Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Investor Presentation (March 2022)
18 slides from Eurodry's investor presentation, March 2022
Slide 1: EuroDry Ltd. Company Presentation
EuroDry Ltd. Company Presentation [NASDAQ: EDRY] 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
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” fleet with accretive acquisitions ➢ Over the past 10 months, EuroDry expanded its fleet with 3 additional vessels growing its fleet by 37% in dwt terms • M/V “Molyvos Luck” – 57,924 dwt 2014 Chinese built Supramax vessel acquired for $21.2 million in January 2022
Slide 6: Current Fleet Profile
Current Fleet Profile EuroDry’s fleet is comprised of 10 vessels with an average age of ~13 years and a carrying capacity of 727k dwt 2x Kamsarmaxes 5x Panamaxes 2x Ultramax – 1x Supramax Avg. Age: 5 years Avg. Age: ~20 years Avg.age: 7 years Carrying Capacity: Carrying Capacity: Carrying Capacity:
Slide 7: Vessel Employment: Taking Advantage of the Strong Market
Vessel Employment: Taking Advantage of the Strong Market Fixed rate coverage in the remaining of 2022 as of end of Q1 of approximate 22% (excludes ships on index charters which are open to market fluctuations but have secured employment) 2022 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Q1 Q2 Q3
Slide 8: Drybulk Sector Overview: Favorable Supply/Demand Fundamentals
Drybulk Sector Overview: Favorable Supply/Demand Fundamentals 8
Slide 9: Current Point in the Market Cycle
Current Point in the Market Cycle Panamax vessel – 1 Year Time Charter Rate ($/day) Panamax(1) vessel 10-Year Old Secondhand Price ($m) Secondhand Prices have recovered but not as much as rates still offering investment opportunities 80,000 80.00 70,000 70.00 60,000 60.00 50,000 50.00 40,000 40.00 A
Slide 10: World GDP & Drybulk Trade Growth
World GDP & Drybulk Trade Growth Annual GDP Growth vs Ton-miles 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) Drybulk trade, ton-miles (% p.a.) 1.1 2.1 4.8 2.7 0.4 0.7 4.0 2.5 1.7 (Clarksons: as of Feb-2
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development 1,200 12,744 vessels 20.0 (Feb 2022) 1,000 15.0 800 % Yr/Yr mDWT 600 10.0 400 5.0 200 0 0.0 2002 2006 2015 2003 2004 2005 2007 2008 2009 2010 2011 2012 2013 2014 2016 2017 2018 2019 2020 2021 2022 2024e 2023e Fleet Development (mDWT) Year-on-Year Growth Dry B
Slide 12: Orderbook-to-Fleet Ratio, Drybulk Fleet
Orderbook-to-Fleet Ratio, Drybulk Fleet Orderbook as % of fleet The orderbook in the sector, just 6.7% of the fleet, remains one of the lowest in history, while there is also potential for 90.00 increased recycling from 2023 amid the introduction of new environmental regulations. 80.00 70.00 60.00 5
Slide 13: Outlook Summary
Outlook Summary Drybulk Supply – Demand Outlook 6.0 5.0 4.0 3.0 2.50 2.0 1.70 2.1 1.0 0.3 0.0 2015 2016 2017 2018 2019 2020 2021 2022e 2023e Bulkcarrier Fleet Growth % Yr/Yr Est. bn tonne miles % Yr/Yr ➢ In 2022, dry bulk trade, as of mid-February 2022, was projected to grow by a firm 2.5% against f
Slide 14: Why Invest in EuroDry
Why Invest in EuroDry
Slide 15: Debt Repayment Profile & Cash Flow Breakeven Daily Rate
Debt Repayment Profile & Cash Flow Breakeven Daily Rate Debt vs Current Market Values (31-3-2022) $198.5 $200.0 $122.9m Vessel equity $75.6 LTV: ~38% $70.6 93% of debt scrap covered (1) Debt Vessels Value Charter Adjusted Vessels Value Charter Free Scrap Value Cash Flow Break Even Estimate for the N
Slide 16: Indicative 2022 EBITDA Calculator
Indicative 2022 EBITDA Calculator This slide provides a calculation tool for our shareholders and investors to assess the earnings potential in 2022 in the current market environment EBITDA Calculator - 2022 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Number of vessels 7.9 9.7 10.0 10.0 10.0 9.9
Slide 17: Why Invest in EuroDry
Why Invest in EuroDry Two main reasons… ➢ Strong industry fundamentals: a rare squeeze of supply o Positioned to take advantage of it by being more than 70% exposed to the market in 2022 ➢ Attractive valuation: significant potential for appreciation o Trading at about 65-70% of NAV ….and quite a num
Slide 18: 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