Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q1 2021 Earnings Presentation
20 slides from Euroseas's earnings presentation, May 26, 2021
Slide 1: Earnings Presentation Quarter Ended March 31, 2021
Earnings Presentation Quarter Ended March 31, 2021 May 26, 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 million USD except per share figures Q1 2021 Net Revenues 14.3 Net Income 3.8 Preferred Dividends (0.2) Net Income / (Loss) Attributable to Common 3.6 0.53/ share(2) Shareholders Adj. Net Income / (Loss) 3.0 0.45 / share(2) Attributable to Common Shareholde
Slide 4: Recent Chartering, Operational & S&P Developments
Recent Chartering, Operational & S&P Developments Chartering: • Akinada Bridge: option declared by the charterer for another 10-12 months at $20,000/day as from December 2021 • EM Kea: extended for 25-28 months at $22,000/day as from April 2021 • EM Hydra: fixed for 23-25 months at $20,000/day as fr
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 14 vessels with an average age of 15.8(1) years and a carrying capacity of 42.3k TEU 9x Feeder 5x Intermediate Avg. Age: 18.5 years(1) Avg. Age: 14.2years(1) Carrying Capacity: 19.7k TEU Carrying Capacity: 22.6k TEU Size Year Name Type DWT TEU Buil
Slide 6: Vessel Employment
Vessel Employment Chartering strategy very important in maximizing revenues over the market cycle 2021 2022 2023 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 # EM
Slide 7: Market Overview
Market Overview 7
Slide 8: Last 10 year 6-12m TC rate ($/day)
5,000 5,000 0 0 10,000 15,000 20,000 25,000 30,000 35,000 40,000 10,000 15,000 20,000 25,000 30,000 Jan-2010 Jan-2010 Sep-2010 Sep-2010 May-2011 May-2011 Jan-2012 Jan-2012 Sep-2012 Sep-2012 3,500 TEU gls 1,700 TEU grd $8,266 $9,859 May-2013 May-2013 Jan-2014 Jan-2014 Sep-2014 Sep-2014 May-2015 May-2
Slide 9: Containership Market Highlights – Q1 2021
Containership Market Highlights – Q1 2021 Time charter rates across all segments sky-rocketed over the past 6 months, drawing a positive picture exceeding historical median of last 12-year highs. Worth mentioning that the surging market has also lifted the Howe Robinson Containership Index (HRCI)
Slide 10: 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 11: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook mTEU For delivery in 8.0 2.2 21/22/23/24+ (as of Apr- 23% 30% 28% 13% 6% 21) 2.0 8000+: 43/ 42/87/36 7.0 6.6% 1.1 0.1 1.8 3-7,999 46 / 8 / 28/5 6.0 100-2,999: 97/ 66/ 25/0 1.6 2.4 1.4 5.0% 5.0 2.3 1.2 4.0 4.3 0.8 1.0 3.3% 1.5 3.0 0.6 0.8
Slide 12: Outlook Summary
Outlook Summary 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 H1 2021, as widely anticipated, we can expect significant global demand growth Current logistical bot
Slide 13: Market Snapshot
Market Snapshot Cont 2,500 TEU One-Year Time Charter Rate Cont 2,500 TEU – 10 Year Old Historical Price Range(1) $/day $m 45,000 30.0 40,000 25.0 35,000 Current price levels highest observed over the past 10 years 30,000 20.0 May 21, 2021 at $31,000/day 25,000 15.0 20,000 15,000 10.0 10,000 5.0 5,00
Slide 14: Financial Overview
Financial Overview 14
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 15.4 14.3 -7.3% Net (Loss) / Income 2.0 3.8 Preferred & Preferred Deemed Dividends (0.2) (0.2) Net (Loss) / Income attributable to Common Shareholders 1.8 3.6 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 19.0 14.0 Utililization Rate(1) Operational 96.2% 96.7% Commercial 98.9% 100.0% Overall 95.1% 96.7% (usd/day/vessel) Time Charter Equivalent (TCE) (2) $9,615 $12,134
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 onwards, based on our existing coverage as well as the potential incremental contribution from our open days 2021Q1 2021Q2E 2021Q3E 2021Q4E 2021E 2022E 2023E EBIT
Slide 18: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile $m 40.00 $7.1m (2 vessels) $7.1m (3 vessels) 35.00 $18.9m (4 vessels) $12.2m (4 30.00 vessels) Cost of funding: 25.00 Outstanding bank debt of $64.9m with average margin 33.1 of about 3.6%; assuming LIBOR of 0.3%, our cost of 20.00 $1.9m (1 vessel) senio
Slide 19: Balance Sheet Highlights
Balance Sheet Highlights Euroseas Capital Structure (3/31/21) Notes Pro forma May-21 Market Values 250.0 Assets Cash & Other assets: $12.0m Cash and Other Assets Vessels book value: $97.1m 200.0 Total assets (at book value): $109.1m Liabilities Bank & other debt: $64.9m 150.0 Net Asset Pre
Slide 20: 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,