Fleet Profile & Employment
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 plus 12 months option |
$42,200 option $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 Dec-23 | $18,000 |
| SYNERGY OAKLAND(*) | Intermediate | 50,787 | 4,253 | 2009 | TC until May-26 | $42,000 |
| SYNERGY KEELUNG(+) | Intermediate | 50,969 | 4,253 | 2009 | TC until Jun-23 | $14,500 |
| EMMANUEL P (ex-SEASPAN MELBOURNE) (*) | Intermediate | 50,796 | 4,250 | 2005 | TC until Mar-25 | $19,000 |
| RENA P (ex-SEASPAN MANILA)(*) | Intermediate | 50,796 | 4,250 | 2007 | TC until Apr-24 then until Feb-25 |
$20,250 CONTEX(***) basis with $13,000 floor and $21,000 ceiling |
| EM KEA(*) | Feeder | 42,165 | 3,100 | 2007 | TC until May-23 | $22,000 |
| EM ASTORIA(+) | Feeder | 35,600 | 2,788 | 2004 | TC until Feb-23 then until Feb-24 then until Feb-25 |
$65,000 $50,000 $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 Aug-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 April-23 | $20,000 |
| JOANNA(*) | Feeder | 22,301 | 1,732 | 1999 | TC until May-23 | $14,500 |
| AEGEAN EXPRESS(*) | Feeder | 18,581 | 1,439 | 1997 | TC until Aug-23 | $13,000 |
| Total Container Carriers on the Water |
17 | 666,038 | 53,261 |
| Vessels under construction | Type | Dwt | TEU | To be delivered | Employment(*) | TCE Rate ($/day) |
|---|---|---|---|---|---|---|
| GREGOS (*) | Feeder | 37,237 | 2,800 | Q1 2023 | TC until Mar-26 | $48,000 |
| TERATAKI (*) | Feeder | 37,237 | 2,800 | Q2 2023 | TC until June-26 | $48,000 |
| TENDER SOUL | Feeder | 37,237 | 2,800 | Q4 2023 | ||
| LEONIDAS Z | Feeder | 37,237 | 2,800 | Q1 2024 | ||
| MONICA | Feeder | 22,262 | 1,800 | Q2 2024 | ||
| STEPHANIA K | Feeder | 22,262 | 1,800 | Q2 2024 | ||
| PEPI STAR | Feeder | 22,262 | 1,800 | Q2 2024 | ||
| DEAR PANEL | Feeder | 37,237 | 2,800 | Q4 2024 | ||
| SYMEON P | Feeder | 37,237 | 2,800 | Q4 2024 | ||
| Total under construction | 9 | 290,208 | 22,200 |
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 (+).
(**)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.
(***) Rate is net of commissions (which are typically 5-6.25%)