Euroholdings (NASDAQ:EHLD) reported second-quarter net income of $4.29 million, or $1.52 per basic and diluted share, as the shipping company continued its transition from a container-vessel business toward a product-tanker-focused model.
For the quarter ended June 30, total net revenues reached $8.6 million, up 200% from $2.9 million in the year-earlier period. Adjusted EBITDA was $5.04 million. Chief Strategy Officer Tasos Aslidis said the revenue increase reflected both a higher average number of vessels in operation and higher average time-charter-equivalent, or TCE, earnings.
First-Half Results and Balance Sheet
For the first six months of 2026, Euroholdings reported net revenue of $16.2 million, up 101% from $5.8 million in the first half of 2025. Net income was $6.7 million, or $2.37 per share, compared with $11 million, or $4.28 per share, in the prior-year period.
Aslidis noted that the prior-year six-month result included a gain on the sale of a vessel. Excluding that gain, first-half 2025 earnings would have been $0.60 per share, he said. First-half 2026 adjusted EBITDA was $8.2 million, compared with $1.7 million in the prior-year period.
As of June 30, Euroholdings had $47.9 million in total assets, including $13.7 million in cash and cash equivalents and $34.2 million in vessel book value. Bank debt, including deferred charges, totaled $19.2 million. The company reported book shareholders’ equity of more than $26 million.
Aslidis said management estimated the charter-adjusted market value of the fleet at roughly $54 million to $55 million as of June 30, implying net asset value of approximately $46 million to $47 million, or about $16.65 per share.
Tanker Transition Continues
Chairman and Chief Executive Officer Aristides Pittas said Euroholdings, which was spun off from Euroseas in March 2025, began with two debt-free feeder containerships, the Aegean Express and Joanna, and $14 million in cash. In August 2025, the company announced its plan to focus on the tanker sector.
Euroholdings acquired its first medium-range, or MR, product tanker, the Hellas Avatar, in November 2025. It also agreed to acquire a sister vessel, the Hellas Fighter, which is expected to be delivered by September 2026.
After the Hellas Fighter joins the fleet, Euroholdings expects to operate two feeder containerships and two product tankers, with combined capacity of about 141,000 deadweight tons. The two 2016-built MR tankers will have combined carrying capacity of roughly 100,000 deadweight tons.
The company intends to retain its legacy containerships through their useful commercial lives while gradually shifting its operating model toward tankers. Both container vessels are chartered through November 2026, and management said it was discussing extensions of one to two years at potentially improved rates.
During the question-and-answer session, Pittas said the company expects to recharter both containerships for at least another year and could potentially secure longer employment. He said the original expectation had been that the container market would weaken, potentially leading to vessel sales or scrapping, but current market strength supports continued operation instead.
Freight-Rate Volatility and Market Outlook
The Hellas Avatar is employed in the spot market, and Euroholdings plans to use the same approach for the Hellas Fighter following delivery. Pittas said MR tanker markets have been highly volatile amid developments around Hormuz, with rates moving from near $100,000 per day to as low as $10,000 per day depending on vessel position and timing.
“If you try to normalize your prediction, a number around $25,000-$30,000 would be what I would currently use in my projections,” Pittas said in response to an analyst question about fourth-quarter tanker rates.
Management said one-year MR tanker charter rates stood at approximately $29,000 per day as of Aug. 7, above the five-year average of about $26,000 per day. Three-year rates were approximately $23,500 per day, above the five-year average of $22,000 per day.
Pittas also cited an aging global MR fleet and a relatively limited order book as favorable supply-side factors. He said about 47% of the global MR fleet is more than 15 years old, while the order book represents roughly 16.5% of the existing fleet. Management expects scheduled deliveries to increasingly replace older vessels rather than substantially expand supply.
Dividend and Growth Plans
Euroholdings declared its sixth consecutive quarterly dividend of $0.14 per share. Pittas said the dividend represented an annualized yield of approximately 6.7% based on recent trading levels.
On potential fleet expansion beyond the Hellas Fighter, Pittas said Euroholdings is examining ways to grow its tanker operations but acknowledged that its existing equity base would likely support no more than one additional vessel without other measures.
“We need to find ways of growing further,” Pittas said. “We are looking at various ways that we can affect that.”
Responding to a shareholder question about the gap between the company’s estimated net asset value and its share price, Pittas said management was also concerned about raising equity at low levels and would seek “creative ways” to grow while continuing the dividend.
About Euroholdings (NASDAQ:EHLD)
Euroholdings Ltd. (the “Company”), was incorporated on March 20, 2024 under the laws of the Republic of the Marshall Islands. The Company was incorporated by Euroseas Ltd. (NASDAQ: ESEA, or “Euroseas”) to serve as the holding company of three subsidiaries that were spun-off by Euroseas to Euroholdings on March 17, 2025.
Euroholdings Ltd. is a provider of worldwide ocean-going transportation services. The Company’s operations are managed by Eurobulk Ltd. an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels.
