Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Capital Link Webinar January 2024
18 slides from Eurodry's conference presentation, January 2024
Slide 1: EuroDry Ltd. Company Presentation
EuroDry Ltd. Company Presentation [NASDAQ: EDRY] 'Capital Link Webinar January 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: 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: Drybulk Sector Overview: Favorable Supply/Demand Fundamentals
Drybulk Sector Overview: Favorable Supply/Demand Fundamentals 5
Slide 6: Current Point in the Market Cycle (1/2)
Current Point in the Market Cycle (1/2) TC rate for 75k DWT Panamax vs Fleet Orderbook The orderbook in the sector, just 8.7% of the fleet, is nearing a 20-year historical low while there is also potential for increased recycling from 2024 amid the introduction of new environmental regulations. 90 9
Slide 7: Current Point in the Market Cycle (2/2)
Current Point in the Market Cycle (2/2) Panamax(1) vessel prices ($m) Values over the last twelve months have been rather stable potentially creating opportunities 80.00 70.00 60.00 50.00 40.00 $35.75m 30.00 20.00 $26.0m 10.00 0.00 Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2
Slide 8: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development – Lowest Fleet Growth in the last 20 years! 13,557 vessels (Jan 2024) 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 2005 2006 2009 2013 2016 2017 2020 2023 2003 2004 2007 2008 2010 2011 2012 2014 2015
Slide 9: Drybulk Trade Demand Growth
Drybulk Trade Demand Growth ➢ Demand growth for drybulk vessels is primarily a function of drybulk trade growth which is typically linked to world GDP growth • …and, especially, economic developments in China as it accounts the majority of trade growth Drybulk Trade Growth Vs World GDP Growth 8 6 4
Slide 10: DryBulk Market: Outlook Summary
DryBulk Market: Outlook Summary ➢ Dry bulk shipping experienced robust gains throughout 2023Q4, with the Panamax freight index reaching $17,158 per day in December 2023—the highest level since mid-2022. Nevertheless, 2023 has been a relatively moderate year for bulker earnings, as diminished fleet i
Slide 11: Why Invest in EuroDry
Why Invest in EuroDry
Slide 12: Current Fleet Profile
Current Fleet Profile EuroDry’s 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 5x Ultramax – 1x Supramax Avg. Age: 7 years Avg. Age: ~20.6 years Avg.age: 9.2 years Carrying Capacity: Carrying Capacity: Carrying Capa
Slide 13: Recent Acquisitions
Recent Acquisitions ➢ In 2023Q4, acquired three Eco Ultramax drybulk vessels, all built during 2014 and 2015 • M/V Yannis Pittas, built in 2014, and M/V Christos K and M/V Maria, built in 2015 • The vessels are sisterships of M/V Alexandros P which was built at the same shipyard in 2017 ➢ Joint vent
Slide 14: Vessel Employment
Vessel Employment Fleet Open to Exploit Possibly Increasing Market 2023 2024 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1 Q2 Q3 Q4 Q1 MOLYVOS LUCK $25,400 $20,875 $8,000 $12,000 $10,000 $7,750 $8,000 $14,000 $12,650 BLESSED LUCK $8,000 $6,000 $15,800 ALEXANDROS P $16,000 $8,000 $9
Slide 15: Financial Highlights
Financial Highlights Nine-Month 2023 Highlights… …and a glimpse of 2024 First nine-months of 2023 were quite profitable ➢ Total net revenues of $31.7 million. ➢ Net loss of $3.3 million or $1.17 loss per share basic and diluted. ➢ Adjusted EBITDA was $8.0 million. ➢ An average of 10.0 vessels were o
Slide 16: Debt Repayment Profile & Cash Flow Breakeven Daily Rate
Debt Repayment Profile & Cash Flow Breakeven Daily Rate Debt vs Current Market Values (31-12-2023) $238.8m $134.0m Vessel equity $104.8m LTV: ~44% 73% of debt is covered by scrap value $76.7m Debt Vessels Value Charter Adjusted Scrap Value Cash Flow Break Even Estimate for the Next 12 months ($/day)
Slide 17: Why Invest in EuroDry
Why Invest in EuroDry Three main reasons… ➢ Strong industry fundamentals: a rare squeeze of supply ➢ Healthy balance sheet & cash position would allow us to take advantage of current market weakness ➢ Attractive valuation: significant potential for appreciation o Current stock trading range of $20-2
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 Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Canterbur