Our Fleet

Euroseas employs its vessels in the spot charter market, under period time charters, pool arrangements and FFA contracts. As of June 2018, 11 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 5,600 2001 TC 'till Aug-18 $16,500
EM ASTORIA Feeder 35,600 2,788 2004 undergoing repairs
EVRIDIKI G Feeder 34,677 2,556 2001 TC 'till Nov-18 $9,950
EM CORFU Feeder 34,654 2,556 2001 TC 'till Dec-18 $9,950
EM ATHENS Feeder 32,350 2,506 2000 TC 'till Apr-19 $10,400
EM OINOUSSES Feeder 32,350 2,506 2000 TC 'till Sep-18
+ 12 months in Charterers Option
JOANNA Feeder 22,301 1,732 1999 TC 'till Sep-18 $10,500
MANOLIS P Feeder 20,346 1,452 1995 TC 'till Apr-19 $9,500
AEGEAN EXPRESS Feeder 18,581 1,439 1997 TC 'till Sep-18 $10,500
NINOS Feeder 18,253 1,169 1990 TC 'till Sep-18 $11,900
KUO HSIUNG Feeder 18,154 1,169 1993 TC 'till Oct-18 $11,900
Fleet Grand Total 11 338,632 25,473

* BPI is the Baltic Panamax Index.

Note: Charter duration indicates the earliest redelivery date 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 (***). Generally, charterers have a range of 15 days to 3 of months to redeliver the vessels depending on the length of the charter.