Slide 1: Earnings Presentation Fourth Quarter & Year Ended December 31, 2014
Earnings Presentation Fourth Quarter & Year Ended December 31, 2014 February 13, 2015
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: 2014 Fourth Quarter & Full Year Overview
2014 Fourth Quarter & Full Year Overview • Financial Highlights - 2014: Fourth Quarter Full Year Net Revenues $11.5 m $40.6 m Net Loss ($7.0) m ($17.9) m Adj. Net Loss Available to ($3.8) m ($0.07)/ ($15.8) m ($0.29) / Common Shareholders(1) share(2) share(2) Adj. EBITDA(1) $0.3 m ($0.5) m (1) See p
Slide 4: Operational Highlights
Operational Highlights Containerships Tiger Bridge : Fixed $7,000 p.d. for 3-6 months Marinos : Fixed $7,000 p.d. for 10 days but then remained idle for 16 days and thereafter fixed for 28-180 days for $6,500 p.d. Ninos: Extended til-30/6/15 at $8,400 p.d. Bulkers Aristides NP : Finished
Slide 5: Current Fleet (not including Euromar vessels)
Current Fleet (not including Euromar vessels) Built / Year Name Type DWT TEU To be built Acquired Newbuilding Program Hull No YZJ1116 Kamsarmax 82,000 2015 2014 Hull No YZJ1153 Kamsarmax 82,000 2016 2014 Hull No DY160 Ultramax 63,500 2015 2013 Hull No DY161 Ultramax 63,500 2016 2013 Vessels in the w
Slide 6: Euromar Joint Venture
Euromar Joint Venture Name Type DWT TEU Built Original capital commitment has AKINADA BRIDGE Post Panamax 71,366 5,600 2001 been contributed: CAP EGMONT Intermediate 41,850 3,091 2007 Total capital invested $175m .. ALANCA SAN MARTIN Intermediate 37,180 2,785 2007 EM ASTORIA Intermediate 35,600
Slide 7: Market Overview
Market Overview
Slide 8: Market Highlights – Fourth Quarter 2014 and Feb-2015
Market Highlights – Fourth Quarter 2014 and Feb-2015 Bulkers BDI dropped eventually from 1063 points (10/1/2014) to 782 (12/24/2014), after increasing in-between with a peak of 1484 in early November, and currently stands at 540 (02/12/2015) Cape Spot rates followed a similar pattern: from $11,974
Slide 9: Drybulk Age Profile & Orderbook Delivery Schedule
Drybulk Age Profile & Orderbook Delivery Schedule Dry Bulk Age Profile Dry Bulk Orderbook m dwt 53% For delivery in 15/16/17+ 400 as of Jan-15): 380 160 m dwt Beginning of 360 Year Cape 161/171/37 340 140 orderbook Panamax 237/142/36 320 170.4 (yellow bar) H/S/Umax 425/263/84 300 280 120 Handies 281
Slide 10: Containership Age Profile & Orderbook Delivery Schedule
Containership Age Profile & Orderbook Delivery Schedule Containership Age Profile Container Orderbook For delivery in m TEU 15/16/17(as of Jan-15) 7.2 6.8 37.1 % Ppmx 166/79/27 m teu 6.4 34.2% 2,2 m Pmx 3000+ 1/1/0 6.0 10.4% 2-3000 36/39/6 2,0 5.6 1-2000 34/40/6 5.2 1.79 1,8 6.3% 4.8 100-999 4/1/0 1
Slide 11: World Economic Growth
World Economic Growth U.S. - the growth engine with volatility; Europe - risk of deflation; World - uncertainties remain. Positives: The US performing better than expected. Pro-business government elected in India. Lower oil prices can boost the world economy as the decline is mainly due to higher
Slide 12: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2010 2011 2012 2013 2014 2015 2016 USA 2.8 (2.7) 1.8 (3.0) 2.8(1.8) 1.9 (1.2) 2.4 (2.8) 3.6 (3.1) 3.3 (3.0) Eurozone 1.8 (1.0) 1.5 (1.5) -0.7 (-0.5) .-0.5 (-0.4) 0.8 (1.0) 1.2 (1.3) 1.4 (1.7) Japan 4.3 (1.7) -0.6 (1.7) 1.4(1.7) 1.5 (2.0) 0.1
Slide 13: Outlook Summary – Bulkers
Outlook Summary – Bulkers Bulker trends Market fundamentals for 2015/16 appear challenging: New vessel deliveries have slowed down in Q4 2014 and moved into 2Q1 015, a shift which is expected to create additional pressure on rates during Q1 2015 Any possible upside in the market in 2015/16 cur
