Greek shipping company Euroseas has reported total net revenues of $45.4m in the first quarter of 2021, a 217.1% jump compared with $14.3m in the same quarter last year.

The firm’s attributable net income rose from $3.8m to $29.9m during the period, while adjusted EBITDA increased from $5.6m to $31.1m.

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Its vessel operating expenses, however, increased from $6.9m to $8.4m.

The rise in expenses was said to be the result of owning and operating more vessels, resulting in a rise in crew costs due to difficulties in crew rotation amid Covid-19-related curbs.

Compared to 14 vessels in the same period of 2021, Euroseas owned and operated 16 vessels in the first quarter of the year.

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The firm’s depreciation expense stood at $3.7m in the three-month period ending 31 March, as against $1.6m in the year-ago quarter.

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Interest and other financing costs grew from $0.7m to $1m.

Furthermore, the firm announced a $20m share buyback programme, along with a quarterly dividend of $0.50 a share.

Euroseas chairman and CEO Aristides Pittas said: “Despite their recent small correction, the containership feeder charter rates have remained at levels near historical highs, resulting in increased profitability for Euroseas.

“In parallel, expectations of continuing strength of the charter market have allowed us to charter forward the first two newbuildings of our nine-vessel newbuilding programme at rates that will allow us to fully recover their construction cost over the three-year duration of the charters.”