Euroholdings employs its vessels under both short term, long term and index linked charters. Euroholdings has a policy of employing a minimum number of its vessels under period time charters sufficient to cover its expenses for the next 12 months.
A time charter is a contract to charter a vessel for an agreed period of time at a set daily rate. Under time charters, the charterer pays these voyage expenses.
Under all types of charters, Euroholdings will pay for vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs. Euroholdings is also responsible for each vessel's intermediate drydocking and special survey costs.
Vessels operating on longer period charters provide more predictable cash flows, but can yield lower profit margins than vessels operating in the spot market during periods characterized by favorable market conditions. However, Euroholdings would then be exposed to the risk of declining market charter rates, which may be higher or lower than the rates at which Euroholdings chartered its vessels. Euroholdings is constantly evaluating opportunities for longer period charters, but only enters into these contracts if can obtain contract terms that satisfy its criteria.
Fleet Profile:
The Euroholdings Ltd. fleet profile is as follows:
| Name | Type | Dwt | TEU | Year Built | Employment (*) | TCE Rate ($/day) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| JOANNA(**) | Feeder | 22,301 | 1,732 | 1999 | TC until Mar-26 then until Sep-26, then until Nov-26 |
$19,000 $9,500 $16,500 |
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| AEGEAN EXPRESS(*) | Feeder | 18,581 | 1,439 | 1997 | TC until Nov-25 | $16,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Total Container Carries | 2 | 40.882 | 3.171 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes:
(*) TC denotes time charter. All dates listed are the earliest redelivery dates under each TC
(**) Period to November 2026 is at the option of the charterer