Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Investor Presentation (January 2022)
20 slides from Euroseas's investor presentation, January 2022
Slide 1: Euroseas Ltd. Company Presentation
Euroseas Ltd. Company Presentation [NASDAQ: ESEA] January 2022 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: Introduction
Introduction 3
Slide 4: Euroseas - Introduction
Euroseas - Introduction Euroseas is a provider of worldwide ocean-going transportation services though the ownership and operation of container vessels Established in 2005 by the Pittas family which has owned/operated vessels since 1870; currently, the 4th generation at the helm of the Company
Slide 5: Latest Vessel Acquisitions
Latest Vessel Acquisitions M/V “Marcos V” - a 6,350 teu container vessel, built in 2005, along with a three-year charter Acquired M/V Marcos V, a 6,350 teu intermediate container vessel built in 2005, for $40 million. The vessel, delivered to the Company in December of 2021. Contemporaneously wi
Slide 6: Current Fleet Profile
Current Fleet Profile On the water fleet Vessels on-order 10x Feeder 6x Intermediate 2x Feeder Avg. Age:19.2years Avg. Age: 13.5 years Carrying Capacity: 5.6k Carrying Capacity: 21.4k TEU Carrying Capacity: 28.9TEU TEU Size Year Name Type DWT TEU Built On the water fleet Marcos V Intermediate 72,968
Slide 7: Effective Vessel Management
Effective Vessel Management Euroseas leverages Eurobulk’s industry expertise, established relationships and significant resources • Top management – average of 30+ years of shipping experience • 26+ year history of managing dry-cargo vessels • Outstanding safety and environmental record Master s
Slide 8: Vessel Employment - Significant Visibility Beyond 2023
Vessel Employment - Significant Visibility Beyond 2023 Solid chartering strategy securing significant cash flow generation beyond 2023!! 2022 2023 2024 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec N
Slide 9: Container Sector Overview: Favorable Supply/Demand Fundamentals
Container Sector Overview: Favorable Supply/Demand Fundamentals 9
Slide 10: Current Point in the Market – TC Rates and Second Hand Prices
Current Point in the Market 6 – 12m TC rate ($/day) 10 year old Second Hand Prices ($m) Over the past 52 weeks TC rates have been on the rise, standing at levels Second hand vessel prices have reached all time highs, following TC rates never seen before momentum 120,000 70.00 60.00 100,000 50.00 80,
Slide 11: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Containerized trade has rebounded after a low growth year in 2020 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 -3.5 6.0 5.2 1.7 Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.0 4.3 1.4 Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.4 3.2 0
Slide 12: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook mTEU mTEU For delivery in 21/22/23+ 2.6 Concentrated order book in larger (as of Sept-21) 8.0 22% 28% 28% 15% 7% vessels of 8,000+ teu; minimal ~7.3% 8000+: 21/ 47 / 199 2.4 7.0 2.2 orderbook in the sizes we operate 3-7,999: 0 / 8 / 98 0.
Slide 13: Outlook Summary
Outlook Summary Containership Supply – Demand Outlook % 15.0 10.0 3.4% 5.0 2.9% 0.0 -5.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e Containership Fleet Growth World Seaborne Container TEU-Mile Trade Growth Supply/demand estimates suggest a firm market continuing in 2022 • O
Slide 14: Euroseas Operations, Chartering & Strategy
Euroseas Operations, Chartering & Strategy 14
Slide 15: Indicative EBITDA Calculator, 2021-2024
Indicative EBITDA Calculator, 2021-2024 This slide provides a calculation tool for our shareholders and investors to assess the earnings potential in 2021 onwards, based on our existing coverage as well as the potential incremental contribution from our open days EBITDA Calculator: 2021 to 2024 Actu
Slide 16: Key Balance Sheet Highlight
Key Balance Sheet Highlight Current outstanding debt as of December 31, 2021 compared to December fleet valuation Loan to Value: 18% 26% 87% 700.0 $663.5m 600.0 500.0 $458.5m $million 400.0 300.0 200.0 $137.3m $119.0m 100.0 Current Debt Outstanding 0.0 Debt Vessels Value Charter Free Vessels Value C
Slide 17: Cash Accumulation per Share Based on Contracted Revenues
Cash Accumulation per Share Based on Contracted Revenues • Based on our current contracts, our fleet is expected to accumulate $17.2/share by the end of 2024 after all obligations and costs are paid. Contributions from Open Days – going directly to the “bottom” line will be incremental to that. Thus
Slide 18: What Is Next - Growth Strategy
What Is Next - Growth Strategy Current healthy markets are to generate significant cash flow Primary use of this cash flow is to proceed with selective investments to grow and modernize the Company Secondarily, excess cash may be used to reward shareholders either through dividends or share bu
Slide 19: Thank you!
Thank you! 19
Slide 20: 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 Dr. Tasos Aslidis or, Nicolas Bornozis / Markella Kara Chief Financial Officer Investor Relations Euroseas Ltd. Capital