Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q3 2021 Earnings Presentation
20 slides from Eurodry's earnings presentation, Nov 11, 2021
Slide 1: Earnings Presentation Quarter Ended September 30, 2021
Earnings Presentation Quarter Ended September 30, 2021 November 11, 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 Third Quarter Financial Highlights
2021 Third Quarter Financial Highlights Q3 2021 9M 2021 Net Revenues $19.5m $42.1m Net Income $11.8m $15.1m Adj. Net Income Attributable to Common $10.1m $3.79/share diluted $18.0m 7.29/share diluted Shareholders (1) Adj. EBITDA(1) $13.0m $26.3m Change year over year Y-o-Y Change Net Revenues 186% 1
Slide 4: Quarter-to-date Highlights
Quarter-to-date Highlights S&P: • M/V Good Heart acquired by EuroDry on September 22, 2021 for $24.5m o Financed partly by own funds and partly by a bank loan of $22 million drawn together with M/V Starlight Chartering: • Alexandros P: fixed for 80-90 days at 25,250/day for the first 65 days and
Slide 5: The Fleet
The Fleet EuroDry’s fleet, is comprised of 9 vessels with an average age of ~12.4 years and a carrying capacity of 669k dwt 2x Kamsarmaxes 5x Panamaxes 2x Ultramax Avg. Age: 4 years Avg. Age: 19 years Avg.age: 5.5 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 164k Dwt ~378k Dwt 124.
Slide 6: Current Fleet Profile
Current Fleet Profile 50% in Q4 of 2021 including FFA contracts, about 10% coverage in 2022 (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 Jun Jul Aug Sep Oct Nov Dec Q1
Slide 7: Market Highlights Q3 – 2021
Market Highlights Q3 – 2021 $/day Spot Rates Kamsarmax – 82k Panamax - 72k Supramax – 58k One Year TC rate Kamsarmax – 82k Panamax - 75k Supramax - 58k Q3 -2021 Average 33,501 31,731 33,635 Q3 -2021 Average 29,423 27,231 26,817 Q3 - 2021 last day Q3 - 2021 last day (Sept 30) 35,700 34,200 35,363 (Se
Slide 8: Market Overview
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Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Global recovery continues, albeit quite weakened than previous forecasts 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 -3.4 6.0(7.0) 5.2(4.9) 1.7(1.4) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.3 5.0(4.6) 4.3(4.3) 1.4(1.9) Jap
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 Nov - 2021: 6.79% 0.00 Orderbook % Fleet Source: Clarksons Research 10
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development m dwt, year start 12,641 vessels % growth in dwt terms (Nov 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 2023e
Slide 12: Market Review and Outlook
Market Review and Outlook Global recovery continues at a solid pace, despite new variants of COVID-19 and significant commodity and energy price increases, which may delay and reduce economic growth. The drybulk market has been on a strong trajectory on the back of highly supportive conditions 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 (2010-21) $m $/day 90,000 80.0 $77.5m (maximum price during 2000 – 2021 Q3 in 2008 Q3) 80,000 70,000 35.0 $34.0m (maximum price during 60,000 2010 – 2021 Q3 in 2010 Q
Slide 14: Financial Overview
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Slide 15: Financial Highlights: Q3 and 9 months of 2020 and 2021
Financial Highlights: Q3 and 9 months of 2020 and 2021 Third Quarter Change Nine Months Change (in million USD except per share amounts) 2020 2021 % 2020 2021 % Net Revenues 6.8 19.5 186% 15.9 42.1 165% Net (Loss) / Income 0.5 12.1 (5.6) 15.1 Preferred & Preferred Deemed Dividends (0.4) (0.3) (1.2)
Slide 16: Fleet Data: Q3 and 9 months of 2020 and 2021
Fleet Data: Q3 and 9 months of 2020 and 2021 Third Quarter Nine Months (in million USD except per share amounts) 2020 2021 2020 2021 Number of vessels 7.0 8.1 7.0 7.5 Utililization Rate (%) Operational(1) 98.9% 99.4% 99.6% 99.6% Commercial(1) 100% 100% 100% 100% Overall(1) 98.9% 99.4% 99.6% 99.6% (u
Slide 17: 2021 / 2022 H1 EBITDA Calculator
2021 / 2022 H1 EBITDA Calculator This slide provides a calculation tool for our shareholders and investors to assess the earnings potential in 2021 and the first half of 2022 in the current market environment EBITDA Calculator - 2021 & 2022 Actual 9m Q4 FY 2021 Q1 2022 Q2 2022 Number of vessels 7.5
Slide 18: Debt Repayment Profile & Cash Flow Breakeven Daily Rate
Debt Repayment Profile & Cash Flow Breakeven Daily Rate Bank Debt Repayment Profile 25.0 20.0 11.3 As of September 30, 2021, EuroDry had outstanding 15.0 $million debt of $73.9m with average margin of about 2.8%. 3.0 Assuming LIBOR of 0.3%, our cost of senior debt is 10.0 about 3.1%. 5.0 2.9 14.1 10
Slide 19: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 180.0 Assets Cash & Other assets: ~ $26.1m 160.0 Vessels book value: ~ $130.6m Total assets (@ book value ) ~ $156.7m Cash & Other Liabilities 140.0 Assets Bank & other debt: $73.9m, ~ 47% of total book value Net Book of assets Value 1
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