Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q1 2023 Earnings Presentation
19 slides from Eurodry's earnings presentation, May 15, 2023
Slide 1: Earnings Presentation Quarter Ended March 31, 2023
Earnings Presentation Quarter Ended March 31, 2023 May 15, 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: 2023 First Quarter Financial Highlights
2023 First Quarter Financial Highlights Financial Results Q1 2023 Net Revenues $11.3m Net Income / (Loss) -$1.5m ($0.55)/share(2) (1) (2) Adj. Net Income / (Loss) $0.4m $0.14/share Adj. EBITDA(1) $2.4m (1) See press release of May 15, 2023 for reconciliation of Adj. Net Income and Adjusted EBITDA (2
Slide 4: Chartering, Operational and Drydocking Highlights
Chartering, Operational and Drydocking Highlights Chartering: • Alexandros: fixed @ $8,000 for 20 days, then fixed @ $9,350 for 30 days, then fixed @ $18,750 for 30 days and then fixed @$16,250 for 60-65 days • Blessed Luck: fixed for 60 days @ $12,500 + $250,000 = $6,000, then fixed @ $15,800 unt
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 10 vessels with an average age of ~13.6 years and a carrying capacity of 729k dwt 2x Kamsarmaxes 5x Panamaxes 3x Ultra/Supramax Avg. Age: 6 years Avg. Age: 19.6 years Avq. Age: 8 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 164k D
Slide 6: Current Fleet Profile: Charter Coverage
Current Fleet Profile Fixed rate coverage for the remaining of 2023 is about 46.2% through both FFAs and charters (excludes ships on index charters which are open to market fluctuations but have secured employment) 2023 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 STARLIGHT $18,500 $
Slide 7: Market Highlights 2023 Q1
Market Highlights 2023 Q1 $/day Spot Rates Kamsarmax – 82k Panamax - 72k Supramax – 58k One Year TC rate Kamsarmax – 82k Panamax - 75k Supramax - 58k Q1 -2023 Average 11,418 10,212 10,723 Q1 -2023 Average 16,394 14,481 14,418 Q1 - 2023 last day Q1 - 2023 last day 14,275 12,963 12,600 17,750 16,000 1
Slide 8: Market Overview
© EuRODRYi re: “ + % ' ' Market Overview —— ‘ a» *. = —— / a
Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022e 2023p 2024p USA 2.6 1.5 2. 2.9 2.3 -3.5 5.9 2.1(2.0) 1.6(1.4) 1.1(1.0) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.5(3.5) 0.8(0.7) 1.4(1.6) Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.1 1.1(1.4) 1.3(1.8) 1.0(0.9) Ch
Slide 10: Current Point in the Market Cycle
Current Point in the Market Cycle The orderbook in the sector, just 6.88% of the fleet, remains one of the lowest in history, while there is also potential for increased slow steaming and scrapping amid the introduction of new environmental regulations. 90.0 100,000 80.0 90,000 80,000 70.0 70,000 60
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development 13,287 vessels (May- 2023) 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 2003 2006 2009 2012 2015 2018 2021 2001 2002 2004 2005 2007 2008 2010 2011 2013 2014 2016 2017 2019 2020 2022 2023 2024e Total B
Slide 12: Outlook Summary – Bulkers
Outlook Summary – Bulkers Dry bulk market, as expected, was under significant pressure in the beginning of the year, however, we have seen a significant rebound following the Chinese return to “normality”, especially in the smaller sizes • The dry bulk sector had a rough start to 2023, with the av
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 (2011-May 2023) 50.00 80.00 90,000 $77.5m 45.00 80,000 40.00 70,000 35.00 60,000 30.00 50,000 $/ day As of May 12, 2023, 1YR TC rate Current Price $m 25.00 for 75k DW
Slide 14: Financial Overview
© EuURODRYit0 re: “ + % ' . Financial Over iew — > —_ — a
Slide 15: Financial Highlights: First Quarter 2022 and 2023
Financial Highlights: First Quarter 2022 and 2023 First Quarter Change (in million USD except per share amounts) 2022 2023 % Net Revenues 18.28 11.34 -38.0% Net (Loss) / Income 10.49 (1.54) -115% Interest & Finance Costs net (incl. interest 0.65 1.23 income) Depreciation 2.46 2.53 Unrealized Loss (G
Slide 16: Fleet Data for the First Quarter of 2022 and 2023
Fleet Data for the First Quarter of 2022 and 2023 First Quarter (in million USD except per share amounts) 2022 2023 Number of vessels 9.5 10.0 Utililization Rate (%) Operational(1) 99.6% 99.7% Commercial(1) 100.0% 99.8% (1) Overall 99.6% 99.5% (usd/day/vessel) (2) Time Charter Equivalent (TCE) 24,63
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 25.0 20.0 As of Mar 31, 2023, EuroDry has outstanding debt of 11.3 $66.9m with average margin of about 2.68%. Assuming 15.0 3Μ LIBOR(*) of 5.34%, our cost of senior debt is about 8.02%. $m 3.0 • Including swapped portion of debt, the cost of our 10.0 2.4
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 200.0 Assets 180.0 Cash & Other assets: ~ $34.8m Cash & Other Vessels book value: ~ $146.5m 160.0 Assets Total assets (@ book value ) ~ $181.3m 140.0 Liabilities Bank & other debt (net of deferred charges): $66.9m, i.e.~ 36.9% of total
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 Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Canterbury Lane 23