One year after the change of page in management and with shipping now at the core of its strategy, Y/KNOT Invest is returning to a profitable course, leaving behind a series of loss-making years.
The first-half results reflect the first substantial impact of the transformation currently under way, with management appearing optimistic about what comes next and pointing to a business model that is not limited exclusively to the operation of the owned fleet.
The company now has a presence in both tankers and dry bulk, while at the same time seeking opportunities through cargo transportation agreements as well, taking advantage of conditions in the international freight market.
“This is only the beginning”
In response to a question from Euro2day on the occasion of the company’s return to profitability in just one year since the new management took office, Chairman Mr. Rigas Tzortzis stated:
“We succeeded, through decisive and tactical moves and above all through teamwork, in achieving what for many seemed impossible. To leave behind a series of consecutive loss-making years.
We made the first move on Euronext Athens, putting shipping on the map of the Greek capital market. We built a presence in both tankers and dry bulk vessels, while also completing significant agreements that generated revenue without the use of our own fleet.
These moves show our ability to read the market correctly and capitalize on investment opportunities. And for us, this is only the beginning. This ability differentiates us and makes us even more optimistic about the future because it is now part of the company’s new DNA”.
A characteristic example of the strategy referred to by Y/KNOT’s chairman is the cargo transportation agreement with ArcelorMittal, which was announced in July and generated revenues of approximately $1.44 million, without requiring the use of a vessel from the company’s fleet for its execution.
At the same time, Y/KNOT has already begun to capitalize on the investments in its owned fleet. The Aframax tanker Amethyst, which was acquired at the end of June for $44.1 million, is already on its first charter, lasting 2.5 to 3.5 months. This specific agreement is estimated to generate revenues of between $3 million and $5.5 million.
From losses of 1.7 million euros to profits
The change in direction is also reflected in the first-half figures. The group’s comparable revenues increased to 6.4 million euros, from 1.6 million euros in the corresponding period of 2025, while comparable EBITDA came to 518 thousand euros, versus negative EBITDA of approximately 140 thousand euros a year earlier.
On the bottom line, Y/KNOT posted net profits after taxes of 52 thousand euros, compared with losses of 1.7 million euros in the first half of 2025.
The figures for the previous fiscal year have been adjusted for comparability purposes, so as not to include the subsidiaries that were transferred during the first half of 2026 and no longer belong to the group.
There is also a particularly large change in the financial picture. The group’s equity amounted to 26.8 million euros from 4.4 million euros at the end of 2025, following the share capital increase that was oversubscribed by 1.5 times.
At the same time, net debt was reduced to 1.5 million euros at the end of June, compared with 15.1 million euros on December 31, 2025, with the leverage ratio declining to 5.3% from 77.5%.