Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Investor Presentation (March 2022)
19 slides from Euroseas's investor presentation, March 2022
Slide 1: Euroseas Ltd. Company Presentation
Euroseas Ltd. Company Presentation [NASDAQ: ESEA] March 2022 1
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: Introduction
E | Introduction
Slide 4: Euroseas - Introduction
Euroseas - Introduction ➢ Euroseas is a provider of worldwide ocean-going transportation services though the ownership and operation of container vessels ▪ Established in 2005 by the Pittas family which has owned/operated vessels since 1870; currently, the 4th generation at the helm of the Company ▪
Slide 5: Current Point in the Market
Current Point in the Market 6 – 12m TC rate ($/day) 10 year old Second Hand Prices ($m) Over the past 52 weeks TC rates have been on the rise, standing at levels Second hand vessel prices have reached all time highs, following TC rates never seen before momentum 120,000 100.00 90.00 100,000 80.00 70
Slide 6: Vessel Employment - Significant Visibility Beyond 2023
Vessel Employment - Significant Visibility Beyond 2023 Solid chartering strategy securing significant cash flow generation beyond 2023 2022 2023 2024 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec DEX
Slide 7: Fleet Growth Strategy
Fleet Growth Strategy Newbuilding program initiated in 2021 ➢ Seven newbuilding contracts, for four 2,800 teu and three 1,800 teu vessels, all modern eco-design LNG-ready fuel efficient; expected to be delivered between 2023 and 2024Q2 • Exploits relative better prices for newbuildings as compared t
Slide 8: Current Fleet Profile
Current Fleet Profile On the water fleet Vessels on-order 10x Feeder 6x Intermediate 7x Feeder Avg. Age:19.2 years Avg. Age: 13.5 years Carrying Capacity: 16.6k Carrying Capacity: 21.4k TEU Carrying Capacity: 28.9k TEU TEU Size Year Name Type DWT TEU Built On the water fleet Marcos V Intermediate 72
Slide 9: Container Sector Overview: Supply/Demand Fundamentals
Container Sector Overview: Supply/Demand Fundamentals 9
Slide 10: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook Concentrated order book in larger ~9.0% 2.5 vessels of 8,000+ teu; minimal 22% 28% 28% 15% 7% 2.33 ~7.4% 8.0 orderbook in the sizes we operate 2.09 7.0 For delivery in 22/23/24 (as 0.1 2.0 of March-22) 6.0 1.1 8000+: 54/ 116 / 125 3-7,999
Slide 11: Transportation System Inefficiencies
Transportation System Inefficiencies Port Congestion Indices 38.0 36.0 % fleet capacity at port, 7dma 34.0 32.0 30.0 28.0 26.0 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-20
Slide 12: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Containerized Trade Growth Vs World GDP Growth 2015 2016 2017 2018 2019 2020 2021 2022e 2023e World Real GDP Growth (% p.a) 3.4 3.2 3.7 3.6 2.9 -3.1 5.9 4.4 3.8 (IMF: as of Jan-2022) Containerized Trade, teu-miles (% p.a.) 1.2 4.0 5.6 3.5 1.7 -1.2 6.4 3.6 3.5 (Clar
Slide 13: Outlook Summary
Outlook Summary Containership Supply – Demand Outlook 15.00 10.00 7.7% % Yr/Yr 5.00 2.95% 0.00 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023e -5.00 World Seaborne Container TEU-Mile Trade Growth Containership Fleet Growth ➢ Supply/demand estimates suggest a firm market contin
Slide 14: Euroseas Operations, Chartering & Strategy
Euroseas Operations, Chartering & Strategy 14
Slide 15: Projected Cash Flow Break Even
Projected Cash Flow Break Even Cash Flow Break Even Estimate for the Next 12 months ($/day) 4,689 13,570 680 8,881 744 709 7,456 6,747 - OPEX G&A Expenses Operating CBE Drydocking expenses Interest expense Operating and Loan Repayments Total Financing CBE 15
Slide 16: Key Balance Sheet Highlight
Key Balance Sheet Highlight Current outstanding debt as of March 31, 2021 compared to March fleet valuation Loan to Value of the existing fleet: 13% 23% 78% $290.40 $290.40 $886.0 $496.0 $45.13 $112.1 Current Debt Outstanding $143.7 (1) Debt Vessels Value Charter Free Vessels Value Charter Adjusted
Slide 17: Indicative EBITDA Calculator, 2022-2024
Indicative EBITDA Calculator, 2022-2024 This slide provides a calculation tool to assess the earnings potential in 2022 onwards, based on our existing coverage as well as the potential incremental contribution from our open days EBITDA Calculator: 2022 - 2024 Actual 2021 2022E 2023E 2024E Calendar D
Slide 18: Why Euroseas: Growth Strategy & Shareholder Value
Why Euroseas: Growth Strategy & Shareholder Value ➢ Current healthy markets and existing contract coverage generate significant cash flow to be used to build value for the long run ▪ We are pursuing a strategy to grow and modernize the Company ➔ We have embarked on a significant newbuilding program
Slide 19: 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 Dr. Tasos Aslidis or, Nicolas Bornozis / Markella Kara Chief Financial Officer Investor Relations Euroseas Ltd. Capital