Greek container shipping company Euroseas has announced new vessel orders and shared its financial results for Q3 2024. The company, which operates a fleet of 23 container ships with a total capacity of 67,000 TEUs, has placed orders for two additional vessels, each with a capacity of 4,300 TEUs, at Jiangsu Yangzi Xinfu Shipbuilding Co. These new vessels are set for delivery in late 2027.
Fleet Expansion with New Orders
- Euroseas has invested $60 million in two 4,300-TEU vessels, ordered from China’s Jiangsu Yangzi Xinfu Shipbuilding Co.
- With these additions, Euroseas will increase its fleet size, enhancing its service capacity by late 2027, aligning with the company’s growth strategy.
Q3 2024 Financial Performance
- Euroseas reported revenue growth of 5.8% for Q3 2024, reaching $55.4 million, driven by strong fleet utilization and time charter rates.
- Operating expenses surged by 34.8% due to increased dry docking and voyage costs, impacting profitability. Despite this, the company maintained a net income of $27.6 million, a decrease of 14.2% year-over-year.
Year-to-Date Financial Results
- In the first nine months of 2024, Eurosea achieved $164 million in revenue, marking a 13% increase over the same period in 2023.
- Despite rising expenses, Euroseas achieved a net profit of $88.4 million for the period, only slightly below the previous year’s performance, reflecting strong operational resilience.
Euroseas continues to focus on fleet expansion and steady revenue growth amid rising operational costs. The new vessel orders, combined with solid financial performance, demonstrate Euroseas’ commitment to enhancing its competitive position in the container shipping market.
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Source: inforMARE
