Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q2 2013 Earnings Presentation
24 slides from Euroseas's earnings presentation, Aug 13, 2013
Slide 1: Earnings Presentation: Three- and Six-Month Period Ended June 30, 2013
Earnings Presentation Three- And Six-Month Period Ended June 30, 2013 Earnings Presentation August 13, 2013
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements in this presentation may be "forward-looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may re
Slide 3: 2013 Second Quarter & First Half Overview
2013 Second Quarter & First Half Overview • Financial Highlights - 2013: Second Quarter First Half Net Revenues $9.6 m $20.5 m Net Income / (Loss) ($8.9) m ($0.20)/ ($13.5) m ($0.30) / share(2) share(2) Adj. Net Income(1) ($5.7) m ($0.12)/ ($10.5) m ($0.23) / share(2) share(2) Adj. EBITDA(1) ($1.0)
Slide 4: Dividend Declaration
Dividend Declaration $0.5 25% Declared the 32nd consecutive $0.4 20% dividend of $0.015 per share for the quarterly dividend annualized yield second quarter of 2013 $0.3 15% Annualized yield of about 5.8% $0.2 10% based on the closing share price of $1.03 on Aug 9, 2013 $0.1 5% $0.0 0% Page 4
Slide 5: Fleet Developments & Operational Highlights
Fleet Developments & Operational Highlights Fleet Renewal Program Sold Anking (1990blt) for scrap for a net amount of $3.57m,… …and, replaced it with Joanna P a 1,732 teu(1999blt) for an incremental investment of $2.3m ($5.9m purchase price), was delivered and chartered for 9-10 months at $7,5
Slide 6: Current Fleet (not including Euromar vessels)
Current Fleet (not including Euromar vessels) Size Year Name Type DWT TEU Built Pantelis Panamax 74,020 - 2000 Eleni P Panamax 72,119 - 1997 Aristides NP Panamax 69,268 - 1993 Monica P Handymax 46,667 - 1998 Evridiki G (1) Intermediate 34,677 2,556 2001 Angeliki P Intermediate 30,360 2,008 1998 Tige
Slide 7: Euromar Joint Venture
Euromar Joint Venture Size Year Name Type DWT TEU Built Original capital commitment has CAP EGMONT (1) Intermediate 41,850 3,091 2007 been contributed: EM ASTORIA Intermediate 35,600 2,788 2004 Total capital invested $175m .. CMA-CGM TELOPEA Intermediate 37,180 2,785 2007 ..of which $25m are f
Slide 8: Market Overview
Market Overview
Slide 9: World Economic Growth
World Economic Growth Some positive developments in the U.S. Seem to mitigate the political & economic uncertainties Positives: The US is the only country for which analysts have revised their estimates upwards as the ‘fiscal cliff’ worries subside, the energy boom continues and as the Fed has b
Slide 10: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2009 2010 2011 2012 2013F (*) 2014F (*) 2015F (*) USA -2.6 (-1.6) 2.8 (2.7) 1.8 (3.0) 2.2(1.8) 1.2(1.3) 2.1(2.3) 3.6 (3.4) Eurozone -4.1 (-2.0) 1.8 (1.0) 1.5 (1.5) -0.6 (-0.5) .-0.6(-0.4) 0.9(1.0) 1.4 (1.5) Japan -6.3 (-2.6) 4.3 (1.7) -0.6 (
Slide 11: Drybulk Age Profile & Orderbook Delivery Schedule
Drybulk Age Profile & Orderbook Delivery Schedule Dry Bulk Age Profile Dry Bulk Orderbook m dwt 54% 9% of the fleet is over For delivery in 200 20 yrs old m dwt Beginning of Year 13/14/15+(as of Jun-13): orderbook(yellow Cape 107/73/64 180 bar) 160 Panamax 269/161/41 95.0 160 H’max 265/162/55 140 11
Slide 12: Containership Age Profile & Orderbook Delivery Schedule
Containership Age Profile & Orderbook Delivery Schedule Containership Age Profile Container Orderbook 38.6 % For delivery in 13/14/15+(as of Jun—13) m TEU Ppmx 126/111/89 8.0 mm Pmx 3000+ 15/0/2 7.6 31.5% 2,2 7.2 2-3000 17/9/10 6.8 2,0 11.3% 6.4 1-2000 29/20/4 Delivered 2013 to-date 6.0 1,8 100-999
