EUROSEAS
FIVE GENERATIONS OF GREEK SHIPPING EXCELLENCE Powered by Inside Marine
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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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