Earnings release
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1 Euroholdings Ltd Reports Results for the Quarter and Six-Month Period, Ended June 30, 2025 and Announces Decision to Focus on the Tanker Sector Athens, Greece – August 12, 2025 – Euroholdings Ltd (NASDAQ: EHLD, the “Company” or “Euroholdings”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its results for the three - and six- month periods ended June 30, 2025. The Company was incorporated by Euroseas Ltd. (NASDAQ: ESEA, or "Euroseas") to serve as the holding company of three subsidiaries that were contributed by Euroseas to Euroholdings effective January 1, 2025; Euroseas spun -off Euroholdings on March 17, 2025, which has since been operated as an independent company. The results below refer to Euroholdings and its subsidiaries for the periods presented. Historical comparative periods reflect the results of the carve -out operations of the three vessels that were contributed to the Company. Second Quarter 2025 Financial Highlights: • Total net revenues of $ 2.9 million. Net income of $0.8 million; or $ 0.30 earnings per share basic and diluted. Adjusted net income for the period remained unchanged at $0.8 million or $0.30 per share basic and diluted. • Adjusted EBITDA1 was $0.8 million. • An average of 2.0 vessels were owned and operated during the second quarter of 2025 earning an average time charter equivalent rate of $16,528 per day. • Declared a quarterly dividend of $0.14 per share for the second quarter of 2025, payable on or about September 16, 2025, to shareholders of record on September 9, 2025. First Half 2025 Financial Highlights: • Total net revenues of $ 5.8 million. Net income of $11. 9 million; or $4.28 earnings per share basic and diluted. Adjusted net income for the period was $ 1.7 million or $0.60 per share basic and diluted. • Adjusted EBITDA1 was $1.7 million. • An average of 2.08 vessels were owned and operated during the first quarter of 2025 earning an average time charter equivalent rate of $16,158 per day. Recent Developments: • Our Board of Directors decided to focus on the tanker sector and, initially, pursue a modern medium range product tanker investment. 1Adjusted EBITDA, Adjusted net income and Adjusted income per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for Euroholdings financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP.
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2 Aristides Pittas, Chaiman, President and CEO of Euroholdings commented: “We are pleased to report the results for the first half of 2025 of Euroholdings, a company spun-off from Euroseas Ltd., in March 2025, containing 2 elder containerships and the proceeds from the sale of a third one. As both our vessels have been profitably chartered, we are pleased to report profitable results according to our expectations and happy to announce the d eclaration of the second quarterly dividend representing an annualized yield of about 7.5%. “We are also happy to report that as announced in late June 2025, our shareholder base has been further strengthened as Marla Investments Inc., a company associated with the Latsis family of Greece, has acquired 51.04% of our shares with the Pittas family remaining a large shareholder as well. We believe that the combined financial strength of our major shareholders and their desire to grow Euroholdings will, indeed, enable our company to deliver superior returns to all of our shareholders. “In that context, our Board decided to focus our growth in the tanker sector and, initially, the medium range (“MR”) product tankers. Over the next several months, we will be gradually implementing this growth strategy targeting modern vessels. “In parallel, as the containership markets have remained strong , our feeder vessels may be rechartered beyond their current contracts contributing further earnings and value to our shareholders and further enabling the execution of our growth plan in the product tanker sector.” Athina Atalioti, Chief Financial Officer of Euroholdings commented: “In the second quarter of 2025, on a per-vessel-per-day basis, our vessels earned an average charter rate of $16,528, 7.1% higher compared to $15,435 average charter rate for the same period of 202 4. Our net revenues decreased to $ 2.9 million in the second quarter of 202 5 compared to $ 4.0 million during the same period of last year as a result of operating and earning revenues from two vessels during the second quarter of 2025 compared to three for the same period of last year. “Total daily vessel operating expenses, including management fees, general and administrative expenses but excluding drydocking costs, averaged $ 11,296 per vessel per day during the second quarter of 2025 as compared to $6,349 per vessel per day for the same quarter of last year. This increase is mainly due to higher general and administrative expenses per vessel as a result of the spin-off costs and costs related to the company being public and fewer vessels we owned during the period as compared to the same period of 2024. “Adjusted EBITDA during the second quarter of 2025 was $0.8 million versus $2.3 million in the second quarter of last