fourth quarter of 2025.
The Company reported net income for the second quarter of 2026 of $4.3 million, as compared to net income of $0.8 million for the same period of 2025.
Adjusted EBITDA for the second quarter of 2026 was $5.0 million compared to $0.8 million achieved during the second quarter of 2025.
Basic and diluted earnings per share for the second quarter of 2026 was $1.52 calculated on 2,816,615 basic and diluted weighted average number of shares outstanding, compared to basic and diluted earnings per share of $0.30 for the second quarter of 2025, calculated on 2,783,999 basic and diluted weighted average number of shares outstanding.
The adjusted earnings per share, basic and diluted, for the quarters ended June 30, 2026 and 2025 remained unchanged at $1.52 and $0.30, respectively, compared to the earnings per share of the respective quarter, as no adjustment was applied.
First Half 2026 Results:
For the first half of 2026, the Company reported total net revenues of $16.2 million representing a 180.6% increase over total net revenues of $5.8 million during the first half of 2025, which was the result of the higher average number of vessels operated and the increased average time charter equivalent rates our vessels earned in this period. The latter was the result of the increased time charter equivalent revenue earned by the product tanker that was employed on voyage charters. On average, 3.0 vessels were owned and operated during the first half of 2026 earning an average time charter equivalent rate of $28,204 per day compared to 2.1 vessels in the same period of 2025 earning on average $16,158 per day.
For the first half of 2026, voyage expenses amounted to $2.5 million and mainly related to expenses incurred by one of our vessels while employed under voyage charters and to owners expenses in various ports. For the same period of 2025, voyage expenses amounted to $0.06 million and mainly related to owners' expenses in various ports.
Vessel operating expenses were $3.4 million for the first half of 2026 compared to $2.3 million for the first half of 2025. The increase is mainly attributable to the higher number of vessels operating in the first half of 2026 compared to the corresponding period in 2025.
During the first half of 2026, one vessel completed its special survey with dry-dock, for a total cost of $0.8 million. During the first half of 2025 one of our vessels completed its intermediate survey for a total cost of $0.3 million.
Related party management fees for the first half of 2026 increased to $0.6 million from $0.4 million for the same period of 2025. This was the result of the higher number of vessels operating in 2026, as well as the adjustment for inflation in the daily vessel management fee for the container vessels, effective from January 1, 2026, increasing it from 850 Euros to 875 Euros, and the unfavorable movement of the euro/dollar exchange rate during the period. The management fee for the container vessels is paid to Eurobulk Ltd. A rate of 1,250 Euros per day is paid for the tanker vessel acquired within the fourth quarter of 2025, further contributing to the increase of the related party management fees in the first half of 2026 compared to the same period of 2025. The manager of the tanker vessel is Latsco Marine Management Inc.
General and administrative expenses for the first half of 2026 were $0.6 million compared to $1.0 million for the same period of 2025. The decreased general and administrative expenses reflect mainly expenses incurred in 2025 related to the Company being public, including the compensation expense recognized due to accelerated vesting of share-based awards upon a change of control.
On January 10, 2025, the Company signed an agreement to sell M/V Diamantis P, a 2,008 teu container carrier, built in 1998, for further trading, for approximately $13.15 million, resulting in a gain on sale of $10.23 million.
Interest expense during the first half of 2025 was nil. Interest and other financing costs for the first half of 2026 amounted to $0.5 million, as a result of the loan drawn down for the acquisition of M/V "Hellas Avatar" in the fourth quarter of 2025.
The Company reported net income for the period of $6.7 million, as compared to net income of $11.9 million, for the first half of 2025.
Adjusted EBITDA for the first half of 2026 was $8.2 million compared to $1.7 million achieved during the first half of 2025.
Basic and diluted earnings per share for the first half of 2026 was $2.37, calculated on 2,816,615 basic and diluted weighted average number of shares outstanding compared to earnings per share of $4.28, calculated on 2,782,436 basic and diluted weighted average number of shares outstanding.
