Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q3 2023 Earnings Presentation
19 slides from Eurodry's earnings presentation, Nov 8, 2023
Slide 1: Earnings Presentation Quarter Ended September 30, 2023
Earnings Presentation Quarter Ended September 30, 2023 November 08, 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 Third Quarter Financial Highlights
2023 Third Quarter Financial Highlights Financial Results Q3 2023 Net Revenues $10.0m Net Income / (Loss) ($0.5)m ($0.19)/share(2) (1) (2) Adj. Net Income / (Loss) ($0.7)m ($0.24)/share Adj. EBITDA(1) $3.1m (1) See press release of Nov 08, 2023 for reconciliation of Adj. Net Loss and Adjusted EBITDA
Slide 4: S&P, Chartering, Operational and Drydocking Highlights
S&P, Chartering, Operational and Drydocking Highlights New acquisitions • M/V Yannis Pittas, built in 2014, was delivered on October 10, 2023. The vessel was under charter contract until December 2023 @$12,500/day which continued after her delivery. New acquisitions through a Joint Venture with
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 13 vessels with an average age of ~12.5 years and a carrying capacity of 919k dwt 2x Kamsarmaxes 5x Panamaxes 6x Ultra/Supramax Avg. Age: 6 years Avg. Age: 19.6 years Avq. Age: 8.2 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 164k
Slide 6: Current Fleet Profile
Current Fleet Profile Fixed rate coverage for the fourth quarter of 2023 is about 50.7% through 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 EIRINI P $8,400 $4,000 $7,20
Slide 7: Market Highlights 2023 Q3
Market Highlights 2023 Q3 $/day Spot Rates Kamsarmax – 82k Panamax - 72k Supramax – 58k One Year TC rate Kamsarmax – 82k Panamax - 75k Supramax - 58k Q3 -2023 Average 12,051 10,676 11,118 Q3 -2023 Average 13,703 12,121 11,793 Q3 - 2023 last day Q3 - 2023 last day 15,438 14,063 13,625 14,950 13,300 1
Slide 8: Market Overview
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Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth 2015 2016 2017 2018 2019 2020 2021 2022 2023p 2024p USA 2.6 1.5 2. 2.9 2.3 -3.5 5.9 2.1 2.1(1.8) 1.5(1.0) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.3 0.7(0.9) 1.2(1.5) Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.2 1.0 2.0(1.4) 1.0(1.0) China 6.9 6.7 6.8 6.6 6.1 2.3 8.4 3.0 5.0(
Slide 10: Vessel Orderbook
Vessel Orderbook The orderbook in the sector, just 8.1% of the fleet, remains one of the lowest in history. Simultaneously, increased slow steaming and scrapping amid the introduction of new environmental regulations could reduce available bulker supply even further. 90.0 80.0 70.0 60.0 % Fleet in D
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development 13,494 vessels (Nov/ 2023) 1,000 20.0 % growth in dwt terms m dwt, yaer start 800 15.0 600 10.0 400 200 5.0 0 0.0 2001 2003 2005 2007 2018 2020 2022 2024 2000 2002 2004 2006 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2019 2021 2023 2025 Total Bulkcarri
Slide 12: Outlook Summary – Bulkers
Outlook Summary – Bulkers The bulk carrier market continued to drop within July but improved in August and September. It remained flat in October and has fallen slightly over the last 10 days. On average, TC rates for single trips remained at the same levels as in 2023Q2, earning $11,300/day. • Re
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/Nov 2023) 90,000 35.00 80,000 30.00 70,000 60,000 25.00 50,000 $/ day 20.00 As of Nov 03, 2023, 1YR TC rate for 75k DWT Panamax vessel $m 40,000 stands at $11,9
Slide 14: Financial Overview
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Slide 15: Financial Highlights: Q3 and 9 months of 2022 and 2023
Financial Highlights: Q3 and 9 months of 2022 and 2023 Third Quarter Change Nine Months Change (in million USD except per share amounts) 2022 2023 % 2022 2023 % Net Revenues 15.81 10.01 -36.7% 55.07 31.69 -42.5% Net (Loss) / Income 6.16 (0.53) -109% 27.27 (3.26) Interest & Finance Costs net (incl. i
Slide 16: Fleet Data for Q3 and 9 months of 2022 and 2023
Fleet Data for Q3 and 9 months of 2022 and 2023 Third Quarter Nine Months (in million USD except per share amounts) 2022 2023 2022 2023 Number of vessels 11.0 10.0 10.5 10.0 Utililization Rate (%) (1) Operational 98.9% 99.5% 99.2% 98.1% (1) Commercial 100.0% 99.4% 99.8% 99.1% (1) Overall 98.9% 98.9%
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 25.0 2.6 20.0 As of Sept 30, 2023, EuroDry has outstanding debt of 3.0 $74.96m with average margin of about 2.64%. Assuming 15.0 3Μ SOFR(*) of 5.41%, our cost of senior debt is about 2.4 8.01%. $m 0.8 10.0 20.9 2.2 • Including swapped portion of debt, th
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 200.0 Assets 180.0 Cash & Other Cash & Other assets: ~ $42.0m 160.0 Assets Vessels book value: ~ $148.0m Net Book Total assets (@ book value ) ~ $190.0m 140.0 Value Liabilities 120.0 Bank & other debt (net of deferred charges): $75.0m,
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/Markella Kara Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Cant