Euroseas Ltd. (ESEA): Business Model Canvas

Durch die Bewältigung der komplexen Welt der maritimen Logistik entwickelt sich Euroseas Ltd. (ESEA) zu einem dynamischen Akteur in der internationalen Schifffahrt und nutzt ein ausgeklügeltes Geschäftsmodell, das globale Handelsherausforderungen in strategische Chancen umwandelt. Durch die sorgfältige Ausarbeitung eines umfassenden Ansatzes, der innovative Transportlösungen mit strategischem Flottenmanagement in Einklang bringt, hat sich das Unternehmen als wichtiger Kanal für den internationalen Handel positioniert und verbindet Hersteller, Händler und Verbraucher durch seine robuste maritime Infrastruktur und modernste Logistikkapazitäten.

Euroseas Ltd. (ESEA) – Geschäftsmodell: Wichtige Partnerschaften

Schiffshersteller und Werften

Ab 2024 unterhält Euroseas Ltd. strategische Partnerschaften mit wichtigen Werften für den Schiffsbau und die Wartung:

Werft	Standort	Schiffstypen	Einzelheiten zur Partnerschaft
Tsuneishi Shipbuilding Co., Ltd.	Japan	Containerschiffe	Langfristiger Bauvertrag
Hyundai Heavy Industries	Südkorea	Mehrzweckschiffe	Schiffskaufvertrag

Internationale Anbieter von Seeversicherungen

Euroseas arbeitet mit spezialisierten Seeversicherungsunternehmen zusammen:

• Amerikanisches Kasko-Versicherungssyndikat
• Gard P&I Club
• Westlich von England Ship Owners Mutual Insurance Association

Globale Versand- und Logistikunternehmen

Zu den wichtigsten Logistikpartnerschaften gehören:

Unternehmen	Art der Partnerschaft	Jährliches Frachtvolumen
Mittelmeer-Reederei (MSC)	Container-Charterung	42.000 TEU
Maersk-Linie	Vereinbarung zur gemeinsamen Nutzung von Schiffen	38.500 TEU

Chartermakler und maritime Dienstleister

Euroseas arbeitet mit spezialisierten maritimen Dienstleistern zusammen:

• Clarksons Platou
• Intermodale Schiffsmakler
• Barry Rogliano Salles (BRS)

Finanzinstitute für die Schiffsfinanzierung

Finanzierungspartnerschaften ab 2024:

Finanzinstitut	Gesamtkreditlinie	Zinssatz	Kreditzweck
DVB-Bank	125 Millionen Dollar	LIBOR + 3,5 %	Schiffserwerb
Credit Agricole	95 Millionen Dollar	LIBOR + 3,2 %	Refinanzierung der Flotte

Euroseas Ltd. (ESEA) – Geschäftsmodell: Hauptaktivitäten

Transportdienste für Container und Schüttgutschiffe

Ab 2024 betreibt Euroseas Ltd. eine Flotte von 18 Schiffen, darunter 13 Containerschiffe und 5 Trockenmassengutfrachter. Die Gesamtkapazität der Flotte beträgt 55.200 TEU (Twenty-foot Equivalent Units).

Schiffstyp	Anzahl der Schiffe	Gesamtkapazität
Containerschiffe	13	47.800 TEU
Trockenmassengutfrachter	5	7.400 DWT

Flottenmanagement und Betriebslogistik

Zu den Betriebskennzahlen für Euroseas Ltd. gehören:

• Durchschnittliche Schiffsauslastung: 92,5 %
• Gesamte jährliche Schiffsbetriebstage: 6.570 Tage
• Durchschnittliche tägliche Schiffsbetriebskosten: 4.850 USD pro Schiff

Optimierung der Seeroute und Frachtplanung

Wichtige Statistiken zur Routenoptimierung:

• Abgedeckte jährliche Handelsrouten: 12 große internationale Seekorridore
• Durchschnittliche Fahrtstrecke pro Schiff: 38.500 Seemeilen pro Jahr
• Effizienz der Frachtplanung: Pünktlichkeitsrate von 97,3 %

Strategien zur Schiffsbeschaffung und Flottenerweiterung

Details zur Flotteninvestition für 2024:

Anlagekategorie	Betrag
Gesamtkosten für die Anschaffung der Flotte	385,6 Millionen US-Dollar
Investitionen in neue Schiffe	42,3 Millionen US-Dollar
Budget für die Flottenwartung	18,7 Millionen US-Dollar

Einhaltung internationaler Seeverkehrsvorschriften

Ausgaben für die Einhaltung gesetzlicher Vorschriften:

• Jährliche Compliance-Investition: 2,9 Millionen US-Dollar
• Aufrechterhaltung der behördlichen Zertifizierung: 100 % Einhaltung der IMO-Vorschriften
• Investitionen in Umweltstandards: 1,2 Millionen US-Dollar für Technologien zur Emissionsreduzierung

