Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q3 2019 Earnings Presentation
18 slides from Eurodry's earnings presentation, Oct 14, 2019
Slide 1: Earnings Presentation Quarter Ended September 30, 2019
Earnings Presentation Quarter Ended September 30, 2019 October 14, 2019
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: 2019 Third Quarter Financial Highlights
2019 Third Quarter Financial Highlights 2019-Q3 Net Revenues $7.7 m Net Income / (Loss) $(0.4) m Preferred Dividends $(0.4) m Net Income / (Loss) Attributable to $(0.8) m $(0.35) / share(2) Common Shareholders Adj. Net Income Attributable to $(0.6) m $(0.26) / share(2) Common Shareholders (1) Adj. E
Slide 4: Market Highlights Q3 2019
Market Highlights Q3 2019 Cape- Panamax- Supramax- Cape- Panamax- Supramax- Spot Rates 180k 75k 58k One Year TC Rate 180k 75k 58k Q3-2019 Average $30,404 $16,284 $14,257 Q2-2019 Average $15,817 $11,344 $10,202 Q3-2019 last Friday 27/9 $26,500 $15,900 $14,863 Q3-2019 Average $21,365 $13,606 $11,745 2
Slide 5: Chartering, Operational, S&P Highlights and Drydockings
Chartering , Operational, S&P Highlights and Drydockings Eirini P: fixed for about 11 to 13 months at $12,500/day for 55 days thereafter 100% BPI 4TC Pantelis: fixed for about 90 to 100 days at $11,500/day Tasos: fixed for about 100 to 120 days at $11,500/day FFA contracts Sold 90 days in
Slide 6: EuroDry Fleet
EuroDry Fleet Size Year Name Type DWT Built Vessels in the water Ekaterini Kamsarmax 82,000 2018 Xenia Kamsarmax 82,000 2016 Alexandros P Ultramax 63,500 2017 Eirini P Panamax 76,466 2004 Starlight Panamax 75,845 2004 Pantelis Panamax 74,020 2000 Tasos Panamax 75,100 2000 Total / average age 7 vesse
Slide 7: Vessel Employment Chart
Vessel Employment Chart Coverage: About 56% in 2019 (as of November 1st) (excludes ships on index charters which are open to market fluctuations but have secured employment) 2019 2020 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 Q1 Q2
Slide 8: Market Overview
Market Overview
Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 USA 2.8 1.9 2.4 2.6 1.5 2.3 2.9 2.4 (2.6) 2.1 (1.9) 1.7 (1.8) Eurozone -0.7 -0.5 0.9 2.0 1.8 2.4 1.8 1.2 (1.3) 1.4 (1.6) 1.4 (1.5) Japan 1.4 1.5 -0.1 0.5 1.0 1.8 1.0 0.9 (0.9) 0.5 (0.4) 0.5 (
Slide 10: Drybulk Age Profile & Orderbook Delivery Schedule
Drybulk Age Profile & Orderbook Delivery Schedule Dry Bulk Age Profile Dry Bulk Orderbook 100 m dwt 14.2% 11.1% For delivery in 19/20/21+ as 50% of 2020 of Sep-19): 46% orderbook is Cape 39/115/63 m dwt 7% of the fleet is over 400 16.0% capes/VLOCs and Panamax 36/167/65 380 20 yrs old 80 55% of 2021
Slide 11: Outlook Summary – Bulkers
Outlook Summary – Bulkers 2019 Summary Since the beginning of 2019, rates for the Capesize vessels moved from below OPEX levels in Q1 to multi year highs of above 40k daily in Q3! Panamaxes and Supraxes were much less affected by the Vale disaster and dropped much less before increasing again also
Slide 12: Position on the Drybulk Market Cycle
Position on the Drybulk Market Cycle Panamax 1-Year Time Charter Rate Panamax 10-Year Old Historical Price Range $m 90.000 80 80.000 70 Panamax 75,000 dwt Panamax 75,000 dwt Max Price, 2001-2018 70.000 60 Med preice, 2001-2018 Min Price, 2001-2018 60.000 50 Current Price, Nov-19 50.000 $ / day 40 40
Slide 13: Financial Overview
Financial Overview
Slide 14: Financial Highlights: Third Quarter and Nine Months of 2018 and 2019
Financial Highlights: Third Quarter and Nine Months of 2018 and 2019 Third Quarter Change Nine Months Change (in million USD except per share amounts) 2018 2019 % 2018 2019 % Net Revenues 6.8 7.7 13% 17.5 19.6 12% Net (Loss) / Income 1.7 (0.4) 0.3 (1.4) Preferred Dividends (0.2) (0.4) (0.3) (1.4) Ne
Slide 15: Fleet Data for the Third Quarter and Nine Months of 2018 and 2019
Fleet Data for the Third Quarter and Nine Months of 2018 and 2019 2018Q3 2019Q3 2018M9 2019M9 (unaudited) (unaudited) (unaudited) (unaudited) Number of vessels 6.0 7.0 5.5 7.0 Utilization Rate (%) Operational(1) 99.7% 99.5% 99.6% 99.2% Commercial(1) 100.0% 100.0% 100.0% 99.9% Overall(1) 99.7% 99.5%
Slide 16: Debt Profile
Debt Profile $25 Debt Repayment Profile $7.3m + $11.3m (2 Cash Flow Breakeven $20 Kamsarmaxes NB) $6.6m (3 Panamax $4.0m - vessels) Budget estimate for next 12 months: already refinanced $/vessel/day $8.4m (Ultramax $15 NB) OPEX $ 5,200 G&A $ 900 million Interest $ 1,400 $10 $2.1m (1 Drydock $ 550 P
Slide 17: Balance Sheet Highlights
Balance Sheet Highlights Assets EuroDry Ltd. Capital Structure Snapshop Cash / other liquidity (as of Sep-2019) Unrestricted: $5.6m 140 Restricted & Due from Related: $3.4m Other assets: $3.1 m 120 Cash & other assets Vessels book value: $106.9m Net Book 100 Asset within roughly 5% of ma
Slide 18: 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 Fax.+30-211-1804097 or, Tasos Aslidis Nicolas Bornozis Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Canterbury Lan