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GREEK ship owner Euroseas has reported that the company's total net revenues reached US$46 million and net income was $25.2 million in the third quarter of this year.
Euroseas reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $26.2 million, while an average of 18 vessels were owned and operated during the third quarter of 2022 by the company, earning an average time charter equivalent rate of $30,893 per day.
For the first nine months of the year, Euroseas total net revenues reached $139.8 million, while the company's net income was $85.9 million.
The company said an average of 16.8 vessels were owned and operated by the company during the first nine months of the year, earning an average time charter equivalent rate of $32,814 per day, reports Container News.
Aristides Pittas, chairman and CEO of Euroseas, commented: "Containership rates reached all-time highs for most vessel segments during March of 2022, stayed near those levels through August, but since the beginning of September 2022 have started declining, dropping almost 80 per cent until the beginning of November."
He added: "Still, present charter rates are, for the segments we operate, more than double the average rates during 2019, the year before the pandemic."
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