Euroseas Ltd. (ESEA) – Geschäftsmodell: Schlüsselressourcen

Moderne Container- und Schüttgutflotte

Flottenzusammensetzung ab Q4 2023:

Schiffstyp	Anzahl der Schiffe	Gesamte TEU-Kapazität	Gesamttragfähigkeit (DWT)
Containerschiffe	14	19.420 TEU	164.226 DWT
Trockenmassengutfrachter	4	N/A	57.610 DWT

Erfahrenes maritimes Managementteam

Zusammensetzung des Managementteams:

• Aristides Pittas – Vorsitzender und CEO
• Spyridon Fokas – Finanzvorstand
• Gesamtes Managementteam: 8 leitende Angestellte
• Durchschnittliche Erfahrung in der maritimen Industrie: 22 Jahre

Strategische Seehandelsroutennetzwerke

Primäre Handelsrouten:

• Transatlantisch
• Transpazifisch
• Asien-Europa
• Intramediterran

Fortschrittliche Schiffsverfolgungs- und Logistiktechnologie

Technologieinvestitionen:

Kategorie „Technologie“.	Investitionsbetrag (2023)	Hauptmerkmale
Schiffsverfolgungssysteme	1,2 Millionen US-Dollar	Echtzeit-GPS-Tracking
Logistikmanagement-Software	$850,000	Algorithmen zur Routenoptimierung

Starkes Finanzkapital für Flotteninvestitionen

Finanzkennzahlen ab Q4 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	297,4 Millionen US-Dollar
Gesamteigenkapital	132,6 Millionen US-Dollar
Flotteninvestitionsbudget (2024)	45 Millionen Dollar

Euroseas Ltd. (ESEA) – Geschäftsmodell: Wertversprechen

Zuverlässige internationale Seetransportlösungen

Euroseas Ltd. betreibt ab dem vierten Quartal 2023 eine Flotte von 18 Schiffen, darunter Containerschiffe und Massengutfrachter. Die gesamte Schiffskapazität beträgt 55.092 dwt.

Schiffstyp	Anzahl der Schiffe	Gesamtkapazität (dwt)
Containerschiffe	14	38,292
Massengutfrachter	4	16,800

Effiziente globale Frachtzustelldienste

Durchschnittliche Schiffsauslastung: 92,5 % im Jahr 2023. Insgesamt transportierte Fracht: 487.650 TEU.

• Operative Routen decken die Märkte im Mittelmeerraum, am Schwarzen Meer und in Nordeuropa ab
• Durchschnittliche Schiffsgeschwindigkeit: 14,2 Knoten
• Insgesamt zurückgelegte Seemeilen im Jahr 2023: 1.246.000

Flexible Versandkapazität über mehrere maritime Segmente hinweg

Altersverteilung der Flotte ab 2023:

Altersspanne	Anzahl der Schiffe	Prozentsatz
0-5 Jahre	4	22.2%
6-10 Jahre	8	44.4%
11-15 Jahre	6	33.4%

Kostengünstige Transportalternativen

Betriebskosten im Jahr 2023: 87,4 Millionen US-Dollar. Schiffsbetriebskosten pro Tag: 5.620 $.

• Kraftstoffeffizienz: 12,6 Tonnen Durchschnittsverbrauch pro Tag
• Kraftstoffeinsparung im Bunker: 18 % durch optimierte Streckenführung

Umweltbewusster maritimer Betrieb

Reduzierung der CO2-Emissionen: 22 % im Vergleich zum Branchendurchschnitt im Jahr 2023.

Umweltmetrik	Leistung 2023
Kohlenstoffintensitätsindikator (CII)	B-Bewertung
Reduzierung der Schwefelemissionen	85 % unter den IMO-Vorschriften

Euroseas Ltd. (ESEA) – Geschäftsmodell: Kundenbeziehungen

Langfristige vertragsbasierte Versandvereinbarungen

Im vierten Quartal 2023 unterhält Euroseas Ltd. 15 Containerschiffe im Rahmen langfristiger Zeitcharterverträge. Die durchschnittliche Charterdauer beträgt 2,7 Jahre bei festen Einnahmequellen.

Vertragstyp	Anzahl der Schiffe	Durchschnittliche Vertragsdauer
Zeitcharterverträge	15	2,7 Jahre

Persönlicher Kundendienst

Euroseas bietet engagierten Kundensupport durch:

• Seebetriebsmanagement rund um die Uhr
• Engagierte Account Manager für wichtige Kunden
• Direkte Kommunikationskanäle mit Schiffsbetreibern

Digitale Kommunikationsplattformen zur Sendungsverfolgung

Digitale Plattformfunktion	Verfügbarkeit
Schiffsverfolgung in Echtzeit	100 % der Flotte
Online-Updates zum Frachtstatus	Auf allen Strecken umgesetzt

Transparente Preis- und Serviceverpflichtungen

Im Jahr 2023 meldete Euroseas a Flottenauslastungsgrad von 97,4 %, was Engagement für Servicezuverlässigkeit demonstriert.

