Euroholdings (NASDAQ:EHLD) used its fourth-quarter 2025 earnings call to outline its transition from a small containership owner toward a product tanker-focused platform, while highlighting steady charter coverage, a continued dividend, and a balance sheet management said is positioned for additional fleet growth.
Spin-off background and shareholder changes
Chairman and CEO Aristidis Pittas reminded listeners that Euroholdings was spun off from Euroseas on March 17, 2025, began trading the next day, and initially received three subsidiaries that owned the debt-free vessels Aegean Express and Joanna, along with $14 million in cash proceeds generated from the sale of the motor vessel Diamandis. Euroseas distributed Euroholdings shares pro rata at a ratio of 1 Euroholdings share for every 2.5 Euroseas shares held.
Pittas also noted that since listing the stock has traded at an average price of about $6.50 per share, and near $7 per share on average since June 23, 2025, when Marla became the majority shareholder.
Strategy: maintain feeder exposure while building a tanker fleet
Management said it made a strategic decision in late summer to enter the tanker sector, describing the move as a gradual transformation from containerships into tankers. As an initial step, Euroholdings acquired the medium-range (MR) product tanker Elias Avatar in November, funded with a combination of internal resources and bank debt.
Going forward, the company said it intends to expand with additional MR product tanker acquisitions, using a “balanced mix” of debt, existing equity, and “hopefully, new equity.” At the same time, Euroholdings plans to continue operating its two feeder containerships through the expiration of existing contracts (or through their next scheduled dry dock, should employment be renewed), positioning the approach as a way to maintain operational continuity while pursuing opportunities in tankers.
Fourth-quarter results and dividend
For the fourth quarter of 2025, Euroholdings reported:
- Total net revenues: $4.48 million (management also referenced $4.5 million on the call)
- Net income: $1.27 million (or $1.3 million as summarized earlier)
- Earnings per share: $0.45 basic and diluted
- Adjusted EBITDA: $1.6 million (with a reconciliation referenced in the press release)
The company declared a quarterly dividend of $0.14 per share for the fourth quarter, consistent with previous distributions. The dividend is payable on or about March 17, 2026 to shareholders of record as of March 10, 2026. Management said the payment marked the company’s fourth consecutive quarterly dividend and represented an annualized yield of approximately 8.3%.
Fleet update and market context
Euroholdings ended the year operating:
- Two feeder containerships totaling 3,170 TEU with an average age of about 28 years
- One MR product tanker (about 50,000 deadweight) at 11 years of age
Management said the two feeder vessels, Joanna and Aegean Express, remain fully utilized on “profitable” time charters that extend at least until end of September 2026 and mid-October 2026, respectively. Despite the vessels’ age, Pittas said the company believes they may secure employment beyond current charters and continue generating cash flow.
The Elias Avatar was described as employed on a short-term voyage charter earning about $43,000 per day through late February.
On the feeder market, management cited Clarksons Research data indicating the overall containership order book stands near 35% of the existing fleet but is concentrated in larger classes, while the feeder segment order book is roughly 13%. Management also pointed to an aging feeder fleet, with about 21% of vessels over 20 years old, which it said could lead to retirements or scrapping as environmental regulations tighten. The company cited a February 2026 market rate of about $28,000 per day for 6–12 month charters on 1,700 TEU feeders, compared with a 10-year average of about $18,000 and a median of about $11,000.
Chief Strategy Officer Tassos Asklidis provided an overview of the MR product tanker market. He said that as of February 2026, one-year MR time charter rates were around $25,000 per day, broadly in line with a five-year average of $24,400 and a five-year median of $23,750. Three-year MR rates were cited at roughly $21,000 per day, slightly below the five-year average of $21,238 and near the five-year median of $21,000.
Asklidis also discussed asset values, citing Clarksons Research figures of approximately $49.5 million for newbuild MR tankers, about $45 million for five-year-old units, and roughly $35 million for ten-year-old units. He said secondhand values for five- and ten-year-old vessels were about 10%–15% below mid-2024 peak levels but above the recent lows seen in 2025, which he framed as a potentially attractive entry point for acquisitions.
Full-year figures, break-even levels, and balance sheet
For the 12 months ended December 31, 2025, CFO Athina Atalioti reported:
- Total net revenues: $13.23 million
- Net income: $14.71 million
- Adjusted EBITDA: $4.69 million
- EPS: $5.25 basic and diluted
Atalioti noted that results included a $10.23 million gain from the sale of the motor vessel Diamandis early in the year. Excluding that gain, she said adjusted net earnings for 2025 would have been $1.16 per share, adding that analysts typically do not include such items in published earnings estimates.
On operating economics, the company presented cash break-even levels for the next 12 months. For the container ships, Euroholdings cited a cash break-even of approximately $9,000 per day, indicating chartering above $9,500 per day generates positive cash flow. For MR product tankers, management cited an EBITDA break-even of about $9,500 per day, and a total cash break-even (including interest expense and scheduled debt repayments) of roughly $16,400 per day.
As of December 31, 2025, management reported:
- Cash and other assets: $7.5 million
- Vessel book value: $35.2 million
- Total assets: $42.7 million
- Bank debt: $20 million (about 47% of total book assets)
- Accounts payable: about $0.8 million
- Other liabilities: about $0.9 million
- Equity: roughly $20 million
Atalioti said the market value of the fleet is “significantly higher” than book value, citing a charter-adjusted valuation of approximately $46.5 million. Based on that, she estimated net asset value at around $32.3 million, or about $11.46 per share.
The call ended without analyst questions. Pittas said the company would return with an update in three months.
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.
