Euroholdings Ltd Reports Results for the Quarter Ended March 31, 2025 and Declares First Quarterly Common Stock Dividend Following Spin - Off
ATHENS, Greece, June 25, 2025 (GLOBE NEWSWIRE) -- Euroholdings Ltd (NASDAQ:EHLD, the "Company" or "Euroholdings")), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its results for the quarter ended March 31, 2025. The Company was incorporated by Euroseas Ltd. (NASDAQ:ESEA, or ", Euroseas", )) to serve as the holding company of three subsidiaries that were contributed by Euroseas to Euroholdings effective January 1, 2025; Euroseas spun-off Euroholdings on March 17, 2025, which has since operated as an independent company. The results below refer to Euroholdings and its subsidiaries for the periods presented. Historical comparative periods reflect the results of the carve-out operations of the three vessels that were contributed to the Company.
First Quarter 2025 Financial Highlights:
Total net revenues of $2.9 million. Net income of $11.1 million; or $3.99 earnings per share basic and diluted. Adjusted net income for the period was $0.9 million or $0.31 per share basic and diluted.
Adjusted EBITDA1 was $0.9 million.
An average of 2.1 vessels were owned and operated during the first quarter of 2025 earning an average time charter equivalent rate of $15,798 per day.
Declared a quarterly dividend of $0.14 per share for the first quarter of 2025, payable on or about July 16, 2025, to shareholders of record on July 9, 2025. This is the first dividend payment since we became an independent public company on March 17, 2025. The declaration and payment of any future dividends will be subject to the discretion of the Board of Directors of the Company, and will depend on, among other things, the Company's earnings, fleet employment profile, financial condition and cash requirements, as well as the availability of liquidity, the Company's growth strategy and global economic conditions.
Recent Developments:
As previously announced, on June 23, 2025, certain shareholders, all associated with the Pittas family, have sold 51.04% of the Company's outstanding common shares to Marla Investments Inc., a company affiliated with the Latsis family. Members of the Pittas family retained approximately 7.6% interest in the Company. No shares of the Company were issued in the transaction. In connection with the transaction, two members of our Board resigned and were replaced by two members suggested by the purchasers. The management of the Company, including all executive officers, has remained in place; Eurobulk Ltd and its affiliates will continue to provide executive, commercial and technical management services to the Company.
Aristides Pittas, Chaiman, President and CEO of Euroholdings, commented: "We are pleased to report the commencement of our path as an independent ship owning company focusing on exploiting the value and contributions of our initial fleet and, in parallel, working on maximizing the value of the Company for our shareholders. In that respect and due to the significant interest of other groups seeking various forms of cooperation with us, our board of directors initiated a strategic review of our potential options. We are excited to welcome as a major shareholder of the company, Marla Investments Inc., an affiliate of the Latsis family of Greece. We look forward to working with them and the Pittas family which continues as a shareholder to chart the strategy and growth of Euroholdings."
Athina Atalioti, Chief Financial Officer of Euroholdings, commented: "Within the first quarter of 2025, we sold our vessel, M/V Diamantis P, immediately after it completed certain repairs recording a $10.23 million gain on the sale. Our other two vessels performed their time charter contracts as scheduled. In the first quarter of 2025, on a per-vessel-per-day basis, our vessels earned an average charter rate of $15,798, 7.3% higher compared to $14,725 average charter rate for the same period of 2024. Our net revenues decreased to $2.9 million in the first quarter of 2025 compared to $3.8 million during the same period of last year as a result of operating and earning revenues from two vessels during the first quarter of 2025 compared to three for the same period of last year.
"Total daily vessel operating expenses, including management fees, general and administrative expenses but excluding drydocking costs, averaged $8,511 per vessel per day during the first quarter of 2025 as compared to $7,492 per vessel per day for the same quarter of last year. This increase is mainly due to higher general and administrative expenses per vessel as a result of the spin-off costs and costs related to the company being public and fewer vessels we owned during the period as compared to the same period of 2024.