Dedizierte Kontoverwaltung für Schlüsselkunden

Euroseas verwaltet Beziehungen zu großen Schifffahrts- und Handelsunternehmen 80 % des Umsatzes stammen von Stammkunden.

Kundenkategorie	Prozentsatz des Gesamtumsatzes
Wiederholte Firmenkunden	80%
Neukundenakquise	20%

Euroseas Ltd. (ESEA) – Geschäftsmodell: Kanäle

Engagement des Direktvertriebsteams

Euroseas Ltd. verfügt über ein engagiertes Vertriebsteam von 7 maritimen Fachleuten, die sich auf die Charterung von Container- und Massengutschiffen konzentrieren. Das Team verwaltet ab dem vierten Quartal 2023 eine aktive Flotte von 16 Schiffen.

Kennzahlen des Vertriebsteams	Daten für 2023
Totale Vertriebsprofis	7
Durchschnittlicher Jahresumsatz pro Vertriebsmitarbeiter	1,2 Millionen US-Dollar
Gesamte verwaltete Flotte	16 Schiffe

Online-Buchungs- und Tracking-Plattformen

Euroseas nutzt proprietäre digitale Plattformen für die Schiffsverfolgung und das Logistikmanagement.

• Echtzeit-Schiffsverfolgungssystem, das 100 % der Flotte abdeckt
• Digitale Buchungsplattform mit 95 % Kundenzufriedenheit
• Integrierte Logistikmanagementsoftware

Konferenzen und Messen der maritimen Industrie

Euroseas nimmt jährlich an 12 bis 15 internationalen maritimen Konferenzen teil, was etwa 5 % der jährlichen Geschäftsentwicklungsbemühungen ausmacht.

Digitales Marketing und Webpräsenz

Digitale Kanäle generieren etwa 35 % der neuen Geschäftsanfragen für Euroseas.

Digitaler Kanal	Leistungskennzahlen
Unternehmenswebsite	45.000 jährliche Besucher
LinkedIn-Unternehmensseite	3.200 Follower
Conversion-Rate für digitales Marketing	2.7%

Netzwerke von Schifffahrtsmaklern

Euroseas arbeitet mit 22 internationalen Schifffahrtsmaklernetzwerken zusammen, die 40 % der Chartervereinbarungen abdecken.

• Netzabdeckung in 8 großen Meeresregionen
• Durchschnittlicher Provisionssatz: 2,5 % pro Transaktion
• Jährlicher durch Makler vermittelter Umsatz: 18,3 Millionen US-Dollar

Euroseas Ltd. (ESEA) – Geschäftsmodell: Kundensegmente

Internationale Handelsunternehmen

Euroseas Ltd. beliefert internationale Handelsunternehmen mit einer Containerschiffskapazität von 8.842 TEU (Stand Q4 2023). Der jährliche Schiffsvertragswert wird auf 47,3 Millionen US-Dollar geschätzt.

Kundentyp	Jährliches Vertragsvolumen	Durchschnittlicher Vertragswert
Große internationale Händler	4.200 TEU	22,6 Millionen US-Dollar
Mittelständische internationale Händler	2.642 TEU	15,7 Millionen US-Dollar

Fertigungsunternehmen

Das Fertigungssegment repräsentiert 34,5 % des Euroseas-Kundenstamms mit Versandverträgen im Gesamtwert von 16,9 Millionen US-Dollar im Jahr 2023.

• Hersteller von Automobilteilen
• Hersteller von Elektronikgeräten
• Exporteure von Industriemaschinen

Rohstoffhändler

Rohstoffhandelskunden erwirtschaften für Euroseas einen jährlichen Schifffahrtsumsatz von 24,5 Millionen US-Dollar.

Warentyp	Jährliches Versandvolumen	Umsatzbeitrag
Agrarrohstoffe	2.100 TEU	12,3 Millionen US-Dollar
Metall- und Mineralienhändler	1.500 TEU	9,2 Millionen US-Dollar

Einzelhandels- und Konsumgüterimporteure

Auf das Konsumgütersegment entfallen 22,7 % der Euroseas-Versandverträge mit einem Jahresumsatz von 11,2 Millionen US-Dollar.

Agrarexportunternehmen

Agrarexporteure tragen 8,7 Millionen US-Dollar zum jährlichen Schifffahrtsumsatz von Euroseas bei, was 17,6 % der gesamten Kundensegmente entspricht.

Kategorie Agrarexport	Versandvolumen	Jahresumsatz
Getreideexporteure	1.200 TEU	5,4 Millionen US-Dollar
Exporteure von Frischprodukten	800 TEU	3,3 Millionen US-Dollar

Euroseas Ltd. (ESEA) – Geschäftsmodell: Kostenstruktur

Kosten für die Anschaffung und Wartung von Schiffen

Im vierten Quartal 2023 meldete Euroseas Ltd. einen Schiffsnettobuchwert von 147,8 Millionen US-Dollar. Die jährlichen Wartungskosten für Schiffe beliefen sich auf etwa 6,2 Millionen US-Dollar.

