Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Capital Link Webinar January 2023
18 slides from Eurodry's conference presentation, January 2023
Slide 1: EuroDry Ltd. Company Presentation
EuroDry Ltd. Company Presentation [NASDAQ: EDRY] 'Capital Link Webinar January 2023 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: Introduction
Introduction 3
Slide 4: EuroDry - Introduction
EuroDry - Introduction ➢ EuroDry Ltd. (NASDAQ: EDRY) was spun-off from Euroseas Ltd. on May 30, 2018 as a pure drybulk carrier owner to provide worldwide ocean-going transportation services for … • … major bulks (iron ore, coal and grains) and minor bulks (e.g steel products, bauxite, fertilizers et
Slide 5: Drybulk Sector Overview: Favorable Supply/Demand Fundamentals
Drybulk Sector Overview: Favorable Supply/Demand Fundamentals 5
Slide 6: Current Point in the Market Cycle (1/2)
Current Point in the Market Cycle (1/2) TC rate for 75k DWT Panamax vs Fleet Orderbook The orderbook in the sector, just 7.35% of the fleet, remains one of the lowest in history, while there is also potential for increased recycling from 2023 amid the introduction of new environmental regulations. 9
Slide 7: Current Point in the Market Cycle (2/2)
Current Point in the Market Cycle (2/2) Panamax(1) vessel prices ($m) Values over the last three months have been correcting potentially creating opportunities 80.00 70.00 60.00 50.00 40.00 $33.5m 30.00 $22.5m 20.00 10.00 0.00 Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 J
Slide 8: World GDP & Drybulk Trade Growth
World GDP & Drybulk Trade Growth Annual GDP Growth vs Ton-miles growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022e 2023e World 3.4 3.2 3.7 3.6 2.9 -3.3 6 3.2 2.7 Dry Bulk Trade (% p.a.) (IMF: as of Oct-22) 2015 2016 2017 2018 2019 2020 2021 2022 2023e Tonmiles 1.4 2.4 5.1 2.4 0.
Slide 9: DryBulk Market: Key Catalysts of Demand
DryBulk Market: Key Catalysts of Demand ➢ China – Return to “normalcy” after real estate crisis and reversal of zero-COVID containment policy • China is a key region for the drybulk trade as they account for about 30% of the total drybulk trade, and especially, about 70% of the iron ore imports. • K
Slide 10: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development 13,126 vessels (Jan 2023) 1,000.00 20.0 % growth in dwt terms m dwt, yaer start 800.00 15.0 600.00 10.0 400.00 200.00 5.0 0.00 0.0 2002 2005 2006 2009 2013 2016 2017 2020 2000 2001 2003 2004 2007 2008 2010 2011 2012 2014 2015 2018 2019 2021 2022 2023e Total B
Slide 11: DryBulk Market: Where We Are and Where We Go
DryBulk Market: Where We Are and Where We Go ➢ Dry bulk market continues to soften with freight rates losing ~55% ΥοΥ having almost returned to pre-pandemic levels. • Dry bulk shipping faced significant headwinds in 2022Q4 on the back of geopolitical uncertainties, China's zero-COVID containment pol
Slide 12: Why Invest in EuroDry
Why Invest in EuroDry
Slide 13: Current Fleet Profile
Current Fleet Profile EuroDry’s fleet is comprised of 10 vessels with an average age of ~13.6 years and a carrying capacity of 730k dwt 2x Kamsarmaxes 5x Panamaxes 2x Ultramax – 1x Supramax Avg. Age: 6 years Avg. Age: ~19.6 years Avg.age: 8 years Carrying Capacity: Carrying Capacity: Carrying Capaci
Slide 14: Vessel Employment
Vessel Employment Short Term Pain Long Term Gain: Fleet Open to Exploit Possibly Increasing Market 2022 2023 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Q1 Q2 Q3 Q4 Q1 Q2 ALEXANDROS P $45,000 $39,300 $29,000 $26,250 $28,000 $19,500 $11,500 $ 16,000 BLESSED LUCK $19,500 $
Slide 15: Financial Highlights
Financial Highlights Nine-Month 2022 Highlights… …and a glimpse of 2023 First nine-months of 2022 were quite profitable ➢ Total net revenues of $55.1 million. ➢ Net income attributable to common shareholders of $27.3 million or $9.43 and $9.34 earnings per share basic and diluted, respectively inclu
Slide 16: Debt Repayment Profile & Cash Flow Breakeven Daily Rate
Debt Repayment Profile & Cash Flow Breakeven Daily Rate Debt vs Current Market Values (31-12-2022) $172.0m $90.1m Vessel equity $81.9m LTV: ~48% 72% of debt is covered by scrap value $58.8m (1) Debt Vessels Value Charter Adjusted Scrap Value Cash Flow Break Even Estimate for the Next 12 months ($/da
Slide 17: Why Invest in EuroDry
Why Invest in EuroDry Three main reasons… ➢ Strong industry fundamentals: a rare squeeze of supply ➢ Strong balance sheet & cash position would allow us to take advantage of current market weakness ➢ Attractive valuation: significant potential for appreciation o Current stock trading range of $16-18
Slide 18: EuroDry Ltd. Contacts
EuroDry Ltd. 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 Dr. Tasos Aslidis Nicolas Bornozis Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Canterbur