Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q2 2019 Earnings Presentation
20 slides from Euroseas's earnings presentation, Aug 9, 2019
Slide 1: Earnings Presentation: Six Month Period & Quarter Ended June 30, 2019
Earnings Presentation Six Month Period & Quarter Ended June 30, 2019 August 9, 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: 2019 Second Quarter
2019 Second Quarter • Financial Highlights – 2019Q2: Second Quarter Net Revenues $8.1 m Net Loss ($0.7) m Preferred Dividends ($1.0) m Adj. Net Loss Available to Common ($1.8) m ($0.14) / share (2) Shareholders(1) Adj. EBITDA(1) $1.6 m (1) See press release of 8/8/2019 for reconciliation of Adj. Net
Slide 4: Chartering & Operational Highlights
Chartering & Operational Highlights Chartering: EM Oinousses: fixed for 6 to12 months at $8,700/day as June 7th Aegean Express: extended from early June for 3 to 5 months at $7,300/day EM Astoria: extended for 5.5 to 7.5 months at $8,500/day plus a 6 month option to the charter at $9,500/day O
Slide 5: Debt Refinancing & Preferred Equity Redemption
Debt Refinancing & Preferred Equity Redemption Partial bank debt refinancing & Preferred Equity redemption were smoothly concluded by end Q2 Refinanced M/V Evridiki G and M/V Astoria drawing $4m under our Eurobank existing revolving facility. Simultaneously the bank agreed to release $4m of cash
Slide 6: Fleet Expansion: EM Hydra, EM Spetses, EM Kea & M/V Diamantis P
Fleet Expansion: EM Hydra, EM Spetses, EM Kea & M/V Diamantis P The acquisitions, announced in June 2019, of four vessels from affiliates, EM Hydra, EM Spetses, EM Kea and M/V Diamantis P, have been completed and the vessels were delivered to our fleet in the beginning of August 2019 Vessels wer
Slide 7: Current Fleet Profile
Current Fleet Profile Name Type DWT TEU Built Vessels in the water Akinada Bridge Intermediate 71,366 5,610 2004 EM Corfu Feeder 34,654 2,556 2001 EM Oinousses Feeder 32,350 2,506 2000 EM Athens Feeder 32,350 2,506 2000 EM Astoria Feeder 35,600 2,788 2004 Aegean Express Feeder 18,581 1,439 1997 Joan
Slide 8: Fleet Management & Operational Performance
Fleet Management & Operational Performance (1) Daily costs per vessel Operational Fleet utilization rate in excess of 97.6% 10,000 9,000 over last 5 years 8,000 Outstanding safety and environmental record 7,000 For 2019Q2, operational fleet utilization 100% and 6,000 $ / day commercial 96.7% 5
Slide 9: Vessels’ Employment Chart
Vessels’ Employment Chart Coverage as of Sep 1, 2019): Abt 71 % in 2019 and 82% in remaining Q3 (based on estimated logical durations) 2019 2020 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 NINOS $9.750 $7.750 KUO HSIUNG $9
Slide 10: Containership Market Highlights – Q2 2019
Containership Market Highlights – Q2 2019 Time charter rates in Q2 for feeder and intermediate size vessels ranging from 1,000-5,600 teu rose abt 4% -25% on average in Q2, with the bigger rises in the above 5,000+ teu wide beam vessels and the 1,700 teu segment The 1,700 teu geared vessel rose f
Slide 11: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 USA 2.8(1.8) 1.9 (1.2) 2.4 (2.8) 2.6(3.6) 1.5(2.6) 2.3(2.3) 2.9(2.7) 2.6(2.3) 1.9(1.9) 1.8 Eurozone -0.7 (-0.5) .-0.5 (-0.4) 0.9 (1.0) 2.0(1.2) 1.8(1.7) 2.4(1.6) 1.8(2.2) 1.3(1.3) 1.6(1.5) 1.
Slide 12: Containership Age Profile & Orderbook Delivery
Containership Age Profile & Orderbook Delivery Containership Age Profile Container Orderbook m TEU 28 % 29% m TEU For delivery in 19/20/21+ 7 (as of Jun-19) 27% 2,2 6% of the fleet is 8000+ 25/56/45 over 20 years 2,0 8,5% 3-7,999 1/8/0 6 old 1,8 100-2,299 85/139/44 1,6 5,4% 5 5,6% 5,6 1,4 3.6% % 1,2
Slide 13: 1000-3000 teu Fleet Age Profile & Orderbook Delivery Schedule
1000-3000 teu Fleet Age Profile & Orderbook Delivery Schedule Containership Age Profile Container Orderbook m TEU m TEU 1,6 0.3 6.8% 35% 1,2 5.6% 0.2 0.151 0,64 17% of the 1-3,000 teu 0% 19% 0% 0,8 fleet is over aged!!! 15% 14% -1.8% 2.9% 13% 0.06 0.058 0.2 0.1 2.2% 0.2 0,37 0.05 0,4 0,29 0,17 0,16
Slide 14: Outlook Summary
Outlook Summary 2019 YTD has shown a tightening market after January, however rates remain relatively low as idle fleet is still not fully absorbed and cascading is still very much happening….. Our supply/demand analysis which is based on Clarkson’s expectations for container trade growth sugges
Slide 15: Market Snapshot
Market Snapshot 1700 teu One-Year Time Charter Rate 10 Year Old Historical Price Range 35.000 4 0 $m 30.000 Containership 1700 teu 35 30 Max Price, 2000-2018 25.000 Median Price, 2000-2018 Containership 1700 teu 25 20.000 Min Price, 2000-2018 $ / day 20 Current Price, Aug-19 15.000 15 10.000 10 ? 5.
Slide 16: Financial Overview
Financial Overview
Slide 17: Financial Highlights: Second Quarter and Six months of 2018 and 2019
Financial Highlights: Second Quarter and Six months of 2018 and 2019 Euroseas Continuing Operations Second Quarter Change First Half Change In million USD except per share amounts 2018 2019 % 2018 2019 % Net Revenues 9.8 8.1 -17% 18.1 16.4 -9% Net Income/(Loss) 2.2 (0.7) 0.8 (0.8) Preferred Dividend
Slide 18: Fleet Data for Second Quarter and Six months of 2018 and 2019
Fleet Data for Second Quarter and Six months of 2018 and 2019 Fleet Statistics Second Quarter Half Year 2018 2019 2018 2019 (unaudited) (unaudited) (unaudited) (unaudited) Number of vessels 11.95 11.00 11.97 11.00 Utilization Rate (%) (1) Overall 93.7% 96.7% 95.6% 98.0% (1) Commercial 99.8% 96.7% 98
Slide 19: Debt Profile
Debt Profile Debt Repayment Profile Cash Flow Breakeven $30 Post: Debt as of 12/31/2018 $25 Pre: $19.2mn (9 vessels) Budget estimate for next 12 a) $3.2mn (Astoria) b) $19.2mn (9 vessels) months: $20 $/vessel/day OPEX $ 5,650 Post: a) $6mn (EM Astoria & Evridiki) G&A $ 430 $15 b) $6.2mn (EM Spetse
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 or, Tasos Aslidis Nicolas Bornozis / Judit Csepregi Chief Financial Officer Investor Relations Euroseas Ltd. Capital Li