As well as other leading companies operating in the same sector, after a second quarter of this year with record results, in the following quarter Euroseas, which is Active in the container ship charter segment, it has recorded a weakening of financial performance. The Company closed the period July-September with basic revenues Time Charter of $47.7 million, which constitutes A new record for this time of year and a substantial increase of +98.8% on the third trimester of 2021. High also the Operating profit and net profit values which were larger for this time of year and equal to respectively to 24,7 million (+173.3%) and 25,2 million dollars (+198,0%).

'The rates of chartering of container ships - has explained the President and CEO of Euroseas, Aristides Pittas - reached all-time highs for the most part part of the Naviglio segments in March 2022 and remained close to those levels until August. But since the beginning of September 2022 began to decrease down by almost 80% until in early November. However, the current rental rates, for segments in which we operate, are more than double compared to the average rates of 2019, the year before the pandemic. We believe - Pittas has specified - that the precipitous decline of the fares are the result of lower transport demand maritime due to the slowdown of the economy taking place throughout the world combined with the easing of congestion in ports and other related inefficiencies that had an impact on transport system with a consequent increase in the number of employees supply of ships'.

In the first nine months of 2022, basic time charter revenues are Euroseas amounted to $145.2 million, with a progression of +150.4% on the period January-September last year. Operating profit was $85.2 million (+291.2%) and profit clearly of 85,9 million dollars (+325.3%).

Delineating what the future prospects of the container charter market, Pittas noted that, "Looking ahead, one of the challenges of the market is the absorption of the order book of container ships which It currently accounts for almost 29% of the existing fleet. This order book - he recalled - will begin to be delivered mainly from the second half of 2023 onwards and is very much focused on the most large and much less on feeder size segments that Euroseas, in fact, currently has a fleet of 18 vessels with a hold capacity between 1.400 and 6.350 teu and has orders pending for nine new container ships between 1,800 and 2.800 teu that will be taken over between the first trimester of the next year and the end of 2024.

"The feeder fleet, moreover - continued Pittas - has a Age profile more oriented towards more ships old and, as a result, it is expected to suffer more than larger ships than regulations on greenhouse gases introduced in 2023, mitigating further the growth of the offer for this segment. In every Case - it has specified - the explosion of the rental rates from the end of 2020 to August 2022 allowed us to rent all our ships at very profitable rates for periods that extend up to three or more years, generating a portfolio of Contract revenues exceeding $450 million. Based of this portfolio, we have embarked on a program of new Construction and ordered nine modern ecological feeder ships, two of which have already been contracted for a minimum period of three years'.