Eurodry Ltd. · NASDAQ:EDRY

Eurodry — Q2 2022 Earnings Presentation

20 slides from Eurodry's earnings presentation, Aug 9, 2022

  1. Slide 1: Earnings Presentation Quarter Ended June 30, 2022

    Earnings Presentation Quarter Ended June 30, 2022 August 09, 2022 1

  2. 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

  3. Slide 3: 2022 Second Quarter Financial Highlights

    2022 Second Quarter Financial Highlights Financial Results in $m, unless otherwise indicated Q2 2022 Net Revenues $21.0m (2) Net Income / (Loss) $10.6m $3.61/share Adj. Net Income / (Loss) Attributable to (1) $9.9m $3.38/share(2) Common Shareholders (1) Adj. EBITDA $13.7m (1) See press release of Au

  4. Slide 4: Chartering, Operational and Drydocking Highlights

    Chartering, Operational and Drydocking Highlights  Chartering: • Ekaterini: extended for min Feb 20, 2023 – max Apr 20, 2023 at 105% of K5TC • Xenia: extended for min Mar 1, 2024 – max May 15, 2024 at 105% of K5TC • Eirini: fixed for 20-30 days at $14,000/day and then will go to dry-drock • Blessed

  5. Slide 5: Current Fleet Profile

    Current Fleet Profile Current fleet is comprised of 11 vessels with an average age of ~13.5 years and a carrying capacity of 803k dwt 2x Kamsarmaxes 6x Panamaxes 3x Ultra/Supramax Avg. Age: 5 years Avg. Age: 19 years Avq. Age: 7 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 164k Dwt

  6. Slide 6: Current Fleet Profile

    Current Fleet Profile Fixed rate coverage in the remaining of 2022 (Q3-Q4) of approximate 31% (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 TASOS $15,750 $18,750 $20,600 BLESSED LU

  7. Slide 7: Market Highlights 2022 Q2

    Market Highlights 2022 Q2 $/day Spot Rates Kamsarmax – 82k Panamax - 72k Supramax – 58k One Year TC rate Kamsarmax – 82k Panamax - 75k Supramax - 58k Q2 -2022 Average 26,960 25,382 30,521 Q2 -2022 Average 28,173 25,981 25,654 Q2 - 2022 last day Q2 - 2022 last day 22,750 21,488 25,750 22,250 20,250 2

  8. Slide 8: Market Overview

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  9. 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 -3.4 5.7 2.3(3.7) 1.0(2.3) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.3 5.4 2.6(2.8) 1.2(2.3) Japan 0.5 1.0 1.8 1.0 0.7 -4.6 1.7 1.7(2.4) 1.7(2.3) China 6.9 6.7 6.8 6.6 6.1 2.3 8.1 3

  10. 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 Jul - 2022: 7.2% 0.00 Jul-1997 Jul-1999 Jul-2001 Jul-2002 Jul-2004 Jul-2006 Jul-2007 Jul-2009 Jul-2011 Jul-2012 Jul-2014 Jul-2016 Ju

  11. Slide 11: Drybulk Fleet Overview

    Drybulk Fleet Overview Fleet Development 12,732 vessels (Jul – 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 2024 2022e 2023e

  12. Slide 12: Market Review and Outlook

    Market Review and Outlook  Bulker market remains firm, with earnings still above historical averages despite demand-side concerns around the Russia-Ukraine conflict and macroeconomic headwinds. Severe port congestion continues to provide major “disruption upside”, with the short-term market outlook

  13. 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-Jul 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 Current Price $m As of Aug 05, 2022, 1YR TC rate 25.00 for 75k DW

  14. Slide 14: Financial Overview

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  15. Slide 15: Financial Highlights: Q2 and H1 of 2021 and 2022

    Financial Highlights: Q2 and H1 of 2021 and 2022 Second Quarter Change First Half Change (in million USD except per share amounts) 2021 2022 % 2021 2022 % Net Revenues 14.09 20.97 48.8% 22.67 39.25 73.1% Net (Loss) / Income 2.22 10.62 3.08 21.11 Preferred & Preferred Deemed Dividends (0.27) 0.00 (0.

  16. Slide 16: Fleet Data for Q2 and H1 of 2021 and 2022

    Fleet Data for Q2 and H1 of 2021 and 2022 Second Quarter First Hlaf (in million USD except per share amounts) 2021 2022 2021 2022 Number of vessels 7.4 10.8 7.2 10.2 Utililization Rate (%) Operational (1) 99.4% 99.0% 99.7% 99.3% (1) Commercial 100.0% 99.4% 100.0% 99.7% (1) Overall 99.4% 98.3% 99.7%

  17. Slide 17: Indicative EBITDA Calculator

    Indicative EBITDA Calculator This slide provides our internal estimates and is meant to assist our shareholders and analysts on how to evaluate and forecast our EBITDA for the following quarters EBITDA Calculator - 2022 Actual H1 Q3 2022 Q4 2022 FY 2022 Number of vessels 10.2 11.0 11.0 10.7 Calendar

  18. Slide 18: Debt Repayment Profile

    Debt Repayment Profile Debt Repayment Profile 25.0 20.0 15.0 11.3 As of June 30, 2022, EuroDry has outstanding debt of $71.8m with average margin of about 2.87%. Assuming $m 3.0 LIBOR of 2.8%, our cost of senior debt is about 5.7% 10.0 2.4 14.1 5.0 9.7 0.8 7.6 3.6 2.8 0.0 2022 2023 2024 2025 2026 Lo

  19. Slide 19: Balance Sheet Highlights

    Balance Sheet Highlights EuroDry Capital Structure Notes 200.0 180.0 Assets Cash &  Cash & Other assets: ~ $17.0m Other Assets  Vessels book value: ~ $160.2m 160.0  Total assets (@ book value ) ~ $177.2m Liabilities 140.0 Net Book Value  Bank & other debt: $71.8m, i.e.~ 40.5% of total book value

  20. Slide 20: 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

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