By George Fokianos

Greek listed shipping companies announced revenues exceeding 4.17 billion dollars in the first half of the year and net profits of more than 1.8 billion, confirming the leading position of Greek shipping in international markets.

Despite geopolitical uncertainty, increased freight rate volatility and new environmental requirements, most companies remained profitable—a clearly positive sign for the sector.

Impressive performances:

While the energy transportation sector (LNG/LPG carriers and tankers) recorded impressive performances, containership companies did not follow the trend, reflecting the rearrangements in international trade and the volatility of freight rates. As for bulk carriers, the traditional domain of Greek shipowners, conditions were marked by broad stagnation.

More specifically:

Star Bulk Carriers: The listed shipping company, owned by Petros Pappas, recorded revenues of 478 million dollars, compared to 612.2 million in the corresponding period last year, while in the second quarter, revenues reached 247.4 million, compared to 352.8 million a year ago. Star Bulk Carriers operates a fleet of 145 bulk carriers, with a market cap of 2.20 billion and an enterprise value of 3.16 billion.

Costamare: Shipowner Kostis Konstantakopoulos’s company posted strong results in the first half of 2025, marked by robust profitability, a wave of new orders, and the strategic spin-off of its bulk carrier division into a separate entity—signs of positive momentum and forward-looking restructuring. The NYSE-listed shipping company increased both its profitability and its revenues. Specifically, in the first half of the year it posted revenues of 428 million, while recording profits of 218 million. Its fleet consists of 68 containerships, while the capitalization reaches 1.50 billion and the enterprise value reaches 2.6 billion.

Costamare Bulkers: Meanwhile, in the first half of the year, the spin-off (308 million market cap and 547 million enterprise value) posted net revenues of 32.3 million and a net loss of 26.5 million. The company has a fleet of 37 privately owned dry cargo ships and a platform (CBI) that manages an additional 39 ships through charters.

Danaos Corp.: The company of interest of Dr. Ioannis Coustas recorded revenues of 515.4 million, up from 499.7 million a year ago. At the same time, the company’s profits amounted to 230.3 million. Danaos closed the half-year with 3.6 billion in contracted revenues and its fleet includes 74 containerships and 10 capesize bulk carriers. The market cap amounts to 1.68 billion, while the value of operating activities is 1.79 billion.

Navios Maritime Partners: The company owned by Angeliki Frangou has built very strong financial foundations, as in the first half it shows revenues of 631.7 million, contracted revenues of 3.7 billion, while the value of the diversified fleet of 173 ships amounts to 6.1 billion. The company’s net profits amounted to 112 million, while its capitalization reached 1.4 billion.

Global Ship Lease: The shipping interests of George Giouroucos, which owns 71 containerships, also presented strong results. Its net profit in the first half increased by 22.21% compared to the same period last year (214.1 million dollars, compared to 175.1 million dollars last year) and revenue amounted to 382.8 million dollars, up by 8% from 354.6 million dollars in the same period last year. Data for GSL shows that the market cap amounts to 1.14 billion dollars, while the value of operating activities is 1.47 billion dollars.

Strong profitability trend

Tsakos Energy Navigation: The strong profitability trend continued for the company, interests of Nikos Tsakos. In the first half of 2025, TEN reported revenues of 390.4 million and net profits of 64.5 million. The company has a market cap of 690 million and an enterprise value of 2.05 billion, while its fleet consists of 82 vessels and is running a program of 21 newbuildings.

Dorian LPG: A similar trend was observed at the holding company of Yannis Hatzipateras, which recorded net profits of 10.1 million dollars. Its revenues amounted to 84.2 million. The company, with a capitalization of 1.33 billion and an enterprise value of 1.74 billion, has a fleet of 26 VLGCs, with a total carrying capacity of over 2 million Cbm.

Diana Shipping: The holding company of Semiramis Paliou announced positive financial results, confirming its return to profitability, despite the moderate course of freight rates in the bulker sector. At the half-year level, the company reported net profits of 7.5 million, while revenues amounted to 109.6 million. Its capitalization amounts to 205 million and enterprise value to 541 million.

Safe Bulkers: Despite the pressures and intense geopolitical instability that dominates international markets, the company maintained its profitability during the first half of 2025. Its revenue amounted to 130.1 million, while for the same period, the profits amounted to 8.9 million. The listed company, owned by Polly V. Hatzioannou, has a market cap of 471 million and an enterprise value of 906 million.

Capital Clean Energy Carriers Corp.: The first half of 2025 marked a period of strong growth for the company linked to Vangelis Marinakis, highlighted by a remarkable 250% surge in profits. During the first half, CCEC’s revenues amounted to 213.5 million (an increase of 34.9%). For the same period, its profits amounted to 62.7 million from 17.9 million in 2024 (+249.9%). At the same time, the company’s market cap amounts to 1.30 billion, while the value of operating activities amounts to 3.51 billion.

Dynagas LNG Partners: The shipping company (owned by George Prokopiou), which manages six LNG carriers, recorded a profit of 27.3 million at a six-month level, while its revenue during the same period amounted to 77.7 million. At the same time, the capitalization amounts to 132 million and the enterprise value 353 million.

