Euroseas, a company of the Pittas family of Athens, in Greece, which has been in the shipping business over the past 140 years, reports today its financial results for the nine-month period and for the third quarter of 2022.
The company reported today, for the third quarter of 2022 total net revenues of $46.0 million representing a 99.5% increase, over the total net revenues of $23.0 million in the same period of 2021. As Euroseas says, this was mainly the result of the higher average charter rates its vessels earned in the third quarter of 2022, compared to the same period last year.
The owner and operator of container carrier vessels Euroseas, reports that 18 vessels were owned and operated during the third quarter of 2022, earning an average time charter equivalent rate of $30,893 per day, compared to 14 vessels in the same period of 2021 earning on average $19,482 per day.
The company which trades on Nasdaq, gave also its financial results for the first nine months of 2022, and reported total net revenues of $139.8 million representing a 151.3% increase over total net revenues of $55.6 million, during the first nine months of 2021.
As Euroseas says, this was mainly the result of the higher average charter rates the company´s vessels earned, and the increased number of vessels owned and operated in the first nine months of 2022 compared to the corresponding period of 2021.
Aristides Pittas, the Chairman and CEO of Euroseas commented on the results saying that “the explosion of charter rates from late 2020 to August 2022, has allowed the company to charter all of its vessels at very profitable rates for periods extending up to three or more years creating a backlog of contracted revenues in excess of $450 million”.
Also the company, as he said, embarked onto a newbuilding program and ordered nine modern ecologically friendly feeder vessels, two of which the company have already contracted for a minimum period of three years.
Euroseas currently has a fleet of 18 vessels, including 10 Feeder containerships and 8 Intermediate containerships.