Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q2 2021 Earnings Presentation
20 slides from Eurodry's earnings presentation, Aug 5, 2021
Slide 1: Earnings Presentation Quarter Ended June 30, 2021
Earnings Presentation Quarter Ended June 30, 2021 August 5, 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 Second Quarter Financial Highlights
2021 Second Quarter Financial Highlights Q2 2021 Net Revenues $14.1m Net Income $2.2m Adj. Net Income Attributable to Common Shareholders (1) $6.6m $2.76/share diluted Adj. EBITDA(1) $9.2m (1) See press release of Aug 4, 2021 for reconciliation of Adj. Net Income / (Loss) Attributable to Common Shar
Slide 4: Chartering, S&P, Operational and Drydocking Highlights
Chartering, S&P, Operational and Drydocking Highlights Chartering: • Pantelis: fixed for a trip about 90-130 days at $23,000/day and if the trip lasts more than 130 days at 95% of the BPI 4TC • Blessed Luck: fixed for 11-13 months $19,500/day • Alexandros P: fixed for a trip about 65 days at $25,2
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 8 vessels with an average age of ~13.1 years and a carrying capacity of 606k dwt 2x Kamsarmaxes 5x Panamaxes 1x Ultramax Avg. Age: 4 years Avg. Age: 18.6 years Current.Age: 4 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 164k Dwt ~
Slide 6: Current Fleet Profile
Current Fleet Profile Coverage 27% in the remaining of 2021; including FFA contracts fixed rate coverage rises to 40%* (excludes ships on index charters which are open to market fluctuations but have secured employment) 2021 2022 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Ju
Slide 7: Market Highlights Q2 2021
Market Highlights Q2 2021 $/day Spot Rates Capesize - 180k Panamax - 75k Supramax - 58k One Year TC rate Capesize - 180k Panamax - 75k Supramax - 58k Q2 -2021 Average 30,337 23,168 25,363 Q2 -2021 Average 27,221 21,656 19,245 Q2 - 2021 last day Q2 - 2021 last day 32,000 30,375 30,625 31,250 26,875 2
Slide 8: Market Overview
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Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Global recovery continues at a solid pace, but new variants of COVID-19 may extend 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 7.0(6.4) 4.9(3.5) 1.4(2.3) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 4.6(
Slide 10: Orderbook-to-Fleet Ratio, Drybulk Fleet
Orderbook-to-Fleet Ratio, Drybulk Fleet Orderbook as Percentage of Total Fleet Lowest Level of the Last 25+ Years 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 Aug - 2021: 6.1% 0.00 Orderbook % Fleet Source: Clarksons Research 10
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development m dwt, year start 12,512 vessels % growth in dwt terms (July 2021) 1,250 18.0 16.0 1,000 14.0 12.0 750 10.0 8.0 500 6.0 250 4.0 2.0 0 0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e 2023
Slide 12: Market Review and Outlook
Market Review and Outlook Global recovery continues at a solid pace, despite new variants of COVID-19 emerging which may delay, but will likely not stop, economic growth. Many infrastructure projects have been announced but have not yet been implemented The Drybulk market has been on a strong
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 (2010-21) $m $/day 50.0 80.0 90,000 $77.5m (maximum price during 2000 – 2021Q2 in 2008Q3) 45.0 80,000 40.0 70,000 35.0 $34.0m (maximum price during 60,000 2010 – 2021
Slide 14: Financial Overview
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Slide 15: Financial Highlights: Q2 and H1 of 2020 and 2021
Financial Highlights: Q2 and H1 of 2020 and 2021 Second Quarter Change First Half Change (in million USD except per share amounts) 2020 2021 % 2020 2021 % Net Revenues 4.0 14.1 250.7% 9.1 22.7 149.5% Net (Loss) / Income (3.8) 2.2 (6.1) 3.1 Preferred & Preferred Deemed Dividends (0.4) (0.3) (0.7) (0.
Slide 16: Fleet Data for Q2 and H1 of 2020 and 2021
Fleet Data for Q2 and H1 of 2020 and 2021 Second Quarter First Half (in million USD except per share amounts) 2020 2021 2020 2021 Number of vessels 7.0 7.4 7.0 7.2 Utililization Rate (%) (1) Operational 99.9% 99.4% 100.0% 99.7% Commercial (1) 100.0% 100.0% 100.0% 100.0% Overall(1) 99.9% 99.4% 100.0%
Slide 17: 2021 EBITDA Calculator
2021 EBITDA Calculator This slide provides a calculation tool for our shareholders and investors to assess the earnings potential in 2021 in the current market environment EBITDA Calculator - 2021 Actual H1 Q3 Q4 FY 2021 Number of vessels 7.2 8.0 8.0 7.6 Calendar (available) days 1,301 736 736 2,773
Slide 18: Debt Repayment Profile & Cash Flow Breakeven Daily Rate
Debt Repayment Profile & Cash Flow Breakeven Daily Rate Bank Debt Repayment Profile(1,2) 18.0 16.0 14.0 8.0 11.3 12.0 As of June 30, 2021, EuroDry has outstanding debt of $62.0m (including short term seller’s credit and $million 10.0 bridge loan) with average margin of about 3.3%. 8.0 Assuming LIBOR
Slide 19: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 140.0 Assets 120.0 Cash & Other Cash & Other assets: ~ $19.9m Assets Vessels book value: ~ $108m NET BOOK Total assets (@ book value ) ~ $127.9m VALUE 100.0 Liabilities Bank & other debt: $62.0m, ~ 48% of total book value of assets 80.
Slide 20: 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 Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Canterbury Lane 23