Euroseas Ltd. · NASDAQ:ESEA
Euroseas — FY2019 Earnings Presentation
19 slides from Euroseas's earnings presentation, Feb 19, 2020
Slide 1: Earnings Presentation Full Year & Quarter Ended December 31, 2019
Earnings Presentation Full Year & Quarter Ended December 31, 2019 February 19, 2020 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: 2019 Fourth Quarter Financial Highlights
2019 Fourth Quarter Financial Highlights in $m, unless otherwise indicated Q4 2019 Net Revenues 13.3 Net Loss (0.8) Preferred Dividends (0.2) Adj. Net Loss Available to Common Shareholders(1) (1.6) $(0.32) / share(2) Adj. EBITDA(1) 1.2 1) See press release of February 19th, 2020 for reconciliation o
Slide 4: Fleet Expansion
Fleet Expansion The Company remains focused on its strategy of providing a public consolidation platform and effected two such transformational transactions in Q3 and Q4 2019 August 2019 Acquisition of four feeder vessels from affiliates, EM Hydra (1,740 teu), EM Spetses (1,740 teu), EM Kea (3,1
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 19 vessels with an average age of 15.8(1) years and a carrying capacity of 51.1k TEU 14x Feeder 5x Intermediate Avg. Age: 18.5 years(1) Avg. Age: 12.4 years(1) Carrying Capacity: 28.5k TEU Carrying Capacity: 22.6k TEU Name Type DWT TEU Built Akinad
Slide 6: Chartering, Operational and Drydockings
Chartering, Operational and Drydockings Chartering: Akinada Bridge: fixed for min 10th February 2020 - max 20th May 2020 @ $16,500/day. We received charterers redelivery notice for February 29th and are seeking a new employment. Evridiki G: extended for min 1st September 2020-max 15th November 2
Slide 7: Vessel Employment
Vessel Employment Coverage (as of February 18 , 2020): Abt 40% for the remaining 2020 - (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 EM OINOUSSES $9,500 $8,700 Offhire – waiting for repair
Slide 8: Fleet Management & Operational Performance
Fleet Management & Operational Performance ESEA Highlights Daily costs per vessel(1) Operational Fleet utilization rate in excess of 98.9% 9,000 over last 5 years 8,000 7,000 • Outstanding safety and environmental record 6,000 • For 2019Q4, operational fleet utilization 99.7% 5,000 $/day and comme
Slide 9: Market Overview
Market Overview 9
Slide 10: Containership Market Highlights – Q4 2019
Containership Market Highlights – Q4 2019 Time charter rates in Q4 for feeder and intermediate size vessels ranging from 1,000-5,600 teu had a mixed picture as the 1700 teus fell abt 3% while the bigger ships rose from 7%-18% • The 1,700 teu geared vessel fell from an average of $8,795 in Q3 to $8
Slide 11: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020e 2021e USA 2.6 1.5 2.3 2.9 2.3(2.4) 2.0(2.1) 1.7(1.7) Eurozone 2.0 1.8 2.4 1.8 1.2(1.2) 1.3(1.4) 1.4(1.4) Japan 0.5 1.0 1.8 1.0 1.0(0.9) 0.7(0.5) 0.5(0.5) China 6.9 6.7 6.8 6.6 6.1(6.1) 6.0(5.8) 5.8(5.9) India 7
Slide 12: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook mTEU m TEU For delivery in: 20/21/22+ (as of Jan-20) 8.0 2.2 27% 29% 27% 11% 5.5% 2.0 8000+ 46 / 54 / 20 7.0 8.5% 1.8 3-7,999 9/2/0 0.5 6.0 0.1 1.6 100-2,999 173 / 56 / 4 1.4 5.6% 5.0 2.4 1.9 4.5% 1.2 3.6% 4.0% 1.2% 4.0 1.0 1.5 3.9% 4.0 0
Slide 13: Market Snapshot
Market Snapshot 1700 teu One-Year Time Charter Rate Cont 1,700 TEU – 10 Year Old Historical Price Range(1) $/day $m 35,000 25.0 36.5 $36.5 (maximum price during 2000 – 2019 in Q1/Q2 of 2005) 30,000 20.0 25,000 15.0 20,000 Since the financial crisis of 2008 rates stayed rather depressed with 15,000 t
Slide 14: Financial Overview
Financial Overview 14
Slide 15: Financial Highlights: 4th Quarter and Full Year of 2018 and 2019
Financial Highlights: 4th Quarter and Full Year of 2018 and 2019 Euroseas Continuing Operations Fourth Quarter Change Twelve Months Change In million USD except per share amounts 2018 2019 % 2018 2019 % Net Revenues 8.0 13.3 66% 34.4 40.0 16% Net Loss (0.5) (0.8) (0.7) (1.7) Preferred & Preferred De
Slide 16: Fleet Data: 4th Quarter and Full Year of 2018 and 2019
Fleet Data: 4th Quarter and Full Year of 2018 and 2019 Fleet Statistics Fourth Quarter Twelve Months 2018 2019 2018 2019 Number of vessels 11.00 16.84 11.49 13.10 Utilization Rate (%) Overall(1) 90.7% 99.7% 92.7% 99.1% Commercial(1) 90.8% 100.0% 96.7% 99.2% Operational(1) 99.9% 99.7% 96.0% 100.0% Ti
Slide 17: Debt Profile & Cash Flow Breakeven
Debt Profile & Cash Flow Breakeven Debt Repayment Profile Cash Flow Breakeven a) $6m (2 vessels] $m b) $6.2m (3 vessels) Budget estimate for next 12 months: 40.00 c) $17.4m (4 vessels) $/vessel/day $19.2m (9 vessels) 35.00 OPEX $ 5,800 G&A $ 500 30.00 Interest $ 700 $5.0m Drydock $ 100 25.00 Pref. D
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights Euroseas Capital Structure Notes 140.0 Assets Cash & Other assets: $10.6m Cash & Other Vessels book value: about $116.2 approximately 15% 120.0 Assets Net Book below December 2019 valuations Value Total assets (@ book value ) ~ $126.9m Liabilities 100.0 Other Liabiliti
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 Tasos Aslidis or, Nicolas Bornozis / Judit Csepregi Chief Financial Officer Investor Relations Euroseas Ltd. Capital Li