We believe that we possess the following competitive strengths:
Experienced Management Team. Our management team has significant
experience in all aspects of commercial, technical, operational and
financial areas of our business. Aristides J. Pittas, our Chairman and
Chief Executive Officer, holds a dual graduate degree in Naval
Architecture and Marine Engineering and Ocean Systems Management from
the Massachusetts Institute of Technology. He has worked in various
technical, shipyard and ship management capacities and since 1991 has
focused on the ownership and operation of vessels carrying dry
cargoes. Dr. Anastasios Aslidis, our Chief Financial Officer, holds a
Ph.D. in Ocean Systems Management also from Massachusetts Institute of
Technology and has over 20 years of experience, primarily as a partner
at a Boston based international consulting firm focusing on investment
and risk management in the maritime industry.
Cost Effective Vessel Operations. We believe that because of the efficiencies afforded to us through Eurobulk, the strength of our management team and the quality of our fleet, we are, and will continue to be, a reliable, low cost vessel operator, without compromising our high standards of performance, reliability and safety. Despite the average age of our fleet being little over 17 years during 2008, our total vessel operating expenses, including management fees and general and administrative expenses were $6,469 per day for the year ended December 31, 2008. We consider this amount to be among the lowest of the publicly listed drybulk shipping companies in the U.S. Our technical and operating expertise allows us to efficiently manage and transport a wide range of cargoes with a flexible trade route profile, which helps reduce ballast time between voyages and minimize off-hire days. Our professional, well-trained masters, officers and on board crews further help us to control costs and ensure consistent vessel operating performance. We actively manage our fleet and strive to maximize utilization and minimize maintenance expenditures. For the year ended December 31, 2008, our fleet utilization was 98.0% and since 2002 our utilization rate has averaged in excess of 99.0%.
Strong Relationships with Customers and Financial Institutions. We
believe Eurobulk and the Pittas family have developed strong industry
relationships and have gained acceptance with charterers, lenders and
insurers because of their long-standing reputation for safe and
reliable service and financial responsibility through various shipping
cycles. Through Eurobulk, we offer reliable service and cargo carrying
flexibility that enables us to attract customers and obtain repeat
business. We also believe that the established customer base and
reputation of Eurobulk and the Pittas family helps us to secure
favorable employment for our vessels with well known charterers.
