Slide 1: Earnings Presentation Quarter Ended September 30, 2018
Earnings Presentation Quarter Ended September 30, 2018 November 16, 2018
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: 2018 Third Quarter Overview
2018 Third Quarter Overview • Financial Highlights - Third Quarter of 2018: Third Quarter Net Revenues $6.8 m Net (Loss)/Income $1.7 m Preferred Dividends ($0.2) m Adj. Net (Loss)/Income $1.4 m $0.62 / share(2) Available to Common Shareholders(1) Adj. EBITDA(1) $4.4 m (1) See press release of 11/15/
Slide 4: Chartering and S&P Highlights
Chartering and S&P Highlights Eirini P: fixed for a trip of about 25 days at $11,500/day and thereafter fixed for 9.5 to 13.5 months at 103% BPI 4TC; subsequently, we sold an FFA at $12,200/day covering the first quarter of 2019. Pantelis: fixed for about 55 to 65 days at $11’500/day Tasos: fi
Slide 5: Eurodry Fleet
Eurodry Fleet Size Year Name Type DWT Built Vessels in the water Ekaterini Kamsarmax 82,000 2018 Xenia Kamsarmax 82,000 2016 Alexandros P Ultramax 63,500 2017 Eirini P Panamax 76,000 2004 Pantelis Panamax 74,020 2000 Tasos Panamax 75,100 2000 Total 6 vessels 452,620 9.3 Starlight* Panamax 75,845 200
Slide 6: Vessels Employment Chart
Vessels Employment Chart Coverage: Abt 79% in 4Q2018 basis min durations (includes ships on index charters) 2018 2019 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 PANTELIS $9,650 $9,400 $9,800 $11,500 TASOS $9,436 $8,500 $1
Slide 7: Point in Drybulk Market Cycle
Point in Drybulk Market Cycle Panamax 1-Year Time Charter Rate Panamax 10-Year Old Historical Price Range $/day $m 80 90,000 80,000 Panamax 75,000 dwt 70 Max Price, 2000-2018 70,000 Avg Panamax Rate 60 Avg Price, 2000-2018 60,000 Min Price, 2000-2018 50 Current Price, Nov-18 50,000 40,000 40 30,000
Slide 8: Outlook Summary
Outlook Summary We have already seen significant improvements of about 30% in 2018 for the vessels that we own and we expect markets to continue around the same levels going forward Cape market current deterioration mostly attributed to the breakdown of BHP Iron Ore facility in Australia. Expect
Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2012 2013 2014 2015 2016 2017 2018 2019 2020 USA 2.8(1.8) 1.9 (1.2) 2.4 (2.8) 2.6(3.6) 1.5(2.6) 2.3(2.3) 2.9(2.9) 2.5(2.7) 1.8(1.9) Eurozone -0.7 (-0.5) .-0.5 (-0.4) 0.9 (1.0) 2.0(1.2) 1.8(1.7) 2.4(1.6) 2.0(2.0) 1.9(1.9) 1.6(1.7) Japan 1.4(1
Slide 10: Drybulk Age Profile & Orderbook Delivery Schedule
Drybulk Age Profile & Orderbook Delivery Schedule Dry Bulk Age Profile Dry Bulk Orderbook m dwt m dwt 160 400 For delivery in 18/19/20+ 380 as of Oct-18): 360 45% 7% of the fleet is over 140 Cape 19/74/100 340 20 yrs old 320 Panamax 25/114/94 120 300 166.7 H/S/Umax 35/85/79 280 14.2% 11.1% 260 Handi
Slide 11: Financial Highlights: 3rd Quarter and Nine Month Period of 2017 and 2018
Financial Highlights: 3nd Quarter and Nine Month Period of 2017 and 2018 Third Quarter Change Nine Month Period Change (in million USD except per share amounts) 2017 2018 % 2017 2018 % Net Revenues 5.3 6.8 27% 13.4 17.5 31% Net (Loss)/Income 0.7 1.7 (0.4) 0.3 Preferred Dividends (0.2) (0.3) Income (
Slide 12: Fleet Data for 3rd Quarter and Nine Month Period of 2017 and 2018
Fleet Data for 3rd Quarter and Nine Month Period of 2017 and 2018 Third Quarter Nine Month Period 2017 2018 2017 2018 (unaudited) (unaudited) (unaudited) (unaudited) Number of vessels 5.00 6.00 4.90 5.50 Utilization Rate (%) Operational(1) 99.8% 99.7% 98.4% 99.6% Commercial(1) 100.0% 100.0% 100.0% 1
Slide 13: Balance Sheet Highlights & Funding For Fleet Growth
Balance Sheet Highlights & Funding For Fleet Growth As of September 30, 2018 Debt: $51.3m Preferred Equity: $19.4m Loan-To-Value ratio (‘LTV’): less than 50% Cash: $5.1m Exploiting under levered position to generate funds for growth Refinanced the loan of MV Alexandros P with a $15m lo
Slide 14: Debt Profile, Pre- and Post-Refinancings
Debt Profile, Pre- and Post-Refinancings $25 Debt Repayment Profile Cash Flow Breakeven Budget estimate for next 12 months (post-refinancing & vessel acquisition): $20 $18.6m $/vessel/day $18.6m OPEX $ 5,100 $15 G&A $ 900 million Interest $ 1,500 $7.6m $6.6m Drydock $ 750 $10 $4.3m $8.8m $1.8m Loan
Slide 15: 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 Fax.+30-211-1804097 or, Tasos Aslidis Nicolas Bornozis Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Canterbury Lan