Financial Data and Key Metrics Changes - For Q3 2025, the company reported total net revenues of $2.96 million and net income of $1.5 million, translating to earnings of $0.55 per share [5][24] - Adjusted EBITDA for the quarter was $1.44 million, with total net revenues for the first nine months of 2025 amounting to $8.75 million and net income of $13.4 million [24][25] - The company declared a quarterly dividend of $0.14 per share, marking the third consecutive dividend at this level, representing an annualized yield of approximately 8% [6][24] Business Line Data and Key Metrics Changes - The company is transitioning from container ships to tankers, with an investment in a medium-range product tanker, HELLAS AVATAR, for $31.83 million [7][4] - The current fleet consists of two feeder container ships with a combined capacity of 3,170 TEU, and after the delivery of HELLAS AVATAR, the total carrying capacity will be approximately 91,000 deadweight [8][9] Market Data and Key Metrics Changes - The feeder container ship market remains strong, with time charter rates for vessels at $28,700 per day, significantly above the 10-year average of $16,800 per day [12][11] - The medium-range product tanker market shows stable charter rates, with one-year rates at approximately $23,750 per day, in line with historical averages [13][14] Company Strategy and Development Direction - The company aims to expand its fleet, supported by cash flows from existing assets and potential capital raised in financial markets [8][7] - The strategic shift towards tankers is seen as a response to market fundamentals, with a focus on operational continuity while capitalizing on new opportunities [4][5] Management's Comments on Operating Environment and Future Outlook - Management highlighted the uncertainties in the market, including geopolitical developments and environmental regulations, which could impact fleet supply and demand [21][22] - There is an expectation of increased demand for product tankers in 2026, driven by global oil demand growth and refinery capacity developments [19][20] Other Important Information - The company has a cash break-even profile of approximately $9,500 per day for its container ship fleet, indicating strong operational performance [25][26] - As of September 30, 2025, the company held cash and other assets of $17.5 million, with a book equity position of roughly $19 million [27][26] Q&A Session Summary Question: Clarification on acquisition review process - Management confirmed that the CEO was not excluded from the acquisition review and led the committee due to no personal interest in the vessel being acquired [32] Question: Dry dock schedule and charter prospects for Joanna - Negotiations for extending the charter of the vessel Joanna are ongoing, with maintenance planned before the next scheduled special service in 2027 [33][34] Question: Chartering strategy for MR - The company is currently leveraging the spot market for the MR vessel but may consider longer-term charters depending on expansion plans [36][37] Question: Market conditions for acquiring additional MRs - Management noted that prices in the S&P market are stable, not too high or low, and are softer than a year ago, indicating a cautious approach to future acquisitions [40][41]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported total net revenues of $2.96 million and net income of $1.5 million, translating to earnings of $0.55 per share [5][24] - Adjusted EBITDA for the quarter was $1.44 million, with total net revenues for the first nine months of 2025 amounting to $8.75 million and net income of $13.4 million [24][26] - The company declared a quarterly dividend of $0.14 per share, maintaining an annualized yield of approximately 8% [6][5] Business Line Data and Key Metrics Changes - The company is transitioning from container ships to tankers, with an investment in a medium-range product tanker, Hellas Avatar, for $31.83 million [7][4] - The current fleet includes two feeder container ships with a combined capacity of 3,170 TEU, and after the delivery of Hellas Avatar, the total carrying capacity will be approximately 91,000 deadweight [8][9] Market Data and Key Metrics Changes - The feeder container ship market remains strong, with time charter rates for vessels at $28,700 per day, significantly above the 10-year average of $16,800 per day [12][11] - The medium-range product tanker market shows stable charter rates, with one-year rates at approximately $23,750 per day, aligning with historical averages [14][13] Company Strategy and Development Direction - The company aims to expand its fleet while maintaining operational continuity through profitable charters of existing vessels [4][8] - The strategic shift towards tankers is supported by cash flows from current assets and potential capital raised in financial markets [8][7] Management's Comments on Operating Environment and Future Outlook - Management highlighted the uncertainties in the market, including geopolitical risks and environmental regulations, which could impact fleet supply and demand [22][21] - Future demand for product tankers is expected to increase, driven by global oil product trade forecasts and refinery capacity developments [20][19] Other Important Information - The company has a solid balance sheet with cash and other assets totaling $17.5 million and a book equity position of approximately $19 million [27][26] - The market value of the fleet is significantly higher than its book value, with a net asset value of around $30.2 million [27][26] Q&A Session Summary Question: Are you considered an associated person regarding the acquisition? - Management clarified that the CEO was not excluded from the review process and led the committee overseeing the acquisition [32] Question: When is the dry dock scheduled for the Joanna, and what are the prospects for a longer-term charter? - Negotiations for extending the charter of Joanna are ongoing, with maintenance work planned before the next scheduled special service in 2027 [33] Question: What is the chartering strategy for the MR? - Currently, the company is taking advantage of the spot market but may consider longer charters in the future depending on expansion plans [36] Question: What is the current state of the S&P market for acquiring additional MRs? - Management noted that prices are stable, softer than a year ago, but not too high or low, indicating a cautious approach to future acquisitions [40]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported total net revenues of $2.96 million and net income of $1.5 million, translating to earnings of $0.55 per share. Adjusted EBITDA for the quarter was $1.44 million [5][23]. - For the first nine months of 2025, total net revenues reached $8.75 million with net income of $13.4 million, resulting in adjusted EBITDA of $3.1 million and earnings per share of $4.81 [23][24]. - The company declared a quarterly dividend of $0.14 per share, maintaining an annualized yield of approximately 8% [5]. Business Line Data and Key Metrics Changes - The company is transitioning from container ships to tankers, with an investment in a medium-range product tanker, Hellas Avatar, for $31.83 million [6][4]. - The current fleet includes two feeder container ships with a combined capacity of 3,170 TEU, and after the delivery of Hellas Avatar, the total carrying capacity will be approximately 91,000 deadweight [8][9]. Market Data and Key Metrics Changes - The feeder container ship market remains strong, with time charter rates for vessels at $28,700 per day, significantly above the 10-year average of $16,800 [12][11]. - The medium-range product tanker market shows stable charter rates, with one-year rates at approximately $23,750 per day, aligning with historical averages [13][14]. Company Strategy and Development Direction - The company aims to expand its fleet, leveraging cash flows from existing assets and potential capital raised in financial markets [8][6]. - The strategic shift towards tankers is supported by the fundamentals of the sector, with a focus on maintaining operational continuity while exploring new opportunities [4][5]. Management's Comments on Operating Environment and Future Outlook - Management highlighted the uncertainties in the market, including geopolitical developments and environmental regulations, which could impact fleet supply and trade patterns [21]. - There is an expectation of increased demand for product tankers in 2026, driven by global oil demand growth and refinery capacity developments [20][19]. Other Important Information - The company has a solid balance sheet with cash and other assets totaling $17.5 million and a book equity position of approximately $19 million [26]. - The market value of the fleet is significantly higher than its book value, with a net asset value of around $30.2 million or about $10.73 per share [26]. Q&A Session Summary Question: Clarification on acquisition review process - Management confirmed that the CEO was not excluded from the review of the acquisition as he led the committee overseeing the transaction [30][31]. Question: Dry dock schedule and charter prospects for Joanna - Management is negotiating a charter extension for the Joanna and plans to conduct maintenance work before its next scheduled special service in 2027 [32][33]. Question: Chartering strategy for the MR tanker - Currently, the company is taking advantage of the spot market for the MR tanker but may consider longer charters in the future depending on expansion plans [35][36]. Question: Market conditions for acquiring additional MRs - Management indicated that prices in the S&P market are stable, not too high or too low, and they are monitoring the situation for potential acquisitions [40][41].