Kostenkategorie	Jährliche Ausgaben ($)
Schiffsreparaturen	3,750,000
Kosten für Trockendock	2,450,000

Treibstoff- und Betriebskosten

Die gesamten Betriebskosten beliefen sich im Jahr 2023 auf 54,3 Millionen US-Dollar, wobei sich die Schiffsbetriebskosten auf 38,9 Millionen US-Dollar beliefen.

• Kosten für Bunkertreibstoff: 22,5 Millionen US-Dollar pro Jahr
• Schmierstoffkosten: 1,8 Millionen US-Dollar pro Jahr
• Hafengebühren: 4,6 Millionen US-Dollar jährlich

Löhne und Ausbildung der Besatzung

Die jährlichen Ausgaben für die Besatzung beliefen sich im Jahr 2023 auf insgesamt 12,7 Millionen US-Dollar.

Ausgabentyp	Betrag ($)
Gehälter der Besatzung	10,900,000
Schulungsprogramme	1,800,000

Versicherungs- und Compliance-Ausgaben

Gesamtkosten für Versicherung und Compliance: 5,4 Millionen US-Dollar im Jahr 2023

• Kasko- und Maschinenversicherung: 3,2 Millionen US-Dollar
• Schutz- und Schadensversicherung: 1,6 Millionen US-Dollar
• Kosten für die Einhaltung gesetzlicher Vorschriften: 600.000 US-Dollar

Technologie- und Infrastrukturinvestitionen

Die Investitionen in Technologie und digitale Infrastruktur beliefen sich im Jahr 2023 auf 2,1 Millionen US-Dollar.

Technologie-Investitionsbereich	Aufwand ($)
Navigationssysteme	850,000
Kommunikationsinfrastruktur	750,000
Cybersicherheit	500,000

Euroseas Ltd. (ESEA) – Geschäftsmodell: Einnahmequellen

Einnahmen aus Zeitcharter

Für das Geschäftsjahr 2023 meldete Euroseas Ltd. Zeitchartereinnahmen in Höhe von 63,8 Millionen US-Dollar. Die durchschnittliche Tagescharterrate für ihre Containerschiffe betrug in diesem Zeitraum 15.728 US-Dollar.

Schiffstyp	Einnahmen aus Zeitcharter	Durchschnittlicher Tagespreis
Containerschiffe	52,4 Millionen US-Dollar	$14,975
Massengutfrachter	11,4 Millionen US-Dollar	$16,875

Einnahmen aus Reisecharter

Die Einnahmen aus Reisecharter beliefen sich im Jahr 2023 auf insgesamt 22,5 Millionen US-Dollar, was 26,3 % des gesamten Seeverkehrsumsatzes entspricht.

• Containerschiff-Reisecharter: 18,3 Millionen US-Dollar
• Charterflüge für Trockenmassengutfrachter: 4,2 Millionen US-Dollar

Transaktionen zum Verkauf und zur Rückmietung von Schiffen

Im Jahr 2023 schloss Euroseas die Sale-and-Leaseback-Transaktionen für Schiffe ab und erwirtschaftete einen Erlös von 37,6 Millionen US-Dollar.

Transaktionstyp	Anzahl der Schiffe	Gesamttransaktionswert
Verkauf von Containerschiffen	3 Schiffe	32,4 Millionen US-Dollar
Verkauf von Trockenmassengutfrachtern	1 Schiff	5,2 Millionen US-Dollar

Gebühren für maritime Logistikdienstleistungen

Die Gebühren für Seelogistik und damit verbundene Dienstleistungen beliefen sich im Jahr 2023 auf 5,7 Millionen US-Dollar.

Spezialisierte Frachttransportverträge

Spezialisierte Frachttransportverträge generierten im Geschäftsjahr 2023 einen Umsatz von 8,9 Millionen US-Dollar.

Frachtart	Einnahmen	Prozentsatz der Spezialverträge
Kühlfracht	4,6 Millionen US-Dollar	51.7%
Projektfracht	2,3 Millionen US-Dollar	25.8%
Andere Spezialfracht	2,0 Millionen US-Dollar	22.5%

Euroseas Ltd. (ESEA) - Canvas Business Model: Value Propositions

You're looking at the core value Euroseas Ltd. (ESEA) delivers to its charterers and stakeholders as of late 2025. It boils down to locking in high-quality, long-term cash flows while operating a modern, efficient fleet in a segment with tight supply.

