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
Employment (*) TCE Rate ($/day)
MARCOS V(*) Intermediate 72,968 6,350 2005 TC until Dec-24
plus 12 months option
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

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

(*) 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%)