Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q1 2019 Earnings Presentation
19 slides from Euroseas's earnings presentation, May 29, 2019
Slide 1: Earnings Presentation Quarter Ended March 31st, 2019
Earnings Presentation Quarter Ended March 31st, 2019 May 29th, 2019
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: 2019 First Quarter
2019 First Quarter • Financial Highlights – 2019Q1: First Quarter Net Revenues $8.3 m Net Loss ($0.0) m Preferred Dividends ($0.5) m Adj. Net Loss Available to Common ($0.5) m ($0.04) / share (2) Shareholders(1) Adj. EBITDA(1) $1.4 m (1) See press release of 5/28/2019 for reconciliation of Adj. Net
Slide 4: Chartering & Operational Highlights
Chartering & Operational Highlights Chartering: EM Athens: extended for a period min 01 Sep 2019 / max 31 Oct 2019 at $9,000/day as from end March Joanna: fixed for 11 to 13 months at $6,550/day from end February Ninos: extended for 140 to 175 days at $7,750/day as from March 3rd Kuo Hsiung:
Slide 5: Pillar of Success: Fleet Management & Operational Performance
Pillar of Success: Fleet Management & Operational Performance (1) Daily costs per vessel Operational Fleet utilization rate in excess of 97.6% 10,000 9,000 over last 5 years 8,000 Outstanding safety and environmental record 7,000 For 2019Q1, operational fleet utilization 100% and 6,000 $ / day
Slide 6: Vessels Employment Chart
Vessels Employment Chart Coverage, May 2019: about 68% in 2019 (based on min durations) 2019 2020 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 AEGEAN EXPRESS $7,500 $7,300 EM OINOUSSES $9,500 $8,700 NINOS $9,750 $7,750 KUO
Slide 7: Containership Market Highlights - Q1 2019
Containership Market Highlights - Q1 2019 Time charter rates in Q1 for feeder and intermediate size vessels ranging from 1,000-5,600 teu fell abt 7- 15% on average in January, with the bigger drop in the above 3,000 teu sizes, but have started rising again The 1,700 teu geared vessel fell from a
Slide 8: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 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(2.7) 2.3(2.5) 1.9(1.8) 1.8 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) 1.8(2.2) 1.3(1.6) 1.5(1.7) 1.
Slide 9: Orderbook-to-fleet ratio
Orderbook/Fleet Ratio, Total Fleet Orderbook as Percentage of Total Fleet Near Lowest Level of the Last 20+ Years 100% 18% 90% 16% Orderbook-to-Fleet ratio 80% 14% Fleet Growth (y-o-y) Orderbook-to-fleet ratio 70% 12% Fleet Growth 60% 10% 50% 8% 40% 6% 30% 4% 20% 2% 10% 0% 0% -2% Source: Clarksons P
Slide 10: Containership Age Profile & Orderbook Delivery Schedule
Containership Age Profile & Orderbook Delivery Schedule Containership Age Profile Container Orderbook m TEU m TEU For delivery in 19/20/21+ 7 30 % 2,2 (as of Apr-19) 29% 8000+ 44/53/45 26% 2,0 6 5% of the fleet is 3-7,999 4/11/0 1,8 8.5% 100-2,299 113/133/58 over 20 years old 5 1,6 1,4 5,4 5.6% 5.4%
Slide 11: 1000-3000 teu Fleet Age Profile & Orderbook Delivery Schedule
1000-3000 teu Fleet Age Profile & Orderbook Delivery Schedule Containership Age Profile Container Orderbook m TEU m TEU 1,6 0,3 Delivered to-date 17% of the 1-3,000 teu (orange bar, both size groups) fleet is over aged!!! 6.8% 35% 1,2 5.6% 0,2 0,15 0,64 0% 0,8 19% 0% 0,08 2.9% 15% 0,2 14% -1.8% 0,06
Slide 12: Market Snapshot
Market Snapshot 1700 teu One-Year Time Charter Rate 10 Year Old Historical Price Range $m 40 $/day Historical TC Rate Vs Median $45,000 35 $40,000 $35,000 30 Max Price, 2000-2018 $30,000 Median Price, 2000-2018 25 $25,000 Min Price, 2000-2018 $20,000 20 Current Price, May-19 $15,000 15 $10,000 $5,00
Slide 13: Outlook Summary
Outlook Summary 2019 YTD has shown a tightening market after January with rates for larger vessels improving strongly, however rates remain low for feeders as idle fleet is still not fully absorbed Our supply/demand analysis which is based on Clarkson’s expectations for container trade growth su
Slide 14: Financial Overview
Financial Overview
Slide 15: Financial Highlights: First Quarter 2018 and 2019
Financial Highlights: First Quarter 2018 and 2019 Euroseas Continuing Operations First Quarter Change In million USD except per share amounts 2018 2019 % Net Revenues 8.31 8.34 0% Net Income/(Loss) (1.42) (0.02) Preferred Dividends (0.46) (0.47) Net Income/(Loss) available to Common Shareholders (1.
Slide 16: Fleet Data for First Quarter of 2018 and 2019
Fleet Data for First Quarter of 2018 and 2019 Fleet Statistics First Quarter 2018 2019 (unaudited) (unaudited) Number of vessels 12.00 11.00 Utilization Rate (%) Overall(1) 97.6% 99.4% Commercial(1) 97.8% 99.4% Operational(1) 99.7% 100.0% Time Charter Equivalent (TCE)(2) $8,441 $9,088 Operating Expe
Slide 17: Debt Profile
Debt Profile Debt Repayment Profile Cash Flow Breakeven $3.2m – EM Astoria $30 $20.1m – 9 vessels Debt as of 12/31/2018 Budget estimate for next 12 $25 months: As per current repayment schedule the company repays $/vessel/day $20 all of its indebtedness by Q4- 2021 OPEX $ 5,600 million G&A $ 550 $
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights Euroseas Ltd Capital Structure Snapshop Assets (as of Mar-2019) Cash / other liquidity Unrestricted: $4.2m 90 Restricted: $6.2m 80 Other assets: $4.1m 70 Net Cash & Net Asset Vessels market value in the $62-64m range other assets Value Company’s estimate as of en
Slide 19: 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 or, Tasos Aslidis Nicolas Bornozis / Judit Csepregi Chief Financial Officer Investor Relations Euroseas Ltd. Capital Li