Eurodry Ltd. · NASDAQ:EDRY
Eurodry — FY2020 Earnings Presentation
19 slides from Eurodry's earnings presentation, Feb 17, 2021
Slide 1: Earnings Presentation Full Year & Quarter Ended December 31, 2020
Earnings Presentation Full Year & Quarter Ended December 31, 2020 February 17, 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: 2020 Fourth Quarter Financial Highlights
2020 Fourth Quarter Financial Highlights in $m, unless otherwise indicated Q4 2020 FY 2020 Net Revenues $6.4m $22.3m Net Income / (Loss) $(0.3)m $(5.9)m Adj. Net Income / (Loss) Attributable to $(0.34) / $(3.04) / $(0.8)m $(6.9)m Common Shareholders (1) share(2) share(2) Adj. EBITDA(1) $1.8m $3.7m (
Slide 4: Chartering, Operational Highlights and Drydockings
Chartering, Operational Highlights and Drydockings ➢ Chartering: • Pantelis: fixed for a trip about 50-55 days at $9,000/day thereafter fixed for about 80-100 days at $10,450/day • Tasos: fixed for about 25-30 days at $9,250/days thereafter fixed for about 20-25 days at $9,500/days and currently fix
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 7 vessels with an average age of ~12.6 years and a carrying capacity of 529k dwt 2x Kamsarmaxes 4x Panamaxes 1x Ultramax Avg. Age: 4 years Avg. Age: 19 years Current.Age: 4 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 164k Dwt ~30
Slide 6: Vessel Employment Chart
Vessel Employment Chart As of February 8, 2021: about 23% in 2021 (including FFA ) (excludes ships on index charters which are open to market fluctuations but have secured employment) 2020 2021 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q3 Q4 Q1 Q2 Q3 Q4 TASOS $5,785 $9
Slide 7: Market Highlights Q4 2020
Market Highlights Q4 2020 $/day Spot Rates Capesize - 180k Panamax - 75k Supramax – 58k One Year TC rate Capesize - 180k Panamax - 75k Supramax - 58k Q4 -2020 Average 17,322 11,532 11,488 Q4 - 2020 Average 15,173 10,846 10,207 Q4 - 2020 last day Q4 - 2020 last day 16,375 11,925 11,850 15,250 11,100
Slide 8: Market Overview
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Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth COVID-19 Pandemic has dramatically and negatively changed the economic & world trade environment for 2020 however, global policy support and vaccine rollouts are expected to power a stronger global economic recovery in 2021 onwards Real GDP (% p.a. - IMF) 2015 2016
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 20+ Years Orderbook % Fleet 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 Feb-2021: 5.75% 0.00 Source: Clarksons Research 10
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development m dwt, year start 12,344 vessels % growth in dwt terms (Feb – 2021) 1,000 20.0 16.0 750 12.0 500 8.0 250 4.0 0 0.0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022e Fleet Development (mDWT) Y-o-Y Fleet Growth Dry Bulk Age Profile Orderbook(1) More
Slide 12: Market Review and Outlook
Market Review and Outlook ➢ The unknown duration of the pandemic and its financial consequences render any type of modeling very difficult. However, if the distribution of vaccines can help with the containment of COVID-19 in the developed markets by the first half 2021 as widely anticipated and the
Slide 13: Position on the Drybulk Market Cycle
Position on the Drybulk Market Cycle Panamax vessel – 1 Year Time Charter Rate Panamax vessel – 10 Year Old Historical Price Range (10-20) $/day $m 90,000 $m 45.0 80.0 $75.5m (maximum price during 80,000 2000 – 2020Q2 in 2007Q4) 40.0 70,000 35.0 60,000 30.0 34.0 50,000 As of Feb 12, 2021, 1YR TC rat
Slide 14: Financial Overview
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Slide 15: Financial Highlights: Fourth Quarter and Twelve Months of 2019 and 2020
Financial Highlights: Fourth Quarter and Twelve Months of 2019 and 2020 Fourth Quarter Change Twelve Months Change (in million USD except per share amounts) 2019 2020 % 2019 2020 % Net Revenues 7.6 6.4 -15.7% 27.2 22.3 -18.2% Net (Loss) / Income 1.4 (0.3) 0.0 (5.9) Preferred & Preferred Deemed Divid
Slide 16: Fleet Data for the Fourth Quarter and Twelve Months of 2019 and 2020
Fleet Data for the Fourth Quarter and Twelve Months of 2019 and 2020 Fourth Quarter Twelve Months (in million USD except per share amounts) 2019 2020 2019 2020 Number of vessels 7.0 7.0 7.0 7.0 Utililization Rate (%) Operational (1) 100.0% 99.9% 99.4% 99.7% (1) Commercial 100.0% 100.0% 100.0% 100.0%
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile (Pro Forma Q1 2021 Refinancings) (3 Panamaxes) (1 Kamsarmax) 16.0 14.0 8.0 As of December 31, 2020, EuroDry has outstanding debt of 11.3 12.0 $51.3m with average margin of about 3.0%. Assuming 10.0 LIBOR of 0.5%, our cost of senior debt is about 3.5% $mi
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 120.0 Assets Cash & Other Assets ➢ Cash & Other assets: ~ $8.2m 100.0 ➢ Vessels book value: ~ $99.3m NET BOOK ➢ Total assets (@ book value ) ~ $107.5m VALUE Liabilities 80.0 ➢ Bank & other debt: $51.4m, ~ 48% of total book value of assets Othe
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