Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q2 2024 Earnings Presentation
19 slides from Eurodry's earnings presentation, Aug 8, 2024
Slide 1: Earnings Presentation Quarter Ended June 30, 2024
Earnings Presentation Quarter Ended June 30, 2024 August 08, 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 Second Quarter Financial Highlights
2024 Second Quarter Financial Highlights Financial Results in $m, unless otherwise indicated Q2 2024 Net Revenues $17.4m Net income / (loss) attributable to (0.41m) ($0.15)/share(2) controlling shareholders Adj. Net Income / (Loss)(1) (0.45m) ($0.17)/share(2) Adj. EBITDA(1) $5.0m (1) See press relea
Slide 4: Chartering, Operational and Drydocking Highlights
Chartering, Operational and Drydocking Highlights ➢ Chartering: • Alexandros: fixed for about 70-80 days @$17,750 • Starlight: fixed for about 80-100 days @ $14,750 • Christos K: fixed for about 20-25 days @ $16,750 and then fixed for about 20-25 days @$13,700 • Eirini P: fixed for about 20-25 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 the remaining of 2024 is about 22.4% through charters (excludes ships on index charters which are open to market fluctuations but have secured employment) 2024 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 YANNIS PITTAS $12,000 $9,200 $7,7
Slide 7: Market Overview
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Slide 8: Market Highlights 2024 Q2
Market Highlights 2024 Q2 $/day Spot Rates Kamsarmax – 82k Panamax - 72k Supramax – 58k One Year TC rate Kamsarmax – 82k Panamax - 75k Supramax - 58k Q2 -2024 Average 15,930 14,555 15,402 Q2 -2024 Average 17,779 15,971 15,889 Q2 - 2024 last day Q2 - 2024 last day 14,625 13,250 16,238 17,250 15,450 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 2.5(2.5) 2.6(2.7) 1.9(1.9) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.4 0.5(0.4) 0.9(0.8) 1.5(1.5) Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.2 1.0 1.9(1.9) 0.7(
Slide 10: Vessel Orderbook
Vessel Orderbook The orderbook in the sector, just 9.7% 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 13,840 vessels (Aug 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 Tota
Slide 12: Outlook Summary – Bulkers
Outlook Summary – Bulkers ➢ The bulk carrier market has been positive in 2024 so far, with average freight rates rising by 35% y-o-y. Despite a slight softening during the last few weeks in July, rates remain healthy and above last year’s levels. Robust demand growth in the Atlantic has positively i
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/Aug 2024) 90,000 35.00 80,000 30.00 70,000 25.00 60,000 50,000 20.00 $/ day As of Aug 02, 2024, 1YR TC rate $m for 75k DWT Panamax vessel 40,000 stands at $15,8
Slide 14: Financial Overview
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Slide 15: Financial Highlights: Q2 and H1 of 2023 and 2024
Financial Highlights: Q2 and H1 of 2023 and 2024 Second Quarter Change Six months Change (in million USD except per share amounts) 2023 2024 % 2023 2024 % Net Revenues 10.34 17.44 68.7% 21.68 31.86 47.0% Net income / (loss) attributable to (1.18) (0.41) 65.1% (2.72) (2.19) 19.5% controlling sharehol
Slide 16: Fleet Data for Q2 and H1 of 2023 and 2024
Fleet Data for Q2 and H1 of 2023 and 2024 Second Quarter Six 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 95.0% 99.4% 97.4% 98.7% (1) Commercial 98.3% 99.6% 99.0% 99.8% (1) Overall 93.3% 99.0% 96.4%
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 50.0 45.0 40.0 As of June 30, 2024, EuroDry has outstanding debt of 35.0 $98.1m with average margin of about 2.39%. Assuming 30.0 3Μ SOFR(*) of 5.25%, our cost of senior debt is about 7.64%. $m 25.0 33.4 • Including swapped portion of debt, the cost of o
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 250.0 Assets ➢ Cash & Other assets: ~ $22.8m Cash & Other Assets 200.0 ➢ Vessels book value: ~ $197.2m ➢ Total assets (@ book value ) ~ $219.9m Net Book Liabilities Value ➢ Bank & other debt (net of deferred charges): $98.1m, 150.0 i.e.~ 44.6%
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