Euroseas Ltd. (ESEA): Business Model Canvas [Jan-2025 Mis à jour]

Navigant dans le monde complexe de la logistique maritime, Euroseas Ltd. (ESEA) émerge comme un acteur dynamique dans la navigation internationale, tirant parti d'un modèle commercial sophistiqué qui transforme les défis commerciaux mondiaux en opportunités stratégiques. En fabriquant méticuleusement une approche globale qui équilibre des solutions de transport innovantes avec la gestion stratégique de la flotte, la société s'est positionnée comme un conduit critique pour le commerce international, la connexion des fabricants, des tradeurs et des consommateurs via sa robuste infrastructure maritime et ses capacités logistiques de pointe.

Euroseas Ltd. (ESEA) - Modèle d'entreprise: partenariats clés

Fabricants de navires et de chantiers navals

En 2024, Euroseas Ltd. maintient des partenariats stratégiques avec les chantiers navals clés pour la construction et l'entretien des navires:

Chantier naval	Emplacement	Types de navires	Détails du partenariat
Tsuneishi Shipbuilding Co., Ltd.	Japon	Conteneurs	Accord de construction à long terme
Hyundai Heavy Industries	Corée du Sud	Navires polyvalents	Contrat d'approvisionnement des navires

Fournisseurs d'assurance maritime internationaux

Euroseas s'associe à des compagnies d'assurance maritime spécialisées:

• American Hull Insurance Syndicate
• Gard P&I Club
• Association d'assurance mutuelle à l'ouest de l'Angleterre des navires

Sociétés mondiales d'expédition et de logistique

Les partenariats logistiques clés comprennent:

Entreprise	Type de partenariat	Volume de fret annuel
Méditerranée Shipping Company (MSC)	Affréteur de conteneurs	42 000 teu
Ligne Maersk	Accord de partage des navires	38 500 EVP

Brokers charte et prestataires de services maritimes

Euroseas collabore avec des fournisseurs de services maritimes spécialisés:

• Clarksons Platou
• Courtiers navires intermodaux
• Barry Rogliano Salles (BRS)

Institutions financières pour le financement des navires

Partenariats de financement à partir de 2024:

Institution financière	Ligne de crédit totale	Taux d'intérêt	Objectif de prêt
Banque DVB	125 millions de dollars	Libor + 3,5%	Acquisition de navires
Crédit agricole	95 millions de dollars	Libor + 3,2%	Refinancement de la flotte

Euroseas Ltd. (ESEA) - Modèle d'entreprise: Activités clés

Services de transport de navires en vrac à conteneurs et secs

En 2024, Euroseas Ltd. exploite une flotte de 18 navires, dont 13 conteneurs et 5 transporteurs en vrac sec. La capacité totale de la flotte s'élève à 55 200 EVP (unités équivalentes de vingt pieds).

Type de navire	Nombre de navires	Capacité totale
Conteneurs	13	47 800 EVP
Porteurs de vrac secs	5	7 400 dwt

Gestion de la flotte et logistique opérationnelle

Les mesures opérationnelles pour Euroseas Ltd. incluent:

• Taux d'utilisation moyen des navires: 92,5%
• Total des jours d'exploitation annuels des navires: 6 570 jours
• Coût d'exploitation quotidien moyen des navires: 4 850 $ par navire

Optimisation de l'itinéraire maritime et planification des cargaisons

Statistiques d'optimisation des routes clés:

• Routes commerciales annuelles couvertes: 12 grands couloirs maritimes internationaux
• Distance de voile moyenne par navire: 38 500 milles marins par an
• Efficacité de planification des cargaisons: 97,3% de taux de livraison à temps

Stratégies d'acquisition des navires et d'expansion des flotte

Détails de l'investissement de la flotte pour 2024:

Catégorie d'investissement	Montant
Coût total d'acquisition de la flotte	385,6 millions de dollars
Nouveaux investissements de navires	42,3 millions de dollars
Budget de maintenance de la flotte	18,7 millions de dollars

Conformité aux réglementations maritimes internationales

Dépenses de conformité réglementaire:

• Investissement annuel de conformité: 2,9 millions de dollars
• Maintenance de certification réglementaire: 100% de conformité aux réglementations OMI
• Investissements standard environnementaux: 1,2 million de dollars pour les technologies de réduction des émissions

Euroseas Ltd. (ESEA) - Modèle d'entreprise: Ressources clés

Conteneur moderne et flotte d'expédition en masse sèche

Composition de la flotte au Q4 2023:

Type de navire	Nombre de navires	Capacité TEV totale	Tonnage total de poids mort (DWT)
Conteneurs	14	19 420 teu	164 226 DWT
Porteurs de vrac secs	4	N / A	57 610 DWT

Équipe de gestion maritime expérimentée

Composition de l'équipe de gestion:

• Aristides Pittas - président-directeur général
• Spyridon Fokas - directeur financier
• Équipe de direction totale: 8 cadres supérieurs
• Expérience moyenne de l'industrie maritime: 22 ans

Réseaux stratégiques de route commerciale maritime

Routes commerciales primaires:

• Transatlantique
• Transpacifique
• Asie-Europe
• Intra-méditerranéen

Technologie avancée de suivi des navires et de logistique

Investissements technologiques:

Catégorie de technologie	Montant d'investissement (2023)	Caractéristiques clés
Systèmes de suivi des navires	1,2 million de dollars	Suivi GPS en temps réel
Logiciel de gestion de la logistique	$850,000	Algorithmes d'optimisation de l'itinéraire

Capital financier solide pour l'investissement de la flotte

Mesures financières auprès du quatrième trimestre 2023:

Métrique financière	Montant
Actif total	297,4 millions de dollars
Total des capitaux propres	132,6 millions de dollars
Budget d'investissement de la flotte (2024)	45 millions de dollars

Euroseas Ltd. (ESEA) - Modèle d'entreprise: propositions de valeur

Solutions de transport maritime internationales fiables

Euroseas Ltd. exploite une flotte de 18 navires au quatrième trimestre 2023, y compris des navires à conteneurs et des transporteurs à disques sèches. La capacité totale des navires s'élève à 55 092 DWT.

Type de navire	Nombre de navires	Capacité totale (DWT)
Conteneurs	14	38,292
Transporteurs à sec	4	16,800

Services de livraison de fret mondiaux efficaces

Taux d'utilisation moyen des navires: 92,5% en 2023. Cargo total transporté: 487 650 EVP.

• Routes opérationnelles couvrant la méditerranéenne, la mer Noire et les marchés d'Europe du Nord
• Vitesse moyenne du navire: 14,2 nœuds
• Total des miles marins couverts en 2023: 1 246 000

Capacité d'expédition flexible sur plusieurs segments maritimes

Distribution de l'âge de la flotte en 2023:

Tranche d'âge	Nombre de navires	Pourcentage
0-5 ans	4	22.2%
6-10 ans	8	44.4%
11-15 ans	6	33.4%

Alternatives de transport rentables

Dépenses d'exploitation en 2023: 87,4 millions de dollars. Coût d'exploitation des navires par jour: 5 620 $.

• Efficacité énergétique: 12,6 tonnes par jour de consommation moyenne
• Économies de carburant du bunker: 18% grâce à un routage optimisé

Opérations maritimes soucieux de l'environnement

Réduction des émissions de CO2: 22% par rapport à la moyenne de l'industrie en 2023.

Métrique environnementale	Performance de 2023
Indicateur d'intensité de carbone (CII)	Notation B
Réduction des émissions de soufre	85% en dessous des réglementations OMI

Euroseas Ltd. (ESEA) - Modèle d'entreprise: relations avec les clients

Accords d'expédition à long terme basés sur les contrats

Au quatrième trimestre 2023, Euroseas Ltd. maintient 15 navires de conteneurs sous des contrats à long terme. La durée de la charte moyenne est de 2,7 ans avec des sources de revenus fixes.

Type de contrat	Nombre de navires	Durée du contrat moyen
Accords de charte de temps	15	2,7 ans

Assistance personnalisée au service client

Euroseas fournit un support client dédié via:

• Gestion des opérations maritimes 24/7
• Gestionnaires de compte dédiés pour les clients clés
• Canaux de communication directs avec les opérateurs de navires

Plateformes de communication numérique pour le suivi des expéditions

Fonctionnalité de plate-forme numérique	Disponibilité
Suivi des navires en temps réel	100% de la flotte
Mises à jour du statut de fret en ligne	Implémenté sur toutes les itinéraires

Prix ​​transparents et engagements de service

En 2023, Euroseas a signalé un Taux d'utilisation de la flotte de 97,4%, démontrant l'engagement à la fiabilité des services.

Gestion de compte dédiée pour les clients clés

Euroseas gère les relations avec les grandes sociétés de transport et de commerce, avec 80% des revenus tirés des clients répétés des entreprises.

Catégorie client	Pourcentage du total des revenus
Répétez les clients des entreprises	80%
Nouvelles acquisitions de clients	20%

Euroseas Ltd. (ESEA) - Modèle d'entreprise: canaux

Engagement de l'équipe de vente directe

Euroseas Ltd. maintient une équipe de vente dédiée de 7 professionnels maritimes axés sur les affrétions de récipients et de navires à disques sèches. L'équipe gère une flotte active de 16 navires au quatrième trimestre 2023.

Métriques de l'équipe de vente	2023 données
Total des professionnels de la vente	7
Revenu annuel moyen par professionnel des ventes	1,2 million de dollars
Flotte totale sous gestion	16 navires

Plateformes de réservation et de suivi en ligne

Euroseas utilise des plateformes numériques propriétaires pour le suivi des navires et la gestion de la logistique.

• Système de suivi des navires en temps réel couvrant 100% de la flotte
• Plateforme de réservation numérique avec un taux de satisfaction client à 95%
• Logiciel de gestion de la logistique intégrée

Conférences et salons commerciaux de l'industrie maritime

Euroseas participe à 12 à 15 conférences maritimes internationales chaque année, représentant environ 5% des efforts annuels de développement commercial.

Marketing numérique et présence sur le Web

Les canaux numériques génèrent environ 35% des nouvelles demandes commerciales pour les euroses.

Canal numérique	Métriques de performance
Site Web de l'entreprise	45 000 visiteurs annuels
Page de société LinkedIn	3 200 abonnés
Taux de conversion du marketing numérique	2.7%

Réseaux de courtiers d'expédition

Euroseas collabore avec 22 réseaux internationaux de courtiers d'expédition, représentant 40% des accords de charte.

• Couverture du réseau dans 8 régions maritimes majeures
• Taux de commission moyen: 2,5% par transaction
• Revenus annuels médiés par les courtiers: 18,3 millions de dollars

Euroseas Ltd. (ESEA) - Modèle d'entreprise: segments de clientèle

Sociétés commerciales internationales

Euroseas Ltd. dessert les sociétés internationales avec une capacité de navires à conteneurs de 8 842 EVP au T2 2023. Valeur du contrat d'expédition annuel estimé à 47,3 millions de dollars.

Type de client	Volume de contrat annuel	Valeur du contrat moyen
Grands commerçants internationaux	4 200 EVP	22,6 millions de dollars
Commerçants internationaux de taille moyenne	2 642 teu	15,7 millions de dollars

Entreprises manufacturières

Le segment de fabrication représente 34,5% de la clientèle Euroseas avec des contrats d'expédition totalisant 16,9 millions de dollars en 2023.

• Fabricants de pièces automobiles
• Producteurs d'équipements électroniques
• Exportateurs de machines industrielles

Commerçants de matières premières

Les clients de négociation de matières premières génèrent 24,5 millions de dollars de revenus d'expédition annuels pour Euroseas.

Type de marchandise	Volume d'expédition annuel	Contribution des revenus
Marchandises agricoles	2 100 EVP	12,3 millions de dollars
Commerçants en métal et minéraux	1 500 teu	9,2 millions de dollars

Importateurs de produits de vente au détail et de consommation

Le segment des biens de consommation représente 22,7% des contrats d'expédition Euroseas avec des revenus annuels de 11,2 millions de dollars.

