Slide 1: Earnings Presentation Quarter Ended June 30, 2021
Earnings Presentation Quarter Ended June 30, 2021 August 12, 2021 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: 2021 Second Quarter Financial Highlights
2021 Second Quarter Financial Highlights in million USD except per share figures Q2 2021 Net Revenues 18.3 Net Income 7.9 Adj. Net Income / (Loss) 7.6 $1.12(2)/share Attributable to Common Shareholders(1) Adj. EBITDA(1) 10.3 1) See press release of Aug. 11, 2021 for reconciliation of Adj. Net Income
Slide 4: Recent Developments, Chartering & Operational Highlights
Recent Developments, Chartering & Operational Highlights S&P Highlights: • Placed orders for two newbuilding vessels of 2,800 teu at a South Korean yard (Hyundai Mipo) at approximately $38m o Delivery of the vessels is scheduled in 2023 Q1 and Q2, each to be financed with about 65% at the time of de
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 14 vessels on the water with an average age of 16.2(1) years and 2 newbuildings to be delivered Q1 & Q2 2023, with a total carrying capacity of 47.8k TEU on a fully delivered basis 11x Feeder(3) 5x Intermediate Avg. Age: 18.5 years(1) Avg. Age: 14.
Slide 6: Vessel Employment
Vessel Employment Chartering strategy very important in maximizing revenues over the market cycle 2021 2022 2023 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec 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 Q1 Q2 Q3 Q4 # EM
Slide 7: Market Overview
Market Overview 7
Slide 8: Last 10 year 6-12m TC rate
20,000 40,000 60,000 80,000 0 10,000 20,000 40,000 50,000 30,000 0 Jan-2010 Jan-2010 Jul-2010 Jul-2010 Jan-2011 Jan-2011 Jul-2011 Jul-2011 Jan-2012 Jan-2012 Jul-2012 Jul-2012 Jan-2013 Jan-2013 $8,582 Jul-2013 $10,948 Jul-2013 3,500 TEU 1,700 TEU Jan-2014 Jan-2014 Source: Clarksons Jul-2014 Jul-2014
Slide 9: Containership Market Highlights – Q2 2021
Containership Market Highlights – Q2 2021 One-Year time charter rates across all segments skyrocketed over the past 12 months – reaching levels never seen in the past, registering new all-time highs ($/day) Vessel Size 2021-Q1 average 2021-Q2 average Current* rate 1,700 teu geared 14,562 24,585 42
Slide 10: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Global recovery continues at a solid pace, but new variants of COVID-19 may extent the uncertainty Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021e 2022e 2023e USA 2.6 1.5 2.3 2.9 2.3 -3.5 7.0(6.4) 4.9(3.5) 1.4(2.3) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 4.6(
Slide 11: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook mTEU For delivery in 21/22/23+ 8.0 2.6 Concentrated order book in larger (as of July-21) 23% 30% 28% 13% 6% vessels of 8,000+ teu; minimal ~7.9% 8000+: 25 / 49 / 178 2.4 7.0 orderbook in the sizes we operate 3-7,999: 1 / 8 / 78 0.1 2.2 1.
Slide 12: Outlook Summary
Outlook Summary Global recovery continues at a solid pace, despite new variants of COVID-19 emerging, which may delay, but will likely not stop, economic growth. • Inventory restocking and shifts in consumer spending towards goods, combined with adequate fiscal support and progress on vaccine roll
Slide 13: 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 60,000 45.0 August 6 , 2021 55,000 at $52,500/day 40.0 Current price levels highest 50,000 observed over the past 10 years 35.0 45,000 40,000 30.0 35,000 25.0 30,000 20.0 25,000
Slide 14: Financial Overview
Financial Overview 14
Slide 15: Financial Highlights: Second Quarter and First half 2020 and 2021
Financial Highlights: Second Quarter and First half 2020 and 2021 Second Quarter Change Six months Change (in million USD except per share amounts) 2020 2021 % 2020 2021 % Net Revenues 13.5 18.3 35.4% 28.9 32.6 12.6% Net Income 1.3 7.9 515.9% 3.2 11.7 261.4% Preferred & Preferred Deemed Dividends (0
Slide 16: Fleet Data for the Second Quarter and First half 2020 and 2021
Fleet Data for the Second Quarter and First half 2020 and 2021 Second Quarter Six months (in million USD except per share amounts) 2020 2021 2020 2021 Number of vessels 19.0 14.0 19.0 14.0 Utililization Rate (%) (1) Operational 99.7% 99.9% 97.9% 98.3% Commercial (1) 94.6% 100.0% 96.9% 100.0% Overall
Slide 17: 2021 EBITDA Calculator
2021 EBITDA Calculator This slide provides a calculation tool for our shareholders and investors to assess the earnings potential in 2021 onwards, based on our existing coverage as well as the potential incremental contribution from our open days 2021H2 2021Q3E 2021Q4E 2021E 2022E 2023E EBITDA Calcu
Slide 18: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile $m $7.1m (2 vessels) 45.00 $7.1m (3 vessels) $18.9m (4 vessels) 40.00 $12.15m (4 35.00 vessels)(1) Cost of funding: 30.00 Outstanding bank debt of $62.0m with average margin 25.00 $1.98m (1 vessel) of about 3.6%; assuming LIBOR of 0.3%, our cost of 33.13
Slide 19: Balance Sheet Highlights
Balance Sheet Highlights Euroseas Capital Structure (6/30/21) Notes Pro forma July-21 Market Values 400.0 Assets Cash & Other assets: $17.4m 350.0 Cash and Other Assets Vessels book value: $95.6m Total assets (at book value): $113.0m 300.0 Liabilities Bank & other debt: $62.0m 250.0 Other
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 Nicolas Bornozis / Markella Kara Chief Financial Officer \Investor Relations Euroseas Ltd. Capital Link,