news, Nasdaq-listed Greek container ship owner Euroseas released its unaudited financial report for the third quarter of 2025 on November 18. During the reporting period, Euroseas achieved year-on-year growth in both revenue and net profit. At the same time, long-term charters were secured for 4 of its newbuildings.
Aristides Pittas, Chairman and Chief Executive Officer of Euroseas, stated, “During the third quarter of 2025, as well as in October and November, containership charter rates remained at high levels. Contrary to the chartering market, freight rates in the cargo market dropped to a two-year low at the end of September but have recovered since then.”
He pointed out, “Although the number of chartering transactions has declined, this is mainly due to a lack of vessels available for charter rather than a lack of demand or interest.”
“The interest from first-class charterers in long-term charters remains strong, a judgment confirmed by the forward charters we have just fixed.”
Based on this, “Euroseas expects to continue achieving very strong earnings in the coming quarters.”
Specifically, in the third quarter of 2025, Euroseas achieved total operating revenue of $58.548 million, a year-on-year increase of 5.7%; operating profit reached $32.505 million, a year-on-year increase of 6.0%; net profit was $29.696 million, a year-on-year increase of 7.5%, or $4.27 per diluted share; adjusted EBITDA was $38.813 million, a year-on-year increase of 7.6%.
The average daily TCE for the Euroseas fleet in the third quarter of 2025 reached $29,284, a year-on-year increase of 10.7%; daily vessel management costs per ship were $6,648, a year-on-year increase of 0.9%; the operational utilization rate in the third quarter was 99.9%.
For the first three quarters of 2025, Euroseas achieved total operating revenue of $180 million, a year-on-year increase of 6.9%; operating profit reached $110 million, a year-on-year increase of 13.9%; net profit was $96.473 million, a year-on-year increase of 9.2%, or $13.90 per diluted share; adjusted EBITDA was $120 million, a year-on-year increase of 12.0%.
The average daily TCE for the Euroseas fleet in the first three quarters of 2025 reached $28,735, a year-on-year increase of 0.4%; daily vessel management costs per ship were $6,675, a year-on-year decrease of 1.9%; the operational utilization rate for the first three quarters was 99.7%.
In May 2025, Euroseas agreed to sell the 2005-built 6,350 TEU container ship “Marcos V” to an undisclosed buyer for $50 million. The vessel was delivered to the buyer on October 20, recognizing a gain of approximately $9.3 million.
Euroseas signed forward charters for 5 vessels
The “Synergy Oakland” (4,253 TEU) was directly extended from May 14, 2026, at a daily rate of $33,500 for a period of a minimum of 34 months to a maximum of 38 months.
For the 4 eco-friendly 4,484 TEU container ships ordered at Yangzijiang Shipbuilding, charters were fixed at a daily rate of $35,500 for approximately 47-49 months. The charterer has the option to convert the 4-year charter to a 5-year charter (minimum 59 months, maximum 61 months) at a daily rate of $32,500, exercisable before November 17, 2026.
As of now, Euroseas owns 21 container ships, totaling 61,164 TEU. Additionally, Euroseas has 4 eco-friendly 4,484 TEU container ships on order at Yangzijiang Shipbuilding, scheduled for delivery between 2027 and May 2028.
Meanwhile, as of now, its charter coverage for 2025 is 100%; charter coverage for 2026 is 74.7%, with an average daily TCE of approximately $31,300; charter coverage for 2027 is 52%, with an average daily TCE of approximately $33,500; charter coverage for 2028 is 29%, with an average daily TCE of approximately $35,500.
Euroseas Chairman and CEO Aristides Pittas noted, “While long-term charters insulate Euroseas from near and medium-term market changes, especially after fixing the aforementioned forward charters, the overall container shipping market must deal with several challenges. These include absorbing a large orderbook of large container ships and the eventual restoration of transit through the Suez Canal, which, due to shorter trade transit times, will ‘release’ many vessels. However, contrary to large vessels, the feeder and intermediate size segments have a significantly older age profile and a very small orderbook, which could lead to a reduction of the fleet in these segments in the coming years, providing a competitive advantage to owners like us. Of course, geopolitical, regulatory, economic, and trade-related factors also play a role and are a source of uncertainty that containership owners must navigate.
