Eurodry Ltd. · NASDAQ:EDRY
Eurodry — 14th Annual Capital Link New York Maritime Forum (September 2022)
17 slides from Eurodry's conference presentation, September 2022
Slide 1: EuroDry Ltd. Company Presentation
EuroDry Ltd. Company Presentation [NASDAQ: EDRY] 14th Annual Capital Link New York Maritime Forum September 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
Introduction 3
Slide 4: EuroDry - Introduction
EuroDry - Introduction ➢ EuroDry Ltd. (NASDAQ: EDRY) was spun-off from Euroseas Ltd. on May 30, 2018 as a pure drybulk carrier owner to provide worldwide ocean-going transportation services for … • … major bulks (iron ore, coal and grains) and minor bulks (e.g steel products, bauxite, fertilizers et
Slide 5: Fleet Growth Strategy
Fleet Growth Strategy Grow & Renew the fleet through accretive vessel acquisitions and the selective disposals ➢ Through the past year, EuroDry expanded its fleet with 3 additional vessels growing its fleet by 25% in dwt terms • M/V “Santa Cruz” – 76,440 dwt 2005 Japanese built Panamax vessel acquir
Slide 6: Current Fleet Profile
Current Fleet Profile EuroDry’s fleet is comprised of 11 vessels with an average age of ~13.5 years and a carrying capacity of 803k dwt 2x Kamsarmaxes 6x Panamaxes 2x Ultramax – 1x Supramax Avg. Age: 5 years Avg. Age: ~19 years Avg.age: 7 years Carrying Capacity: Carrying Capacity: Carrying Capacity
Slide 7: Vessel Employment: Taking Advantage of the Strong Market
Vessel Employment: Taking Advantage of the Strong Market Fixed rate coverage of approximately 38.8% for the remainder of 2022 as of end of Q2 (excludes ships on index charters which are open to market fluctuations but have secured employment) 2022 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Q1 Q
Slide 8: Drybulk Sector Overview: Favorable Supply/Demand Fundamentals
Drybulk Sector Overview: Favorable Supply/Demand Fundamentals 8
Slide 9: Current Point in the Market Cycle
Current Point in the Market Cycle Panamax vessel – 1 Year Time Charter Rate ($/day) Panamax(1) vessel 10-Year Old Secondhand Price ($m) Current second-hand vessel values appear attractive compared to the cost of newbuildings 90,000 80.00 80,000 70.00 70,000 60.00 60,000 50.00 50,000 $/ day 40.00 40,
Slide 10: World GDP & Drybulk Trade Growth
World GDP & Drybulk Trade Growth Annual GDP Growth vs Ton-miles growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022e 2023e World 3.4 3.2 3.7 3.6 2.9 -3.0 6.1 3.2 2.9 (IMF: as of July-22) Drybulk Trade, ton-miles (%p.a.) Tonmiles 1.4 2.4 5.1 2.4 0.5 0.8 3.8 0.7 2.2 (Clarksons: as o
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development 12,980 vessels (Sept 2022) 1,000.00 20.0 % growth in dwt terms m dwt, yaer start 800.00 15.0 600.00 10.0 400.00 200.00 5.0 0.00 0.0 2002 2005 2006 2009 2013 2016 2017 2020 2000 2001 2003 2004 2007 2008 2010 2011 2012 2014 2015 2018 2019 2021 2023e 2022e Total
Slide 12: Orderbook-to-Fleet Ratio, Drybulk Fleet
Orderbook-to-Fleet Ratio, Drybulk Fleet Orderbook as % of fleet The orderbook in the sector, just 7.2% 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. 90.00 80.00 70.00 60.00 5
Slide 13: Why Invest in EuroDry
Why Invest in EuroDry
Slide 14: Financial Highlights
Financial Highlights Second Quarter 2022 Highlights ➢ Total net revenues of $21.0 million. ➢ Net income attributable to common shareholders of $10.6 million or $3.66 and $3.61 earnings per share basic and diluted, respectively inclusive of change in the fair value of derivatives. ➢ Adjusted net inco
Slide 15: Debt Repayment Profile & Cash Flow Breakeven Daily Rate
Debt Repayment Profile & Cash Flow Breakeven Daily Rate Debt vs Current Market Values (31-8-2022) $203.6m $202.0m $131.8m Vessel equity 96% of scrap value covers $71.8m LTV: ~35% the debt $68.7m (1) Debt Vessels Value Charter Adjusted Vessels Value Charter Free Scrap Value Cash Flow Break Even Estim
Slide 16: Why Invest in EuroDry
Why Invest in EuroDry Two main reasons… ➢ Strong industry fundamentals: a rare squeeze of supply o Positioned to take advantage by being more than 65% exposed to the market in 2022 ➢ Attractive valuation: significant potential for appreciation o Current stock trading range of $15-17/share represents
Slide 17: EuroDry Ltd. Contacts
EuroDry Ltd. 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 Dr. Tasos Aslidis Nicolas Bornozis/Markella Kara Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc
EuroDry — 14th Annual Capital Link New York Maritime Forum (September 2022) on 6ix