The adjusted earnings for the six-month period ended June 30, 2026, remained unchanged at $2.37 per share basic and diluted compared to the earnings per share of the period, as no adjustment was applied. Excluding the effect on the earnings for the first half of the year of the net gain on sale of vessel, the adjusted earnings for the six-month period ended June 30, 2025, would have been $0.60 per share basic and diluted. Usually, security analysts do not include the above item in their published estimates of earnings per share.
Fleet Profile:
After the delivery of M/V HELLAS FIGHTER, the Euroholdings Ltd. fleet profile is as follows:
Year TCE Rate
Name Type Dwt TEU Built Employment(*) ($/day)
----------- --------- ------- ----- --------- --------------- --------
TC until
Sep-26, then $9,500
JOANNA(**) Feeder 22,301 1,732 1999 until Nov-26 $16,500
----------- --------- ------- ----- --------- --------------- --------
AEGEAN
EXPRESS Feeder 18,581 1,439 1997 TC until Nov-26 $16,700
----------- --------- ------- ----- --------- --------------- --------
Total
Container
Carriers 2 40,882 3,171
----------- --------- ------- ----- --------- --------------- --------
HELLAS Product
AVATAR Tanker 49,997 2015 Spot/Short-Term
----------- --------- ------- ----- --------- --------------- --------
HELLAS Product
FIGHTER Tanker 49,997 2015 Spot/Short-Term
----------- --------- ------- ----- --------- --------------- --------
Total
Tankers 2 99,994
----------- --------- ------- ----- --------- --------------- --------
Grand Total 4 140,876
----------- --------- ------- ----- --------- --------------- --------
Note:
(*) TC denotes time charter. All dates listed are the earliest redelivery dates under each TC.
(**) Period to November 2026 is at the option of the charterer
Summary Fleet Data:
3 months, 3 months, 6 months 6 months
ended June ended June ended June ended June
30, 2025 30, 2026 30, 2025 30, 2026
--------------- ------------ ------------ ----------- ------------
FLEET DATA
Average number
of vessels
(1) 2.0 3.0 2.1 3.0
Calendar days
for fleet (2) 182.0 273.0 376.4 543.0
Scheduled
off-hire days
incl. laid-up
(3) - - 7.3 26.0
Available days
for fleet (4)
= (2) - (3) 182.0 273.0 369.1 517.0
Off-hire days
(5) - - - -
Voyage days for
fleet (6) =
(4) - (5) 182.0 273.0 369.1 517.0
Fleet
utilization
(7) = (6) /
(4) 100.0% 100.0% 100.0% 100.0%
AVERAGE DAILY
RESULTS
Time charter
equivalent
rate (8) 16,528 28,039 16,158 28,204
Vessel
operating
expenses excl.
drydocking
expenses (9) 7,184 6,957 7,159 7,508
General and
administrative
expenses (10) 4,112 1,085 2,699 1,097
Total vessel
operating
expenses (11) 11,296 8,042 9,858 8,605
--------------- ------------ ------------ ----------- ------------
Drydocking
expenses (12) 67 - 904 1,539
--------------- ------------ ------------ ----------- ------------
(1) Average number of vessels is the number of vessels that constituted the Company's fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company's fleet during the period divided by the number of calendar days in that period.
(2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was owned by us including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up, or vessels that were committed for sale. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period.
(3) The scheduled off-hire days including vessels laid-up, vessels committed for sale or vessels that suffered unrepaired damages, are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up, or vessels that were committed for sale.
(4) Available days. We define available days as the total number of Calendar days in a period net of scheduled off-hire days as defined above. We use available days to measure the number of days in a period during which vessels were available to generate revenues.
(5) Off-hire days. We define off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels, as well as days a vessel is idle without employment.
(6) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of off-hire days. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes.
(7) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment.