EUROSEASE LTD. (ESEA): Modelo de negócios Canvas [Jan-2025 Atualizado]

Navegando pelo complexo mundo da logística marítima, a EuroSeas Ltd. (ESEA) surge como um participante dinâmico no transporte internacional, alavancando um sofisticado modelo de negócios que transforma os desafios do comércio global em oportunidades estratégicas. Ao elaborar meticulosamente uma abordagem abrangente que equilibra soluções inovadoras de transporte com o gerenciamento estratégico de frotas, a empresa se posicionou como um canal crítico para o comércio internacional, conectando fabricantes, comerciantes e consumidores por meio de sua robusta infraestrutura marítima e capacidades de logística de ponta.

EUROSEASA LTD. (ESEA) - Modelo de negócios: Parcerias -chave

Fabricantes de navios e estaleiros

A partir de 2024, a Eurooseas Ltd. mantém parcerias estratégicas com os principais estaleiros para construção e manutenção de embarcações:

Estaleiro	Localização	Tipos de embarcações	Detalhes da parceria
Tsuneishi Shipbuilding Co., Ltd.	Japão	Recipientes	Contrato de construção de longo prazo
Hyundai Heavy Industries	Coréia do Sul	Vasos multiuso	Contrato de aquisição de embarcações

Provedores internacionais de seguros marítimos

A EUROSEEAS faz parceria com companhias de seguros marítimas especializadas:

• American Hull Insurance Syndicate
• Gard P&I Club
• Oeste da Inglaterra, proprietários de navios Associação de Seguros Mútuos

Empresas globais de remessa e logística

As principais parcerias de logística incluem:

Empresa	Tipo de parceria	Volume anual de carga
Companhia de transporte Mediterrâneo (MSC)	Fretamento de contêiner	42.000 TEU
Linha Maersk	Contrato de compartilhamento de embarcações	38.500 TEU

Os corretores fretados e prestadores de serviços marítimos

A Euoseas colabora com provedores de serviços marítimos especializados:

• Clarksons Platou
• Brotadores de navios intermodais
• Barry Rogliano Salles (BRS)

Instituições financeiras para financiamento de embarcações

Parcerias de financiamento a partir de 2024:

Instituição financeira	Linha de crédito total	Taxa de juro	Fins de empréstimo
DVB Bank	US $ 125 milhões	Libor + 3,5%	Aquisição de embarcações
Crédito Agricole	US $ 95 milhões	Libor + 3,2%	Refinanciamento de frota

EUROSEASA LTD. (ESEA) - Modelo de negócios: Atividades -chave

Contêineres e serviços de transporte de embarcações a granel seco

A partir de 2024, a Euroseas Ltd. opera uma frota de 18 navios, incluindo 13 contêineres e 5 portadores a granel seco. A capacidade total da frota é de 55.200 TEU (unidades equivalentes de vinte e pés).

Tipo de embarcação	Número de embarcações	Capacidade total
Recipientes	13	47.800 TEU
Transportadores a granel seco	5	7.400 dwt

Gerenciamento de frota e logística operacional

As métricas operacionais para a EuroSeas Ltd. incluem:

• Taxa média de utilização de embarcações: 92,5%
• Dias de operação de embarcações anuais totais: 6.570 dias
• Custo médio de operação de embarcações diárias: US $ 4.850 por embarcação

Otimização de rota marítima e agendamento de carga

Estatísticas de otimização de rota -chave:

• Rotas comerciais anuais cobertas: 12 grandes corredores marítimos internacionais
• Distância média de navegação por embarcação: 38.500 milhas náuticas por ano
• Eficiência de agendamento de carga: 97,3% de taxa de entrega no tempo

Estratégias de aquisição e expansão de frota de embarcações

Detalhes de investimento da frota para 2024:

Categoria de investimento	Quantia
Custo total de aquisição de frota	US $ 385,6 milhões
Novos investimentos em embarcações	US $ 42,3 milhões
Orçamento de manutenção da frota	US $ 18,7 milhões

Conformidade com os regulamentos marítimos internacionais

Despesas de conformidade regulatória:

• Investimento anual de conformidade: US $ 2,9 milhões
• Manutenção da certificação regulatória: 100% de conformidade com os regulamentos da IMO
• Investimentos padrão ambientais: US $ 1,2 milhão para tecnologias de redução de emissões

EUROSEASA LTD. (ESEA) - Modelo de negócios: Recursos -chave

Recipiente moderno e frota de transporte a granel seco

Composição da frota a partir do quarto trimestre 2023:

Tipo de embarcação	Número de embarcações	Capacidade total da TEU	Tonelagem total de peso morto (DWT)
Recipientes	14	19.420 TEU	164.226 dwt
Transportadores a granel seco	4	N / D	57.610 dwt

Equipe de gerenciamento marítimo experiente

Composição da equipe de gerenciamento:

• Aristides Pittas - Presidente e CEO
• Spyridon Fokas - Diretor Financeiro
• Equipe Total de Gerenciamento: 8 executivos seniores
• Experiência média da indústria marítima: 22 anos

Redes estratégicas de rota comercial marítima

Rotas comerciais primárias:

• Transatlântico
• Transpacífico
• Ásia-Europa
• Intra-mediterrâneo

Tecnologia avançada de rastreamento e logística de embarcações

Investimentos de tecnologia:

Categoria de tecnologia	Valor do investimento (2023)	Principais recursos
Sistemas de rastreamento de embarcações	US $ 1,2 milhão	Rastreamento de GPS em tempo real
Software de gerenciamento de logística	$850,000	Algoritmos de otimização de rota

Capital financeiro forte para investimento de frota

Métricas financeiras a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Total de ativos	US $ 297,4 milhões
Patrimônio total	US $ 132,6 milhões
Orçamento de investimento da frota (2024)	US $ 45 milhões

EUROSEASA LTD. (ESEA) - Modelo de negócios: proposições de valor

Soluções de transporte marítimo internacional confiáveis

A EuroSeas Ltd. opera uma frota de 18 embarcações a partir do quarto trimestre 2023, incluindo navios de contêiner e transportadores de seco. A capacidade total da embarcação é de 55.092 dwt.

Tipo de embarcação	Número de embarcações	Capacidade total (DWT)
Recipientes	14	38,292
Transportadores de seco	4	16,800

Serviços eficientes de entrega global de carga

Taxa média de utilização de embarcações: 92,5% em 2023. Carga total transportada: 487.650 TEUS.

• Rotas operacionais que cobrem mercados mediterrâneos, Mar Negro e Norte da Europa
• Velocidade média dos vasos: 14,2 nós
• Milhas náuticas totais cobertas em 2023: 1.246.000

Capacidade de envio flexível em vários segmentos marítimos

Distribuição da idade da frota a partir de 2023:

Faixa etária	Número de embarcações	Percentagem
0-5 anos	4	22.2%
6-10 anos	8	44.4%
11-15 anos	6	33.4%

Alternativas de transporte econômicas

Despesas operacionais em 2023: US $ 87,4 milhões. Custo de operação do navio por dia: US $ 5.620.

• Eficiência de combustível: 12,6 toneladas por dia consumo médio
• Economia de combustível de bunker: 18% através de roteamento otimizado

Operações marítimas ambientalmente conscientes

Redução de emissões de CO2: 22% em comparação com a média da indústria em 2023.

Métrica ambiental	2023 desempenho
Indicador de intensidade de carbono (CII)	Classificação b
Redução de emissões de enxofre	85% abaixo dos regulamentos da IMO

EUROSEASA LTD. (ESEA) - Modelo de negócios: relacionamentos com o cliente

Acordos de remessa baseados em contratos de longo prazo

A partir do quarto trimestre de 2023, a EuroSeas Ltd. mantém 15 embarcações de contêineres em contratos de fretamento de longo prazo. A duração média da Carta é de 2,7 anos com fluxos de receita fixa.