Company Overview - EuroHoldings Ltd was spun off from Euroseas Ltd on March 17, 2025[10] - Marla Investments Inc acquired 51.04% of EuroHoldings' outstanding common shares from the Pittas family on June 23, 2025[10] - The company decided to focus on the tanker sector starting August 12, 2025[10] Financial Performance (Q3 2025) - Net revenues were $2.96 million[12] - Net income was $1.54 million, or $0.55 per share[12] - Adjusted EBITDA was $1.44 million[12] Fleet Expansion - EuroHoldings acquired its first MR product tanker for $31.83 million on November 5, 2025[17] - The fleet consists of 2 containerships with a total capacity of 3,171 TEU and 1 product tanker with a capacity of 49,997 DWT[18] Containership Market - The containership markets, especially for feeder vessels, have remained strong[23] - 20% of Feeders small size(1,000-1,999 TEU) are 20 years+/ Fleet[25] - The average 6-12 month TC rate for 1,700 TEU geared vessels was $28,750/day as of November 14, 2025[29] Product Tanker Market - One-year TC rates for MR tankers reached $23,750/day in early November 2025, matching the 2020-2025 average[50] - Almost 46% of the MR product fleet is over 15 years of age[50] - The orderbook represents 14.1% of the existing fleet[41] Financial Position - Cash & Other assets: $17.5 million[63] - Vessels book value: $3.6 million[63] - Net Asset Value around $30.2 million, or around $10.73/share[63]

