Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q3 2018 Earnings Presentation
17 slides from Euroseas's earnings presentation, Nov 16, 2018
Slide 1: Earnings Presentation Quarter & Nine Month Period Ended September 30, 2018
Earnings Presentation Quarter & Nine Month Period Ended September 30, 2018 November 16, 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: 2018 Third Quarter Overview
2018 Third Quarter Overview • Financial Highlights - Third Quarter Months of 2018: Third Quarter Net Revenues $8.3 m Net (Loss)/Income ($0.9) m Preferred Dividends ($0.2) m Adj. Net Loss Available to ($1.1) m ($0.10) / share(2) Common Shareholders(1) Adj. EBITDA(1) $0.6 m (1) See press release of 11
Slide 4: Chartering & Operational Highlights
Chartering & Operational Highlights Akinada Bridge Upon expiry of its charter on July 30th the vessel remained idle for 17 days; Then, she was fixed to carry empty containers for a 40-day trip which produced a TCE rate of about $3,450/day. Thereafter, and since, 27/9 the vessel remained idle
Slide 5: Pillar of Success: Fleet Management & Operational Performance
Pillar of Success: Fleet Management & Operational Performance Daily costs per vessel Operational Fleet utilization rate in excess of 99.4% 10,000 9,000 over last 5 years 8,000 Outstanding safety and environmental record 7,000 For 2018Q3, operational fleet utilization 90.6% and 6,000 $ / day co
Slide 6: Vessels Employment Chart
Vessels Employment Chart Coverage : Abt 95% in 4Q2018 (based on min durations) 2018 2019 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 MONICA P $6,500 $10,000 $8,000 SOLD JOANNA $7,000 $10,500 EVRIDIKI G $11,000 $9,950 EM CO
Slide 7: Containership Market Highlights
Containership Market Highlights Time charter rates in Q3 for feeder and intermediate size vessels ranging from 1,000-5,600 teu have all fallen abt 10-40% on average with bigger drop in the above 4,000 teu sizes The 1,700 teu geared vessel fell from an average of $10,800 in Q2 to $9,950 in Q3 and
Slide 8: Market Snapshot – Investment Opportunities
Market Snapshot – Investment Opportunities 1700 teu 1-Year Time Charter Rate 10 Year Old Historical Price Range $/day $m 35,000 40 Avg 1700teu 35 30,000 Containership 1700 teu 30 Max Price, 2000-2017 25,000 Average Price, 2000-2017 25 20,000 Min Price, 2000-2017 20 Current Price, Nov-18 15,000 15 10
Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2012 2013 2014 2015 2016 2017 2018 2019 2020 USA 2.8(1.8) 1.9 (1.2) 2.4 (2.8) 2.6 (3.6) 1.5(2.6) 2.3(2.3) 2.9(2.9) 2.5(2.7) 1.8(1.9) Eurozone -0.7 (-0.5) .-0.5 (-0.4) 0.9 (1.0) 2.0(1.2) 1.8(1.7) 2.4(1.6) 2.0(2.0) 1.9(1.9) 1.6(1.7) Japan 1.4(
Slide 10: 1000-3000 teu Fleet Age Profile & Orderbook Delivery Schedule
1000-3000 teu Fleet Age Profile & Orderbook Delivery Schedule Feeder Containership Age Profile Container Feeder Orderbook m TEU m TEU 1.2 0.20 5.3% 33% 5.1% 5.2% 17% of the 1-3,000 teu 0% fleet is over 0.15 0.62 0.8 aged!!! 0.15 0.08 0.12 0% 18% 0.06 17% -1.8% 0.10 15% 0.18 0.24 13% 0.05 0.34 0.4 0.
Slide 11: Outlook Summary
Outlook Summary Following the fall in demand since the beginning of H2 this year we expect the supply/demand balance to be negative in 2018 despite the positive signs in the H1 of the year. Weak demand in Europe, soft Intra Asia growth and negative sentiment due to the announced trade war is erodi
Slide 12: Financial Overview
Financial Overview
Slide 13: Financial Highlights: Third Quarter & Nine Months of 2017 and 2018
Financial Highlights: Third Quarter & Nine Months of 2017 and 2018 Euroseas Continuing Operations Third Quarter Change Nine Month Period Change In million USD except per share amounts 2017 2018 % 2017 2018 % Net Revenues 5.7 8.3 46% 16.0 26.4 65% Net (Loss)/Income (5.5) (0.9) (7.6) (0.1) Preferred D
Slide 14: Fleet Data for 3rd Quarter & Nine Month Period of 2017 and 2018
Fleet Data for 3nd Quarter & Nine Month Period of 2017 and 2018 Third Quarter Nine Month Period Fleet Statistics 2017 2018 2017 2018 (unaudited) (unaudited) (unaudited) (unaudited) Number of vessels 9.02 11.00 8.58 11.64 Utilization Rate (%) (1) Operational 100.0% 90.6% 99.7% 94.8% (1) Commercial 10
Slide 15: Balance Sheet Highlights & Debt Refinancing
Balance Sheet Highlights & Debt Refinancing As of September 30, 2018 Debt: $31.8m (net of deferred charges) Preferred Equity: $19.4m Loan-To-Value ratio (‘LTV’): about 45% Cash: $9.0m Other current liab., net (excl. debt): $5.3 m Funding future growth Exploit low leverage / debt refi
Slide 16: Debt Profile Pre- And Post-Refinancing
Debt Profile Pre- And Post-Refinancing Debt Repayment Profile Cash Flow Breakeven $30 Debt as of 9/30/2018 $25 Budget estimate for next 12 $20 months: million $22.4m $/vessel/day $15 OPEX $ 5,550 G&A $ 600 $10 $7.9m Interest $ 550 $9.4m Drydock $ 250 $5 Loan Rpmt(*) $ 1,200 TOTAL $ 8,150 $0 pre po
Slide 17: 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