EuroDry: Aristidis Pittas’ company listed on the American financial market recorded net income of 20.5 million (-35.7%), with a loss attributable to shareholders of 6.8 million. The decline – according to the company – is mainly due to lower freight rates. EuroDry controls 12 bulk carriers, while it has a market cap of 34.7 million and an enterprise value of 130 million.

Euroseas: In a containership market that is moving at high levels and particularly favors the feeder ship segment, Euroseas – also owned by A. Pittas – announced net revenues of 113.6 million, net profits of 66.8 million, while the market cap of Euroseas amounts to 435 million and the value of operating activities 562 million.

Euroholdings: The Nasdaq-listed company recorded net income of 5.8 million in the first half of the year and net profit of 11.9 million. The company’s chairman and CEO is Aristides Pittas, while the majority stake was acquired by Marla Investments, owned by Marianna Latsis’ family. The Euroseas spinoff has a market cap of 20.3 million and an enterprise value of 22.1 million.

Globus Maritime Limited: With revenue of 18.2 million in the first half of the year and earnings before interest, taxes, depreciation and amortization of 5.2 million, the listed company, owned by the Fidakis family, continues to see positive prospects in the dry cargo market. The company, which operates a fleet of nine bulk carriers, has a market capitalization of 23 million and an enterprise value of 106 million.

C3is: The three U.S.-listed shipping companies owned by Haris Vafias reported a combined total revenue of $180 million and net profit of $62 million in the first half of 2025, reflecting a solid financial performance. The companies recorded net profit of 2.6 million, revenue of 19.4 million and earnings per share of 0.52 (2.32 million market cap and 109 million enterprise value).

Imperial Petroleum: The revenues of the company of Haris Vafias amounted to 68.4 million dollars while its net profits totaled 24.1 million dollars (174 million dollars in market cap and -37 million dollars in enterprise value).

StealthGas: The shipping company also of Haris Vafias recorded net profits of 34.5 million dollars compared to 43.5 million dollars in 2024, with revenues amounting to 89.3 million dollars (250 million dollars in market cap and 196 million dollars in enterprise value).

OceanPal: The company of the Palios family, which manages a fleet of five bulk carriers, showed revenues of 6.2 million dollars and a net loss of 10.4 million dollars in the half-year. The company currently has a market capitalization of 8.6 million and an enterprise value of -17.1 million.

Okeanis Eco Tankers: The shipping company of the Alafouzos Group continued its profitable path. For the first half of the year, the company recorded revenues of 174.1 million and profits of 39.4 million. The company has a market capitalization of 950 million and an enterprise value of 1.52 billion.

Performance Shipping: With profits of 38.5 million in the half and revenues of 60 million, the company, owned by Aliki Palios, continues to show strong performance. Performance controls seven tankers with a market capitalization of 24.4 million and an enterprise value of -28.6 million.

Pyxis Tankers: The shipping company owned by Valentios Valentis, which manages four ships (three tankers and one bulk carrier), had net income of 18.7 million and a net loss of 1.3 million in the first half of the year. The listed company records a capitalization of 30 million dolalrs and an enterprise value of 70 million.

Seanergy Maritime: The company owned by Stamatis Tsantanis has a market cap of 182 million, while the value of operating activities amounts to 465 million. The company recorded net income of 61.7 million, while a net loss of 4 million was recorded in the first half of the year. The company’s fleet consists of 21 capesize bulk carriers.

United Maritime Corporation: The shipping company, also owned by Stamatis Tsantanis, recorded net income of 20.2 million. Its net losses and adjusted net losses for the first half were 3.5 million and 4.2 million, respectively. The company, which operates a fleet of seven bulk carriers, has a market capitalization of 16 million and an enterprise value of 96 million.

Icon Energy: The net income of the company owned by Isminis Panagiotidis stood at 3.5 million in the first half, while a net loss of 3.6 million was recorded in the same period. The company has two cargo ships, a market capitalization of 4.5 million and an enterprise value of 37 million.

Toro Corp.: The Nasdaq-listed company, owned by Petros Panagiotidis, reported revenue of 5.5 million and profits of 1.4 million in the first quarter (it has not yet published half-year results). Toro has a market cap of 62 million and an enterprise value of 31 million.

Castor Maritime: The company, also owned by Petros Panagiotidis, has not published half-year results. In the first quarter, the company recorded revenues of 11.3 million and a loss of 22.3 million. Castor, which manages 13 ships, 11 bulk carriers and two containerships, has a market cap of 20 million dollars and an enterprise value of 17 million.

Top Ships: Regarding the shipping company that controls a fleet of eight tankers (capitalization of 28 million and enterprise value of 286 million), the results relate to 2024. The net profits of the company, owned by Evangelos Pistiolis, decreased to 5.03 million last year, from 6.06 million in 2023, while revenues increased to 86.12 million.

Finally, it is noted that Robin Energy and Rubico were recently listed on the US stock exchange and have not announced financial results.