Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q1 2020 Earnings Presentation
19 slides from Eurodry's earnings presentation, May 19, 2020
Slide 1: Earnings Presentation Quarter Ended March 31, 2020
Earnings Presentation Quarter Ended March 31, 2020 May 19, 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 $m, unless otherwise indicated Q1 2020 Net Revenues $5.1m Net Loss $(2.3)m Adj. Net Loss Attributable to Common $(2.1)m $(0.91) / share(2) Shareholders (1) Adj. EBITDA(1) $0.6m (1) See press release of May 18, 2020 for reconciliation of Adj. Net Income / (L
Slide 4: Chartering, Operational, S&P Highlights and Drydockings
Chartering , Operational, S&P Highlights and Drydockings Chartering: • Pantelis: Fixed for a trip about 45-55 days at $5,000/day • Tasos: Fixed for a trip about 20-25 days at $2,500/day • Ekaterini: Fixed for a period of min 12m @106% of K5TC • Tasos: Fixed for a period of about 95-100 days passin
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 7 vessels with an average age of 11.8 years and a carrying capacity of 528k dwt 2x Kamsarmaxes 4x Panamaxes 1x Ultramax Avg. Age: 3 years Avg. Age: 18 years Current.Age: 3 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 63.5k 164k Dw
Slide 6: Vessel Employment Chart
Vessel Employment Chart Coverage: As of May 15, 2020: About 16% in 2020 in fixed minimum rate contracts and about 50% contracted basis minimum duration (excludes ships on index charters which are open to market fluctuations but have secured employment) 2020 2021 Jan Feb Mar Apr May June Jul Aug Sep
Slide 7: Market Highlights Q1 2020
Market Highlights Q1 2020 $/day Kamsarmax – Kamsarmax – Spot Rates Panamax - 72k Supramax – 58k One Year TC rate Panamax - 75k Supramax - 58k 82k 82k Q1-2020 Average 7,124 6,350 7,329 Q1-2020 Average 11,563 10,254 9,734 Q1 - 2020 last Q1 - 2020 last 6,843 6,100 6,800 10,750 9,125 9,500 day (Mar 27)
Slide 8: Market Overview
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Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth COVID-19 Pandemic has dramatically and negatively changed the economic & world trade environment for 2020 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
Slide 10: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development m dwt, year start % growth in dwt terms 11,962 vessels 1,000 20.0 16.0 750 12.0 500 8.0 250 2.5% 1.9% 4.0 0 0.0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 e 2022 e Fleet Development (mDWT) Y-o-Y Fleet Growth Dry Bulk Age Profile Orderbook More tha
Slide 11: Orderbook-to-Fleet Ratio, Drybulk Fleet
Orderbook-to-Fleet Ratio, Drybulk Fleet Orderbook as Percentage of Total Fleet Near Lowest Level of the Last 20+ Years 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% May-2020: 8.1% 0.0% Jan-1996 Jan-1998 Jan-2000 Jan-2002 Jan-2004 Jan-2006 Jan-2008 Jan-2010 Jan-2012 Jan-2014 Jan-2016 Jan-2018
Slide 12: Outlook Summary – Bulkers
Outlook Summary – Bulkers 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 Clarkson's to
Slide 13: Position on the Drybulk Market Cycle
Position on the Drybulk Market Cycle Panamax vessel – 1 Year Time Charter Rate Panamax vessel – 10 Year Old Historical Price Range (10-20) $/day $m $m 60,000 30.0 80.0 $75.5 (maximum price during 2000 – 2019 in 2007Q4) 50,000 25.0 $28.0m 40,000 20.0 30,000 15.0 $13.0m ? 20,000 10.0 10,000 5.0 0 0.0
Slide 14: Financial Overview
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Slide 15: 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 5.8 5.1 -12.5% Net (Loss) / Income 0.9 (2.3) Preferred & Preferred Deemed Dividends (0.5) (0.4) Net (Loss) / Income attributable to Common Shareholders 0.4 (2.6)
Slide 16: Fleet Data for the First Quarter of 2019 and 2020
Fleet Data for the First Quarter of 2019 and 2020 First Quarter (in million USD except per share amounts) 2019 2020 Number of vessels 7.0 7.0 Utilization Rate (%) Operational(1) 99.7% 100.0% Commercial(1) 100.0% 100.0% Overall(1) 99.7% 100.0% (usd/day/vessel) Time Charter Equivalent (TCE)(2) $9,472
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile Cash Flow Breakeven 25.0 $7.3m + 11.3m (2 Budget estimate for next 12 months: Kamsarmaxes NB) $6.6m (3 $/vessel/day 20.0 Panamaxes) OPEX $ 5,200 $8.4m (1 Ultramax NB) G&A $ 900 Interest $ 800 15.0 Drydock $ 650 $million $2.1m (1 Pref. Dividend $ 550 Pana
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 140 Assets Cash & Other assets: ~ $9.0m 120 Vessels book value: ~ $103.9m Cash & Other Total assets (@ book value ) ~ $112.9m Assets Liabilities 100 Net Book Bank & other debt: $54.9m, i.e. ~ 49% of total book Value value of assets P
Slide 19: EuroDry Contacts
EuroDry Contacts EuroDry Ltd. c/o Eurobulk Ltd 4, Messogiou & Evropis Street 151 24 Maroussi, Greece www.eurodry.gr info@eurodry.gr Tel. +30-211-1804005 Tasos Aslidis Fax.+30-211-1804097 Nicolas Bornozis Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Canterbury Lane 23