Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q3 2013 Earnings Presentation
23 slides from Euroseas's earnings presentation, Nov 12, 2013
Slide 1: Earnings Presentation: Three- and Nine-Month Period Ended September 30, 2013
Earnings Presentation Three- And Nine-Month Period Ended September 30, 2013 Earnings Presentation November 12, 2013
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: 2013 Second Quarter & First Half Overview
2013 Second Quarter & First Half Overview • Financial Highlights - 2013: Third Quarter First Nine Months Net Revenues $9.0 m $29.5 m Net Income / (Loss) ($3.8) m ($0.08)/ ($17.3) m ($0.38) / share(2) share(2) Adj. Net Income(1) ($5.0) m ($0.11)/ ($15.3) m ($0.34) / share(2) share(2) Adj. EBITDA(1) (
Slide 4: Operational Highlights
Operational Highlights Operational Highlights Containerships: Despina P : Extended her charter for 5-7 months at $6,400/day Joanna : Fixed for 9-10 months at $7,500/day Manolis P : Extended for 6 months at $7,200/day Kuo Hsiung : Extended for 8-12 months plus option 10-14 months fm July-13 a
Slide 5: Current Fleet (not including Euromar vessels)
Current Fleet (not including Euromar vessels) Size Year Name Type DWT TEU Built Pantelis Panamax 74,020 - 2000 Eleni P Panamax 72,119 - 1997 Aristides NP Panamax 69,268 - 1993 Monica P Handymax 46,667 - 1998 Evridiki G (1) Intermediate 34,677 2,556 2001 Angeliki P Intermediate 30,360 2,008 1998 Tige
Slide 6: Euromar Joint Venture
Euromar Joint Venture Size Year Original capital commitment has Name Type DWT TEU Built been contributed: CAP EGMONT (1) Intermediate 41,850 3,091 2007 Total capital invested $175m .. EM ASTORIA Intermediate 35,600 2,788 2004 ..of which $25m are from CMA-CGM TELOPEA Intermediate 37,180 2,785 2
Slide 7: Market Overview
Market Overview
Slide 8: Market Developments
Market Developments Bulkers The BDI (Charter Index) went up around 70-80% during Q3 due to the surge in Capesize rates which moved from around $10,000/day to above $43,000/day but has since retreated to levels around $20,000/day. Panamaxes also followed reaching a peak in excess of $15,000/day b
Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2009 2010 2011 2012 2013F (1) 2014F (1) 2015F (1) USA -2.6 (-1.6) 2.8 (2.7) 1.8 (3.0) 2.2(1.8) 1.2(1.2) 2.6(2.1) 3.4 (3.6) Eurozone -4.1 (-2.0) 1.8 (1.0) 1.5 (1.5) -0.6 (-0.5) .-0.4(-0.6) 1.0(0.9) 1.4 (1.4) Japan -6.3 (-2.6) 4.3 (1.7) -0.6 (
Slide 10: Drybulk Age Profile & Orderbook Delivery Schedule
Drybulk Age Profile & Orderbook Delivery Schedule Dry Bulk Age Profile Dry Bulk Orderbook 55.5% m dwt For delivery in m dwt 8.6% of the fleet is 200 13/14/15+(as of Oct-13): over 20 yrs old Beginning of 160 Year orderbook Cape 70/81/101 180 (yellow bar) Panamax 165/198/66 99.8 140 160 H’max 188/217/
Slide 11: Containership Age Profile & Orderbook Delivery Schedule
Containership Age Profile & Orderbook Delivery Schedule Containership Age Profile Container Orderbook m TEU For delivery in 13/14/15+(as of Oct--:13 7.2 38.3 % mm Ppmx 57/134/154 6.8 2,2 Pmx 3000+ 11/0/2 6.4 11.3% 2-3000 10/9/18 6.0 32.4% 2,0 1-2000 14/27/19 5.6 1,8 5.2 100-999 6/2/0 1,6 9.4% 4.8 3.
