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Fleet Profile
  • Vessel Profiles
  • Fleet Employment

    Fleet Employment

    Euroseas employs its vessels in the spot charter market, under period time charters, pool arrangements and FFA contracts. As of December 2009, 11 of Euroseas' vessels are employed under time charters and two dry bulk vessels, "IRINI" and "Monica P", are employed in the Baumarine spot pool and Bulkhandling spot pool, respectively. 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.




    Euroseas Ltd. fleet profile is as follows:
    Name Type Dwt TEU Year Built
    Employment*
    TCE Rate ($/day)
    Dry Bulk Vessels
    PANTELIS Panamax 74,020   2000
    TC 'til Jan-10
    Then until Feb-12
    $25,200
    $17,500
    ELENI P Panamax 72,119   1997
    TC 'til May-10
    $15,350
    IRINI(1) Panamax 69,734 1988
    Baumarine Pool
     
    ARISTIDES N.P. Panamax 69,268 1993
    TC 'til Mar-10
    Then until Mar-12
    $12,350
    $18,900
    MONICA P (2) Handymax 46,667 1998
    Bulkhandling Pool
     
    Total Dry Bulk Vessels 6 370,499
    Multipurpose Dry Cargo Vessels
    TASMAN TRADER 1 22,568 950 1990
    TC 'til Mar-12
    $9,500 'til Dec-10
    $9,000 'til Mar-12
    Container Carriers
    MAERSK NOUMEA Intermediate 34,677 2,556 2001
    TC until Aug-11
    (3 annual options
    'til Aug-14)
    $16,800 'til Aug-11
    $18,735 'til Aug-12
    $19,240 'til Aug-13
    $19.750 'til Aug-14
    TIGER BRIDGE Intermediate 31,627 2,228 1990
    TC until June 2010
    (option till March 2011)
    (option till March 2012)
    4,000
    4,000
    7,500
    DESPINA P Handy size 33,667 1,932 1990
    Laid-up
     
    JONATHAN P (ex-OEL INTEGRITY) Handy size 33,667 1,932 1990
    Laid-up
     
    CAPTAIN COSTAS
    (ex- OEL TRANSWORLD)
    Handy size 30,007 1,742 1992
    TC till Feb 2010
    Then until Jun-10
    $4,000 'till Feb-10
    $4,250 'till Jun-10
    YM Port Kelang
    (ex-Mastro Nicos)
    Handy size 23,596 1,599 1993
    TC 'til Nov-10
    (option 'til Nov-11)
    $3,750 'til Nov-10
    $5,900 'til Nov-11
    MANOLIS P Handy size 20,346 1,452 1995
    TC till Apr 2010
    (Option till Oct 2010)
    (Option till Oct 2011)
    $3,850 'til Jan-10
    $4,000 'til Jun-10
    CONTEX less10% 'til Jun-11
    NINOS (ex-YM QINGDAO I) Feeder 18,253 1,169 1990
    TC 'til April 2010
    thereafter TC 'til June-10
    $3,900
    $4,200
     
    KUO HSIUNG Feeder 18,154 1,169 1993
    TC 'til March 2010-December 2010/
    Then option til June 2011
    $3,850/
    then $5,300
    Total Container Carriers 10 273,687 17,877
    Fleet Grand Total 15 598,370 16,729

    * TC denotes time charter. All dates listed are the earliest redelivery dates under each TC.


    (1) "Irini" is employed in the Baumarine spot pool that is managed by Klaveness, a major global charterer in the drybulk market.
    (2) "Monica P" is employed in the Bulkhandling spot pool that is also managed by Klaveness.





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