Slide 13: Outlook Summary
Outlook Summary Drybulk Market The BDI (Charter Index) went up around 25% during Q2 due to the surge in Capesize rates which moved from around $5,000/day to above $10,000/day. Panamaxes despite their volatility ended up on the same levels. Supramaxes moved sideways between $9,000 to $10,000/day. A
Slide 14: Chartering, Operations & Investment Strategy
Chartering, Operations & Investment Strategy
Slide 15: Vessels Employment Chart – Bulkers
Vessels Employment Chart – Bulkers Coverage: 75% in 2013 and 25% 2014 (Eleni P days not counted) Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ELENI P $16,500 Spot Pool MONICA P $12,375 $7,500 PANTELIS $11,200+50/50 profit share 1 Y
Slide 16: Vessels Employment Chart – Containerships
Vessels Employment Chart – Containerships Coverage: Abt 80% in 2013 and 15% in 2014 2013 2014 Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q2 Q3 Q4 Q1 Q2 Q3 Q4 DESPINA P $6000 MANOLIS P $6,000 $6,750 TIGER BRIDGE $6,000 $8,000 NINOS $6,950 $7,690 MARINOS $6,0
Slide 17: Fleet Management & Operational Performance
Fleet Management & Operational Performance Daily costs per vessel (1) 10,000 Operational fleet utilization rate in excess of 98.5% 9,000 over last 5 years 8,000 7,000 Outstanding safety and environmental record 6,000 $ / day For 2013Q2, operational fleet utilization 99.8% 5,000 4,000 and comme
Slide 18: Market Snapshot – Investment Opportunities
Market Snapshot – Investment Opportunities 1-Year Time Charter Rate 10-yr old Price Historical Range $/day $m 90,000 90 80,000 80 M ax, 2 0 0 0 - 2 0 12 Panamax 75,000 dwt A ver ag e, 2 0 0 0 - 2 0 12 70,000 Containership 1700 teu 70 M in, 2 0 0 0 - 2 0 12 60,000 60 C ur r ent , M ay- 13 50,000 50 4
Slide 19: Financial Overview
Financial Overview
Slide 20: Financial Highlights: 2nd Quarter and 1st Half
Financial Highlights: 2nd Quarter and 1st Half of 2011 and 2012 Second Quarter First Half (in million USD except per change change share amounts) 2012 2013 % (4) 2012 2013 % (4) Net Revenues $12.8 $9.6 -25.1% $26.7 $20.5 -23.3% Net Income ($1.4) ($8.9) ($10.4) ($13.5) (Gain) /Loss on Sale of Vessel
Slide 21: Fleet Data for 2nd Quarter and 1st Half of 2012 and 2013
Fleet Data for 2nd Quarter and 1st Half of 2012 and 2013 Fleet Statistics Second Quarter First Half 2012 2013 2012 2013 (unaudited) (unaudited) (unaudited) (unaudited) Number of vessels 15.00 14.96 15.42 14.98 Utilization Rate (%) Overall(1 ) 98.5% 90.4% 92.8% 94.2% Commercial(1 ) 99.0% 90.6% 93.3%
Slide 22: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Schedule – As of 06/30/2013 Cash Flow Breakeven $30 » Cash Flow Breakeven - rough $25 estimate for next 12 months: $20 $/day million 3.7 OPEX $ 5,800 $15 25.6 2.4 1.0 2.2 4.9 G&A $ 800 10.7 $10 4.6 Interest $ 500 13.8 12.5 9.4 Drydock $ 700 11.6 11.2 11.0 $5 8.3
Slide 23: Balance Sheet & Other Data
Balance Sheet & Other Data Cash @ June 30, 2013: $ 34.1m $23.1m unrestricted – and about $10.9m of restricted funds and retention accounts Cash per share amounts to about $0.79 Debt: $54.1m as of June 30, 2013 Debt to Capitalization ratio about 21.8% Debt to Market Value of Fleet ratio i
Slide 24: Euroseas Contacts
Euroseas Contacts Euroseas Ltd. c/o Eurobulk Ltd 4, Messogiou & Evropis Street 151 24 Maroussi, Greece www.euroseas.gr euroseas@euroseas.gr Tel. +30-211-1804005 Fax.+30-211-1804097 or, Tasos Aslidis Nicolas Bornozis Chief Financial Officer Investor Relations Euroseas Ltd. Capital Link, Inc. 11 Cante