Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q1 2025 Earnings Presentation
19 slides from Eurodry's earnings presentation, Jun 5, 2025
Slide 1: Earnings Presentation Quarter Ended March 31, 2025
Earnings Presentation Quarter Ended March 31, 2025 June 5, 20251
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: 2025 First Quarter Financial Highlights
2025 First Quarter Financial Highlights Financial Results in $m, unless otherwise indicated Q1 2025 Net Revenues $9.2m Net Loss Attributable to Controlling Shareholders ($3.7m) ($1.35)/share(3) (1) (3) Adjusted Net Loss ($5.7m) ($2.07)/share Adjusted EBITDA(2) ($1.0m) Repurchase Program ▪ As of toda
Slide 4: Recent Developments, S&P, Chartering & Operational Highlights
Recent Developments, S&P, Chartering & Operational Highlights Newbuildings / ▪ Tasos: Delivered to its buyers on March 17, 2025. The Company recorded a book gain on sale of $2.1m S&P ▪ Alexandros P: fixed for about 40 days @ $19,000 ▪ Blessed Luck: fixed for about 100-110 days @ $10,800 ▪ Christos K
Slide 5: Fleet Profile
Fleet Profile EuroDry’s current fleet is comprised of 12 vessels with an average age(1) of ~13.6 years and a carrying capacity of 843k DWT. With 2 Ultramax vessels of 63,500 DWT each under construction, scheduled for delivery in the second and third quarters of 2027, the total carrying capacity will
Slide 6: Current Fleet Employment Profile
Current Fleet Employment Profile Fixed rate coverage for the remaining of 2025 (as of March 31, 2025) is about 21.9% through charters, excluding ships on index charters which are open to market fluctuations but have secured employment 2025 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4
Slide 7: Market Overview
Market Overview 7
Slide 8: Market Highlights 2025 Q1
Market Highlights 2025 Q1 Spot Rates ($/day) 1 Year TC Rates ($/day) Kamsarmax Panamax Supramax Kamsarmax Panamax Supramax 82k DWT 72k DWT 58k DWT 82k DWT 75k DWT 58k DWT Q1 - 2025 Average 8,983 7,683 9,853 Q1 - 2025 Average 13,498 11,902 11,846 Q1 - 2025 Last Day (Mar 28) 13,150 11,850 12,538 Q1 -
Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024e 2025p 2026p USA 2.6 1.5 2.3 2.9 2.3 -3.5 5.9 1.9 2.9 2.8(2.8) 1.8(2.7) 1.7(2.1) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.4 0.4 0.9(0.8) 0.8(1.0) 1.2(1.4) Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.2 1.
Slide 10: Vessel Orderbook
Vessel Orderbook Orderbook as % of Fleet(1) 90.0 80.0 70.0 60.0 % Fleet in DWT 50.0 40.0 30.0 20.0 May-2025: 10.51% 10.0 0.0 2004 2007 2010 2013 2016 2019 2022 2025 2003 2005 2006 2008 2009 2011 2012 2014 2015 2017 2018 2020 2021 2023 2024 Orderbook as % of Fleet Current Orderbook ▪ The orderbook(1)
Slide 11: Dry Bulk Fleet Overview
Dry Bulk Fleet Overview Fleet Development(1) 1,200 20 % growth in DWT terms 1,000 m DWT, year start 15 800 600 10 400 5 200 0 0 2000 2003 2004 2008 2009 2013 2017 2018 2022 2023 2026 2001 2002 2005 2006 2007 2010 2011 2012 2014 2015 2016 2019 2020 2021 2024 2025 Total Bulkcarrier Fleet Development %
Slide 12: Outlook Summary – Bulkers
Outlook Summary – Bulkers ▪ The bulk carrier market has been relatively weak in 2025 so far, with time charter rates bottoming out in Q1 2025 and thereafter recovering to profitable levels for all sizes, but any momentum has vanished following the U.S. administration’s tariff proposals ‒ Demand unce
Slide 13: Position on the Dry Bulk Market Cycle
Position on the Dry Bulk Market Cycle Panamax Vessel – 1 Year Time Charter Rate Panamax(1) Vessel – 10 Year Old Historical Price Range (2015/May 2025) 90,000 35 80,000 30 70,000 25 60,000 20 50,000 $/day $m As of May 30, 2025, 1YR TC rate for 75k DWT Panamax vessel 40,000 15 stands at $11,500/day 30
Slide 14: Financial Overview
Financial Overview 14
Slide 15: Financial Highlights: Q1 2024 and 2025
Financial Highlights: Q1 2024 and 2025 Q1 na (in million USD except per share amounts) 2024 2025 Change (%) Net Revenues 14.42 9.21 (36.2%) Net Income / (Loss) Attributable to Controlling Shareholders (1.78) (3.70) Net Gain/ (Loss) Attributable to the Non-Controlling Interest (0.13) (0.30) Interest
Slide 16: Fleet Data for Q1 2024 and 2025
Fleet Data for Q1 2024 and 2025 Q1 na 2024 2025 Fleet (#) Number of Vessels 13.0 12.8 Utilization Operational 98.1% 99.0% Rate(1) Commercial 100.0% 98.4% (%) Overall 98.1% 97.4% TCE (2) ($/day/vessel) Time Charter Equivalent $12,455 $7,167 Vessel Operating Expenses (3) 6,183 6,590 G&A Expenses 684 7
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 25.0 ▪ As of March 31, 2025, EuroDry has outstanding debt of $105.2m with average margin of about 20.0 2.07% 15.0 10.2 ▪ Assuming 3Μ SOFR(1) of 4.32%, our cost of senior $m 0.6 2.0 debt is about 6.40% 0.8 6.7 10.0 0.8 8.5 0.8 ▪ Including swapped portion
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights Capital Structure (March 31, 2025) ($m) Notes Assets 240.0 ▪ Cash & Other Assets: ~$21.5m 220.0 ▪ Vessels Book Value: ~$182.3m ▪ Advances for NB Vessels: ~$7.2m Cash & Other 200.0 Assets ▪ Total Assets (@ Book Value ) ~$211.0m Advances for NB vessels 180.0 Liabilities Net Bo
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 Fax.+30/211/1804097 Tasos Aslidis Nicolas Bornozis/Markella Kara Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Cant