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.
|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;
|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|
(*) 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.