Euroseas reports H1 financial results

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Euroseas reports H1 financial results

Euroseas Ltd. has announced its financial results for the half-year period ending on 30 June 2023.

For the first half of 2023, Euroseas reported total net revenues of $89.6 million representing a 4.5 per cent decrease over total net revenues of $93.9 million during the first half of 2022.

On average, the company owned and operated 17.52 vessels during the first half of 2023, earning an average time charter equivalent rate of $29,714 per day.

For the same period of 2022, Euroseas owned and operated 16.23 vessels that earned on average $33,843 per day.

READ: Euroseas, CSL in charter repudiation legal struggle

The company reported a net income for the period of $57.6 million, as compared to a net income of $60.7 million, for the first half of 2022.

In the first half of 2023 one of Euroseas’ vessels completed its special survey with drydock for a total cost of approximately $0.6 million, with an amount of $0.4 million accounted for drydocking expenses incurred in relation to upcoming drydockings.

In the same period of 2022, three of its vessels completed their intermediate survey in water, one of our vessels completed its special survey with drydock and another entered into a drydock in order to complete its special survey; the latter was completed within the third quarter of 2022.

The total cost of the drydockings for the first half of 2022 was $2.5 million.

Additionally, Euroseas’ accumulated total net revenues of $47.7 million for the second quarter of 2023, a 1.6 per cent decrease from total net revenues of $48.5 million in the second quarter of 2022, due to lower time charter rates earned by its vessels in the second quarter of 2023 compared to the same period in 2022.

READ: Euroseas takes delivery of Eco 2,800 TEU feeder ship

During the second quarter of 2023, 17.95 vessels were owned and operated, earning an average time charter equivalent rate of $30,151 per day, compared to 16.46 vessels in the same period of 2022, earning an average time charter equivalent rate of $33,714 per day.

Euroseas recorded a net income of $28.9 million for the period, compared to a net income of $30.7 million for the same period in 2022.

Vessel operating expenditures in the second quarter of 2023 were $10.3 million, up from $9.4 million in the second quarter of 2022.

The rise is attributable to a greater average number of boats owned and operated in the second quarter of 2023 compared to the same time in 2022, as well as inflationary hikes, which result in higher prices paid for all vessel supply categories.

In July 2023, Euroseas announced new charters for its two 4,250 TEU containerships, 2007-built Rena P and 2005-built Emmanuel P.

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