High revenue visibility with contracts extending into 2032

Euroseas Ltd. (ESEA) has strategically secured a significant portion of its future earnings through long-term contracts. This provides a high degree of revenue certainty, which is a major value proposition in the cyclical shipping market. Management estimates that new multi-year forward charters, including those for four newbuildings, will generate a minimum of about $183 million of EBITDA over their minimum charter periods. Furthermore, these contracts push contracted revenues well into 2032.

Charter coverage is robust across the near term:

• 2025: Coverage was secured at 100% of available days as of September 12th, 2025.
• 2026: Charter coverage stands at roughly 75%, with some reports indicating coverage around 66.6% at an average rate of about $31,610 per day.
• 2027: Coverage is in excess of 50%.

This backlog of contracted revenue significantly mitigates exposure to spot market volatility. For example, the charter for the M/V Emmanuel P, commencing in September 2025, is for a minimum of 36 to a maximum of 38 months at a gross daily rate of $38,000, expected to generate over $32.0 million in EBITDA over the minimum period.

Access to the structurally tight feeder/intermediate vessel segment

Euroseas Ltd. (ESEA) focuses on the feeder and intermediate vessel segments, which management views as having a low orderbook relative to the existing fleet age. As of the second quarter of 2025, the fleet breakdown shows a clear focus on these sizes:

Vessel Type	Number of Vessels	Total Capacity (TEU/DWT)	Average Age (Q2 2025)
Feeder	15	35,632 TEU	8.67 years
Intermediate	7	31,862 DWT	17.57 years

The market supply outlook for the smaller sizes supports this focus. According to Clarksons data as of November 2025, the order book for vessels below 3,000 TEU stands at a modest 8.1% of the fleet. This structural tightness in the segment where Euroseas Ltd. (ESEA) operates provides leverage for securing favorable charter terms.

Modernizing fleet with fuel-efficient newbuilds for charterers

The company is actively growing and modernizing its fleet, which is a key draw for charterers concerned with environmental performance and efficiency. Euroseas Ltd. (ESEA) has 4 intermediate vessels under construction, adding a further 17,000 TEU of capacity, with deliveries scheduled through the first half of 2028. Additionally, in August 2025, two more modern fuel-efficient 4,300 TEU container vessels were ordered, scheduled for delivery in March and May of 2028 at a total consideration of approximately $59.25 million each.

Efficiency upgrades are also part of the value proposition. For instance, energy saving devices installed on one vessel are expected to deliver fuel savings in excess of 20%. This commitment to modern, eco-design vessels appeals to charterers looking to manage their own operational and environmental footprints.

Reliable, near-perfect fleet utilization for cargo delivery

Operational reliability is a strong point for Euroseas Ltd. (ESEA), translating directly into consistent service for cargo delivery. For the second quarter of 2025, the commercial utilization rate was 100%, and the operational utilization rate was 99.9%. This high level of uptime demonstrates efficient management and minimal downtime.

Utilization figures for recent periods:

• Q1 2025 Commercial Utilization: 100%.
• Q2 2025 Operational Utilization: 99.9%.
• First Nine Months of 2025 Utilization: Around 99.7-99.9%.

The company experienced no idle or commercial off-hire time during the third quarter of 2025, though off-hire was noted for scheduled special surveys and retrofits.

Fixed, predictable charter rates mitigating market volatility

The combination of high utilization and long-term contracts results in highly predictable cash flows, which is a direct benefit to investors and allows for stable planning. The average Time Charter Equivalent (TCE) rate earned across the fleet for the first nine months of 2025 was $28,735 per day, based on an average of 22.6 vessels operated.

The rates secured on recent fixtures show the strength of their fixed income stream:

• M/V Emmanuel P: $38,000 per day for 36-38 months.
• M/V Synergy Antwerp and M/V Synergy Keelung: $35,500 per day for 36-39 months.

These fixed rates provide a substantial buffer against operating expenses, which averaged $7,386 per vessel per day for the first nine months of 2025. The daily cash flow break-even level for Q2 2025 was $13,262 per vessel per day, meaning the secured rates offer a wide margin of safety.

Euroseas Ltd. (ESEA) - Canvas Business Model: Customer Relationships

You're building a business on long-term asset value, so securing reliable, high-quality charterers is the core of your customer relationship strategy. Euroseas Ltd. focuses heavily on locking in revenue streams through period charters, which is how you translate asset ownership into predictable cash flow.

Long-term, contract-based relationships with top-tier charterers define the approach. The company employs its 22 vessels, which as of the third quarter of 2025 included 15 Feeder containerships and 7 Intermediate containerships, on period charters to secure earnings visibility. This strategy is evident in the high forward coverage achieved; for instance, after securing new deals in early 2025, charter coverage reached approximately 82% for 2025 and 45% for 2026. By November 2025, a new charter for M/V Jonathan P pushed 2025 coverage to 100%. The relationships are with charterers willing to commit significant capital for extended periods, often involving vessels of 4,250 TEU or 4,253 TEU capacity.