Core Viewpoint - Euroholdings Ltd reported improved financial results for the third quarter of 2025, with a focus on growth in the tanker sector following a strategic shift after a change in shareholder base [4][5]. Financial Highlights Third Quarter 2025 Financial Highlights - Total net revenues were $3.0 million, a 29.4% decrease from $4.2 million in Q3 2024, attributed to a reduction in the average number of vessels operating [9]. - Net income for the quarter was $1.5 million, or $0.55 earnings per share, compared to $1.0 million or $0.34 per share in Q3 2024 [12][13]. - Adjusted EBITDA was $1.4 million, up from $1.0 million in the same quarter of the previous year [9][13]. Nine Months 2025 Financial Highlights - Total net revenues for the first nine months were $8.7 million, a 27.4% decrease from $12.1 million in the same period of 2024 [15]. - Net income for the nine-month period was $13.4 million, compared to $4.7 million in the first nine months of 2024 [22]. - Adjusted EBITDA for the nine months was $3.1 million, down from $4.8 million in the same period of 2024 [23]. Recent Developments - On November 3, 2025, Euroholdings signed a Memorandum of Agreement to acquire a medium-range product tanker vessel for $31.83 million, with delivery expected in mid-November 2025 [4]. - The company formed an independent committee to evaluate the acquisition, and on November 14, 2025, signed a loan agreement for $20.0 million to finance part of the purchase [4]. - The company declared a quarterly dividend of $0.14 per share for Q3 2025, maintaining an annualized yield of about 8% [4]. Operational Insights - The average time charter equivalent rate for vessels in Q3 2025 was $16,580 per day, a 17.7% increase from $14,087 in Q3 2024 [7]. - Average daily vessel operating expenses increased to $7,902 per vessel per day in Q3 2025 from $7,431 in Q3 2024, primarily due to higher general and administrative expenses [8]. - The fleet profile includes two feeder container carriers and one product tanker, with a total carrying capacity of 90,879 dwt after the acquisition of M/V Hellas Avatar [26].

Core Viewpoint - EuroHoldings Ltd. will release its financial results for the third quarter ended September 30, 2025, on November 17, 2025, before the market opens in New York [1]. Group 1: Financial Results Announcement - The financial results will be discussed in a conference call and webcast scheduled for November 17, 2025, at 10:00 a.m. Eastern Time [2]. - Participants can join the call by dialing in 10 minutes before the scheduled time using specific numbers provided [3]. - An audio webcast of the conference call will be available live and archived on the company's website [5]. Group 2: Company Overview - EuroHoldings Ltd. was incorporated on March 20, 2024, under the laws of the Republic of the Marshall Islands, as a holding company for three vessel-owning subsidiaries of Euroseas Ltd. [7]. - The company operates a fleet of two feeder containership vessels with a cargo capacity of 40,882 dwt, or 3,171 teu, and will expand to three vessels with a total carrying capacity of 90,879 dwt after the delivery of a product tanker in November 2025 [8]. - EuroHoldings Ltd. is listed on the Nasdaq Capital Market under the symbol "EHLD" [8].

Core Viewpoint - EuroHoldings Ltd. has signed a Memorandum of Agreement to acquire a medium-range product tanker vessel for $31.83 million, marking a strategic pivot towards the tanker sector [1][2]. Company Overview - EuroHoldings Ltd. was incorporated on March 20, 2024, in the Republic of the Marshall Islands, as a holding company for three vessel-owning subsidiaries of Euroseas Ltd. [3]. - The company operates worldwide ocean-going transportation services and is managed by Eurobulk Ltd., which handles the commercial and technical management of the vessels [4]. - EuroHoldings is listed on the Nasdaq Capital Market under the symbol "EHLD" [5]. Acquisition Details - The acquired vessel has a capacity of 49,997 dwt and was built in 2015 in South Korea, with delivery expected in mid-November 2025 [1]. - The acquisition will be financed through a combination of conventional debt and equity [1]. - Following the delivery of the tanker, EuroHoldings' fleet will consist of three vessels with a total carrying capacity of 90,879 dwt [4]. Strategic Direction - The acquisition represents EuroHoldings' first entry into the tanker sector, which is believed to have strong fundamentals at this time [2]. - The company's board and major shareholders are committed to expanding EuroHoldings into a significant player in the tanker market [2].

