Slide 1: Earnings Presentation Quarter Ended March 31, 2021
Earnings Presentation Quarter Ended March 31, 2021 May 20, 2021 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: 2021 First Quarter Financial Highlights
2021 First Quarter Financial Highlights in $m, unless otherwise indicated Q1 2021 Net Revenues $8.6m Net Income / (Loss) $0.9m Adj. Net Income Attributable to Common Shareholders (1) $1.3m $0.55/share(2) Adj. EBITDA(1) $4.0m (1) See press release of May 20, 2021 for reconciliation of Adj. Net Income
Slide 4: S&P, Chartering, Operational and Drydocking Highlights
S&P, Chartering, Operational and Drydocking Highlights Chartering: • Pantelis: fixed for a trip about 80-100 (110) days at $10,450/day • Tasos: fixed for about 60 days at $8,750 thereafter fixed for about 50-65 days at $19,750/day • Ekaterini: extended till minimum March 2022 at 106% of K5TC (KMX8
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 7 vessels with an average age of ~12.6 years and a carrying capacity of 529k dwt 2x Kamsarmaxes 4x Panamaxes 1x Ultramax Avg. Age: 4 years Avg. Age: 19 years Current.Age: 4 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 164k Dwt ~30
Slide 6: Current Fleet Profile
Current Fleet Profile 7% in the remaining of 2021; including FFA contracts fixed rate coverage rises to 21%*** (excludes ships on index charters which are open to market fluctuations but have secured employment) 2020 2021 Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q4 Q1 Q2 Q3 Q4 PA
Slide 7: Market Highlights Q1 2021
Market Highlights Q1 2021 $/day Spot Rates Capesize - 180k Panamax - 75k Supramax – 58k One Year TC rate Capesize - 180k Panamax - 75k Supramax - 58k Q1 - 2021 Average 17,186 16,136 18,417 Q1 - 2021 Average 18,808 14,725 14,154 Q1 - 2021 last day Q1 - 2021 last day 18,500 21,375 20,950 21,500 18,000
Slide 8: Market Overview
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Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth COVID-19 Pandemic has dramatically and negatively changed the economic & world trade environment for 2020 however, global policy support and vaccine rollouts are expected to power a stronger global economic recovery in 2021 onwards as evidenced so far Real GDP (% p
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 - 2021: 5.6% 0.00% Orderbook % Fleet Source: Clarksons Research 10
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development m dwt, year start 12,432 vessels % growth in dwt terms (May – 2021) 1,000 20.0 16.0 750 12.0 500 8.0 250 4.0 0 0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e 2023e Fleet Development (mD
Slide 12: Market Review and Outlook
Market Review and Outlook The unknown duration of the pandemic and its financial consequences render any type of modeling very difficult; however, if the vaccines help provide a containment of COVID-19 by H2 2021, as widely anticipated we can expect significant global demand growth for drybulk com
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 (10-20) $/day $m 90,000 80.0 40.0 $75.5m (maximum price during 80,000 2000 – 2021Q1 in 2007Q4) 35.0 70,000 30.0 60,000 25.0 34.0 50,000 As of May 14, 2021, 1YR TC rat
Slide 14: Financial Overview
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Slide 15: Financial Highlights: First Quarter 2020 and 2021
Financial Highlights: First Quarter 2020 and 2021 First Quarter Change (in million USD except per share amounts) 2020 2021 % Net Revenues 5.1 8.6 69.3% Net (Loss) / Income (2.3) 0.9 Preferred & Preferred Deemed Dividends 0.0 (0.1) Net (Loss) / Income attributable to Common Shareholders (2.6) 0.4 Int
Slide 16: Fleet Data for the First Quarter of 2020 and 2021
Fleet Data for the First Quarter of 2020 and 2021 First Quarter (in million USD except per share amounts) 2020 2021 Number of vessels 7.0 7.0 Utililization Rate (%) (1) Operational 100.0% 100.0% Commercial(1) 100.0% 100.0% (1) Overall 100.0% 100.0% (usd/day/vessel) Time Charter Equivalent (TCE) (2)
Slide 17: 2021 EBITDA Calculator
2021 EBITDA Calculator This slide provides a calculation tool for our shareholders and investors to assess the earnings potential in 2021 in the current market environment EBITDA Calculator - 2021 Actual Q1 Q2 Q3 Q4 Number of vessels 7.0 7.3 8.0 8.0 Calendar (available) days 630 667 736 736 (A) Cont
Slide 18: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 18.0 16.0 14.0 11.3 As of March 31, 2021, EuroDry has outstanding debt of $56.0m with average margin of about 2.9%. Assuming 12.0 8.0 LIBOR of 0.3%, our cost of senior debt is about 3.2% $million 10.0 (including the dividend of our preferred equity the o
Slide 19: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 120.0 Assets Cash & Other Assets Cash & Other assets: ~ $10.4m 100.0 Vessels book value: ~ $97.7m NET BOOK Total assets (@ book value ) ~ $108.1m VALUE Liabilities 80.0 Bank & other debt: $56.0m, ~ 52% of total book value of assets Oth
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