Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q2 2024 Earnings Presentation
21 slides from Euroseas's earnings presentation, Aug 6, 2024
Slide 1: Earnings Presentation, Quarter Ended June 30, 2024
Earnings Presentation Quarter Ended June 30, 2024 August 06, 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 Second Quarter Financial Highlights
2024 Second Quarter Financial Highlights Financial Results in million USD except per share figures Q2 2024 Net Revenues 58.7 Net Income 40.7 5.84/ share(2) Adj. Net Income(1) 34.3 4.92/ share(2) (1) Adj. EBITDA 42.3 1) See press release of Aug 06, 2024 for reconciliation of Adj. Net Income and Adjus
Slide 4: Recent S&P, Chartering & Operational Highlights
Recent S&P, Chartering & Operational Highlights ➢ S&P • Sold M/V Astoria for a gross price of $10.0m. The vessel was delivered to the new buyers, on June 26, 2024. ➢ Newbuilding deliveries • M/V Monica was delivered on May 13, 2024. Following her delivery, she commenced a charter for a min 10 – max
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 23 vessels with an average age of 14.0(1) years and a carrying capacity of 67.1k TEU 16x Feeder 7x Intermediate Avg. Age: 11.48 years(1) Avg. Age: 16.7years(1) Carrying Capacity: 35.2k TEU Carrying Capacity: 31.9k TEU Size Year Name Type DWT TEU Bu
Slide 6: Vessels Under Construction
Vessels Under Construction Two vessels with capacity of 5,600 teu to be delivered in January 2025 2x Feeders Carrying Capacity: 2,800 teu each Size To be Name Type DWT TEU Delivered Vessels under construction Dear Panel (H4251) Feeder 37,237 2,800 Q1 2025 Symeon P (H4252) Feeder 37,237 2,800 Q1 2025
Slide 7: Vessel Employment
Vessel Employment Chartering strategy very important in maximizing revenues over the market cycle 2024 2025 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec INDEX Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SYNERGY BUSAN $25,000 JONATHAN P $26,662 (net of commissions) TE
Slide 8: Market Overview
Market Overview 8
Slide 9: Last 10 year 6-12m TC rate ($/day)
$/ day $/ day 20,000 40,000 60,000 80,000 100,000 120,000 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 0 Jan-2014 Jan-2014 Jul-2014 Jul-2014 Jan-2015 Jan-2015 Jul-2015 Jul-2015 Jan-2016 Jan-2016 Jul-2016 Jul-2016 Jan-2017 Jan-2017 3,500 TEU gls 6-12 Month 1,700 TEU grd 6-12 Month Jul-2017 Jul-
Slide 10: Containership Market Highlights – Q2 2024
Containership Market Highlights – Q2 2024 ➢ In 2024Q2, one-year time charter rates increased across all segments, and they have risen further in the first week of July; the market appears to have “taken a breather” though in the last four weeks • 2024Q2 averages were up by 48% compared to 2024Q1 (se
Slide 11: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022e 2023e 2024p 2025p USA 2.6 1.5 2. 2.9 2.3 -3.5 5.9 1.9(2.1) 2.5(2.5) 2.6(2.7) 1.9(1.9) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.4(3.5) 0.5(0.4) 0.9(0.8) 1.5(1.5) Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.2 1.0(1
Slide 12: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook 25% 21% 22% 21% 11% For delivery in 24/25/26+ 8.0 4.0 (as of Jul-24) 8000+: 65/ 113/ 150 11.2% 7.0 3.5 3-7,999: 69/ 37/ 24 2.1 0.3 1.25 6.0 0.1 3.0 100-2,999: 102/ 69/ 33 1.9 7.1% 5.0 1.9 2.5 6.0% 8.1% 2.33 mTEU 3.9 mTEU 4.0 2.0 1.87 3.2
Slide 13: Fleet Age Profile and Orderbook, 1000-3000 TEU
Fleet Age Profile and Orderbook, 1000-3000 TEU Age Profile Containership Orderbook 25% 12% 10% 28% 24% 1.3 0.45 0.64 0.40 1.1 ~8.0% 0.59 0.35 0.53 0.9 0.30 ~6.3% 0.25 mTEU 0.7 mTEU 0.20 0.5 0.57 0.30 0.43 0.15 0.16 ~1.8% 0.67 0.3 0.10 ~1.0% 0.29 0.30 0.05 0.1 0.24 0.26 0.04 0.05 0.07 0.00 -0.1 0-4 5
Slide 14: Outlook Summary
Outlook Summary ➢ Although in July the markets have stabilized, container shipping market has experienced significant gains in 2024, with freight rates climbing sharply to their highest levels outside of the COVID-19 period and charter rates steadily rising to historically robust levels. These stron
Slide 15: Market Evolution
Market Evolution Cont 2,500 TEU One-Year Time Charter Rate Cont 2,500 TEU – NB & 10 Year Old Price 90,000 60 80,000 50 70,000 60,000 40 50,000 mm USD $/ day As of Aug 02, 2024, 1YR TC rate 30 for 2,500 TEU vessel stands at 40,000 $34,000/day 20 30,000 20,000 10 10,000 0 Jul-2013 Jul-2019 Jul-2020 Ju
Slide 16: Financial Overview
Financial Overview 16
Slide 17: Financial Highlights: Q2 and H1 of 2023 and 2024
Financial Highlights: Q2 and H1 of 2023 and 2024 Second Quarter Change Six Months Change (in million USD except per share amounts) 2023 2024 % 2023 2024 % Net Revenues 47.70 58.72 23.1% 89.63 105.44 17.6% Net Income 28.88 40.75 41.1% 57.63 60.75 5.4% Earnings per share, diluted 4.15 5.84 41% 8.25 8.
Slide 18: Fleet Data for Q2 and H1 of 2023 and 2024
Fleet Data for Q2 and H1 of 2023 and 2024 Second Quarter Six Months (in million USD except per share amounts) 2023 2024 2023 2024 Number of vessels 18.0 21.3 17.5 20.4 Utililization Rate(1) Operational 99.8% 99.9% 98.7% 99.9% Commercial 100.0% 100.0% 99.1% 99.9% Overall 99.8% 99.9% 97.8% 99.8% (usd/
Slide 19: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile of Existing Debt 50.00 $9.3m (2 vessels) $1.3m (1 vessel) Cost of funding: $7.0m (1 vessel) 45.00 $1.8m (1 vessel) As of June 30, 2024, outstanding bank debt is $208.1m 40.00 with average margin of about 2.17%; assuming 3M $20.0m (4 vessels) SOFR(1) of 5
Slide 20: Balance Sheet Highlights
Balance Sheet Highlights Euroseas Capital Structure (06/30/24) Notes Assets 500 Cash & Other ➢ Cash & Other assets: $85.5m Assets ➢ Advances for NB vessels: $41.5m Advances for NB vessels ➢ Vessels book value: $420.5m 400 Shareholders' Equity (Net ➢ Total assets (at book value): $547.5m Book Value)
Slide 21: Euroseas Contacts
Euroseas Contacts Euroseas Ltd. c/o Eurobulk Ltd 4, Messogiou & Evropis Street 151 24 Maroussi, Greece www.euroseas.gr euroseas@euroseas.gr Tel. +30-211-1804005 Fax.+30-211-1804097 Tasos Aslidis Nicolas Bornozis / Markella Kara Chief Financial Officer \Investor Relations Euroseas Ltd. Capital Link,