Fleet Profile & Employment

Euroseas employs its vessels under both short term, long term and index linked charters. Euroseas has a policy of employing a minimum number of its vessels under period time charters sufficient to cover its expenses for the next 12 months.

A time charter is a contract to charter a vessel for an agreed period of time at a set daily rate. Under time charters, the charterer pays these voyage expenses.

Under all types of charters, Euroseas will pay for vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs. Euroseas is also responsible for each vessel's intermediate drydocking and special survey costs.

Vessels operating on longer period charters provide more predictable cash flows, but can yield lower profit margins than vessels operating in the spot market during periods characterized by favorable market conditions. However, Euroseas would then be exposed to the risk of declining market charter rates, which may be higher or lower than the rates at which Euroseas chartered its vessels. Euroseas is constantly evaluating opportunities for longer period charters, but only enters into these contracts if can obtain contract terms that satisfy its criteria.

Container Carriers

Name Type Dwt TEU Year Built Employment (*) TCE Rate ($/day)
AKINADA BRIDGE Intermediate 71,366 5,610 2001 TC till Oct-20 thereafter 'til Nov-21 plus 10-12 months option $16,000;
$17,250;
option $20,000
SYNERGY BUSAN Intermediate 50,726 4,253 2009 TC 'til Oct 20 plus 4-6 months option $8,100; option $12,000
SYNERGY ANTWERP Intermediate 50,726 4,253 2008 TC 'til Dec-20 $8,000
SYNERGY OAKLAND Intermediate 50,787 4,253 2009 TC 'til Oct-20 plus 8-12 months extension $10,000 'til Oct-20; CONTEX (**) 4250 less 10%
SYNERGY KEELUNG Intermediate 50,969 4,253 2009 TC 'til Dec-20/Jun-22 plus 8-12 months option $10,000 'til Jun-21; $11,750 'til Jun-22; option $14,500
EM KEA Feeder 42,165 3,100 2007 TC 'til Oct-20 $8,100
EM ASTORIA Feeder 35,600 2,788 2004 TC 'til Sep-20 $8,500
EVRIDIKI G Feeder 34,677 2,556 2001 TC 'til Nov-20 $8,250
EM CORFU Feeder 34,654 2,556 2001 TC 'til Sep-21 $10,200
EM ATHENS Feeder 32,350 2,506 2000 TC 'til Oct-20 $9,250
DIAMANTIS P Feeder 30,360 2,008 1998 TC 'til Aug-21 $6,500
EM SPETSES Feeder 23,224 1,740 2007 TC until Sep-20 plus 5-7 months option $7,000; option $8,100
EM HYDRA Feeder 23,351 1,740 2005 TC until Feb-21 $7,200
JOANNA Feeder 22,301 1,732 1999 TC 'til Feb-21 $8,050
AEGEAN EXPRESS Feeder 18,581 1,439 1997 TC until Dec-20 $5,900
Fleet Grand Total 15 571,837 44,787 15.5 years

Note:

(*) Represents the earliest redelivery date

(**) The CONTEX (Container Ship Time Charter Assessment Index) has been published by the Hamburg and Bremen Shipbrokers' Association (VHBS) since October 2007. The CONTEX is a company-independent index of time charter rates for container ships. It is based on assessments of the current day charter rates of six selected container ship types, which are representative of their size categories: Type 1,100 TEU and Type 1,700 TEU with a charter period of one year, and the Types 2,500, 2,700, 3,500 and 4,250 TEU all with a charter period of two years.