Slide 1: Earnings Presentation Quarter Ended March 31, 2022
Earnings Presentation Quarter Ended March 31, 2022 May 18, 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: 2022 First Quarter Financial Highlights
2022 First Quarter Financial Highlights in $m, unless otherwise indicated Q1 2022 Net Revenues $18.28m Net Income / (Loss) $10.49m $3.64/share(2) Adj. Net Income / (Loss) Attributable to Common $9.50m $3.30/share(2) Shareholders(1) Adj. EBITDA(1) $12.71m (1) See press release of May 18, 2022 for rec
Slide 4: S&P, Chartering, Operational and Drydocking Highlights
S&P, Chartering, Operational and Drydocking Highlights ➢ Chartering: • Alexandros P: fixed for 20-25 days at $29,000/day, thereafter, fixed for about 20-25 days at $26,250/day and thereafter, fixed for about 55-65 days at $28,000/day • Pantelis: fixed for 20-25 days at $18,250/day, thereafter, fixed
Slide 5: Current Fleet Profile
Current Fleet Profile Current 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 3x Ultra/Supramax Avg. Age: 5 years Avg. Age: 19 years Avq. Age: 7 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 164k Dwt
Slide 6: Current Fleet Profile
Current Fleet Profile Fixed rate coverage in the remaining of 2022 (Q2-Q4) of approximate 30.6% (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 Q4 BLESSED LUCK $19,500 EIRINI P 99% of B
Slide 7: Market Highlights Q1 2022
Market Highlights Q1 2022 $/day Spot Rates Kamsarmax – 82k Panamax - 72k Supramax – 58k One Year TC rate Kamsarmax – 82k Panamax - 75k Supramax - 58k Q1 -2022 Average 22,751 21,433 26,299 Q1 -2022 Average 26,644 24,600 25,271 Q1 - 2022 last day Q1 - 2022 last day (Mar 25) 30,063 28,500 34,550 (Mar 2
Slide 8: Market Overview
© EuRODRY io re: “ + % ' ' Market Overview —— r a» *. = a = / a
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 2023e USA 2.6 1.5 2.3 2.9 2.3 -3.5 5.7 3.7(4.0) 2.3(2.6) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 2.8(3.9) 2.3(2.5) Japan 0.5 1.0 1.8 1.0 0.7 -4.8 1.6 2.4(3.3) 2.3(1.8) China 6.9 6.7 6.8 6.6 6.1 2.3 8.1
Slide 10: Orderbook-to-Fleet Ratio, Drybulk Fleet
Orderbook-to-Fleet Ratio, Drybulk Fleet Orderbook as Percentage of Total Fleet Lowest Level of the Last 25+ Years 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 May - 2022: 6.6% 0.00 May-1998 May-2007 May-1996 May-1997 May-1999 May-2000 May-2001 May-2002 May-2003 May-2004 May-2005 May-2006 Ma
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development 12,839 vessels (May – 2022) 1,000.00 20.0 % growth in dwt terms m dwt, yaer start 800.00 15.0 600.00 10.0 400.00 5.0 200.00 0.00 0.0 2022e 2023e 2009 2017 2000 2001 2002 2003 2004 2005 2006 2007 2008 2010 2011 2012 2013 2014 2015 2016 2018 2019 2020 2021 Tota
Slide 12: Market Review and Outlook
Market Review and Outlook ➢ The Ukraine-Russia war adds to uncertainty and inflation, while widening of lockdowns in China due to the spread of the Omicron variant, causes a delay in the easing of global supply bottlenecks and the normalization of supply-demand imbalances. ➢ The drybulk market has h
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-May 2022) 90,000 80.00 50.00 $77.5m 80,000 45.00 70,000 40.00 35.00 60,000 30.00 50,000 Current Price ≈ Max Price (2011-2022) $/ day As of May 13, 2022, 1YR TC
Slide 14: Financial Overview
© EuRODRYi10 re: “ + % ' . Financial Over iew | > —_ — a
Slide 15: Financial Highlights: First Quarter 2021 and 2022
Financial Highlights: First Quarter 2021 and 2022 First Quarter Change (in million USD except per share amounts) 2021 2022 % Net Revenues 8.57 18.28 113.2% Net Income 0.86 10.49 Preferred & Preferred Deemed Dividends (0.42) 0.00 Net Income attributable to Common Shareholders 0.44 10.49 2,259% Intere
Slide 16: Fleet Data for the First Quarter of 2021 and 2022
Fleet Data for the First Quarter of 2021 and 2022 First Quarter (in million USD except per share amounts) 2021 2022 Number of vessels 7.0 9.5 Utililization Rate (%) Operational(1) 100.0% 99.6% Commercial(1) 100.0% 100.0% Overall(1) 100.0% 99.6% (usd/day/vessel) Time Charter Equivalent (TCE)(2) 14,92
Slide 17: Indicative EBITDA Calculator
Indicative EBITDA Calculator This slide provides our internal estimates and is meant to assist our shareholders and analysts on how to evaluate and forecast our EBITDA for the following quarters EBITDA Calculator - 2022 Actual Q1 Q2 2022 Q3 2022 Q4 2022 FY 2022 Number of vessels 9.5 10.8 11.0 11.0 1
Slide 18: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 25.0 20.0 15.0 11.3 As of March 31, 2022, EuroDry has outstanding debt of $75.6m with average margin of about 2.8%. Assuming $m 3.0 LIBOR of 1.25%, our cost of senior debt is about 4.1% 10.0 2.4 14.1 5.0 9.7 0.8 7.6 3.6 2.8 0.0 2022 2023 2024 2025 2026 L
Slide 19: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 180.0 Cash & Assets 160.0 Other Assets ➢ Cash & Other assets: ~ $21.4m ➢ Vessels book value: ~ $147.7m 140.0 ➢ Total assets (@ book value ) ~ $169.1m Sharehold Liabilities 120.0 ers’ Equity (Net Book ➢ Bank & other debt: $75.6m, i.e.~ 44.7% of
Slide 20: 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