Entreprises d'exportation agricole

Les exportateurs agricoles contribuent à 8,7 millions de dollars aux revenus d'expédition annuels Euroseas, ce qui représente 17,6% du total des segments de clients.

Catégorie d'exportation agricole	Volume d'expédition	Revenus annuels
Exportateurs de céréales	1 200 pi	5,4 millions de dollars
Exportateurs de produits frais	800 EVP	3,3 millions de dollars

Euroseas Ltd. (ESEA) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de maintenance des navires

Au quatrième trimestre 2023, Euroseas Ltd. a déclaré une valeur comptable nette des navires de 147,8 millions de dollars. Les frais de maintenance des navires annuels étaient d'environ 6,2 millions de dollars.

Catégorie de coûts	Dépenses annuelles ($)
Réparations du navire	3,750,000
Coûts de tirage à sec	2,450,000

Coûts de carburant et d'exploitation

Les dépenses opérationnelles totales pour 2023 étaient de 54,3 millions de dollars, les dépenses d'exploitation des navires représentant 38,9 millions de dollars.

• Coûts de carburant du bunker: 22,5 millions de dollars par an
• Dépenses de lubrifiant: 1,8 million de dollars par an
• Frais de port: 4,6 millions de dollars par an

Salaire et formation de l'équipage

Les dépenses annuelles liées à l'équipage ont totalisé 12,7 millions de dollars en 2023.

Type de dépenses	Montant ($)
Salaires de l'équipage	10,900,000
Programmes de formation	1,800,000

Dépenses d'assurance et de conformité

Coûts totaux d'assurance et de conformité: 5,4 millions de dollars en 2023

• Assurance de la coque et des machines: 3,2 millions de dollars
• Assurance de protection et d'indemnisation: 1,6 million de dollars
• Dépenses de conformité réglementaire: 600 000 $

Investissements technologiques et infrastructures

Les investissements technologiques et infrastructures numériques pour 2023 étaient de 2,1 millions de dollars.

Zone d'investissement technologique	Dépenses ($)
Systèmes de navigation	850,000
Infrastructure de communication	750,000
Cybersécurité	500,000

Euroseas Ltd. (ESEA) - Modèle d'entreprise: Strots de revenus

Revenus de la charte à l'heure

Pour l'exercice 2023, Euroseas Ltd. a déclaré des revenus à la charte de 63,8 millions de dollars. Le taux de charte de temps quotidien moyen pour leurs navires à conteneurs était de 15 728 $ au cours de cette période.

Type de navire	Revenus de charte à l'heure	Taux quotidien moyen
Conteneurs	52,4 millions de dollars	$14,975
Transporteurs à sec	11,4 millions de dollars	$16,875

Revenus de la charte de voyage

Le bénéfice de la charte de voyage pour 2023 a totalisé 22,5 millions de dollars, ce qui représente 26,3% du total des revenus maritimes.

• Chartes de voyage en conteneurs: 18,3 millions de dollars
• Charters de voyage de transporteur sèche: 4,2 millions de dollars

Vente des navires et transactions de location

En 2023, Euroseas a terminé la vente de navires et les transactions de location générant 37,6 millions de dollars en produit.

Type de transaction	Nombre de navires	Valeur totale de transaction
Ventes de conteneurs	3 navires	32,4 millions de dollars
Ventes de transporteur de fesses sèches	1 navire	5,2 millions de dollars

Frais de service de logistique maritime

La logistique maritime et les frais de service connexes s'élevaient à 5,7 millions de dollars en 2023.

Contrats de transport de fret spécialisés

Des contrats spécialisés de transport de fret ont généré 8,9 millions de dollars de revenus au cours de l'exercice 2023.

Type de cargaison	Revenu	Pourcentage de contrats spécialisés
Cargaison réfrigérée	4,6 millions de dollars	51.7%
Marchandise du projet	2,3 millions de dollars	25.8%
Autres marchandises spécialisées	2,0 millions de dollars	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.