Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q3 2021 Earnings Presentation
20 slides from Euroseas's earnings presentation, Nov 16, 2021
Slide 1: Earnings Presentation Quarter Ended September 30, 2021
Earnings Presentation Quarter Ended September 30, 2021 November 16, 2021 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: 2021 Third Quarter Financial Highlights
2021 Third Quarter Financial Highlights in million USD except per share figures Q3 2021 9M 2021 Net Revenues $23.0m $55.6m Net Income $8.5m $20.2m Adj. Net Income / (Loss) $8.4m $1.16/share diluted $19.1m $2.74/share diluted Attributable to Common Shareholders(1) Adj. EBITDA(1) $10.6m $26.6m Change
Slide 4: Recent Developments, Chartering & Operational Highlights
Recent Developments, Chartering & Operational Highlights S&P Highlights: • M/V Jonathan P, was acquired on October 18, 2021 for $25.5m o Financed by own funds and a bank loan; o Special survey & drydock passed; o Vessel immediately entered a 3-year time charter at $26,662/day net to the company as f
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 16 vessels on the water with an average age of 16.1 (1) years and 2 newbuildings to be delivered Q1 & Q2 2023, with a total carrying capacity of 55.97k TEU on a fully delivered basis 12x Feeder(3) 6x Intermediate Avg. Age: 18.2 years(1) Avg. Age: 1
Slide 6: Vessel Employment
Vessel Employment Chartering strategy very important in maximizing revenues over the market cycle 2021 2022 2023 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec INDEX Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 7: Market Overview
Market Overview 7
Slide 8: Containership charter rates by vessel size
0 10,000 20,000 30,000 40,000 50,000 60,000 0 100,000 20,000 40,000 60,000 80,000 Jan-2011 Jan-2011 Sep-2011 Sep-2011 May-2012 May-2012 Jan-2013 Jan-2013 Sep-2013 Sep-2013 $9,733 1,700 TEU 3,500 TEU $12,552 May-2014 May-2014 Jan-2015 Source: Clarksons Jan-2015 Sep-2015 Sep-2015 May-2016 May-2016 Med
Slide 9: Containership Market Highlights – Q3 2021
Containership Market Highlights – Q3 2021 One-Year time charter rates across all segments skyrocketed over the past 12 months – reaching levels never seen in the past, registering new all-time highs ($/day) Vessel Size 2021-Q1 average 2021-Q2 average 2021-Q3 average Current* rate 1,700 teu geared
Slide 10: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Global recovery continues at a solid pace, but new variants of COVID-19 may extent the uncertainty Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021e 2022e 2023e USA 2.6 1.5 2.3 2.9 2.3 -3.5 6.0(7.0) 5.2(4.9) 1.7(1.4) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.0(
Slide 11: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook mTEU mTEU For delivery in 21/22/23+ Concentrated order book in larger (as of Oct-21) 8.0 22% 28% 28% 15% 7% vessels of 8,000+ teu; minimal ~10.02 8000+: 10/ 55 / 206 % 2.6 orderbook in the sizes we operate 3-7,999: 0 / 8 / 138 7.0 2.4 100
Slide 12: Outlook Summary
Outlook Summary Global recovery continues at a solid pace, despite the delta variant of COVID-19 being so contagious and energy price significant increases, which are somewhat delaying and reducing economic growth Containership trade remains positive, with moderate supply growth in 2021 and 2022
Slide 13: Market Snapshot
Market Snapshot Cont 2,500 TEU One-Year Time Charter Rate Cont 2,500 TEU – 10 Year Old Historical Price Range(1) $/day $m 80,000 45.0 Current levels of the highest Current price levels highest observed over the past 10 years observed over the past 10 years 70,000 40.0 November 5, 2021 at $70,000/day
Slide 14: Financial Overview
Financial Overview 14
Slide 15: Financial Highlights: Q3 and 9 months of 2020 and 2021
Financial Highlights: Q3 and 9 months of 2020 and 2021 Third Quarter Change Nine Months Change (in million USD except per share amounts) 2020 2021 % 2020 2021 % Net Revenues 12.3 23.0 87% 41.3 55.6 35% Net (Loss) / Income 0.2 8.5 3.5 20.2 Preferred & Preferred Deemed Dividends (0.2) - (0.5) (0.6) Ne
Slide 16: Fleet Data: Q3 and 9 months of 2020 and 2021
Fleet Data: Q3 and 9 months of 2020 and 2021 Third Quarter Nine Months (in million USD except per share amounts) 2020 2021 2020 2021 Number of vessels 16.5 14.0 18.2 14.0 Utililization Rate (%) Operational(1) 99.9% 98.8% 98.5% 98.5% Commercial(1) 97.9% 100.0% 97.2% 100.0% Overall(1) 97.8% 98.8% 95.7
Slide 17: EBITDA Calculator 2021 - 2023
EBITDA Calculator 2021 - 2023 This slide provides a calculation tool for our shareholders and investors to assess the earnings potential in 2021 onwards, based on our existing coverage as well as the potential incremental contribution from our open days Actual 9m Q4 E 2021E 2022E 2023E EBITDA Calcul
Slide 18: Debt Repayment Profile & Projected Cash Flow Break Even
Debt Repayment Profile & Projected Cash Flow Break Even Proforma Debt Repayment Profile ($m) 60.00 $7.1m (2 vessels) Debt profile includes: $6.2m (3 vessels) $17.4m (4 vessels) 1) Existing debt as of 9/30/2021 of $59.7m 50.00 2) A $15m loan drawn to partly finance Jonathan P $1.98m (1 vessel) 3) A $
Slide 19: Balance Sheet Highlights
Balance Sheet Highlights Euroseas Capital Structure (9/30/21) Notes Based on Sep-21 Market Values 450.0 Assets Cash and Other 400.0 Assets Cash & Other assets: $15.4m Vessels book value: $104.6m 350.0 Total assets (at book value): $120.0m Liabilities 300.0 Bank & other debt: $59.7m Other l
Slide 20: 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 Tasos Aslidis Nicolas Bornozis / Markella Kara Chief Financial Officer \Investor Relations Euroseas Ltd. Capital Link,