Slide 12: Outlook Summary
Outlook Summary Bulkers Although the orderbook during Q3 has added about 10m dwt (abt 1.5% of the fleet) it is still low compared to the recent years about the levels last observed during 2003-2004 Deliveries by yards are now offered for Q4 2015 onwards which will have little effect on deliverie
Slide 13: Chartering, Operations & Investment Strategy
Chartering, Operations & Investment Strategy
Slide 14: Vessels Employment Chart – Bulkers
Vessels Employment Chart – Bulkers Coverage: 100% in 2013 and 38% 2014 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PANTELIS $11,200+50/50 profit share 1 Yr option @14,200 ARISTIDES $10,300 DD $7,500 N.P. MONICA P $12,375 $7,500 EL
Slide 15: Vessels Employment Chart – Containerships
Vessels Employment Chart – Containerships Coverage: Abt 87 % in 2013 and 21% in 2014 2013 2014 Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q2 Q3 Q4 Q1 Q2 Q3 Q4 TIGER BRIDGE $6,000 NINOS $6,950 $7,690 DESPINA P $6,000 $6,400 KUO HSIUNG $6,725 $7,700 $1-YR Opt
Slide 16: Fleet Management & Operational Performance
Fleet Management & Operational Performance Daily costs per vessel (1) 10,000 Operational fleet utilization rate in excess of 98.5% 9,000 over last 5 years 8,000 7,000 Outstanding safety and environmental record 6,000 $ / day For 2013Q3, operational fleet utilization 98.3% 5,000 4,000 and comme
Slide 17: Market Snapshot – Investment Opportunities
Market Snapshot – Investment Opportunities 1-Year Time Charter Rate 10-yr old Price Historical Range $/day $m 90,000 90 80,000 80 M ax, 2 0 0 0 - 2 0 12 Panamax 75,000 dwt A ver ag e, 2 0 0 0 - 2 0 12 70,000 Containership 1700 teu 70 M in, 2 0 0 0 - 2 0 12 60,000 60 C ur r ent , M ay- 13 50,000 50 4
Slide 18: Financial Overview
Financial Overview
Slide 19: Financial Highlights: 3rd Quarter and First 9 Months of 2012 and 2013
Financial Highlights: 3nd Quarter and first 9 months of 2012 and 2013 Third Quarter First Nine Months (in million USD except per change change share amounts) 2012 2013 % (4) 2012 2013 % (4) Net Revenues $13.4 $9.0 -32.8% $40.1 $29.5 -26.5% Net Income ($0.8) ($3.8) ($11.2) ($17.3) (Gain) /Loss on Sal
Slide 20: Fleet Data for 3rd Quarter and First 9 Months of 2012 and 2013
Fleet Data for 3nd Quarter and first 9 months of 2012 and 2013 Fleet Statistics Third Quarter First Nine Months 2012 2013 2012 2013 (unaudited) (unaudited) (unaudited) (unaudited) Number of vessels 15.00 14.28 15.28 14.75 Utilization Rate (%) Overall(1 ) 98.5% 95.6% 94.6% 94.6% Commercial(1 ) 99.0%
Slide 21: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Schedule – As of 09/30/2013 Cash Flow Breakeven $30 » Cash Flow Breakeven - rough $25 estimate for next 12 months: $20 $/day million 3.7 OPEX $ 5,860 $15 25.6 2.4 1.0 2.2 4.9 G&A $ 800 10.7 $10 4.6 Interest $ 500 13.8 12.5 9.4 Drydock $ 540 11.6 11.2 11.0 $5 8.3
Slide 22: Balance Sheet & Other Data
Balance Sheet & Other Data Cash @ September 30, 2013: $ 29.3m $18.7m unrestricted – and about $10.6m of restricted funds and retention accounts Cash per share amounts to about $0.64 Debt: $52.1m as of September 30, 2013 Debt to Capitalization ratio about 21.4% Debt to Market Value of Fle
Slide 23: 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