Euroseas

EUROSEAS

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EUROSEAS

I PROFILE

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Controlled by the renowned Pittas family of Athens, Greece, with its 150-year history in the shipping business, Euroseas is an owner and operator of container vessels as well as a provider of seaborne transportation of containerised cargoes. Boasting charter customers from all of the main line operators including Maersk, CMA CGM, ZIM, Hapag-Lloyd and COSCO, Euroseas has a formidable presence in the industry. Company CFO & Treasurer Anastasios Aslidis and Investor Relations Officer Eirini Pitta spoke with Richard Hagan about the company’s rich history and exciting new build programme. he history of Euroseas can be

T

Going public

traced back a full five generations,

A decade later, in 2005, Euroseas was

to the mid-19th century. Fragoulis

formed in order to consolidate the ship-

Pittas, the captain of the barque ‘Eleni’

owning interests of the Pittas family as

started a small shipping company in 1849

well as to access the capital markets.

alongside his son Nikos F Pittas.

At the time, the company operated both

Successfully navigating both World Wars, the business that started so many

container and dry bulk vessels.

In 2007, Euroseas duly listed on the

decades prior remained in the Pittas

Nasdaq stock market under the ticker

family’s hands. In 1994, the great-grand-

ESEA. Later, in 2018, the company made

sons of Nikolaos F Pittas, Aristides, Nikos

a strategic decision to spin off its dry

and Manolis Pittas established Eurobulk

bulk operations into EuroDry (EDRY) and

Ltd in order to continue the Pittas family’s

became the only publicly listed pure feeder

presence in the shipping industry.

and intermediate containership company in a US exchange.

Euroseas’ operations are managed by Eurobulk Ltd, an ISO 9001:2008 (quality management) and ISO 14001:2004 (environmental management) certified affiliated ship management company. Eurobulk is responsible for the day-to-day commercial and technical management of Euroseas’ fleet.

Today, that fleet consists of 19 vessels, comprising of twelve feeder and seven intermediate containerships, with another seven feeder containerships under construction.

Altogether, the fleet boasts a cargo capacity of 75,461 TEU on a fully delivered basis by the end of 2024.

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EUROSEAS

I PROFILE

Euroseas is headquartered in Athens, Greece. Eurobulk, the management company, employs 100 staff at the company’s head office – also in Athens. In addition to its Athens office, Eurobulk has an office in

NMS LTD

Manila which is responsible for its crewing.

All of Euroseas’ chartering and sale-and-

NMS was founded in 1986 to provide world-

purchase transactions are brokered by

wide maritime services for shipowners in

Eurochart SA, a company affiliated with the

Greece and Cyprus. We focus on the

Pittas family, which also offers and man-

supply of spare parts, technical agency

ages third-party charter transactions.

representations and the provision of marine equipment to newbuilds. Eurobulk/Euroseas

New builds, new capacity

has been a major customer from the birth

Euroseas is proud to have embarked on an

of our company. We greatly appreciate this

extensive new build programme. According

support and the continued cooperation with

to company CFO & Treasurer Anastasios

Mr Manolis Pittas.

Aslidis, as part of this programme Euroseas has already added two, and will soon add

We congratulate Euroseas for its extensive

seven more vessels to its fleet: “Our new

newbuild programme. Thank you for the

build programme began in 2021 in response

selection of our principal Kawasaki Heavy

to our desire to modernise our fleet. The

Industries as the supplier of the bow thruster

new vessels include six 2,800 TEU ships

for Euroseas’ 1,800TEU vessels. We wish

and three 1,800 TEU vessels. All are very

Euroseas every success in the future.

fuel-efficient and environmentally friendly, which will minimise the carbon footprint of

editorial mention

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our fleet.”

The new vessels are being built at Hyundai Mipo Dockyard in South Korea.

“It’s one of the leading shipyards in the construction of mid-sized vessels,” said Dr Aslidis: “The vessels will include machinery and equipment from top suppliers around the world, including HHI-EMD for the propulsion and engine machinery, Atlas Copco, Furuno, Hi Air Korea, Kongsberg Maritime, Framo and Kemel.”

improve the well-being of all of Euroseas

Euroseas carefully chose all of the

employees, both onboard and ashore,

vendors for its new fleet based on each

and, of course, advance the economic

vendor’s track record of reliability and

rewards to our investors.”

excellent after-sales service within Euroseas’ existing fleet.

In addition to featuring excellent machinery, all nine new vessels are EEDI Phase 3 compliant and equipped with a Tier

Caring for the environment

III engine which has 70% reduced NOx emis-

Sustainability is important within the

sions, in comparison to Tier II engines. The

company, according to Ms Eirini Pitta,

EEDI, or Energy Efficiency Design Index,

a member of the next generation of the

has been formulated for new ships and is

Pittas family entering the shipping busi-

an index that estimates the grams of CO 2

ness: “We are committed to contributing

per transport work, or grams of CO2 per

to a cleaner, safer and more sustainable

tonne-mile, representing the ratio of the

future, while serving the needs of our

‘environmental cost’ divided by the benefit

clients. At the same time, we strive to

for society.

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EUROSEAS

I PROFILE

even years in advance – as Dr Aslidis explained. “Charter coverage runs well into 2025 and amounts to about $400 million of contracted revenues,” he said.

“In terms of coverage, our fleet was contracted in excess of 90 per cent for the remainder of 2023 and is in excess of 65 per cent for 2024. However, everybody knows how volatile the shipping markets are, so we are prepared to navigate the Phase 3 compliance, specifically, requires

ups and downs.”

especially high levels of energy efficiency.

“Our contracted revenues alone over

In addition to their highly efficient engines,

the second half of 2023 and during 2024

Euroseas’ new vessels feature Alternative

are expected to generate adjusted earn-

Maritime Power (AMP) systems, which

ings in excess of $16 per share with all

allow for connection to shore power while

costs counted in. This figure will be further

the vessel is in port, further reducing

increased by the revenues from the

harmful emissions whilst alongside their

approximately 2,800 days currently

berths. Seven of the nine new builds are

unchartered during the same period,

also LNG-ready, meaning that they can be

which will also include contribution from

retrofitted to use LNG as a fuel in the future,

the seven remaining vessels of our new-

further reducing greenhouse gas, sulphur

building programme.”

oxide and particulate matter emissions.

Looking forward, Euroseas intends to continue to modernise its fleet, both by

Navigating into the future

acquiring additional modern, eco-friendly

Euroseas has a busy few years ahead of

vessels and by adopting and investing in

it, with its vessels’ availability booked up

new technologies onboard. As an example

well ahead of time – several months and

of the latter, Ms Pitta explained: “Euroseas

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has begun using Deep Sea’s AI-based tech-

with the big liner operators. Such close col-

nology on its vessels to get instant, relevant

laboration of all stakeholders of the industry

vessel data, to optimise vessel performance

will be critical to achieving the green transi-

and assist with technical and operational

tion of the maritime sector.

decision-making. By making operations

“Euroseas has built a reputable name in

more efficient, these technologies also

the industry that continues a long tradition

reduce fuel consumption and vessel emis-

spanning three centuries,” Dr Aslidis said,

sions, contributing to the much-needed

in conclusion.

decarbonisation of the maritime sector.”

In the meantime, Euroseas looks forward

Adding to this, Ms Pitta said: “We are excited by our great responsibility to

to continuing to build relationships with its

continue carrying the torch of safely and

customers whilst exploring potential new

efficiently moving cargo around the world,

opportunities and projects, such as

while serving our shareholders, partners,

methanol dual-fuelled ships in collaboration

clients and employees.”

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