A time charter equivalent rate of $28,039 a day, adjusted EBITDA six times higher than a year ago, and a sixth consecutive dividend. A second product tanker joins in September.
Euroholdings Ltd. (Nasdaq: EHLD) has reported net income of $4.3m for the second quarter of 2026, up from $0.8m a year earlier, on net revenues of $8.6m against $2.9m. Earnings were $1.52 per share and adjusted EBITDA reached $5.0m, against $0.8m.
Time charter revenue from the two feeder containerships came in at $3.04m, within $4,000 of the same quarter last year. Voyage charter revenue, nil a year ago, was $6.0m. One vessel produced 70% of net revenues.
That vessel is the Hellas Avatar, a 49,997-dwt MR product tanker acquired in the fourth quarter of 2025 and trading spot. It lifted the fleet-wideTCE rate to $28,039 per day, 69.6% above the $16,528 of a year ago, on an average of three vessels against two.
Net income of $6.7m compares to $11.9m, but last year’s figure carried a $10.2m gain on the sale of the Diamantis P. Stripping that out, adjusted earnings went from $0.60 to $2.37 per share.
A sister ship, running late
The second tanker is close. EuroHoldings agreed in May to buy an identical 49,997 dwt MR built in South Korea in 2015, from a related party of majority shareholder Marla Investments, not under common control. Delivery was set for mid-August and has slipped to September on discharging delays.
Funding is arranged, through own cash and bank debt including a $10m loan secured on the two containerships. Debt stood at $19.2m at 30 June against cash of $10.9m, on total assets of $47.9m and equity of $26.0m.
Mr. Aristides Pittas, chairman and CEO, described the ambition as building a public consolidation and targeted investment platform in product tankers, with the timing, funding and pace of further expansion under evaluation.
We are pleased to report another quarter of highest to-date adjusted quarterly earnings.
November on the calendar
The board declared a sixth consecutive quarterly dividend of $0.14 per share, payable on or about 16 September to holders of record on 9 September, which the company puts at an annualised yield of roughly 6.5%.
Both container charters run out in November. The Joanna, built 1999, is fixed to September at $9,500 per day and then to November at $16,500 at the charterer’s option. The Aegean Express, built 1997, is fixed to November at $16,700. On a four-ship fleet where two vessels are approaching thirty years old, that redelivery window will say a good deal about the shape of 2027.
Capital Link Editorial Team https://www.linkedin.com/pulse/euroholdings-posts-record-quarterly-earnings-capital-link-ivhdf/
