Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q4 2023 Earnings Presentation
19 slides from Eurodry's earnings presentation, Feb 16, 2024
Slide 1: Earnings Presentation Quarter Ended December 31, 2023
Earnings Presentation Quarter Ended December 31, 2023 February 16, 2024 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: 2023 Fourth Quarter Financial Highlights
2023 Fourth Quarter Financial Highlights Financial Results Q4 2023 Net Revenues $15.9m Net income / (loss) attributable to (2) $0.3m $0.13/share controlling shareholders (1) (2) Adj. Net Income / (Loss) $1.9m $0.70/share Adj. EBITDA(1) $6.6m (1) See press release of Feb 15, 2024 for reconciliation o
Slide 4: S&P, Chartering, Operational and Drydocking Highlights
S&P, Chartering, Operational and Drydocking Highlights ➢Chartering: • Alexandros: fixed for about 25-30 days @ $8,250 and then fixed for about 25-30 days @ $22,000 • Blessed Luck: fixed for about 20-25 days @ $8,500 • Good Heart: fixed for about 25-30 days @ $11,250 and then fixed for about 40 days
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 13 vessels with an average age of ~13.5 years and a carrying capacity of 919k dwt 2x Kamsarmaxes 5x Panamaxes 6x Ultra/Supramax Avg. Age: 7 years Avg. Age: 20.6 years Avq. Age: 9.2 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 164k
Slide 6: Current Fleet Profile
Current Fleet Profile Fixed rate coverage for 2024 is about 23.1% through both FFAs and charters (excludes ships on index charters which are open to market fluctuations but have secured employment) 2023 2024 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1 Q2 Q3 Q4 Q1 MOLYVOS LUCK $25
Slide 7: Market Highlights 2023 Q4
Market Highlights 2023 Q4 $/day Spot Rates Kamsarmax – 82k Panamax - 72k Supramax – 58k One Year TC rate Kamsarmax – 82k Panamax - 75k Supramax - 58k Q4 -2023 Average 16,457 15,082 16,535 Q4 -2023 Average 15,023 13,406 13,293 Q4 - 2023 last day Q4 - 2023 last day 17,600 16,225 18,500 16,050 14,350 1
Slide 8: Market Overview
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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 2023e 2024p 2025p USA 2.6 1.5 2. 2.9 2.3 -3.5 5.9 1.9 2.5(2.1) 2.1(1.5) 1.7(1.8) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.4 0.5(0.7) 0.9(1.2) 1.7(1.8) Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.2 1.0 1.9(2.0) 0.9
Slide 10: Vessel Orderbook
Vessel Orderbook The orderbook in the sector, just 8.5% of the fleet, remains one of the lowest in history. Simultaneously, increased slow steaming and scrapping amid the introduction of new environmental regulations could reduce available bulker supply even further. 90.0 80.0 70.0 60.0 % Fleet in D
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development 13,609 vessels (Feb/ 2024) 1,000.0 20.0 % growth in dwt terms m dwt, yaer start 800.0 15.0 600.0 10.0 400.0 200.0 5.0 0.0 0.0 2001 2003 2005 2007 2018 2020 2022 2024 2000 2002 2004 2006 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2019 2021 2023 2025 Tot
Slide 12: Outlook Summary – Bulkers
Outlook Summary – Bulkers ➢ Dry bulk shipping experienced robust gains throughout 2023Q4, with the Panamax freight index reaching $17,158 per day in December 2023—the highest level since mid-2022. Nevertheless, 2023 has been a relatively moderate year for bulker earnings, as diminished fleet ineffic
Slide 13: Position on the Drybulk Market Cycle
Position on the Drybulk Market Cycle Panamax vessel – 1 Year Time Charter Rate Panamax(1) vessel – 10 Year Old Historical Price Range (2014/Feb 2024) 90,000 35.00 80,000 30.00 70,000 25.00 60,000 50,000 20.00 $/ day As of Feb 09, 2024, 1YR TC rate $m for 75k DWT Panamax vessel 40,000 stands at $15,2
Slide 14: Financial Overview
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Slide 15: Financial Highlights: Q4 and 12 months of 2022 and 2023
Financial Highlights: Q4 and 12 months of 2022 and 2023 Fourth Quarter Change Full Year Change (in million USD except per share amounts) 2022 2023 % 2022 2023 % Net Revenues 15.12 15.90 5.2% 70.18 47.59 -32.2% Net income / (loss) attributable to to 6.27 0.35 -94% 33.54 (2.91) controlling shareholder
Slide 16: Fleet Data for Q4 and 12 months of 2022 and 2023
Fleet Data for Q4 and 12 months of 2022 and 2023 Fourth Quarter Twelve Months (in million USD except per share amounts) 2022 2023 2022 2023 Number of vessels 10.1 12.2 10.4 10.6 Utililization Rate (%) (1) Operational 99.7% 99.5% 99.3% 98.5% (1) Commercial 100.0% 100.0% 99.8% 99.4% (1) Overall 99.7%
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 30.0 As of Dec 31, 2023, EuroDry has outstanding debt of 20.0 $104.84m with average margin of about 2.46%. Assuming 3.0 3Μ SOFR(*) of 5.57%, our cost of senior debt is about $m 2.4 8.03%. 23.5 0.8 1.2 10.0 • Including swapped portion of debt, the cost of
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 250.0 Assets ➢ Cash & Other assets: ~ $27.5m Cash & Other Assets ➢ Vessels book value: ~ $203.5m 200.0 ➢ Total assets (@ book value ) ~ $231.1m Liabilities Net Book Value ➢ Bank & other debt (net of deferred charges): $104.8m, 150.0 i.e.~ 45.4
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/Markella Kara Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Cant