Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q4 2024 Earnings Presentation
19 slides from Eurodry's earnings presentation, Feb 24, 2025
Slide 1: Earnings Presentation Quarter Ended December 31, 2024
Earnings Presentation Quarter Ended December 31, 2024 February 24, 2025 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: 2024 Fourth Quarter Financial Highlights
2024 Fourth Quarter Financial Highlights Financial Results in $m, unless otherwise indicated Q4 2024 Net Revenues $14.5m Net loss attributable to controlling (3.3m) ($1.20)/share(3) shareholders Adj. Net Loss(1) (0.7m) ($0.25)/share(3) Adj. EBITDA(2) $4.8m (1) The Adj. Net Loss for controlling share
Slide 4: Recent Developments, S&P, Chartering & Operational Highlights
Recent Developments, S&P, Chartering & Operational Highlights ➢ Ordered 2 x 63,500 DWT Newbuildings • In November, the company signed a contract to build two 63,500 DWT Ultramax bulk carriers at Jiangsu Nantong Xiangyu Shipbuilding in China. The vessels are expected to be delivered in the second and
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 13 vessels with an average age of ~14.5 years and a carrying capacity of 919k dwt 2x Kamsarmaxes 5x Panamaxes 6x Ultra/Supramax Avg. Age: 8 years Avg. Age: 21.6 years Avq. Age: 10.2 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 164
Slide 6: Current Fleet Employment Profile
Current Fleet Employment Profile Fixed rate coverage for 2025 is about 17.6% through charters (excludes ships on index charters which are open to market fluctuations but have secured employment) 2024 2025 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Q3 Q4 Q1 Q2 TASOS $10,500 $9,250 $12,000 $10,8
Slide 7: Market Overview
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Slide 8: Market Highlights 2024 Q4
Market Highlights 2024 Q4 $/day Spot Rates Kamsarmax – 82k Panamax - 72k Supramax – 58k One Year TC rate Kamsarmax – 82k Panamax - 75k Supramax - 58k Q4 -2024 Average 10,630 9,255 13,261 Q4 -2024 Average 14,338 12,717 13,712 Q4 - 2024 last day Q4 - 2024 last day 9,063 7,688 11,775 12,750 11,250 12,2
Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024e 2025p 2026p USA 2.6 1.5 2. 2.9 2.3 -3.5 5.9 1.9 2.9 2.8(2.8) 2.7(2.2) 2.1 Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.4 0.4 0.8(0.8) 1.0(1.2) 1.4 Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.2 1.0 1.5 -0.2(
Slide 10: Vessel Orderbook
Vessel Orderbook • The orderbook, currently, at about 10.45% of the fleet, although higher than the 7% low seen in 2021, it remains among the lowest levels in history. • At the same time, factors such as increased slow steaming, higher scrapping rates, and the tightening of environmental regulations
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development 14,155 vessels (Feb 2025) 1,000.0 20.0 % growth in dwt terms m dwt, yaer start 800.0 15.0 600.0 10.0 400.0 200.0 5.0 0.0 0.0 2000 2002 2004 2006 2008 2010 2012 2014 2021 2023 2025 2001 2003 2005 2007 2009 2011 2013 2015 2016 2017 2018 2019 2020 2022 2024 Tota
Slide 12: Outlook Summary – Bulkers
Outlook Summary – Bulkers ➢ In 2024, the bulk carrier market showed mixed results, with the Capesize segment seeing gains but smaller vessels facing significant drops. The reopening of the Panama Canal and the easing of congestion put more pressure on the dry bulk market. Dry bulk rates have fallen,
Slide 13: Position on the Drybulk Market Cycle
Position on the Drybulk Market Cycle Panamax vessel – 1 Year Time Charter Rate Panamax(1) vessel – 10 Year Old Historical Price Range (2015/Feb 2025) 90,000 35.00 80,000 30.00 70,000 25.00 60,000 20.00 50,000 As of Feb 21, 2025, 1YR TC rate $/ day for 75k DWT Panamax vessel $m stands at $12,625/day
Slide 14: Financial Overview
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Slide 15: Financial Highlights: Q4 and 12 Months of 2023 and 2024
Financial Highlights: Q4 and 12 months of 2023 and 2024 Fourth Quarter Change Twelve months Change (in million USD except per share amounts) 2023 2024 % 2023 2024 % Net Revenues 15.90 14.51 -8.7% 47.59 61.08 28.3% Net income / (loss) attributable to 0.35 (3.28) (2.91) (9.66) controlling shareholders
Slide 16: Fleet Data for Q4 and 12 Months of 2023 and 2024
Fleet Data for Q4 and 12 months of 2023 and 2024 Fourth Quarter Twelve months (in million USD except per share amounts) 2023 2024 2023 2024 Number of vessels 12.2 13.0 10.6 13.0 Utililization Rate (%) (1) Operational 99.5% 99.4% 98.5% 98.9% (1) Commercial 100.0% 100.0% 99.4% 99.9% (1) Overall 99.5%
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 30.0 25.0 As of December 31, 2024, EuroDry has outstanding debt of 20.0 $108.2m with average margin of about 2.08%. Assuming 3Μ SOFR(*) of 4.32%, our cost of senior debt is about $m 15.0 10.2 6.39%. 0.8 2.0 • Including swapped portion of debt, the cost o
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 240.0 Assets 220.0 ➢ Cash & Other assets: ~ $29.2m Cash & Other 200.0 Assets ➢ Vessels book value: ~ $185.5m Advances for NB ➢ Advances for NB vessels: ~$7.2m 180.0 vessels ➢ Total assets (@ book value ) ~ $221.9m Net Book Value 160.0 Liabilit
Slide 19: EuroDry Contacts
EuroDry Contacts EuroDry Ltd. c/o Eurobulk Ltd 4, Messogiou & Evropis Street 151 24 Maroussi, Greece www.eurodry.gr info@eurodry.gr Tel. +30/211/1804005 Tasos Aslidis Fax.+30/211/1804097 Nicolas Bornozis/Markella Kara Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Cant