Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q2 2023 Earnings Presentation
19 slides from Eurodry's earnings presentation, Aug 8, 2023
Slide 1: Earnings Presentation Quarter Ended June 30, 2023
Earnings Presentation Quarter Ended June 30, 2023 August 08, 2023 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: 2023 Second Quarter Financial Highlights
2023 Second Quarter Financial Highlights Financial Results Q2 2023 Net Revenues $10.3m Net Income / (Loss) (1.20) ($0.43)/share(2) Adj. Net Income / (Loss)(1) (1.30) ($0.48)/share(2) (1) Adj. EBITDA $2.5m (1) See press release of Aug 08, 2023 for reconciliation of Adj. Net Loss and Adjusted EBITDA (
Slide 4: Chartering, Operational and Drydocking Highlights
Chartering, Operational and Drydocking Highlights ➢ Chartering: • Alexandros: fixed @ $16,250/day for 60-65 days, then fixed for 40 days @ $7,000/day • Good Heart: fixed for 50/55 days @ $18,500/day ($17,920 /day with one day ballast); will then proceed to drydock • Molyvos Luck: fixed for 25/30 day
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 10 vessels with an average age of ~13.6 years and a carrying capacity of 729k dwt 2x Kamsarmaxes 5x Panamaxes 3x Ultra/Supramax Avg. Age: 6 years Avg. Age: 19.6 years Avq. Age: 8 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 164k D
Slide 6: Current Fleet Profile
Current Fleet Profile Fixed rate coverage for the remaining of 2023 is about 31.1% through charters (excludes ships on index charters which are open to market fluctuations but have secured employment) 2023 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 TASOS $21,000 $4,000 $6,000 $16,8
Slide 7: Market Highlights 2023 Q2
Market Highlights 2023 Q2 $/day Spot Rates Kamsarmax – 82k Panamax - 72k Supramax – 58k One Year TC rate Kamsarmax – 82k Panamax - 75k Supramax - 58k Q2 -2023 Average 12,121 10,520 11,313 Q2 -2023 Average 15,688 14,137 13,537 Q2 - 2023 last day Q2 - 2023 last day 9,513 7,888 8,463 13,575 11,925 11,1
Slide 8: Market Overview
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Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022e 2023p 2024p USA 2.6 1.5 2. 2.9 2.3 -3.5 5.9 2.1(2.1) 1.8(1.6) 1.0(1.1) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.5(3.5) 0.9(0.8) 1.5(1.4) Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.2 1.0(1.1) 1.4(1.3) 1.0(1.0) Ch
Slide 10: Vessel Orderbook
Vessel Orderbook The orderbook in the sector, just 7.4% of the fleet, remains one of the lowest in history, while there is also potential for increased slow steaming and scrapping amid the introduction of new environmental regulations. 90.0 80.0 70.0 60.0 % Fleet in DWT 50.0 40.0 30.0 20.0 10.0 July
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development 13,358 vessels (July/ 2023) 1,000.0 20.0 % growth in dwt terms m dwt, yaer start 800.0 15.0 600.0 10.0 400.0 200.0 5.0 0.0 0.0 2024e 2003 2007 2010 2014 2018 2021 2000 2001 2002 2004 2005 2006 2008 2009 2011 2012 2013 2015 2016 2017 2019 2020 2022 2023 Total
Slide 12: Outlook Summary – Bulkers
Outlook Summary – Bulkers ➢ The Dry bulk market has drifted downwards for most of 2023Q2 • Weaker trends in key regions such as European coal imports and the Chinese real estate sector coupled with lower port congestion, which aids active supply, have contributed to recent market weakness across the
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 (2011/July 2023) 90,000 35.00 80,000 30.00 70,000 25.00 60,000 50,000 20.00 $/ day As of Aug 04, 2023, 1YR TC rate $m for 75k DWT Panamax vessel 40,000 stands at $10,
Slide 14: Financial Overview
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Slide 15: Financial Highlights: Q2 and H1 of 2022 and 2023
Financial Highlights: Q2 and H1 of 2022 and 2023 Second Quarter Change Six Months Change (in million USD except per share amounts) 2022 2023 % 2022 2023 % Net Revenues 20.97 10.34 -50.7% 39.25 21.68 -44.8% Net (Loss) / Income 10.62 (1.18) -111% 21.11 (2.72) Interest & Finance Costs net (incl. intere
Slide 16: Fleet Data for Q2 and H1 of 2022 and 2023
Fleet Data for Q2 and H1 of 2022 and 2023 Second Quarter Six Months (in million USD except per share amounts) 2022 2023 2022 2023 Number of vessels 10.8 10.0 10.2 10.0 Utililization Rate (%) Operational(1) 99.0% 95.0% 99.3% 97.4% Commercial(1) 99.4% 98.3% 99.7% 99.0% Overall(1) 98.3% 93.3% 99.0% 96.
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 25.0 20.0 5.7 As of Jun 30, 2023, EuroDry has outstanding debt of $78.04m with average margin of about 2.64%. Assuming 15.0 3Μ SOFR(*) of 5.37%, our cost of senior debt is about 3.0 8.01%. $m 2.4 • Including swapped portion of debt, the cost of our 10.0
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 200.0 Assets 180.0 ➢ Cash & Other assets: ~ $48.6m Cash & Other 160.0 Assets ➢ Vessels book value: ~ $144.0m Net Book ➢ Total assets (@ book value ) ~ $192.6m 140.0 Value Liabilities ➢ Bank & other debt (net of deferred charges): $78.0m, 120.0
Slide 19: 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/Markella Kara Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Cant