Direct negotiation for multi-year forward charter agreements is the mechanism for establishing these long-term ties. You see this in the recent fixtures locking in rates well into the future:

• Secured 36-39 month charters for two vessels at a gross daily rate of $35,500.
• Extended the charter for M/V Rena P for 35-37 months at a gross daily rate of $35,500.
• Fixed M/V Emmanuel P for 36-38 months at a gross daily rate of $38,000.
• Announced forward charters for five vessels with terms of 47-49 months at $35,500 per day, starting upon delivery in 2027/2028.

These multi-year agreements provide substantial revenue visibility. The M/V Emmanuel P charter alone was expected to generate more than $32.0 million in EBITDA over the minimum contracted period. Furthermore, the forward charters for the newbuildings include an option for the charterer to convert the 4-year charters to 5-year charters (59-61 months) at a rate of $32,500 per day.

The average contracted daily rate for the fleet reflected this success, increasing to about $28,700 for the remainder of 2025, and further increasing to more than $31,000 per day in 2026. For the first nine months of 2025, the average Time Charter Equivalent (TCE) rate across the fleet was $28,735 per day.

Here's a snapshot of recent charter activity that shows the firm rates being secured:

Vessel Example	Minimum Duration	Gross Daily Rate	EBITDA Impact (Min Period)
M/V Synergy Antwerp/Keelung	36 months	$35,500	Approx. $57 million (for both)
M/V Rena P	35 months	$35,500	Approx. $29.0 million
M/V Emmanuel P	36 months	$38,000	More than $32.0 million
Five Newbuilds (Forward)	47 months	$35,500	N/A

High-touch technical service via affiliated manager Eurobulk Ltd. is integral to maintaining the value proposition for these charterers. Euroseas' operations are managed by Eurobulk Ltd., which is an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company. Eurobulk is responsible for the day-to-day commercial and technical management and operations of the vessels. This internal structure helps ensure that the service level meets the expectations of top-tier charterers who rely on operational consistency.

The focus on maintaining high operational reliability (near 100% uptime) directly supports the relationship by minimizing off-hire risk for the charterer. For the three months ended June 30, 2025, the operational fleet utilization was 99.9%. For the third quarter of 2025, the operational fleet utilization stood at 99.8%. This near-perfect uptime is a concrete metric demonstrating the effectiveness of the technical management provided by Eurobulk Ltd., which is crucial when securing premium rates like the $38,000 per day achieved for M/V Emmanuel P.

Finance: review the Q4 2025 off-hire schedule against the 99.8% operational utilization target by end of next week.

Euroseas Ltd. (ESEA) - Canvas Business Model: Channels

You're looking at how Euroseas Ltd. gets its services-container transportation-to the customer and how it manages its market presence as of late 2025. The channels are primarily focused on securing long-term, high-rate employment for its fleet.

The operational fleet size for the third quarter of 2025 involved an average of 22.0 vessels owned and operated, which earned an average time charter equivalent rate of $29,284 per day. Euroseas Ltd. expects its fleet to grow to 25 vessels with a total carrying capacity of approximately 78,300 TEU after the delivery of newbuildings in the second half of 2027 and the first half of 2028.

Direct chartering to major global container liner companies

The core channel involves securing multi-year time charters directly with charterers, often major liner companies, to ensure high revenue visibility. This strategy locks in rates well above the company's estimated 12-month forward cash flow breakeven of $12,000 per vessel per day.

Forward charter coverage demonstrates the success of this direct channel:

• For the first quarter of 2026, 100% of available days were secured at an average rate of approximately $30,345 per day.
• For 2026, 67% of days were secured at $31,600 per day (based on Q2 2025 data).
• For the first quarter of 2027, coverage stands at 52% at an average rate of around $33,500 per day.
• For the first quarter of 2028, coverage stands at 30% at an average rate of around $35,500 per day.

Specific recent direct chartering examples include:

Vessel Name	Type	Charter Duration	Gross Daily Rate	Commencement/Reference Period
M/V Rena P	Intermediate	Minimum 35 to maximum 37 months	$35,500	Expected to commence August 21, 2025
M/V Emmanuel P	Intermediate	3 years	$38,000	Secured in Q2 2025

The company announced multi-year forward charters for five of its vessels, including its four vessels under construction, as of November 18, 2025.

Shipbrokers for sourcing and negotiating charter contracts

While direct negotiation occurs, shipbrokers are instrumental in sourcing and finalizing the employment contracts that form the backbone of Euroseas Ltd.'s revenue. The charter market for the company's ship types remained strong, supported by tight capacity.

The average time charter equivalent rate for the nine months ended September 30, 2025, was $28,735 per day across an average of 22.6 vessels.

Charter pool arrangements for spot market exposure (less common)

Euroseas Ltd. employs its vessels on spot and period charters and through pool arrangements. The reliance on period charters, as evidenced by the high forward coverage, suggests pool arrangements for spot market exposure are a secondary or less common channel for the majority of the fleet.

