Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q1 2024 Earnings Presentation
19 slides from Eurodry's earnings presentation, May 21, 2024
Slide 1: Earnings Presentation Quarter Ended March 31, 2024
Earnings Presentation Quarter Ended March 31, 2024 May 21, 2024 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: 2024 First Quarter Financial Highlights
2024 First Quarter Financial Highlights Financial Results Q1 2024 Net Revenues $14.4m Net income / (loss) attributable to (1.8m) ($0.65)/share(2) controlling shareholders (1) (2) Adj. Net Income / (Loss) (3.2m) ($1.18)/share Adj. EBITDA(1) $2.1m (1) See press release of May 21, 2024 for reconciliati
Slide 4: S&P, Chartering, Operational and Drydocking Highlights
S&P, Chartering, Operational and Drydocking Highlights ➢Chartering: • Alexandros: fixed for about 65-90 days @ $16,500 and then fixed for about 45-70 days @ $11,000-$17,750 (rate will vary depending on the redelivery location) • Starlight: fixed for about 25-35 days @ $12,250 • Blessed Luck: fixed f
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 13 vessels with an average age of ~13.5 years and a carrying capacity of 919k dwt 2x Kamsarmaxes 5x Panamaxes 6x Ultra/Supramax Avg. Age: 7 years Avg. Age: 20.6 years Avq. Age: 9.2 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 164k
Slide 6: Current Fleet Profile
Current Fleet Profile Fixed rate coverage for the remaining of 2024 is about 26.8% through charters (excludes ships on index charters which are open to market fluctuations but have secured employment) 2024 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 GOOD HEART $11,250 $20,250 $9,500
Slide 7: Market Highlights 2024 Q1
Market Highlights 2024 Q1 $/day Spot Rates Kamsarmax – 82k Panamax - 72k Supramax – 58k One Year TC rate Kamsarmax – 82k Panamax - 75k Supramax - 58k Q1 -2024 Average 14,964 13,589 13,611 Q1 -2024 Average 17,390 15,640 15,102 Q1 - 2024 last day Q1 - 2024 last day 16,125 14,750 12,750 17,950 16,200 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 2022 2023 2024p 2025p USA 2.6 1.5 2. 2.9 2.3 -3.5 5.9 1.9 2.5(2.5) 2.7(2.1) 1.9(1.7) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.4 0.4(0.5) 0.8(0.9) 1.5(1.7) Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.2 1.0 1.9(1.9) 0.9(
Slide 10: Vessel Orderbook
Vessel Orderbook The orderbook in the sector, just 9.3% of the fleet, remains one of the lowest in history. Simultaneously, increased slow steaming and scrapping amid the introduction of new environmental regulations could reduce available bulker supply even further. 90.0 80.0 70.0 60.0 % Fleet in D
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development 13,700 vessels (May/ 2024) 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 2001 2003 2005 2007 2018 2020 2022 2024 2000 2002 2004 2006 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2019 2021 2023 2025 Tot
Slide 12: Outlook Summary – Bulkers
Outlook Summary – Bulkers ➢ Dry bulk shipping experienced a slight softening throughout 2024Q1 compared to the recent peak observed in December. Despite this downward trend Q1-2024 brought the highest market seen for this traditionally quiet period since 2010 (Excluding 2022, however in that year th
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 (2014/May 2024) 90,000 35.00 80,000 30.00 70,000 25.00 60,000 50,000 20.00 $/ day As of May 17, 2024, 1YR TC rate $m for 75k DWT Panamax vessel 40,000 stands at $16,1
Slide 14: Financial Overview
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Slide 15: Financial Highlights: First Quarter 2023 and 2024
Financial Highlights: First Quarter 2023 and 2024 First Quarter Change (in million USD except per share amounts) 2023 2024 % Net Revenues 11.34 14.42 27.2% Net income / (loss) attributable to (1.54) (1.78) -16% controlling shareholders Net loss attributable to the non- 0.00 (0.13) controlling intere
Slide 16: Fleet Data for the First Quarter of 2023 and 2024
Fleet Data for the First Quarter of 2023 and 2024 First Quarter (in million USD except per share amounts) 2023 2024 Number of vessels 10.0 13.0 Utililization Rate (%) (1) Operational 99.7% 98.1% (1) Commercial 99.8% 100.0% (1) Overall 99.5% 98.1% (usd/day/vessel) Time Charter Equivalent (TCE)(2) 10,
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 50.0 45.0 40.0 As of March 31, 2024, EuroDry has outstanding debt of 35.0 $101.46m with average margin of about 2.45%. Assuming 30.0 3Μ SOFR(*) of 5.32%, our cost of senior debt is about 41.1 7.77%. $m 25.0 • Including swapped portion of debt, the cost o
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 250.0 Assets Cash & Other Assets ➢ Cash & Other assets: ~ $26.7m 200.0 ➢ Vessels book value: ~ $200.3m ➢ Total assets (@ book value ) ~ $227.0m Net Book Value Liabilities 150.0 ➢ Bank & other debt (net of deferred charges): $101.5m, i.e.~ 44.7
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/Markella Kara Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Cant