Slide 1: Earnings Presentation Quarter Ended December 31, 2018
Earnings Presentation Quarter Ended December 31, 2018 February 19th, 2019
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: 2018 Fourth Quarter Financial Highlights
2018 Fourth Quarter Financial Highlights 2018-Q4 Net Revenues $7.0 m Net Income $0.8 m Preferred Dividends $(0.2) m Net Income Attributable to $0.6 m Common Shareholders Adj. Net Income Attributable to $0.7 m $0.31 / share(2) Common Shareholders(1) Adj. EBITDA(1) $3.5 m (1) See press release of 2/19
Slide 4: Chartering, Operational & S&P Highlights
Chartering , Operational & S&P Highlights S&P Took delivery of m/v Star of Nippon on November 30, 2018 which was renamed Starlight, a 2004 Japanese built Panamax bulker Chartering Pantelis: fixed for a trip of about 20 days at $11,000/day from November 9th, thereafter fixed for a trip of about 5
Slide 5: EuroDry Fleet
EuroDry Fleet Size Year Name Type DWT Built Vessels in the water Ekaterini Kamsarmax 82,000 2018 Xenia Kamsarmax 82,000 2016 Alexandros P Ultramax 63,500 2017 Eirini P Panamax 75,466 2004 Starlight Panamax 75,845 2004 Pantelis Panamax 74,020 2000 Tasos Panamax 75,100 2000 Total 7 vessels 527,931 10.
Slide 6: Vessels Employment Chart
Vessels Employment Chart Coverage (as of Feb-2019): About 60% physical contract coverage basis min contract durations, including ships (29%) on index charters About 35% coverage via FFA contracts, resulting in .. ….effective average coverage with respect to rate changes of about 66% 2019 2020 Ja
Slide 7: Market Overview
Market Overview
Slide 8: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2012 2013 2014 2015 2016 2017 2018 2019 2020 USA 2.8 1.9 2.4 2.6 1.5 2. 2.9 2.5 1.8 Eurozone -0.7 -0.5 0.9 2.0 1.8 2.4 1.8 1.6 1.7 Japan 1.4 1.5 -0.1 0.5 1.0 1.8 0.9 1.1 0.5 China 7.7 7.7 7.4 6.9 6.7 6.8 6.6 6.2 6.2 India 3.2 4.4 7.2 7.6 7.1
Slide 9: Orderbook-to-fleet
Fleet Growth & Orderbook-to-Fleet Ratio, Drybulk Fleet Orderbook as Percentage of Total Fleet Near Lowest Level of the Last 20+ Years 100% 18% 90% 16% Orderbook-to-Fleet ratio 80% 14% Fleet Growth (y-o-y) 70% 12% Orderbook-to-fleet Fleet Growth 60% 10% 50% 8% 40% 6% 30% 4% 20% 2% 10% 0% 0% -2% Jan-1
Slide 10: Drybulk Age Profile & Orderbook Delivery Schedule
Drybulk Age Profile & Orderbook Delivery Schedule Dry Bulk Age Profile Dry Bulk Orderbook For delivery in 19/20/21+ m dwt 43% 7% of the fleet is over m dwt 160 as of Jan-19): 400 380 20 yrs old Cape 86/100/27 360 140 Panamax 143/97/14 340 320 H/S/Umax 116/85/21 120 300 Handies 82/36/3 280 155.4 14.2
Slide 11: Outlook Summary – Bulkers
Outlook Summary – Bulkers In 2018, we saw an average increase of about 25% in charter rates over 2017; the last quarter, however, disappointed and rates ended up slightly worse than the average despite opposite expectations Since the beginning of 2019, rates have been dropping mainly as a result
Slide 12: Position on the Drybulk Market Cycle
Position on the Drybulk Market Cycle Panamax 1-Year Time Charter Rate Panamax 10-Year Old Historical Price Range $/day $m 80 90,000 80,000 Panamax 75,000 dwt 70 Max Price, 2000-2018 70,000 Avg Panamax Rate 60 Avg Price, 2000-2018 Min Price, 2000-2018 60,000 50 Current Price, Feb-19 50,000 40 40,000
Slide 13: Financial Overview
Financial Overview
Slide 14: Financial Highlights: 4th Quarter and Full Year 2017 and 2018
Financial Highlights: 4th Quarter and Full Year Period of 2017 and 2018 Fourth Quarter Change Full Year Change (in million USD except per share amounts) 2017 2018 % 2017 2018 % Net Revenues 5.8 7.0 21% 19.2 24.5 28% Net Income 1.3 0.8 -37% 0.8 1.1 32% Preferred Dividends (0.2) (0.6) Net Income attri
Slide 15: Fleet Data for the 4th Quarter and Full Year of 2017 and 2018
Fleet Data for the 4th Quarter and Full Year of 2017 and 2018 Fourth Quarter Full Year 2017 2018 2017 2018 (unaudited)(unaudited) (unaudited) (unaudited) Number of vessels 5.00 6.30 4.90 5.70 Utilization Rate (%) (1) Operational 99.9% 99.6% 98.8% 99.6% (1) Commercial 100.0% 100.0% 100.0% 100.0% (1)
Slide 16: Debt Profile
Debt Profile Debt Repayment Profile $25 $7.3m –Xenia & Cash Flow Breakeven $11.3m ‐ Ekaterini Starlight, Tasos, Pantelis Budget estimate for next 12 months: $20 Eirini $18.6m $/vessel/day OPEX $ 5,000 $15 G&A $ 900 million Alexandros Interest $ 1,550 $6.6m Drydock $ 650 $10 $4.0m Pref. Dividend $ 90
Slide 17: Balance Sheet Highlights
Balance Sheet Highlights Assets EuroDry Ltd. Capital Structure Snapshop Cash / other liquidity (as of Dec‐2018) Unrestricted: $10.3m 140 Restricted: $3.4 m Other assets: $3.3 m 120 Cash & other assets Net Book Vessels book value: $110.6m 100 Asset within 1-2% of market value as of 12/31/
Slide 18: 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 Fax.+30-211-1804097 or, Tasos Aslidis Nicolas Bornozis Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Canterbury Lan