Greek vessel owner Euroseas reported total revenues of US$105.4 million in the first half of the year, representing a 17.6% increase over total revenues in the same period in 2023.
Additionally, the company achieved net income of US$60.8 million and adjusted net income of US$52.8 million in the first six months of 2024. At the same time, Euroseas’ adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was US$66.9 million.
“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,” commented Aristides Pittas, Chairman and CEO of Euroseas.
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.”
At the end of the first half of 2024, Euroseas has a fleet of 23 container vessels and another two feeder boxships under construction.