"Adjusted EBITDA during the first quarter of 2025 was $0.9 million versus $1.7 million in the first quarter of last year, reflecting the lower number of vessels we operated during the period and the repair cost of M/V Diamantis P."
First Quarter 2025 Results:
For the first quarter of 2025, the Company reported total net revenues of $2.9 million representing a 24.9% decrease over total net revenues of $3.8 million during the first quarter of 2024 which was the result of the decreased average number of vessels operating in the first quarter of the current year. On average, 2.1 vessels were owned and operated during the first quarter of 2025 earning an average time charter equivalent rate of $15,798 per day compared to 3.0 vessels in the same period of 2024 earning on average $14,725 per day.
For the first quarter of 2025, voyage expenses amounted to $0.03 million and mainly relate to expenses incurred by one of our vessels while commencing repairs afloat, as compared to $0.1 million in the same period of 2024. Vessel operating expenses decreased to $1.1 million for the first quarter of 2025 from $1.6 million in the same period of 2024. The decrease is mainly attributable to the decreased average number of vessels owned and operated during the period partly offset by the repair cost of M/V Diamantis P.
Related party management fees for the period were $0.2 million for the first quarters of 2025 and 2024. General and administrative expenses were $0.3 million for the first quarter of 2025, compared to $0.2 million for the same period of 2024. The increased general and administrative expenses reflect mainly expenses related to the spin-off. In the first quarter of 2025, one of our vessels completed its intermediate survey for a total cost of $0.3 million. In the first quarter of 2024 none of our vessels were drydocked.
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 quarter of 2025 was nil. Interest and other financing costs for the first quarter of 2024 amounted to $0.07 million. The Company reported net income for the first quarter of 2025 of $11.1 million, as compared to a net income of $1.5 million for the same period of 2024.
Adjusted EBITDA for the first quarter of 2025 was $0.9 million compared to $1.7 million achieved during the first quarter of 2024.
Basic and diluted earnings per share for the first quarter of 2025 was $3.99 calculated on 2,780,855 basic and diluted weighted average number of shares outstanding, compared to basic and diluted earnings per share of $0.54 for the first quarter of 2024, calculated on 2,780,855 basic and diluted weighted average number of shares outstanding.
Excluding the effect on the earnings for the quarter of the net gain on sale of vessel, the adjusted net earnings for the quarter ended March 31, 2025, would have been $0.31 per share basic and diluted compared to adjusted net earnings of $0.54 per share basic and diluted for the quarter ended March 31, 2024. Usually, security analysts do not include the above item in their published estimates of earnings per share.
Fleet Profile:
The Euroholdings Ltd. fleet profile is as follows:
Name
Type
Dwt
TEU
Year Built
Employment(*)
TCE Rate ($/day)
JOANNA(**)
Feeder
22,301
1,732
1999
TC until Mar-26then until Sep-26,then until Nov-26
$19,000$9,500$16,500
AEGEAN EXPRESS(*)
Feeder
18,581
1,439
1997
TC until Nov-25
$16,700
Total Container Carriers
2
40,882
3,171
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, ended March 31, 2024
3 months, ended March 31, 2025
FLEET DATA
Average number of vessels (1)
3.0
2.1
Calendar days for fleet (2)
273.0
194.4
Scheduled off-hire days incl. laid-up (3)
0.0
7.3
Available days for fleet (4) = (2) - (3)
273.0
187.1
Commercial off-hire days (5)
3.7
0.0
Operational off-hire days (6)
1.2
0.0
Voyage days for fleet (7) = (4) - (5) - (6)
268.1
187.1
Fleet utilization (8) = (7) / (4)
98.2
%
100.0
%
Fleet utilization, commercial (9) = ((4) - (5)) / (4)
98.7
%
100.0
%
Fleet utilization, operational (10) = ((4) - (6)) / (4)
99.6
%
100.0
%
AVERAGE DAILY RESULTS
Time charter equivalent rate (11)
14,725
15,798
Vessel operating expenses excl. drydocking expenses (12)
6,840
7,135
General and administrative expenses (13)
652
1,376
Total vessel operating expenses (14)
7,492
8,511
Drydocking expenses (15)
