Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q3 2024 Earnings Presentation
19 slides from Eurodry's earnings presentation, Nov 19, 2024
Slide 1: Earnings Presentation Quarter Ended September 30, 2024
Earnings Presentation Quarter Ended September 30, 2024 November 19, 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: 2024 Third Quarter Financial Highlights
2024 Third Quarter Financial Highlights Financial Results in $m, unless otherwise indicated Q3 2024 Net Revenues $14.7m Net income / (loss) attributable to (2) (4.2m) ($1.53)/share controlling shareholders (1) (2) Adj. Net Income / (Loss) (3.9m) ($1.42)/share Adj. EBITDA(1) $0.5m (1) See press relea
Slide 4: Chartering, Operational and Drydocking Highlights
Chartering, Operational and Drydocking Highlights ➢ Chartering: • Alexandros: fixed for about 60-65 days @$8,700 (Incl 2.5 days ballast the TCE stands at $7,750) for the first 60 days and $18,000 thereafter. • Blessed Luck: fixed for about 80-100 days @ $14,750 DIOT + $475,000 GBB (Incl 42.06 days b
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 Employment Profile
Current Fleet Employment Profile Fixed rate coverage for the remaining of 2024 is about 63.6% through charters (excludes ships on index charters which are open to market fluctuations but have secured employment) 2024 2025 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Q3 Q4 Q1 Q2 MARIA $15,800 $17
Slide 7: Market Overview
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Slide 8: Market Highlights 2024 Q3
Market Highlights 2024 Q3 $/day Spot Rates Kamsarmax – 82k Panamax - 72k Supramax – 58k One Year TC rate Kamsarmax – 82k Panamax - 75k Supramax - 58k Q3 -2024 Average 13,938 12,563 16,218 Q3 -2024 Average 16,710 14,923 15,404 Q3 - 2024 last day Q3 - 2024 last day 12,875 11,500 16,750 15,850 14,100 1
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 2024p 2025p USA 2.6 1.5 2. 2.9 2.3 -3.5 5.9 1.9 2.9 2.8(2.6) 2.2(1.9) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.4 0.4 0.8(0.0) 1.2(1.5) Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.2 1.0 1.7 0.3(0.7) 1.1(1.0) C
Slide 10: Vessel Orderbook
Vessel Orderbook • The orderbook, currently at just 10.3% of the fleet, although higher than the 7% low seen in 2021, it remains among the lowest levels in history. • At the same time, factors such as increased slow steaming, higher scrapping rates, and the tightening of environmental regulations co
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development 13,600 vessels (Nov 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 2000 2002 2004 2006 2008 2010 2012 2014 2021 2023 2025 2001 2003 2005 2007 2009 2011 2013 2015 2016 2017 2018 2019 2020 2022 2024 Tota
Slide 12: Outlook Summary – Bulkers
Outlook Summary – Bulkers ➢ Dry bulk rates continue to decline, in some instances hitting year-to-date lows. Optimism for a seasonal upswing in the fourth quarter has faded, with average trip charter (Ultramax & Kamsarmax) rates dropping by 30% y-o-y. ▪ Chinese iron ore and coal stockpiling, along w
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/Nov 2024) 90,000 35.00 80,000 30.00 70,000 25.00 60,000 50,000 As of Nov 15, 2024, 1YR TC rate 20.00 $/ day for 75k DWT Panamax vessel $m stands at $13,475/day
Slide 14: Financial Overview
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Slide 15: Financial Highlights: Q3 and 9 months of 2023 and 2024
Financial Highlights: Q3 and 9 months of 2023 and 2024 Third Quarter Change Nine months Change (in million USD except per share amounts) 2023 2024 % 2023 2024 % Net Revenues 10.01 14.71 47.0% 31.69 46.58 47.0% Net income / (loss) attributable to (0.53) (4.18) (3.26) (6.37) controlling shareholders N
Slide 16: Fleet Data for Q3 and 9 months of 2023 and 2024
Fleet Data for Q3 and 9 months of 2023 and 2024 Third Quarter Nine months (in million USD except per share amounts) 2023 2024 2023 2024 Number of vessels 10.0 13.0 10.0 13.0 Utililization Rate (%) (1) Operational 99.5% 98.5% 98.1% 98.7% (1) Commercial 99.4% 100.0% 99.1% 99.9% (1) Overall 98.9% 98.5%
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 25.0 20.0 As of September 30, 2024, EuroDry has outstanding debt of $94.6m with average margin of about 2.19%. Assuming 15.0 10.2 3Μ SOFR(*) of 4.49%, our cost of senior debt is about 0.2 $m 2.9 0.8 2.0 6.68%. 10.0 0.8 0.8 • Including swapped portion of
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes Assets Cash & Other 200.0 Assets ➢ Cash & Other assets: ~ $20.3m ➢ Vessels book value: ~ $194.4m ➢ Total assets (@ book value ) ~ $214.7m Net Book Value Liabilities 150.0 ➢ Bank & other debt (net of deferred charges): $94.6m, i.e.~ 44.1% of to
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