Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q3 2022 Earnings Presentation
19 slides from Eurodry's earnings presentation, Nov 11, 2022
Slide 1: Earnings Presentation Quarter Ended September 30, 2022
Earnings Presentation Quarter Ended September 30, 2022 November 11, 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: 2022 Third Quarter Financial Highlights
2022 Third Quarter Financial Highlights Financial Results Q3 2022 Net Revenues $15.8m Net Income / (Loss) $6.2m $2.10/share(2) Adj. Net Income / (Loss) Attributable to (2) (1) $5.7m $1.93/share Common Shareholders Adj. EBITDA(1) $9.5m (1) See press release of November 10, 2022 for reconciliation of
Slide 4: Chartering, Operational and Drydocking Highlights
Chartering, Operational and Drydocking Highlights S&P: • Sold M/V Pantelis for $9.675 million. The vessel was delivered to her new owners, an unaffiliated third party, on Oct 17, 2022 Chartering: • Alexandros: fixed for 70-80 days at $19,500/ day and then fixed for 60-70 days; the first 65 days
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 10 vessels with an average age of ~12.6 years and a carrying capacity of 729k dwt 2x Kamsarmaxes 5x Panamaxes 3x Ultra/Supramax Avg. Age: 5 years Avg. Age: 19 years Avq. Age: 7 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 164k Dwt
Slide 6: Current Fleet Profile
Current Fleet Profile Fixed rate coverage during Q4 of 2022 is approximate 53.9% (excludes ships on index charters which are open to market fluctuations but have secured employment) 2022 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 PANTELIS(1) $30,250 $18,250 $20,500 $13,000 (2) GOOD
Slide 7: Market Highlights 2022 Q3
Market Highlights 2022 Q3 $/day Spot Rates Kamsarmax – 82k Panamax - 72k Supramax – 58k One Year TC rate Kamsarmax – 82k Panamax - 75k Supramax - 58k Q3 -2022 Average 17,715 16,086 21,022 Q3 -2022 Average 17,920 16,264 16,411 Q3 - 2022 last day Q3 - 2022 last day 18,963 17,338 19,713 16,375 14,950 1
Slide 8: Market Overview
© EuRODRYi re: “ + % ' ' Market Overview —— ‘ a» *. = —— / a
Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022e 2023e USA 2.6 1.5 2. 2.9 2.3 -3.5 5.7 1.6(2.3) 1.0(1.0) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.2 3.1(2.6) 0.5(1.2) Japan 0.5 1.0 1.8 1.0 0.7 -4.8 1.7 1.7(1.7) 1.6(1.7) China 6.9 6.7 6.8 6.6 6.1 2.3 8.1 3
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 - 2022: 6.9% 0.00 Nov-1998 Nov-2001 Nov-2002 Nov-2005 Nov-2006 Nov-2009 Nov-2010 Nov-2013 Nov-2014 Nov-2017 Nov-2018 Nov-2021 No
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development 12,744 vessels (Oct – 2022) 1,000.00 20.0 % growth in dwt terms m dwt, yaer start 800.00 15.0 600.00 10.0 400.00 200.00 5.0 0.00 0.0 2000 2001 2002 2003 2004 2015 2016 2017 2018 2019 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2020 2021 2022e 2023e 2024
Slide 12: Market Review and Outlook
Market Review and Outlook Dry bulk market and predominantly the Capesize sector has softened significantly YTD mostly due to reduced demand for steel in China which has led to less iron ore imports. The real estate sector which accounts for about 30% of China GDP faces significant uncertainties go
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-Oct 2022) 90,000 80.00 50.00 $77.5m 80,000 45.00 70,000 40.00 60,000 35.00 30.00 50,000 $/ day $m 25.00 40,000 Current Price 20.00 As of Nov 04, 2022, 1YR TC ra
Slide 14: Financial Overview
© EuURODRYit0 re: “ + % ' . Financial Over iew — > —_ — a
Slide 15: Financial Highlights: Q3 and 9 months of 2021 and 2022
Financial Highlights: Q3 and 9 months of 2021 and 2022 Third Quarter Change Nine Months Change (in million USD except per share amounts) 2021 2022 % 2021 2022 % Net Revenues 19.46 15.81 -18.8% 42.12 55.07 30.7% Net (Loss) / Income 12.06 6.16 15.15 27.27 Preferred & Preferred Deemed Dividends (0.27)
Slide 16: Fleet Data for Q3 and 9 months of 2021 and 2022
Fleet Data for Q3 and 9 months of 2021 and 2022 Third Quarter Nine Months (in million USD except per share amounts) 2021 2022 2021 2022 Number of vessels 8.1 11.0 7.5 10.5 Utililization Rate (%) Operational(1) 99.4% 98.9% 99.6% 99.2% (1) Commercial 100.0% 100.0% 100.0% 99.8% (1) Overall 99.4% 98.9%
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 25.0 20.0 11.3 As of Sept 30, 2022, EuroDry has outstanding debt of 15.0 $88.0m with average margin of about 2.75%. Assuming 3Μ LIBOR(*) of 4.56%, our cost of senior debt is about $m 3.0 10.0 7.31%. 2.4 17.5 Including swapped portion of debt, the cost of
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes Assets 200.0 Cash & Cash & Other assets: ~ $43.7m Other Assets Vessels book value: ~ $158.2m (incl. “held for sale”) Cash & Other Assets Total assets (@ book value ) ~ $201.8m Liabilities Net Book 150.0 Value Bank & other debt: $88.0m,
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 Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Canterbury Lane 23