year reflecting the lower number of vessels we operated during the period and the abovementioned higher general and administrative expenses.” Second Quarter 2025 Results: For the second quarter of 2025, the Company reported total net revenues of $ 2.9 million representing a 27.8% decrease over total net revenues of $4.0 million during the second quarter of 2024 which was the result of the decreased average number of vessels operating in the second quarter of the current year. On average, 2.0 vessels were owned and operated during the second quarter of 2025 earning an average time charter equivalent rate of $16,528 per day compared to 3.0 vessels in the same period of 2024 earning on average $15,435 per day. For the second quarter of 2025, voyage expenses amounted to $0.03 million and mainly relate to owners’ expenses in various ports, as compared to $0.05 million in the same period of 2024. Vessel operating expenses decreased to $1.1 million for the second quarter of 2025 from $1.3 million in the same period of 2024. The decrease is mainly attributable to the decreased average number of vessels owned and operated during the period. Related party management fees for the period were $0.2 million for the second quarters of 2025 and 2024. General and administrative expenses were $0. 7 million for the second quarter of 2025, compared to $0.2 million for the same period of 2024. The increased general and administrative expenses reflect mainly costs related to the Company being public, including the
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3 compensation expense recognized due to accelerated vesting of share -based awards upon a change of control. The Company reported net income for the second quarter of 2025 of $0.8 million, as compared to net income of $2.3 million for the same period of 2024. Adjusted EBITDA for the second quarter of 2025 was $0.8 million compared to $ 2.3 million achieved during the second quarter of 2024. Basic and diluted earnings per share for the second quarter of 2025 was $0.30 calculated on 2,783,999 basic and diluted weighted average number of shares outstanding, compared to basic and diluted earnings per share of $ 0.81 for the second quarter of 2024, calculated on 2,780,855 basic and diluted weighted average number of shares outstanding. The adjusted net earnings for the quarter ended June 30, 2025, decreased to $0.30 per share basic and diluted compared to adjusted net earnings of $0.81 per share basic and diluted for the quarter ended June 30, 2024. First Half 2025 Results: For the first half of 2025, the Company reported total net revenues of $5.8 million representing a 26.4% decrease over total net revenues of $ 7.9 million during the first half of 202 4, which was the result of the lower average numbers of vessels operated during the first half of 202 5 compared to the same period of 202 4. On average, 2.08 vessels were owned and operated during the first half of 2025 earning an average time charter equivalent rate of $16,158 per day compared to 3.0 vessels in the same period of 2024 earning on average $15,084 per day. For the first half of 2025, Voyage expenses, net, were $0.06 million and mainly relate to vessels owners’ expenses in various ports. For the same period of 202 4, voyage expenses, net were $0.2 million and relate to vessels repositioning between charters and expenses during operational off-hire time. Vessel operating expenses were $2. 3 million for the first half of 202 5 as compared to $ 3.0 million for the first half of 202 4. The decrease is mainly attributable to the lower number of vessels operating in the first half of 2025 compared to the corresponding period in 2024, partly offset by the cost of the repairs performed on M/V Diamantis P prior to its sale. Related party management fees for the first half of 202 5 decreased to $0.4 million from $ 0.5 million for the same period of 2024 due to the lower number of vessels operating in 2025 partly offset by the adjustment for inflation in the daily vessel management fee, effective from January 1, 202 5, increasing it from 810 Euros to 8 40 Euros, and the unfavorable movement of the euro/dollar exchange rate during the period. General and administrative expenses for the first half of 202 5 were $1.0 million compared to $0.3 million for the same period of 2024. The increased general and administrative expenses reflect mainly expenses related to the Company being public , including the compensation expense recognized due to accelerated vesting of share -based awards upon a change of control. During the first half of 2025 one of our vessels completed its intermediate survey for a total cost of $0.3 million. During the first half of 2024 none of our vessels were drydocked. On January 10, 2025, the Company signed an agreement to sell M/V Diamantis P, a 2,008 teu container carrier, built in 1998, for further trading, for approximately $13.15 million, resulting in a gain on sale of $10.23 million. Interest and other financing costs for the first half of 2025 were nil. For the same period of 2024 interest and other financing costs amounted to $0.07 million as the Company’s bank debt was fully repaid in March 2024.
