Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Investor Presentation (May 2018)
14 slides from Euroseas's investor presentation, May 2018
Slide 1: Euroseas Ltd. Company Presentation May 2018
Euroseas Ltd. Company Presentation May 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: Euroseas - Introduction & Milestones
Euroseas - Introduction & Milestones ➢ Euroseas has been a provider of worldwide ocean-going transportation services: ➢ Drybulk carriers – transport major bulks (iron ore, coal and grains) and minor bulks (e.g., steel products, bauxite, phosphate and fertilizers) ➢ Containerships – transport dry and
Slide 4: Shipping Markets Are Cyclical
Shipping Markets Are Cyclical Markets fluctuated widely over the past 2 decades reflecting supply/demand balance 90,000 80,000 Panamax 75,000 dwt 70,000 Containership 1700 teu 60,000 50,000 $ / day 40,000 30,000 20,000 10,000 0 Source: Clarksons Page 4
Slide 5: Pillar of Success: Fleet Management & Operational Performance
Euroseas Pillar of Success: Fleet Management & Operational Performance Focus on cost control & quality operations Daily costs per vessel(1) 10,000 9,000 ➢ Fleet utilization rate in excess of 99.4% over 8,000 last 5 years 7,000 ➢ Outstanding safety and environmental record 6,000 $ / day 5,000 ➢ For 2
Slide 6: A Strategic Evolution
A Strategic Evolution BULKERS (EURODRY LTD) CONTAINERSHIPS A traditional Greek shipping company (EUROSEAS LTD) NEW EQUITY / that has adapted its strategy to the FLEET RENEWAL changing times and opportunities… 2018: Planned separation of fleets PRIVATE 2014 EQUITY PUBLIC 2010 MARKETS CONTAINER- 2005-
Slide 7: 2018 - Spin-off of our Drybulk Fleet
7 2018 - Spin-off of our Drybulk Fleet ➢ Decided to spin-off of our drybulk fleet in a separate company, EuroDry Ltd. (“EuroDry”) ➢ Drybulk vessels (except Monica P which has been sold and will delivered to its buyers in June 2018) will be contributed to EuroDry along with their respective loans and
Slide 8: Reasons for the Spin-Off
8 Reasons for the Spin-Off ➢ Our objective is to maximize shareholder value ➢ Currently, Euroseas stock trades around 40% of NAV while most public peers - which are all “pure-play” companies - trade close to their NAV ➢ Our mixed fleet strategy is likely the main reason for the trading discount ➢ An
Slide 9: Fleets After Spin-Off
Fleets After Spin-Off EuroDry Ltd. - DRYBULK CARRIERS Euroseas Ltd. - CONTAINERSHIPS Size Year Size Year Name Type DWT Built Name Type DWT TEU Built Akinada Bridge Intermediate 71,366 5,610 2001 Ekaterini Kamsarmax 82,000 2018 EM Astoria Feeder 35,600 2,788 2004 Xenia Kamsarmax 82,000 2016 EM Corfu
Slide 10: NAV Vs Market Capitalization
Euroseas NAV Vs Market Capitalization 70 60 Containership 50 NAV ~60 There is an up to 150% value improvement which may be million USD 40 % realized if both companies 30 end up trading near their NAV Drybulker after the spin-off, similar to 20 NAV ~40% some of the other “pure play” public companies
Slide 11: Spin-Off Information
11 Spin-Off Information ➢ EuroDry shares distribution ➢ Euroseas shareholders of record as of May 23, 2018 will receive 1 EuroDry share for every 5 Euroseas share ➢ There are 11,274,126 shares of Euroseas outstanding, thus, there will be, approximately, 2,254,825 shares of EuroDry distributed ➢ Actu
Slide 12: Spin-Off Trading Mechanics
12 Spin-Off Trading Mechanics EuroDry has applied for listing and expects to trade on the NASDAQ Capital Market (“NASDAQ”) Trading details ➢ Euroseas ➢ Shares of Euroseas common stock will continue to trade "regular-way" on the NASDAQ under the symbol “ESEA" through and after the May 30, 2018 distri
Slide 13: Looking Ahead: Opportunities & Challenges
Looking Ahead: Opportunities & Challenges ➢ Start of a new phase for Euroseas and EuroDry ➢ Focused platform with access to the capital markets ➢ Both shipping sectors at an attractive point in the cycle for expansion ➢ Orderbook to one of the lowest levels of the last 15 years → minimal supply side
Slide 14: 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 Chief Financial Officer Investor Relations Euroseas Ltd. Capital Link, Inc. 11 Cante