Our Fleet

Euroseas employs its vessels in the spot charter market, under period time charters, pool arrangements and FFA contracts. As of May 2020, 16 of Euroseas' vessels are employed under time 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 spot charter is a contract to carry a specific cargo for a single trip. Spot charters can be spot voyage charters or spot time charters. Under spot voyage charters, Euroseas is paid on a per ton of cargo carried basis and pays voyage expenses such as port, canal and fuel costs. 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. A spot time charter is for a single voyage, while a period time charter is one under which the vessel is chartered for a period of time. A pool charter is essentially a time charter with a floating charter rate. The actual charter hire the pool vessel receives is its corresponding share of all the income generated by all vessels that participate in the pool. A short fund comprises of one or more contracts of affreightment ("COA"). These are contracts secured by the pool manager for carrying some specific types and quantities of cargo over a fixed time horizon at a fixed rate per ton of cargo carried. The combined effect of having a vessel in a spot pool and securing COA's can be equivalent to establishing a long term time charter.

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 time charter 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. Vessels operating in the spot market generate revenues that are less predictable but may enable Euroseas to increase profit margins during periods of improvements in drybulk rates. 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 time charters, but only expects to enter into additional time charters if Euroseas can obtain contract terms that satisfy its criteria.

Container Carriers

Name Type Dwt TEU Year Built Employment TCE Rate ($/day)
AKINADA BRIDGE Intermediate 71,366 5,610 2001 TC 'til Oct-20 $16,000
SYNERGY BUSAN Intermediate 50,726 4,253 2009 TC 'til Aug-20/ Nov-20 plus 4-6 months option $12,900 till Aug-20; 8,100 till Nov-20;
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 Jul-20 plus 8-12 months extension option $10,000 'til Oct-20; option 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 Sep-20 $10,250
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-20
TC 'til Aug-21
$8,000
$6,500
EM SPETSES Feeder 23,224 1,740 2007 TC 'til Sep-20 plus 5-7 months option $8,100 $7,000
EM HYDRA Feeder 23,351 1,740 2005 TC 'til Sep-20 $7,000
JOANNA Feeder 22,301 1,732 1999 TC 'til Feb-21 $8,050
AEGEAN EXPRESS Feeder 18,581 1,439 1997 TC 'til Oct-20 $5,900
NINOS Feeder 18,253 1,169 1990 TC 'til Aug-20 $6,500
Fleet Grand Total 16 589,991 45,956 17.2 years

Note:

(*) TC denotes time charter. Charter duration indicates 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