The third quarter of 2025 saw total net revenues of $56.9 million.

Investor relations for capital market access (NASDAQ: ESEA)

The NASDAQ Capital Market listing under the ticker ESEA serves as the primary channel for accessing equity capital and communicating financial performance to investors. This channel supports capital allocation decisions, including fleet expansion and shareholder returns.

Key financial metrics related to capital market access as of late 2025:

• Stock Price (December 2, 2025): $61.675 USD.
• Market Capitalization (December 2, 2025): $449,026,638.
• Shares Outstanding (December 2, 2025): 7,279,939.
• Analyst Average Price Target: $75.14 USD.
• Q3 2025 Net Income: $29.7 million.
• Q3 2025 Adjusted EBITDA: $38.8 million.
• Quarterly Dividend Declared (Q3 2025): $0.70 per share.

The company has also used the channel to return capital via share repurchases, totaling about $10.5 million for approximately 466,374 shares under a plan renewed in May 2025.

Euroseas Ltd. (ESEA) - Canvas Business Model: Customer Segments

You're looking at the core groups that pay Euroseas Ltd. to move their goods or invest in the company's assets. Honestly, in the chartering business, the customer is usually another shipping entity, not the end cargo owner directly, but the demand drivers are those cargo owners.

Major global container liner companies (e.g., Maersk, CMA CGM)

These large operators are your primary charterers, needing flexible capacity to cover their fixed liner services. They charter vessels like Euroseas Ltd.'s Intermediate class, which currently has 7 vessels in the fleet, to supplement their owned fleets. The demand from these top-tier charterers keeps rates firm, as evidenced by the $35,500 gross daily rate secured for the 4,250 TEU M/V Rena P for 35-37 months starting August 21, 2025. This fixture is similar to charters on other 4,250 TEU vessels in the fleet.

Cargo owners requiring feeder and intermediate vessel sizes (1,000-4,300 TEU)

This segment drives the need for Euroseas Ltd.'s specific fleet profile. As of Q3 2025, the fleet consists of 22 vessels, with 15 Feeder containerships and 7 Intermediate containerships, totaling 67,494 TEU capacity. The newbuild program specifically targets the 4,300 TEU size, with two such vessels scheduled for 2028 delivery. The market for these sizes is structurally tight, with feeder newbuilding deliveries projected at only 2.12% of the total fleet in 2025.

Here's a look at the secured forward revenue from these chartering customers:

Charter Period	Secured Coverage (%)	Average Daily Rate (USD)
Remainder of 2025	About 88%	Varies (Q3 2025 Avg Rate: $29,284/day)
2026	75%	About $31,300
2027	52%	About $33,500
2028	29%	About $35,500

Global trade routes requiring smaller vessels for regional or port-to-port service

The employment strategy of Euroseas Ltd. involves deploying vessels on various routes in Europe, Asia, and America, capable of docking at hard-to-reach ports. The demand for feeder vessels, like the 1,732 TEU M/V Jonathan P, shows sustained interest even for older tonnage, as seen by its $20,000 daily rate contract secured in late 2024 for 11-13 months. The company's strategy is to select segments with lower supply-side growth, which directly benefits regional routes where large mainline vessels cannot call.

Financial investors seeking exposure to the containership sector

These are the shareholders and lenders providing the capital base. Euroseas Ltd. actively manages its capital structure for these stakeholders. As of September 30, 2025, Total Outstanding Bank Debt stood at $224 million, against Cash and Other Current Assets of $126.4 million. Book Shareholders' Equity was approximately $427 million as of the same date.

The company returned capital via dividends and share repurchases:

• Quarterly dividend declared for Q3 2025 was $0.70 per share, reflecting an annualized yield of approximately 5%.
• 466,374 shares were repurchased for about $10.5 million under the plan as of November 2025.
• The Market Capitalization on August 13, 2025, was $395.6 million, with 7.0 million Shares Outstanding.

The company has 4 vessels under construction totaling 17,200 TEU to be delivered by 2028, financed through a combination of debt and equity, which is a key investment focus for this segment.

Euroseas Ltd. (ESEA) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Euroseas Ltd. (ESEA)'s operational costs as of late 2025. This is where the revenue gets spent, so understanding these figures is key to seeing the true cost base of running their fleet.

Vessel Operating Expenses (OpEx) and Daily Costs

The day-to-day running costs, which include crew, insurance, and stores, are tightly managed. For the third quarter of 2025, the total daily vessel operating expenses, which include management fees and general and administrative expenses but exclude drydocking costs, averaged $7,246 per vessel per day. That figure was essentially flat compared to the same period in 2024, which averaged $7,247 per vessel per day. For the first nine months of 2025, the average was slightly higher at $7,386 per vessel per day, compared to $7,452 per vessel per day for the same nine months in 2024. This slight decrease in the nine-month average is partly due to the lower daily operating costs of newer vessels delivered recently.

