Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q2 2020 Earnings Presentation
19 slides from Eurodry's earnings presentation, Aug 6, 2020
Slide 1: Earnings Presentation Quarter Ended June 30, 2020
Earnings Presentation Quarter Ended June 30, 2020 August 6, 2020 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 Second Quarter Financial Highlights
2020 Second Quarter Financial Highlights in $m, unless otherwise indicated Q2 2020 Net Revenues $4.0m Net Loss $(3.8)m Adj. Net Loss Attributable to Common $(3.9)m $(1.73) / share(2) Shareholders (1) Adj. EBITDA(1) $(1.3)m (1) See press release of August 6, 2020 for reconciliation of Adj. Net Income
Slide 4: Chartering, Operational, S&P, Drydockings and other Highlights
Chartering , Operational, S&P, Drydockings and other Highlights ➢ Chartering: • M/V Pantelis: Fixed for one trip for about 55-65 days @ $7,000 in the second quarter, and re-chartered in July for a trip of 45-100 days @ 10,850/day or 11,500/day depending on loading area • M/V Tasos: Fixed for one tri
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 7 vessels with an average age of ~11.8 years and a carrying capacity of 529k dwt 2x Kamsarmaxes 4x Panamaxes 1x Ultramax Avg. Age: 3 years Avg. Age: 18 years Current.Age: 3 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 164k Dwt ~30
Slide 6: Vessel Employment Chart
Vessel Employment Chart Coverage: As of August 5, 2020: About 70% in 2020 in fixed minimum rate contracts (excludes ships on index charters which are open to market fluctuations but have secured employment) 2020 2021 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug S
Slide 7: Drybulk Market Highlights – Q2 2020
Drybulk Market Highlights – Q2 2020 Spot Rates Cape - 180k Panamax-75k Supramax-58k One Year TC Rate Cape - 180k Panamax-75k Supramax-58k Q2-2020 Average 9,582 6,258 5,488 Q2-2020 Average 13,144 9,121 9,063 Q2 - 2020 last day (Jun 26) 30,375 10,063 8,250 Q2-2020 last day (Jun 26) 18,250 10,750 10,00
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 Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020e 2021e USA 2.6 1.5 2.3 2.9 2.3 -8.0(5.9) 4.5(4.7) Eurozone 2.0 1.8 2.4 1.8 1.2 -10.2(-7.5) 6.0(4.7) Japan
Slide 10: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development m dwt, year start % growth in dwt terms 12,172 vessels 1,000 20.0 16.0 750 12.0 500 8.0 250 3.0% 4.0 1.0% 0 0.0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020e 2022e Fleet Development (mDWT) Y-o-Y Fleet Growth Dry Bulk Age Profile Orderbook More than
Slide 11: Orderbook-to-Fleet Ratio, Drybulk Fleet
0.0% 10.0% 30.0% 40.0% 60.0% 70.0% 80.0% 90.0% 20.0% 50.0% Jan-1996 Jul-1996 Jan-1997 Jul-1997 Jan-1998 Jul-1998 Jan-1999 Jul-1999 Jan-2000 Jul-2000 Jan-2001 Source: Clarksons Research Jul-2001 Jan-2002 Jul-2002 Jan-2003 Jul-2003 Jan-2004 Jul-2004 Jan-2005 Jul-2005 Jan-2006 Jul-2006 Jan-2007 Jul-200
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 unreliable ➢ Initial estimates from Clarksons to quantify the effects of the coronavirus pandemic on drybulk trade indicated a drop in demand in 2020 followed by a sharp r
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 $m 90,000 80.0 30.0 $75.5 (maximum price during 2000 – 2020Q2 in 2007Q4) 80,000 25.0 70,000 $28.0m 60,000 20.0 As of July 31, 2020 1YR TC rate 50,000 fo
Slide 14: Financial Overview
Financial Overview 14
Slide 15: Financial Highlights: Second Quarter and First Half of 2019 and 2020
Financial Highlights: Second Quarter and First Half of 2019 and 2020 Second Quarter Change First Half Change (in million USD except per share amounts) 2019 2020 % 2019 2020 % Net Revenues 6.2 4.0 -35.6% 12.0 9.1 -24.1% Net (Loss) / Income (1.8) (3.8) (0.9) (6.1) Preferred & Preferred Deemed Dividend
Slide 16: Fleet Data for the Second Quarter and First Half of 2019 and 2020
Fleet Data for the Second Quarter and First Half of 2019 and 2020 Second Quarter First Half (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) 98.1% 99.9% 98.9% 100.0% Commercial(1) 99.9% 100.0% 99.9% 100.0% Overall(1
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile Cash Flow Breakeven 25.0 $7.3m + 11.3m (2 Budget estimate for next 12 months: Kamsarmaxes NB) $8.0m (3 Panamaxes) $/vessel/day 20.0 OPEX $5,200 $8.4m (1 Ultramax NB) G&A $900 15.0 Interest $730 $million $2.1m (1 Drydock $650 Panamax) 10.0 Pref. Dividend
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 120.0 Cash & Other Assets Assets ➢ Cash & Other assets: ~ $6.8m 100.0 ➢ Vessels book value: ~ $102.5m Net Book Value ➢ Total assets (@ book value ) ~ $109.4m Liabilities 80.0 ➢ Bank & other debt: $53.4m, i.e. ~ 49% of total book value of asset
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