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4 The Company reported net income for the period of $11.9 million, as compared to net income of $3.8 million, for the first half of 2024. Adjusted EBITDA for the first half of 202 5 was $1.7 million compared to $3.9 million achieved during the first half of 2024. Basic and diluted earnings per share for the first half of 202 5 was $ 4.28, calculated on 2,782,436 basic and diluted weighted average number of shares outstanding compared to earnings per share of $ 1.36, calculated on 2, 780,855 basic and diluted weighted average number of shares outstanding. Excluding the effect on the earnings for the first half of the year of the net gain of sale of vessel, the adjusted net earnings for the six -month period ended June 30, 202 5, would have been $0.60 per share basic and diluted, compared to adjusted earnings of $1.36 per share basic and diluted, for the six-month period ended June 30, 2024. Usually, security analysts do not include the above item in their published estimates of earnings per share. Fleet Profile: The Euroholdings Ltd. fleet profile is as follows: Name Type Dwt TEU Year Built Employment(*) TCE Rate ($/day) JOANNA(**) Feeder 22,301 1,732 1999 TC until Mar-26 then until Sep-26, then until Nov-26 $19,000 $9,500 $16,500 AEGEAN EXPRESS(*) Feeder 18,581 1,439 1997 TC until Nov-25 $16,700 Total Container Carriers 2 40,882 3,171 Note: (*) TC denotes time charter. All dates listed are the earliest redelivery dates under each TC. (**) Period to November 2026 is at the option of the charterer
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5 Summary Fleet Data: 3 months, ended June 30, 2024 3 months, ended June 30, 2025 6 months ended June 30, 2024 6 months ended June 30, 2025 FLEET DATA Average number of vessels (1) 3.0 2.0 3.0 2.08 Calendar days for fleet (2) 273.0 182.0 546.0 376.4 Scheduled off-hire days incl. laid-up (3) 0.0 - - 7.3 Available days for fleet (4) = (2) - (3) 273.0 182.0 546.0 369.1 Commercial off-hire days (5) - - 3.7 - Operational off-hire days (6) - - 1.2 - Voyage days for fleet (7) = (4) - (5) - (6) 273.0 182.0 541.1 369.1 Fleet utilization (8) = (7) / (4) 100.0% 100.0% 99.1% 100.0% Fleet utilization, commercial (9) = ((4) - (5)) / (4) 100.0% 100.0% 99.3% 100.0% Fleet utilization, operational (10) = ((4) - (6)) / (4) 100.0% 100.0% 99.8% 100.0% AVERAGE DAILY RESULTS Time charter equivalent rate (11) 15,435 16,528 15,084 16,158 Vessel operating expenses excl. drydocking expenses (12) 5,723 7,184 6,424 7,159 General and administrative expenses (13) 626 4,112 639 2,699 Total vessel operating expenses (14) 6,349 11,296 7,063 9,858 Drydocking expenses (15) - 67 - 904 (1) Average number of vessels is the number of vessels that constituted the Company’s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company’s fleet during the period divided by the number of calendar days in that period. (2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was owned by us including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay -up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period. (3) The scheduled off-hire days including vessels laid-up, vessels committed for sale or vessels that suffered unrepaired damages, are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up, or vessels that were committed for sale or suffered unrepaired damages. (4) Available days. We define available days as the total number of Calendar days in a period net of scheduled off -hire days incl. laid up. We use available days to measure the number of days in a period during which vessels were available to generate revenues. (5) Commercial off -hire days. We define commercial off -hire days as days a vessel is idle without employment. (6) Operational off -hire days. We define operational off -hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels. (7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes.
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6 (8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment. (9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period. (10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period. (11) Time charter equivalent rate, or TCE, is a measure of the average daily net revenue performance of our vessels. Our method of calculating TCE is determined by dividing time charter revenue and voyage charter revenue , if any, net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract or are related to repositioning the vessel for the next charter. TCE provides additional meaningful information in conjunction with time charter rev enue and voyage charter revenue, if any, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. TC E is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, t ime charters, pool agreements and bareboat charters) under which the vessels may be employed between the periods. Our definition of TCE may not be comparable to that used by other companies in the shipping industry. (12) We calculate daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and related party management fees by dividing vessel operating expenses and related party management fees by fleet calendar days for the relevant time period. Drydocking expenses are reported separately. (13) Daily general and administrative expense is calculated by us by dividing general and administrative expenses by fleet calendar days for the relevant time period. (14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. We compute TVOE as the sum of vessel operating expenses , related party management fees and general and administrative expenses ; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period. (15) Daily drydocking expenses is calculated by us by dividing drydocking expenses by the fleet calendar days for the relevant period. Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during t he period. The Company expenses drydocking expenses as incurred.