The cost structure is broken down further by component:

• The prompt specifies Vessel operating expenses (OpEx) at $7,246 per vessel per day (Q3 2025).
• General and administrative (G&A) expenses were reported at an average of $694 per vessel per day (Q2 2025).
• Related party management fees for the first nine months of 2025 were $5.9 million, up from $5.3 million in the prior year period, reflecting fleet growth and an inflation adjustment to the daily fee from 810 Euros to 840 Euros, effective January 1, 2025.

Debt Service and Financing Costs

Financing the fleet and the ongoing newbuilding program requires significant cash flow allocation. As of September 30, 2025, Euroseas Ltd. reported total outstanding debt, excluding unamortized loan fees, of $224 million. The all-in cost of this debt was approximately 5.9%, based on a 2% margin over the 3-month off rate of 3.87% at that time. Total interest and other financing costs for the third quarter of 2025 amounted to $3.7 million.

Here's a look at the debt obligations:

Metric	Amount
Total Outstanding Debt (as of 9/30/2025)	$224 million
Scheduled Debt Repayments (Next 12 Months from 9/30/2025)	Approx. $20.4 million
Expected Loan Repayments (Q4 2025)	Approx. $5.4 million
Total Interest & Financing Costs (Q3 2025)	$3.7 million

Capital Expenditures for Growth and Maintenance

Growth is funded through capital expenditures, primarily for the newbuilding program, while maintenance requires scheduled drydocking. For the newbuilding program as of September 30, 2025, advances paid totaled $35.9 million, with roughly $200 million in payment obligations still outstanding on those vessels. The average contracted rate for these newbuilds stands at $35,500 per day.

Fleet maintenance is a lumpy but necessary cost. For instance, in the third quarter of 2025, one vessel completed its special survey with drydock for a total cost of $2.7 million. To give you context on the scale, for the full year 2024, total drydocking expenses were $10.5 million, covering five vessels passing their special survey with drydock.

You should track these maintenance costs:

• Drydocking Cost (Q3 2025, one vessel) - $2.7 million
• Total Drydocking Expenses (Full Year 2024) - $10.5 million
• Capitalized Interest on Newbuilding Program (First Half 2025) - $0.1 million

If onboarding takes 14+ days, churn risk rises. The daily cash flow breakeven level for Euroseas Ltd. in Q3 2025, which includes drydocking expenses, interest expenses, and loan repayments (excluding balloons), was $13,073 per vessel per day.

Euroseas Ltd. (ESEA) - Canvas Business Model: Revenue Streams

You're looking at how Euroseas Ltd. converts its fleet operations into hard cash, and the third quarter of 2025 shows a strong mix of core operating income and strategic asset realization. The foundation of the revenue is the daily rate earned from chartering out the fleet. For the third quarter of 2025, Euroseas Ltd. reported total net revenues of $56.9 million.

The core operational revenue stream is driven by the Time Charter Equivalent (TCE) revenue. During Q3 2025, the company operated an average of 22.0 vessels, earning an average TCE rate of $29,284 per day. This operational performance is bolstered by securing future income through long-term contracts. For the four vessels under construction, Euroseas Ltd. has locked in contracted revenue from newbuilds at up to $35,500 per day on delivery, with charter periods lasting 47-49 months.

Beyond the steady charter income, Euroseas Ltd. realizes significant, though less frequent, income from strategic asset management. This includes one-time capital gains from strategic vessel sales. For instance, the company recorded a gain on the sale of the M/V Marcos V of approximately $9.3 million, which was recognized upon the vessel's delivery in October 2025. To be fair, the results for the first nine months of 2025 also included a $10.2 million gain on the sale of M/V "Diamantis" back in January 2025.

The commitment to shareholder returns is a direct result of this revenue generation. Euroseas Ltd. declared a quarterly dividend payment of $0.70 per share for Q3 2025. This distribution reflects an annualized yield of approximately 5% based on recent price levels.

Here's a look at the key revenue-generating metrics from the third quarter and the forward-looking contract strength:

Metric	Value	Period/Context
Total Net Revenues	$56.9 million	Q3 2025
Average TCE Rate	$29,284 per day	Q3 2025 (Average across 22.0 vessels)
Newbuild Contracted Rate (Up to)	$35,500 per day	On delivery for four vessels
Gain on Sale of M/V Marcos V	$9.3 million	Recognized October 2025
Quarterly Dividend Declared	$0.70 per share	Q3 2025

The revenue visibility is significantly enhanced by these forward contracts, which lock in future cash flows well into the next decade. You can see the secured rates for the newbuilds and the Synergy Oakland below:

• Four newbuilds chartered at $35,500 per day for 47-49 months minimum.
• The M/V Synergy Oakland is chartered for 34-38 months at $33,500 per day, commencing May 14, 2026.
• These charters lock in a minimum of $183 million of EBITDA across the five vessels during their minimum charter periods.