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 Oct-25 | $15,000 |
| SYNERGY BUSAN(*) | Intermediate | 50,726 | 4,253 | 2009 | TC until Dec-27 | $35,500 |
| SYNERGY ANTWERP(+)(*) | Intermediate | 50,726 | 4,253 | 2008 | TC until May-25 then until May-28 |
$26,500 $35,500 |
| SYNERGY OAKLAND(*) | Intermediate | 50,787 | 4,253 | 2009 | TC until May-26 | $42,000 |
| SYNERGY KEELUNG(+)(*) | Intermediate | 50,969 | 4,253 | 2009 | TC until Jun-25 TC until Jun-28 |
$23,000 $35,500 |
| EMMANUEL P(+) | Intermediate | 50,796 | 4,250 | 2005 | TC until Aug-25 | $21,000 |
| RENA P(+) | Intermediate | 50,796 | 4,250 | 2007 | TC until Aug-25 then until Aug-28 |
$21,000 $35,500 |
| 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-27 | $32,000 |
| LEONIDAS Z(*) | Feeder | 37,237 | 2,800 | 2024 | TC until Mar-26 | $20,000 |
| DEAR PANEL | Feeder | 37,237 | 2,800 | 2025 | TC until Nov-27 | $32,000 |
| SYMEON P | Feeder | 37,237 | 2,800 | 2025 | TC until Nov-27 | $32,000 |
| PEPI STAR(*) | Feeder | 22,262 | 1,800 | 2024 | TC until Jun-26 | $24,250 |
| EVRIDIKI G(*) | Feeder | 34,677 | 2,556 | 2001 | TC until Apr-26 | $29,500 |
| EM CORFU(*) | Feeder | 34,654 | 2,556 | 2001 | TC until Aug-26 | $28,000 |
| MONICA(+) | Feeder | 22,262 | 1,800 | 2024 | TC-until May-25 then until May-27 |
$16,000 $23,500 |
| STEPHANIA K(*) | Feeder | 22,262 | 1,800 | 2024 | TC until May-26 | $22,000 |
| EM SPETSES(*) | Feeder | 23,224 | 1,740 | 2007 | TC until Feb-26 | $18,100 |
| JONATHAN P(*) | Feeder | 23,357 | 1,740 | 2006 | TC until Sep-25 | $20,000 |
| EM HYDRA(*) | Feeder | 23,351 | 1,740 | 2005 | TC until May-25 then until May-27 |
$13,000 $19,000 |
| Total Container Carriers on the Water |
22 | 849,404 | 67,494 |
| Vessels under construction | Type | Dwt | TEU | To be delivered | Employment(*) | TCE Rate ($/day) |
|---|---|---|---|---|---|---|
| ELENA (H1711) | Intermediate | 55,200 | 4,300 | Q4 2027 | ||
| NIKITAS G (H1712) | Intermediate | 55,200 | 4,300 | Q4 2027 | ||
| Total under construction | 2 | 110,400 | 8,600 |
Notes:
(*) TC denotes time charter. Charter duration indicates the earliest redelivery date; all dates listed are the earliest redelivery dates under each TC 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 net of commissions (which are typically 5-6.25%)