Greek vessel owner Euroseas reported total net revenues of US$89.6 million and net income of US$57.6 million in the first half of the year.
Additionally, the company’s adjusted net income for the period was US$50.7 million and adjusted earnings before interests, taxes, depreciation and amortization (EBITDA) reached US$56.5 million.
The Athens-based shipping firm noted that an average of 17.52 vessels were owned and operated during the first half of 2023 earning an average time charter equivalent rate of US$29,714 per day.
“Our very high charter coverage at quite profitable rates for the remainder of the year but also for 2024 suggests that we should continue registering highly profitable quarters regardless of charter rates development,” said Aristides Pittas, chairman and CEO of Euroseas.
“We believe we are well insulated from market volatility and expect to generate significant cash flow reserves that will allow us to comfortably fund the equity portion of our remaining seven newbuilding vessels, continue our dividend and share repurchase program and still have a significant war chest to pursue investment opportunities in an accretive way to our shareholders,” he added.
Euroseas fleet profile is as follows:
