Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q4 2024 Earnings Presentation
23 slides from Euroseas's earnings presentation, Feb 27, 2025
Slide 1: Earnings Presentation Quarter Ended December 31, 2024
Earnings Presentation Quarter Ended December 31, 2024 February 27, 2025 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 Fourth Quarter Financial Highlights
2024 Fourth Quarter Financial Highlights Financial Results in million USD except per share figures Q4 2024 Net Revenues 53.3 Net Income 24.4 3.49/ share(2) Adj. Net Income(1) 23.3 3.33/ share(2) Adj. EBITDA(1) 32.8 1) See press release of Feb 27, 2025 for reconciliation of Adj. Net Income and Adjust
Slide 4: Recent Developments, S&P, Chartering & Operational Highlights
Recent Developments, S&P, Chartering & Operational Highlights ➢ S&P • Euroseas took delivery of the M/V Dear Panel and M/V Symeon P on January 7, 2025, and January 8, 2025, respectively. Following their delivery, both vessels began their employment under contracts ranging from a min of 34 months to
Slide 5: Euroholdings Ltd. Spin-off
Euroholdings Ltd. Spin-off ➢ On January 8, 2025, we contributed three of our subsidiaries into Euroholdings Ltd., a Marshalls Islands company, in exchange of 100% of the shares of Euroholdings • Jonathan John Shipping Ltd. which owns M/V Aegean Express, 1439 teu, built 1997, chartered until Nov 2025
Slide 6: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 24 vessels with an average age of 13.4(1) years and a carrying capacity of 70.7k TEU 17x Feeder 7x Intermediate Avg. Age: 9.9 years(1) Avg. Age: 17.7years(1) Carrying Capacity: 38.8k TEU Carrying Capacity: 31.9k TEU Size Year Name Type DWT TEU Buil
Slide 7: Vessels Under Construction
Vessels Under Construction Two vessels, each with a capacity of 4,300 TEU, are expected to be delivered in the fourth quarter of 2027 2x Intermediates Carrying Capacity: 4,300 teu each Size To be Name Type DWT TEU Delivered Vessels under construction Elena (H1711) Intermediate 55,200 4,300 Q4 2027 N
Slide 8: Vessel Employment
Vessel Employment Chartering strategy very important in maximizing revenues over the market cycle 2025 2026 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec INDEX Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 MONICA $16,000 RENA P $21,000 EMMANUEL P $21,000 MARCOS V $15,00
Slide 9: Market Overview
Market Overview 9
Slide 10: Last 10 year 6-12m TC rate ($/day)
$/ day $/ day 20,000 40,000 60,000 80,000 100,000 120,000 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 0 Jan-2014 Jan-2014 Jul-2014 Jul-2014 Jan-2015 Jan-2015 Jul-2015 Jul-2015 Jan-2016 Jan-2016 Jul-2016 Jul-2016 Jan-2017 Jan-2017 3,500 TEU gls 6-12 Month 1,700 TEU grd 6-12 Month Jul-2017 Jul-
Slide 11: Containership Market Highlights – Q4 2024
Containership Market Highlights – Q4 2024 ➢ In Q4 2024, one-year time charter rates for feeder vessels declined slightly, while larger vessels saw stronger momentum. In January, rates held steady due to strong demand for larger vessels, with prompt tonnage quickly absorbed. • 2024Q4 average rates de
Slide 12: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022e 2023 2024 2025p 2026p USA 2.6 1.5 2. 2.9 2.3 -3.5 5.9 1.9 2.9 2.8 2.7(2.2) 2.1 Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.4 0.4 0.8 1.0(1.2) 1.4 Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.2 1.0 1.5 -0.2 1.1(1.0) 0
Slide 13: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook 9.0 27% 20% 22% 20% 11% For delivery in 25/26/27+ (as of Jan-25) 13.9% 8.0 8000+: 121/ 92 / 323 5.0 4.79 1.9 3-7,999: 34/ 19 / 31 7.0 100-2,999: 82/ 34 / 28 0.5 6.0 0.1 4.0 2.1 1.9 10.8% 4.2% 5.0 mTEU 3.0 mTEU 3.8 4.1 7.0% 4.0 0.7 8.1% 1.
Slide 14: Fleet Age Profile and Orderbook, 1000-3000 TEU
Fleet Age Profile and Orderbook, 1000-3000 TEU Age Profile Containership Orderbook 25% 13% 10% 28% 24% 0.45 1.4 0.40 1.2 7.8% 0.63 0.35 0.61 0.30 1.0 0.57 0.25 mTEU mTEU 0.8 0.20 0.6 ~2.1% 0.31 0.60 0.15 0.44 ~0.7% 0.4 0.14 0.10 0.69 ~0.9% 0.32 0.29 0.05 0.2 0.25 0.27 0.00 0.06 0.09 0.09 0.0 2019 20
Slide 15: Different Supply Outlook for Feeders & Intermediate Containerships
Different Supply Outlook for Feeders & Intermediate Containerships ➢ Orderbook primarily concentrated on large containerships • Capacity growth will be significant in vessel sizes employed in the main lane routes • Regional distribution is done by “feeders”: the more main lane volume, the more feede
Slide 16: Outlook Summary
Outlook Summary ➢ Container shipping markets experienced substantial gains in 2024, with both freight and charter rates during the summer reaching levels not seen since the Covid period, driven by disruptions in the Red Sea and a notable increase in volumes. However, in recent weeks, container freig
Slide 17: Market Evolution
$/ day 20,000 50,000 80,000 10,000 30,000 40,000 60,000 70,000 90,000 0 Jan-2013 Jun-2013 Nov-2013 Apr-2014 Sep-2014 Feb-2015 Jul-2015 Dec-2015 May-2016 Oct-2016 Mar-2017 Aug-2017 Jan-2018 Jun-2018 Market Evolution $32,500/day Nov-2018 Source: Clarksons Research Apr-2019 Sep-2019 Feb-2020 for 2,500
Slide 18: Financial Overview
Financial Overview 18
Slide 19: Financial Highlights: Q4 and 12 months of 2023 and 2024
Financial Highlights: Q4 and 12 months of 2023 and 2024 Fourth Quarter Change Twelve Months Change (in million USD except per share amounts) 2023 2024 % 2023 2024 % Net Revenues 49.06 53.31 8.7% 189.36 212.90 12.4% Net Income 24.72 24.39 -1.3% 114.55 112.78 -1.5% Earnings per share, diluted 3.56 3.4
Slide 20: Fleet Data for Q4 and 12 months of 2023 and 2024
Fleet Data for Q4 and 12 months of 2023 and 2024 Fourth Quarter Twelve Months (in million USD except per share amounts) 2023 2024 2023 2024 Number of vessels 19.0 23.0 18.3 21.7 Utililization Rate(1) Operational 99.9% 99.6% 99.1% 99.7% Commercial 100.0% 100.0% 99.6% 99.9% Overall 99.9% 99.6% 98.6% 9
Slide 21: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile of Existing Debt 50.00 $9.3m (2 vessels) Cost of funding: $7.0m (1 vessel) 45.00 As of December 31, 2024, outstanding bank debt is $20.0m (4 vessels) 40.00 $207.3m with average margin of about 2.10%; assuming 3M SOFR(1) of 4.32%, our cost of senior debt
Slide 22: Balance Sheet Highlights
Balance Sheet Highlights Euroseas Capital Structure (12/31/24) Notes Assets 600 ➢ Cash & Other assets: $90.3m Cash & Other ➢ Advances for NB vessels: $56.9m Assets ➢ Vessels book value: $443.4m 500 ➢ Total assets (at book value): $590.6m Advances for NB vessels Shareholders' Liabilities Equity (Net
Slide 23: Euroseas Contacts
Euroseas Contacts Euroseas Ltd. c/o Eurobulk Ltd 4, Messogiou & Evropis Street 151 24 Maroussi, Greece www.euroseas.gr euroseas@euroseas.gr Tel. +30-211-1804005 Fax.+30-211-1804097 Tasos Aslidis Nicolas Bornozis / Markella Kara Chief Financial Officer \Investor Relations Euroseas Ltd. Capital Link,