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7 Conference Call and Webcast: Today, August 12, 2025 at 10:00 a.m. Eastern Time, the Company's management will host a conference call and webcast to discuss the results. Conference Call details: Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll -Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “EuroHoldings” to the operator and/or conf erence ID 13755324.Click here for additional participant International Toll-Free access numbers. Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option. Audio Webcast ‐ Slides Presentation: There will be a live and then archived webcast of the conference call and accompanying slides, available on the Company’s website. To listen to the archived audio file, visit our website http://www.euroholdings.gr and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. The slide presentation for the second quarter ended June 30, 2025, will also be available in PDF format minutes prior to the conference call and webcast, accessible on the company's website (www.euroholdings.gr) on the webcast page. Participants to the webcast can download the PDF presentation.
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8 Euroholdings Ltd. Unaudited Consolidated Condensed Statements of Operations (All amounts expressed in U.S. Dollars – except number of shares) Three Months Ended June 30, Three Months Ended June 30, Six months ended June 30, 2024 Six months ended June 30, 2025 2024 2025 (unaudited) Revenues Time charter revenue 4,265,110 3,034,295 8,320,061 6,024,147 Commissions (227,793) (119,210) (457,105) (236,553) Net revenues 4,037,317 2,915,085 7,862,956 5,787,594 Operating expenses / (income) Voyage expenses 51,129 26,115 158,323 60,244 Vessel operating expenses 1,321,941 1,118,180 3,026,067 2,262,211 Drydocking expenses - 12,147 - 340,097 Vessel depreciation - 21,390 16,019 31,390 Related party management fees 240,408 189,343 481,542 432,352 General and administrative expenses 170,916 748,298 348,957 1,015,762 Net gain on sale of vessel - - - (10,230,210) Total Operating expenses / (income), net 1,784,394 2,115,473 4,030,908 (6,088,154) Operating income 2,252,923 799,612 3,832,048 11,875,748 Other income / (expenses) Interest and other financing costs - - (65,989) - Foreign exchange gain / (loss) 3,983 (12,971) 4,122 (9,822) Interest income - 35,897 - 38,414 Other income / (expenses), net 3,983 22,927 (61,867) 28,593 Net income 2,256,906 822,538 3,770,181 11,904,340 Earnings per share, basic and diluted 0.81 0.30 1.36 4.28 Weighted average number of shares, basic and diluted 2,780,855 2,783,999 2,780,855 2,782,436
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9 Euroholdings Ltd. Unaudited Consolidated Condensed Balance Sheets (All amounts expressed in U.S. Dollars – except number of shares) December 31, 2024 June 30, 2025 ASSETS (unaudited) Current Assets: Cash and cash equivalents 129,541 15,108,477 Trade accounts receivable 443,229 251,758 Other receivables, net 65,259 48,950 Inventories 647,879 184,983 Prepaid expenses 107,799 211,434 Due from related company 980,952 992,336 Total current assets 2,374,659 16,797,938 Fixed assets: Vessels, net 6,238,768 3,611,001 Total assets 8,613,427 20,408,939 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Trade accounts payable 1,510,281 475,736 Accrued expenses 710,587 625,850 Dividends payable - 394,326 Deferred revenue 153,791 878,165 Total current liabilities 2,374,659 2,374,077 Total liabilities 2,374,659 2,374,077 Shareholders' equity: Share capital ($0.01 par value; 100,000,000 shares authorized, 0 and 2,816,615 issued and outstanding) - 28,166 Additional paid-in capital - 6,496,682 Net former parent company investment 6,238,768 - Retained earnings - 11,510,014 Total shareholders’ equity 6,238,768 18,034,862 Total liabilities and shareholders’ equity 8,613,427 20,408,939
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10 Euroholdings Ltd. Unaudited Consolidated Condensed Statements of Cash Flows (All amounts expressed in U.S. Dollars) Six Months Ended June 30, Six Months Ended June 30, 2024 2025 Cash flows from operating activities: Net income 3,770,181 11,904,340 Adjustments to reconcile net income to net cash provided by operating activities: Vessel depreciation 16,019 31,390 Share based compensation cost - 286,080 Gain on sale of vessel - (10,230,210) Amortization of deferred charges 33,740 - Changes in operating assets and liabilities 456,401 230,652 Net cash provided by operating activities 4,276,341 2,222,252 Cash flows from investing activities: Cash paid for vessel improvements (126,052) (118,803) Net proceeds from sale of vessel - 12,875,487 Net cash (used in) / provided by investing activities (126,052) 12,756,684 Cash flows from financing activities: Repayment of long-term bank loan (1,925,000) - Net transfers to former parent company (2,624,048) - Net cash used in financing activities (4,549,048) - Net (decrease) / increase in cash and cash equivalents (398,759) 14,978,936 Cash and cash equivalents at beginning of period 493,387 129,541 Cash and cash equivalents at end of period 94,628 15,108,477
