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 Dec-24 Then until Dec-27 |
$25,000 $35,500(***) |
| 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 Dec-24 | $17,000 |
| LEONIDAS Z(*) | Feeder | 37,237 | 2,800 | 2024 | TC until Mar-26 | $20,000 |
| PEPI STAR(*) | Feeder | 22,262 | 1,800 | 2024 | TC until Jun-26 | $24,250(**) |
| EVRIDIKI G(*) | Feeder | 34,677 | 2,556 | 2001 | TC until 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 |
| MONICA(*) | Feeder | 22,262 | 1,800 | 2024 | TC until May-25 | $16,000 |
| STEPHANIA K(*) | Feeder | 22,262 | 1,800 | 2024 | TC until May-26 | $22,000(**) |
| EM SPETSES(*) | Feeder | 23,224 | 1,740 | 2007 | TC until Apr-26 | $18,100 |
| JONATHAN P(*) | Feeder | 23,357 | 1,740 | 2006 | TC until Oct-24 Then until Sep-25 |
$27,000(***) $20,000 |
| EM HYDRA(*) | Feeder | 23,351 | 1,740 | 2005 | TC until Feb-25 | $13,000 |
| JOANNA(*) | Feeder | 22,301 | 1,732 | 1999 | In drydock Then from Oct-24 to Aug-26 | $16,500(****) |
| AEGEAN EXPRESS(+) | Feeder | 18,581 | 1,439 | 1997 | TC until Dec-24 | $8,000 |
| Total Container Carriers on the Water |
23 | 846,172 | 67,073 |
| Vessels under construction | Type | Dwt | TEU | To be delivered | Employment(*) | TCE Rate ($/day) |
|---|---|---|---|---|---|---|
| DEAR PANEL (H4251) | Feeder | 37,237 | 2,800 | Jan-2025 | ||
| SYMEON P (H4252) | Feeder | 37,237 | 2,800 | Jan-2025 | ||
| Total under construction | 2 | 74,474 | 5,600 |
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 gross of commissions of 1.25% (commissions are, typically, 5-6.25%)
(****) Rate is $19,000 for the first 17 months, $9,500 for the next six months and $16,500 for redelivery range.