Tipo de contrato	Número de embarcações	Duração média do contrato
Acordos de fretamento de tempo	15	2,7 anos

Suporte personalizado de atendimento ao cliente

O Euoseas fornece suporte dedicado ao cliente por meio de:

• Gerenciamento de operações marítimas 24/7
• Gerentes de conta dedicados para clientes -chave
• Canais de comunicação direta com operadores de embarcações

Plataformas de comunicação digital para rastrear remessas

Recurso da plataforma digital	Disponibilidade
Rastreamento de embarcações em tempo real	100% da frota
Atualizações de status de carga online	Implementado em todas as rotas

Compromissos de preços e serviço transparentes

Em 2023, o euroseas relatou um Taxa de utilização da frota de 97,4%, demonstrando compromisso com a confiabilidade do serviço.

Gerenciamento de conta dedicado para clientes -chave

EuroSeas gerencia relacionamentos com grandes empresas de transporte e comércio, com 80% da receita derivada de clientes corporativos repetidos.

Categoria de cliente	Porcentagem da receita total
Repetir clientes corporativos	80%
Novas aquisições de clientes	20%

EUROSEASA LTD. (ESEA) - Modelo de negócios: canais

Engajamento da equipe de vendas direta

A EuroSeas Ltd. mantém uma equipe de vendas dedicada de 7 profissionais marítimos focados em fretamentos de contêineres e embarcações de seco. A equipe gerencia uma frota ativa de 16 navios a partir do quarto trimestre de 2023.

Métricas da equipe de vendas	2023 dados
Total de profissionais de vendas	7
Receita anual média por profissional de vendas	US $ 1,2 milhão
Frota Total sob gestão	16 navios

Plataformas de reserva e rastreamento on -line

A EuroSeas utiliza plataformas digitais proprietárias para rastreamento de embarcações e gerenciamento de logística.

• Sistema de rastreamento de embarcações em tempo real, cobrindo 100% da frota
• Plataforma de reserva digital com taxa de satisfação de 95% do cliente
• Software de gerenciamento de logística integrado

Conferências e feiras marítimas da indústria

A EuroSeas participa de 12 a 15 conferências marítimas internacionais anualmente, representando aproximadamente 5% dos esforços anuais de desenvolvimento de negócios.

Marketing digital e presença na web

Os canais digitais geram aproximadamente 35% das novas consultas de negócios para o EuroSeas.

Canal digital	Métricas de desempenho
Site da empresa	45.000 visitantes anuais
Página da empresa do LinkedIn	3.200 seguidores
Taxa de conversão de marketing digital	2.7%

Redes de corretores de envio

A Euoseas colabora com 22 redes internacionais de corretores de transporte, representando 40% dos acordos de fretamento.

• Cobertura de rede em 8 principais regiões marítimas
• Taxa média de comissão: 2,5% por transação
• Receita anual mediada por corretor: US $ 18,3 milhões

EUROSEASE LTD. (ESEA) - Modelo de negócios: segmentos de clientes

Empresas de comércio internacional

A EuroSeas Ltd. atende corporações internacionais com capacidade de recipiente de 8.842 TEU a partir do quarto trimestre 2023. Valor anual do contrato de remessa estimado em US $ 47,3 milhões.

Tipo de cliente	Volume anual de contrato	Valor médio do contrato
Grandes comerciantes internacionais	4.200 TEU	US $ 22,6 milhões
Traders internacionais de médio porte	2.642 TEU	US $ 15,7 milhões

Empresas de manufatura

O segmento de fabricação representa 34,5% da base de clientes da EuroSeas, com contratos de remessa, totalizando US $ 16,9 milhões em 2023.

• Fabricantes de peças automotivas
• Produtores de equipamentos eletrônicos
• Exportadores de máquinas industriais

Comerciantes de commodities

Os clientes comerciais de commodities geram US $ 24,5 milhões em receita anual de remessa para a EuroSeas.

Tipo de commodities	Volume de envio anual	Contribuição da receita
Mercadorias agrícolas	2.100 TEU	US $ 12,3 milhões
Comerciantes de metal e minerais	1.500 TEU	US $ 9,2 milhões

Importadores de bens de varejo e de consumo

O segmento de bens de consumo representa 22,7% dos contratos de remessa da EuroSeas com receita anual de US $ 11,2 milhões.