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11 Euroholdings Ltd. Reconciliation of Adjusted EBITDA to Net income (All amounts expressed in U.S. Dollars) Three Months Ended June 30, 2024 Three Months Ended June 30, 2025 Six Months Ended June 30, 2024 Six Months Ended June 30, 2025 Net income 2,256,906 822,538 3,770,181 11,904,340 Interest and other financing costs / (interest income) - net - (35,897) 65,989 (38,414) Vessel depreciation - 21,390 16,019 31,390 Net gain on sale of vessel - - - (10,230,210) Adjusted EBITDA 2,256,906 808,031 3,852,189 1,667,106 Adjusted EBITDA Reconciliation: Euroholdings Ltd. considers Adjusted EBITDA to represent net income before interest and other financing costs, income taxes, depreciation and gain on sale of vessel. Adjusted EBITDA does not represent and should not be considered as an alternative to net income, as determined by United States generally accepted accounting principles, or GAAP. Adjusted EBITDA is included herein because as a supplemental basis upon which the Company assesses its financial performance and because the Company believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of financial costs, gain on sale of vessel and depreciation. The Company's definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.
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12 Euroholdings Ltd. Reconciliation of Adjusted net income to Net income (All amounts expressed in U.S. Dollars – except share data and number of shares) Three Months Ended June 30, 2024 Three Months Ended June 30, 2025 Six Months Ended June 30, 2024 Six Months Ended June 30, 2025 Net income 2,256,906 822,538 3,770,181 11,904,340 Net gain on sale of vessel - - - (10,230,210) Adjusted net income 2,256,906 822,538 3,770,181 1,674,130 Adjusted earnings per share, basic and diluted 0.81 0.30 1.36 0.60 Weighted average number of shares, basic and diluted 2,780,855 2,783,999 2,780,855 2,782,436 Adjusted net income and Adjusted earnings per share Reconciliation: Euroholdings Ltd. considers Adjusted net income to represent net income before gain on sale of vessel. Adjusted net income and Adjusted earnings per share are included herein because we believe they assist our management and investors by increasing the comparability of the Company's fundamental performance from period to period by increasing the comparability of the Company's fundamental performance from period to period by excluding the potentially disparate effects between periods of gain on sale of vessel , which may significantly affect results of operations between periods. Adjusted net income and Adjusted earnings per share do not represent and should not be considered as an alternative to net income or earnings per share, as determined by GAAP, The Company's definition of Adjusted net income and Adjusted earnings per share may not be the same as that used by other companies in the shipping or other industries. Adjusted net income and Adjusted earnings per share are not adjusted for all non -cash income and expense items that are reflected in our statement of cash flows. About Euroholdings Ltd. Euroholdings Ltd. was formed 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 contributed by Euroseas effective January 1,2025. On March 17, 2025, Euroseas distributed all the shares of Euroholdings to its shareholders thereby spinning off Euroholdings. Euroholdings began trading on NASDAQ Capital Market under the ticker EHLD on March 18, 2025. Euroholdings operates in the container shipping market. Euroholdings' 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. Euroholdings employs its vessels on period charters. The Company has a fleet of 2 Feeder container carriers with a total carrying capacity of 3,171 TEU.
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13 Forward Looking Statement This press release contains forward-looking statements, including as defined under U.S. federal securities laws, concerning future events. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward -looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements th at are not historical facts or that are not present facts or conditions. Words such as “anticipates,” “may,” “potential,” “predicts,” “projects,” “should,” "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions , or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward -looking. Although the Company believes that the expectations reflected in such forward -looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Accordingly, you should not unduly rely on these forward -looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially include, but are not limited to , changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission (the “SEC”). Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward -looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the SEC’s website at www.sec.gov. Visit our website www.Euroholdings.gr Company Contact Investor Relations / Financial Media Tasos Aslidis Chief Strategy Officer & Treasurer Euroholdings Ltd. 11 Canterbury Lane, Watchung, NJ07069 Tel. (908) 301-9091 E-mail: aha@Euroholdings.gr Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com