Euroseas Ltd. · NASDAQ:ESEA
Euroseas — FY2018 Earnings Presentation
17 slides from Euroseas's earnings presentation, Feb 20, 2019
Slide 1: Earnings Presentation Quarter Ended December 31, 2018 & Full Year 2018
Earnings Presentation Quarter Ended December 31, 2018 & Full Year 2018 February 20, 2019
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 Fourth Quarter & Twelve Months Overview
2018 Fourth Quarter & Twelve Months Overview • Financial Highlights - 2018: Fourth Quarter Twelve Months Net Revenues $8.0 m $34.4 m Net Loss ($0.5) m $(0.7) m Preferred Dividends ($0.2) m $(1.3) m Net Loss Available to ($0.8) m ($0.07) / $(2.0) m ($0.18) / Common Shareholders(1) share(2 share(2 Adj
Slide 4: Chartering & Operational Highlights
Chartering & Operational Highlights Chartering: Akinada Bridge: fixed for min 31/08/19 and max 15/10/19, was at $1 for the first 17 days till 12/12/18 and thereafter $8,500/day. Vessel remained idle for a total of 50 days during Q4 2019 Evridiki G: fixed for min 01/09/19 and max 31/10/19, at $1
Slide 5: Pillar of Success: Fleet Management & Operational Performance
Pillar of Success: Fleet Management & Operational Performance (1) 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 2018Q4, operational fleet utilization 99.9% and 6,000 $ / da
Slide 6: Vessels Employment Chart
Vessels Employment Chart Coverage, Feb 2019: about 72% in 2019 (based on min durations) 2019 2020 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 NINOS $9,750 $7,750 KUO HSIUNG $9,750 $7,750 EM ATHENS $10,400 $9,000 EM OINOUSS
Slide 7: 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 1.9 2.4 2.6 1.5 2. 2.9 2.5 1.8 Eurozone -0.7 -0.5 0.9 2.0 1.8 2.4 1.8 1.6 1.7 Japan 1.4 1.5 -0.1 0.5 1.0 1.8 0.9 1.1 0.5 China 7.7 7.7 7.4 6.9 6.7 6.8 6.6 6.2 6.2 India 3.2 4.4 7.2 7.6 7.1
Slide 8: Orderbook-to-fleet ratio
Orderbook/Fleet Ratio, Total Fleet Orderbook as Percentage of Total Fleet Near Lowest Level of the Last 20+ Years 100% 18% 90% 16% Orderbook-to-Fleet ratio 80% 14% Fleet Growth (y-o-y) Orderbook-to-fleet ratio 70% 12% Fleet Growth 60% 10% 50% 8% 40% 6% 30% 4% 20% 2% 10% 0% 0% -2% Source: Clarksons P
Slide 9: 1000-3000 teu Fleet Age Profile & Orderbook Delivery Schedule
1000-3000 teu Fleet Age Profile & Orderbook Delivery Schedule Containership Age Profile Container Orderbook m TEU 1.6 m TEU 7.7% 0.2 5.6% 2.2% 0.182 34% 1.2 0% 0.084 17% of the 1-3,000 teu fleet is over 20 0% 0.64 years old 0.06 0.11 0.8 0.1 -1.8% 19% 16% 0.05 0.18 23% 13% 0.04 0.21 0.35 0.4 0.27 0.
Slide 10: Market Snapshot – Investment Opportunities
Market Snapshot – Investment Opportunities 1700 teu 1-Year Time Charter Rate 10 Year Old Historical Price Range $/day $m 40 35,000 35 30,000 Containership 1700 teu 30 Max Price, 2000-2017 Avg 1700teu 25,000 Average Price, 2000-2017 25 Min Price, 2000-2017 20,000 20 Current Price, Feb-19 15,000 15 10
Slide 11: Outlook Summary
Outlook Summary After a very contradicting year where demand grew in H2 at almost half pace comparing with H1, 2019 is shadowed with a lot of uncertainty in anticipation of a possible trade deal or NOT between the US and China Our supply/demand analysis which is based on Clarkson’s expectations
Slide 12: Financial Overview
Financial Overview
Slide 13: Financial Highlights: Fourth Quarter & Full Year, 2017 and 2018
Financial Highlights: Fourth Quarter & Full Year , 2017 and 2018 Euroseas Continuing Operations Fourth Quarter Change Full Year Change In million USD except per share amounts 2017 2018 % 2017 2018 % Net Revenues 7.8 8.0 3% 23.8 34.4 45% Net Income/(Loss) 0.7 (0.5) (6.9) (0.7) Preferred Dividends (0.
Slide 14: Fleet Data for Fourth Quarter & Full Year, 2017 and 2018
Fleet Data for Fourth Quarter & Full Year, 2017 and 2018 Fourth Quarter Full Year Fleet Statistics 2017 2018 2017 2018 (unaudited) (unaudited) (unaudited) (unaudited) Number of vessels 11.30 11.00 9.28 11.49 Utilization Rate (%) (1) Operational 98.9% 99.9% 99.5% 96.0% (1) Commercial 96.0% 90.8% 97.5
Slide 15: Debt Profile, Dec-2018
Debt Profile, Dec-2018 Debt Repayment Profile Cash Flow Breakeven $3.2m – EM Astoria $30 $20.1m – 9 vessels Debt as of 12/31/2018 Budget estimate for next 12 $25 months: As per current repayment schedule the company repays $/vessel/day $20 all of its indebtedness by Q4- 2021 OPEX $ 5,550 million G
Slide 16: Balance Sheet Highlights
Balance Sheet Highlights Euroseas Ltd Capital Structure Snapshop Assets (as of Dec-2018) Cash / other liquidity 90 Unrestricted: $10.3m Restricted: $3.4 m 80 Net Cash & Other assets: $3.3 m other assets Net Asset 70 Value Vessels market value: abt $64m 60 Company estimate as of 12/31/18
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