Slide 1: Earnings Presentation Quarter Ended June 30, 2019
Earnings Presentation Quarter Ended June 30, 2019 August 9, 2019
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: 2019 Second Quarter Financial Highlights
2019 Second Quarter Financial Highlights 2019-Q2 Net Revenues $6.2 m Net Income / (Loss) $(1.8) m Preferred Dividends $(0.7) m Net Income / (Loss) Attributable to $(2.6) m $(1.14) / share(2) Common Shareholders Adj. EBITDA(1) $1.8 m (1) See press release of 8/8/2019 for reconciliation of Adj. Net In
Slide 4: Market Highlights Q2 2019
Market Highlights Q2 2019 Cape- Panamax- Supramax- Cape- Panamax- Supramax- Spot Rates 180k 75k 58k One Year TC Rate 180k 75k 58k Q2-2019 Average $11,490 $9,672 $9,593 Q1-2019 Average $14,231 $10,777 $10,644 Q2-2019 last day 28/6 $19,875 $10,375 $10,275 Q2-2019 Average $15,817 $11,344 $10,202 Curren
Slide 5: Chartering & Operational
Chartering & Operational Chartering Pantelis: fixed for a trip for about 50-60 days at $9,500day and thereafter rechartered for abt 100 days at $11,500 Starlight : extended for a period until September 2020 / January 2021 @ 100% of the 4TC BPI average Tasos: fixed for a trip of about 60 days a
Slide 6: EuroDry Fleet
EuroDry Fleet Size Year Name Type DWT Built Vessels in the water Ekaterini Kamsarmax 82,000 2018 Xenia Kamsarmax 82,000 2016 Alexandros P Ultramax 63,500 2017 Eirini P Panamax 76,466 2004 Starlight Panamax 75,845 2004 Pantelis Panamax 74,020 2000 Tasos Panamax 75,100 2000 Total 7 vessels 528,931 10.
Slide 7: Vessels Employment Chart
Vessels Employment Chart Coverage (as of Sep 1-2019): ….effective average coverage of about 62% including index charters and pool employment or .. ..34% without taking into account the index-linked charter and the pool employment 2019 2020 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb
Slide 8: Market Overview
Market Overview
Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 USA 2.8(1.8) 1.9 (1.2) 2.4 (2.8) 2.6(3.6) 1.5(2.6) 2.3(2.3) 2.9(2.7) 2.6(2.3) 1.9(1.9) 1.8 Eurozone -0.7 (-0.5) .-0.5 (-0.4) 0.9 (1.0) 2.0(1.2) 1.8(1.7) 2.4(1.6) 1.8(2.2) 1.3(1.3) 1.6(1.5) 1.
Slide 10: Drybulk Age Profile & Orderbook Delivery Schedule
Drybulk Age Profile & Orderbook Delivery Schedule Dry Bulk Age Profile Dry Bulk Orderbook 100 m dwt 11.1% For delivery in 19/20/21+ 14.2% as of Jun-19): m dwt 47% 7% of the fleet is over 400 Cape 70/110/50 380 20 yrs old 16.0% 80 Panamax 99/137/54 360 340 45 42 H/S/Umax 96/124/33 320 173.3 Handies 6
Slide 11: Outlook Summary – Bulkers
Outlook Summary – Bulkers Since the beginning of 2019, rates for the Capesize vessels dropped below Opex levels however a strong improvement followed which peaked in July at around $32,000/day and has since then corrected to about $24,000. Panamax and Supras were much less affected by the Vale dis
Slide 12: Position on the Drybulk Market Cycle
Position on the Drybulk Market Cycle Panamax 1-Year Time Charter Rate Panamax 10-Year Old Historical Price Range $m 90.000 80 80.000 70 Panamax 75,000 dwt Panamax 75,000 dwt Max Price, 2001-2018 70.000 60 Med preice, 2001-2018 Min Price, 2001-2018 60.000 50 Current Price, Aug-19 50.000 $ / day 40 40
Slide 13: Financial Overview
Financial Overview
Slide 14: Financial Highlights: 2nd Quarter and 1st Half of 2018 and 2019
Financial Highlights: 2nd Quarter and 1st Half of 2018 and 2019 Second Quarter Change First Half Change (in million USD except per share amounts) 2018 2019 % 2018 2019 % Net Revenues 6.1 6.2 1% 10.7 12.0 12% Net (Loss) / Income 0.5 (1.8) (1.3) (0.9) -30% Preferred Dividends (0.1) (0.7) (0.1) (1.2) N
Slide 15: Fleet Data for the 2nd Quarter and 1st Half of 2018 and 2019
Fleet Data for the 2nd Quarter and 1st Half of 2018 and 2019 2018Q2 2019Q2 2018H1 2019H1 (unaudited)(unaudited) (unaudited)(unaudited) Number of vessels 5.6 7.0 5.3 7.0 Utilization Rate (%) (1) Operational 100.0% 98.3% 99.6% 99.0% (1) Commercial 100.0% 99.9% 100.0% 99.9% (1) Overall 100.0% 98.1% 99.
Slide 16: Debt Profile
Debt Profile Debt Repayment Profile $7.3m Xenia, $11.3m Ekaterini $20 Light Blue: Previous Balloons Dark Blue: Previous Amortization Light Green: New Balloons Dark Green: New Amortization $6.6m Starlight, Tasos, Pantelis Cash Flow Breakeven Budget estimate for next 12 months: $15 $8.4m $4.0m Eirini
Slide 17: 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 Fax.+30-211-1804097 or, Tasos Aslidis Nicolas Bornozis Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Canterbury Lan