Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q1 2020 Earnings Presentation
20 slides from Euroseas's earnings presentation, May 27, 2020
Slide 1: Earnings Presentation Quarter Ended March 31, 2020
Earnings Presentation Quarter Ended March 31, 2020 May 27, 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: 2020 First Quarter Financial Highlights
2020 First Quarter Financial Highlights in million USD except per share figures Q1 2020 Net Revenues 15.40 Net Income 2.00 Preferred Dividends (0.16) Net Income Attributable to Common 1.80 0.32 / share(2) Shareholders Adjusted Net Income Attributable to Common 1.00 0.17 / share(2) Shareholders(1) Ad
Slide 4: Recent Developments
Recent Developments Acquisitions during the second half of 2019 • The Company acquired 8 vessels in total with an average age of about 12.5 years and total capacity of 25,600 teu increasing the fleet by more than 70% in number of vessels and more than 100% in terms of total teu capacity M/V Mano
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 19 vessels with an average age of 16.5(1) years and a carrying capacity of 51.1k TEU 14x Feeder 5x Intermediate Avg. Age: 19.2 years(1) Avg. Age: 13.2 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 6-8 months at $16,000/day • Synergy Busan: Extended for min Aug ‘20 – max Nov ‘20 at $12,900/day • EM Astoria: Extended for 6-9 months at $8,500/day • EM Corfu: Extended until Sep ‘21 at $10,200/day • EM Athens: Fixed
Slide 7: Vessel Employment
Vessel Employment Coverage (as of May 25, 2020): About 57% for the remaining 2020 - (based on min durations) 2019 2020 2021 Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Q4 Q1 Q2 Q3 Q4 Q1 Q2 EM OINOUSSES $8,700 MANOLIS P $6,800 EM SPETSES $7,000 KUO HSIUNG $7,
Slide 8: Fleet Management & Operational Performance
Fleet Management & Operational Performance ESEA Highlights Daily costs per vessel(1) $/day 9,000 8,000 Operational fleet utilization rate in excess of 98.9% 7,000 over last 5 years • Outstanding safety and environmental record 6,000 • For 2020Q1, operational fleet utilization 96.2% 5,000 and comme
Slide 9: Market Overview
Market Overview 9
Slide 10: Containership Market Highlights – Q1 2020
Containership Market Highlights – Q1 2020 Time charter rates in Q1 for feeder and intermediate size vessels ranging from 1,000-5,600 teu drew a negative picture as shown by the Contex index. The 1,700-4,250 teu sizes fell abt 10%. The bigger ships also fell but a bit less. April/May figures are ev
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 -5.9(2.0) 4.7(1.7) Eurozone 2.0 1.8 2.4 1.8 1.2 -7.5(1.3) 4.7(1.4) Japan 0.5 1.0 1.8 1.0 0.7 -5.2(0.7) 3.0(0.5) China 6.9 6.7 6.8 6.6 6.1 1.2(6.0) 9.2(5.8) India 7.6 7.1 6.7 7.1 4.
Slide 12: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook mTEU 1.8 8.0 26% 30% 27% 11% 6% 3.6% 5.6% 4.0% 4.5%(*) 4.0%(*) 1.5%(*) 1.6 7.0 0.6 1.4 0.1 6.0 1.2 2.0 5.0 2.3 1.0 0.10 4.1 4.0 0.7 0.8 3.0 1.17 0.6 0.91 0.66 1.00 1.14 2.0 0.3 0.84 2.8 0.9 2.0 0.5 0.5 0.4 0.1 0.03 1.1 0.1 1.0 1.2 0.3 0.2
Slide 13: Outlook Summary
Outlook Summary The disruption of economic activity and seaborne trade caused by the unprecedented worldwide lock down as well as the still evolving pandemic render any forecast a very ambitious exercise surrounded with a high degree of uncertainty Initial estimates from Clarksons to quantify th
Slide 14: 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 20.0 $18.0 (Nov -2011 to Jan-2012) 40,000 35,000 15.0 30,000 25,000 Since the financial crisis of 2008 rates 10.0 stayed rather depressed within the 20,000 $5,500/day to $
Slide 15: Financial Overview
Financial Overview 15
Slide 16: Financial Highlights: First Quarter 2019 and 2020
Financial Highlights: First Quarter 2019 and 2020 First Quarter Change (in million USD except per share amounts) 2019 2020 % Net Revenues 8.34 15.43 85% Net (Loss) / Income (0.02) 1.96 Preferred & Preferred Deemed Dividends (0.47) (0.16) Net (Loss) / Income attributable to Common Shareholders (0.49)
Slide 17: Fleet Data: First Quarter of 2019 and 2020
Fleet Data: First Quarter of 2019 and 2020 Fleet Statistics First Quarter 2019 2020 Number of vessels 11.00 19.00 Utilization Rate (%) Overall (1) 99.4% 95.1% (1) Commercial 99.4% 98.9% Operational (1) 100.0% 96.2% (2) Time Charter Equivalent (TCE) $9,088 $9,615 Operating Expenses Vessel Oper. Exp.
Slide 18: Debt Profile & Cash Flow Breakeven
Debt Profile & Cash Flow Breakeven Debt Repayment Profile Cash Flow Breakeven $m a) $ 6m (2 vessels] b) $ 6.2m (3 vessels) Budget estimate for next 12 months: 40 c) $17.4m (4 vessels) $/vessel/day(1) $19.2m (9 vessels) 35 OPEX $ 5,900 G&A $ 450 30 Interest $ 500 $5.0m 25 Drydock $ 100 Pref. Dividend
Slide 19: Balance Sheet Highlights
Balance Sheet Highlights Euroseas Capital Structure Notes 140.0 Assets Cash & Other 120.0 Assets Net Book Cash & Other assets: $13.6m Value Vessels book value: about $112.9m Total assets (@ book value ) ~ $126.2m 100.0 Other Liabilities Liabilities Pref. Equity Bank & other debt: $86.9m 80.0
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 or, Nicolas Bornozis / Judit Csepregi Chief Financial Officer Investor Relations Euroseas Ltd. Capital Li