Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q4 2022 Earnings Presentation
19 slides from Eurodry's earnings presentation, Feb 13, 2023
Slide 1: Earnings Presentation Quarter Ended December 31, 2022
Earnings Presentation Quarter Ended December 31, 2022 February 13, 2023 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: 2022 Fourth Quarter Financial Highlights
2022 Fourth Quarter Financial Highlights Financial Results Q4 2022 Net Revenues $15.1m Net Income / (Loss) $6.3m $2.20/share(2) Adj. Net Income / (Loss) Attributable to Common $3.3m $1.18/share(2) Shareholders(1) Adj. EBITDA(1) $7.3m (1) See press release of February 13, 2023 for reconciliation of A
Slide 4: Chartering, Operational and Drydocking Highlights
Chartering, Operational and Drydocking Highlights Chartering: • Alexandros: fixed at $11,500/day for the first 65 days and $16,000/day thereafter, then fixed for 20-25 days at $8,000/day • Blessed Luck: fixed for 30-35 days at $15,000/day and then fixed for 40-50 days at $8,000/day • Eirini P: fix
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 10 vessels with an average age of ~13.6 years and a carrying capacity of 729k dwt 2x Kamsarmaxes 5x Panamaxes 3x Ultra/Supramax Avg. Age: 6 years Avg. Age: 19.6 years Avq. Age: 8 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 164k D
Slide 6: Current Fleet Profile
Current Fleet Profile Fixed rate coverage for 2023 is approximate 13.8% (excludes ships on index charters which are open to market fluctuations but have secured employment but includes FFA coverage of one vessel equivalent for one quarter) 2023 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q1 Q2
Slide 7: Market Highlights 2022 Q4
Market Highlights 2022 Q4 $/day Spot Rates Kamsarmax – 82k Panamax - 72k Supramax – 58k One Year TC rate Kamsarmax – 82k Panamax - 75k Supramax - 58k Q4 -2022 Average 16,309 14,727 16,430 Q4 -2022 Average 16,221 14,702 13,611 Q4 - 2022 last day Q4 - 2022 last day 13,713 12,088 14,338 15,575 13,925 1
Slide 8: Market Overview
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Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022e 2023p 2024p USA 2.6 1.5 2. 2.9 2.3 -3.5 5.9 2.0(1.6) 1.4(1.0) 1.0 Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.5(3.1) 0.7(0.5) 1.6 Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.1 1.4(1.7) 1.8(1.6) 0.9 China 6.9 6.7 6.8
Slide 10: Current Point in the Market Cycle
Current Point in the Market Cycle The orderbook in the sector, just 7.24% of the fleet, remains one of the lowest in history, while there is also potential for increased recycling from 2023 amid the introduction of new environmental regulations. 90.0 100,000 80.0 90,000 80,000 70.0 70,000 60.0 60,00
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development 13,182 vessels (Feb- 2023) 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 2001 2004 2005 2008 2009 2012 2016 2020 2002 2003 2006 2007 2010 2011 2013 2014 2015 2017 2018 2019 2021 2022 2023e 2024e Total
Slide 12: Outlook Summary – Bulkers
Outlook Summary – Bulkers Dry bulk market continues to soften with freight rates losing ~52% ΥοΥ having returned to pre-pandemic levels. • Dry bulk shipping faced significant headwinds in 2022Q4 on the back of geopolitical uncertainties, China's zero-COVID containment policy and a weak global econ
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 (2011-Feb 2023) 90,000 80.00 50.00 $77.5m 80,000 45.00 70,000 40.00 60,000 35.00 30.00 50,000 $/ day $m 25.00 40,000 As of Feb 10, 2023, 1YR TC rate Current Price for
Slide 14: Financial Overview
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Slide 15: Financial Highlights: Q4 and FY of 2021 and 2022
Financial Highlights: Q4 and FY of 2021 and 2022 Fourth Quarter Change Twelve Months Change (in million USD except per share amounts) 2021 2022 % 2021 2022 % Net Revenues 22.32 15.12 -32.3% 64.44 70.18 8.9% Net (Loss) / Income 16.01 6.27 31.15 33.54 Preferred & Preferred Deemed Dividends (0.79) 0.00
Slide 16: Fleet Data for Q4 and FY of 2021 and 2022
Fleet Data for Q4 and FY of 2021 and 2022 Fourth Quarter Twelve Months (in million USD except per share amounts) 2021 2022 2021 2022 Number of vessels 9.0 10.1 7.9 10.4 Utililization Rate (%) (1) Operational 99.5% 99.7% 99.6% 99.3% (1) Commercial 99.8% 100.0% 99.9% 99.8% (1) Overall 99.2% 99.7% 99.5
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 25.0 20.0 As of Dec 31, 2022, EuroDry has outstanding debt of 11.3 $81.9m with average margin of about 2.70%. Assuming 3Μ LIBOR(*) of 4.81%, our cost of senior debt is about 15.0 7.51%. $m 3.0 • Including swapped portion of debt, the cost of our 10.0 2.4
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 250.0 Assets Cash & Other assets: ~ $50.5m Vessels book value: ~ $149.0m 200.0 Total assets (@ book value ) ~ $199.5m Liabilities Cash & Other Assets Bank & other debt (net of deferred charges): $81.9m, i.e.~ 41.0% of total book value
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 Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Canterbury Lane 23