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.

Fleet Profile:


The Euroseas Ltd. fleet profile is as follows:
Name Type Dwt TEU Year
Built
Employment (*) TCE Rate ($/day)
MARCOS V(*) Intermediate 72,968 6,350 2005 TC until Dec-24
TC until Aug-25
$42,200
$15,000
SYNERGY BUSAN(*) Intermediate 50,726 4,253 2009 TC until Aug-24 $25,000
SYNERGY ANTWERP(*) Intermediate 50,726 4,253 2008 TC until Mar-25 $26,500(**)
SYNERGY OAKLAND(*) Intermediate 50,787 4,253 2009 TC until May-26 $42,000
SYNERGY KEELUNG(*) Intermediate 50,969 4,253 2009 TC until Apr-25 $23,000
EMMANUEL P(*) Intermediate 50,796 4,250 2005 TC until Apr-25 $21,000
RENA P(*) Intermediate 50,796 4,250 2007 TC until Apr-25 $21,000
EM KEA(*) Feeder 42,165 3,100 2007 TC until May-26 $19,000
GREGOS(*) Feeder 37,237 2,800 2023 TC until Apr-26 $48,000
TERATAKI(*) Feeder 37,237 2,800 2023 TC until Jul-26 $48,000
TENDER SOUL(*) Feeder 37,237 2,800 2024 TC until Oct-24 $17,000
LEONIDAS Z(*) Feeder 37,237 2,800 2024 TC until Mar-26 $20,000
EM ASTORIA(+)(****) Feeder 35,600 2,788 2004 TC until May/Jun-24 $20,000
EVRIDIKI G(*) Feeder 34,677 2,556 2001 TC until Feb-25 $40,000
EM CORFU(*) Feeder 34,654 2,556 2001 TC until Feb-25 $40,000
DIAMANTIS P(*) Feeder 30,360 2,008 1998 TC until Oct-24 $27,000
EM SPETSES(*) Feeder 23,224 1,740 2007 TC until Jul-24 $29,500
JONATHAN P(*) Feeder 23,357 1,740 2006 TC until Sep-24 $26,662(***)
EM HYDRA(*) Feeder 23,351 1,740 2005 TC until Feb-25 $13,000
JOANNA(*) Feeder 22,301 1,732 1999 TC until Aug-24 $13,500
MONICA Feeder 22,262 1,800 2024 TC until May-25 $16,000
AEGEAN EXPRESS(*) Feeder 18,581 1,439 1997 TC until Oct-24 $8,000
Total Container Carriers
on the Water
22 837,248 66,261


Vessels under construction Type Dwt TEU To be delivered Employment(*) TCE Rate ($/day)
STEPHANIA K (H4249) Feeder 22,262 1,800 Q2 2024TC until May-26$22,000
PEPI STAR (H4250) Feeder 22,262 1,800 Q3 2024    
DEAR PANEL (H4251) Feeder 37,237 2,800 Q4 2024    
SYMEON P (H4252) Feeder 37,237 2,800 Q4 2024    
Total under construction 4 118,998 9,200     

Notes:

(*) TC denotes time charter. All dates listed are the earliest redelivery dates under each time charter unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+).

(**) Rate is gross of commissions of 2.5% (commissions are, typically, 5-6.25%)

(***) Rate is net of commissions (commissions are, typically, 5-6.25%)

(****) We have agreed to sell the vessel to a third party. The vessel will be delivered to its buyers by June 30, 2024.