Financial Data and Key Metrics Changes - For Q2 2025, the company reported total net revenues of $2.9 million and net income of $820,000, equating to earnings per share of $0.30 [11][19] - Adjusted EBITDA for the period was $810,000 [11] - The company declared a second quarterly dividend of $0.14 per share, representing a yield of approximately 7.5% at current stock price levels [11] Business Line Data and Key Metrics Changes - The company is transitioning its focus towards the tanker sector, specifically targeting modern medium-range product tankers [8][9] - The existing fleet consists of two containerships with a combined capacity of 3,170 TEU, currently chartered at rates of $16,700 and $19,000 per day [18] Market Data and Key Metrics Changes - As of August 8, 2025, one-year MR time charter rates were approximately $20,600 per day, slightly below the five-year average of $23,500 per day [12] - New building prices for MR tankers are around $49 million, with five-year-old units priced at approximately $42 million [13] - The order book for MR tankers stands at about 15.7% of the fleet, indicating a balanced supply-demand environment [15] Company Strategy and Development Direction - The company aims to build a presence in the tanker sector, leveraging its existing cash reserves of approximately $15 million for initial acquisitions [9][10] - Future fleet growth will be pursued gradually, with potential capital raising strategies that do not dilute existing shareholders [10][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the tanker market, citing strong demand for oil products and a recovery in seaborne trade [15][16] - The company anticipates that charter rates will remain stable, justifying acquisitions even at current prices [17] Other Important Information - The company underwent a significant ownership change, with Marla Investments becoming the majority shareholder, owning 51% of the outstanding shares [7] - The market value of the fleet is significantly higher than its book value, with a charter-adjusted vessel market value estimated at approximately $14.5 million [23] Q&A Session Summary Question: Can you elaborate on the strategy to enter the tanker market? - The company is targeting product carriers initially and may consider acquiring vessels from the Lattice family in the future [29][30] Question: What is the financing strategy for acquisitions? - The company plans to maintain a balanced approach to financing, potentially using a 50-50 split of debt and equity for acquisitions [34][32] Question: What is the competition like in the modern tanker market? - The company noted that while there is competition, it is not as intense as in the dry bulk or container markets, and they are actively inspecting vessels [40] Question: When do you expect the GM Express to find its next time charter? - The expectation is that the vessel will likely be chartered by the next quarterly meeting [43] Question: What are the anticipated terms for the next time charter? - The company expects the next charter to be higher than the current rate, likely within a 12 to 24-month timeframe [45]

Company Overview - Euroholdings Ltd was spun off from Euroseas Ltd on March 17, 2025[10] - The spin-off included a fleet of two debt-free vessels and approximately $14 million in cash from the sale of M/V Diamantis P[10] - Marla Investments Inc acquired 51.04% of Euroholdings' outstanding common shares from the Pittas family on June 23, 2025[10, 16] - The company declared a second quarterly dividend of $0.14 per share for Q2 2025[15] Strategic Shift - Euroholdings plans to focus on the tanker market, initially pursuing medium range ("MR") product tanker investments[11, 12] - Approximately $15 million is available for equity investment in the tanker sector[12] Financial Performance (Q2 2025) - Net Revenues were $2.92 million[14, 43] - Net Income was $0.82 million[14, 43] - Adjusted EBITDA was $0.81 million[14, 43] Containership Fleet - The current fleet consists of 2 vessels with a total capacity of 3,171 TEU and an average age of 26.9 years[38] - Charter coverage is approximately 82% for the remaining 6 months of 2025 and about 40% for 2026[38]

Core Viewpoint - Euroholdings Ltd reported its financial results for the second quarter and first half of 2025, highlighting a strategic shift towards the tanker sector and announcing a quarterly dividend with an annualized yield of approximately 7.5% [4][5]. Financial Highlights Second Quarter 2025 Financial Highlights - Total net revenues were $2.9 million, a decrease of 27.8% from $4.0 million in the same period of 2024, attributed to a reduced average number of vessels operating [10]. - Net income for the quarter was $0.8 million, down from $2.3 million in the second quarter of 2024, with earnings per share of $0.30 compared to $0.81 in the prior year [13][14]. - Average time charter equivalent rate increased to $16,528 per day, a 7.1% rise from $15,435 in the same period of 2024 [8]. First Half 2025 Financial Highlights - Total net revenues for the first half were $5.8 million, a 26.4% decrease from $7.9 million in the first half of 2024, primarily due to fewer vessels operated [16]. - Net income for the first half was $11.9 million, significantly higher than $3.8 million in the same period of 2024, with earnings per share of $4.28 compared to $1.36 [22][23]. - Adjusted EBITDA for the first half was $1.7 million, down from $3.9 million in the first half of 2024 [22]. Recent Developments - The Board of Directors decided to focus on the tanker sector, specifically targeting modern medium-range product tankers for growth [4][6]. - Marla Investments Inc. acquired 51.04% of Euroholdings shares, strengthening the shareholder base alongside the Pittas family [5]. Operational Metrics - An average of 2.0 vessels were owned and operated during the second quarter of 2025, compared to 3.0 vessels in the same period of 2024 [10]. - Total daily vessel operating expenses averaged $11,296 per vessel per day, up from $6,349 in the same quarter of 2024, mainly due to increased general and administrative expenses [9]. Fleet Profile - Euroholdings operates a fleet of 2 feeder container carriers with a total carrying capacity of 3,171 TEU [58]. - The average time charter equivalent rate for the first half of 2025 was $16,158 per day, compared to $15,084 in the same period of 2024 [16].