Slide 14: Outlook Summary – Containerships
Outlook Summary – Containerships Containership trends The supply/demand balance is expected to be neutral in 2015 and in favor of demand in 2016 with a gradual improvement of rates over the next 2 years. Currently, idle fleet stands at a 7-year low allowing any demand increase to flow down to ra
Slide 15: Chartering, Operations & Investment Strategy
Chartering, Operations & Investment Strategy
Slide 16: Vessels Employment Chart – Bulkers
Vessels Employment Chart – Bulkers Coverage: As of February , 2015: 42% in 2015 and 13% in 2016 basis min durations (includes ships on index charters and assumes Kmax1,Ultra1 delivered by 1/1/2016 ,Ultra2 by 4/1/2016 and Kmax2 by 1/1/2017) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Slide 17: Vessels Employment Chart – Containerships
Vessels Employment Chart – Containerships Coverage: 24% in 2015 (based on min duration & 40% in 2015 based on max duration) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 14 Q1 14 Q2 14 Q3 14 Q4 15 Q1 15 Q2 15 Q3 15 Q4 AGGELIKI P $6.000 $6.950 $6,900
Slide 18: Fleet Management & Operational Performance
Fleet Management & Operational Performance Daily costs per vessel (1) Operational fleet utilization rate in excess of 98.5% 10,000 over last 5 years. 9,000 8,000 Outstanding safety and environmental record. 7,000 6,000 $ / day For 2014Q4, operational fleet utilization 99.5% 5,000 and commercia
Slide 19: Market Snapshot – Investment Opportunities
Market Snapshot – Investment Opportunities 1-Year Time Charter Rate 10-yr old Price Historical Range $/day $m 90,000 90 80,000 80 M ax, 2 0 0 0 - 2 0 14 Panamax 75,000 dwt A ver ag e, 2 0 0 0 - 2 0 14 70,000 Containership 1700 teu 70 M in, 2 0 0 0 - 2 0 14 60,000 60 C ur r ent , F eb - 15 50,000 50
Slide 20: Financial Overview
Financial Overview
Slide 21: Financial Highlights: 4th Quarter and Full Year of 2013 and 2014
Financial Highlights: 4th Quarter and Full Year of 2013 and 2014 Fourth Quarter Full Year (in million USD except per change change share amounts) 2013 2014 % 2013 2014 % Net Revenues $9.7 $11.5 19.4% $39.2 $40.6 3.8% Net Loss ($86.1) ($7.0) ($103.4) ($17.9) Net (Gain) / Loss on Sale of Vessel $0.0 $
Slide 22: Fleet Data for 4th Quarter and Full Year of 2013 and 2014
Fleet Data for 4th Quarter and Full Year of 2013 and 2014 Fleet Statistics Fourth Quarter Full Year 2013 2014 2013 2014 (unaudited) (unaudited) (unaudited) (unaudited) Number of vessels 14.00 15.00 14.56 14.60 Utilization Rate (%) Overall( 1 ) 98.8% 92.9% 95.7% 97.7% Commercial( 1 ) 100.0% 93.4% 96.
Slide 23: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Schedule – As of 02/13/2015 Cash Flow Breakeven Three Balloons of $10.7m due in 2015, already in discussions with our bank $30 Balloon of group in order to potentially refinance » Cash Flow Breakeven - rough these facilities $25 refinanced $4.6m was , estimate f
Slide 24: Balance Sheet & Other Data
Balance Sheet & Other Data Cash as of December 31, 2014: $ 33.4m $25.4m unrestricted – and about $8.0m of restricted funds and retention accounts. Debt: $54.3m as of December 31, 2014 Debt to Capitalization ratio about 36%. Debt to Market Value of Fleet ratio about 57% & Net debt to Market
Slide 25: 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 or, Tasos Aslidis Nicolas Bornozis Chief Financial Officer Investor Relations Euroseas Ltd. Capital Link, Inc. 11 Cante