Negócios de exportação agrícola

Os exportadores agrícolas contribuem com US $ 8,7 milhões para a receita anual de remessa do EuroSeas, representando 17,6% do total de segmentos de clientes.

Categoria de exportação agrícola	Volume de envio	Receita anual
Exportadores de grãos	1.200 TEU	US $ 5,4 milhões
Exportadores de produtos frescos	800 TEU	US $ 3,3 milhões

EUROSEASA LTD. (ESEA) - Modelo de negócios: estrutura de custos

Despesas de aquisição e manutenção de embarcações

A partir do quarto trimestre de 2023, a Eurooseas Ltd. relatou o valor contábil líquido da embarcação de US $ 147,8 milhões. As despesas anuais de manutenção de embarcações foram de aproximadamente US $ 6,2 milhões.

Categoria de custo	Despesa anual ($)
Reparos de embarcações	3,750,000
Custos de escoque a seco	2,450,000

Custos de combustível e operacional

As despesas operacionais totais de 2023 foram de US $ 54,3 milhões, com as despesas operacionais de embarcação representando US $ 38,9 milhões.

• Custos de combustível de bunker: US $ 22,5 milhões anualmente
• Despesas de lubrificante: US $ 1,8 milhão anualmente
• Cobranças portuárias: US $ 4,6 milhões anualmente

Salários e treinamento da tripulação

As despesas anuais relacionadas à tripulação totalizaram US $ 12,7 milhões em 2023.

Tipo de despesa	Valor ($)
Salários da tripulação	10,900,000
Programas de treinamento	1,800,000

Despesas de seguros e conformidade

Custos totais de seguro e conformidade: US $ 5,4 milhões em 2023

• Seguro de casco e máquinas: US $ 3,2 milhões
• Seguro de proteção e indenização: US $ 1,6 milhão
• Despesas de conformidade regulatória: US $ 600.000

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura digital para 2023 foram de US $ 2,1 milhões.

Área de investimento em tecnologia	Despesa ($)
Sistemas de navegação	850,000
Infraestrutura de comunicação	750,000
Segurança cibernética	500,000

EUROSEASA LTD. (ESEA) - Modelo de negócios: fluxos de receita

Receitas de fretamento do tempo

Para o ano fiscal de 2023, a Euroseas Ltd. registrou receitas de charter de tempo de US $ 63,8 milhões. A taxa média diária de fretamento de tempo para seus navios de contêiner foi de US $ 15.728 durante esse período.

Tipo de embarcação	Receita da fretamento de tempo	Taxa média diária
Recipientes	US $ 52,4 milhões	$14,975
Transportadores de seco	US $ 11,4 milhões	$16,875

Viagem dos ganhos da Carta

Os ganhos da Carta da Voyage para 2023 totalizaram US $ 22,5 milhões, representando 26,3% da receita marítima total.

• Charters de viagem em contêineres: US $ 18,3 milhões
• Charters de viagem por transportadora Drybulk: US $ 4,2 milhões

Transações de venda e leaseback de embarcações

Em 2023, as transações de venda e leaseback completaram a venda de embarcações, gerando US $ 37,6 milhões em recursos.

Tipo de transação	Número de embarcações	Valor total da transação
Vendas de contêineres	3 navios	US $ 32,4 milhões
Vendas de transportadoras de seco	1 embarcação	US $ 5,2 milhões

Taxas de serviço de logística marítima

A logística marítima e as taxas de serviço relacionadas totalizaram US $ 5,7 milhões em 2023.

Contratos de transporte de carga especializados

Os contratos de transporte de carga especializados geraram US $ 8,9 milhões em receita durante o ano fiscal de 2023.

Tipo de carga	Receita	Porcentagem de contratos especializados
Carga refrigerada	US $ 4,6 milhões	51.7%
Cargo do projeto	US $ 2,3 milhões	25.8%
Outra carga especializada	US $ 2,0 milhões	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.