Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Capital Link 5th Annual Invest In International Shipping Conference 2011
24 slides from Euroseas's conference presentation, Mar 24, 2011
Slide 1: Capital Link 5th Annual Invest In International Shipping Conference
Capital Link 5th Annual Invest In International Shipping Conference New York City, NY March 24, 2011
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: Introduction & Milestones
Introduction & Milestones » Euroseas is a provider of worldwide dry cargo transportation services and owner of ships • Container and multipurpose ships – transporting dry and refrigerated cargoes • Drybulk carriers – transporting iron ore, coal and grains and minor bulks » Corporate Profile • Formed
Slide 4: 2010 Developments
2010 Developments » Euromar, a joint venture of Euroseas with Eton Park and Rhône Capital, was formed in March 2010 with a total capital commitment of $175m • Done to provide access to capital to take advantage of opportunities in the containership sector without dilution to Euroseas shareholders (N
Slide 5: Current Fleet (not including Euromar vessels)
Current Fleet (not including Euromar vessels) Size Year Acquisition Name Type DWT TEU Built Year Pantelis Panamax 74,020 - 2000 2009 Eleni P Panamax 72,119 - 1997 2009 Irini Panamax 69,734 - 1988 2002 Aristides NP Panamax 69,268 - 1993 2006 Monica P Handymax 46,667 - 1998 2009 Maersk Noumea Intermed
Slide 6: Euromar Fleet
Euromar Fleet Size Year Acquisition Name Type DWT TEU Built Year CMA-CGM TELOPEA(1) Intermediate 37,180 2,785 2007 2010 EM ATHENS Intermediate 32,350 2,506 2000 2010 EM CHIOS Intermediate 32,350 2,506 2000 2010 MAERSK NAIROBI Intermediate 33,771 2,556 2001 2010 EM HYDRA Handy 23,570 1,740 2005 2010
Slide 7: Euroseas Acquisitions 2005-2010
Euroseas Acquisitions 2005-2010 70 Ioanna P 60 Dry Bulk (Panamax) Containership (1700 teu) 50 million $, 15-yr old vessels 40 Gregos 30 Aristides NP Maersk Noumea Artemis Tiger Bridge Clan Gladiator 20 Xingang Manolis PDespina/Jonathan Pantelis Tasman Eleni P 6 EUROMAR vessels Trader Monica P 10 Agg
Slide 8: Vessels Employment Chart – Bulkers
Vessels Employment Chart – Bulkers Coverage: 100+ % in 2011 / 50% in 2012 / 8% in 2013 MONICA P Spot Pool/115%FFA -$16500-$23500 PANTELIS $17,500 ARISTIDES NP $ 14,950 ELENI P $ 16,500 IRINI $14,000 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '12 Q4 '13 Physical TC contr
Slide 9: Vessels Employment Chart – Containerships
Vessels Employment Chart – Containerships Coverage: 60+ % in 2011 / 5% in 2012 / 0% in 2013 Container Ship Vessels JONATHAN P $9,000 Multi-purpose Vessel MANOLIS P $7,699 Optional periods NINOS $6,800 KUO HSIUNG $5,300 AGGELIKI P $7,000 MAERSK NOUMEA Annual Options till August '14 @ $18,735/$19,240/
Slide 10: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Schedule – As of 3/15/2011 Cash Flow Breakeven $30 » Cash Flow Breakeven rough estimate $25 for next 12 months: $/day $20 0.0 OPEX $ 5,500 million 9.9 $15 G&A $ 800 1.0 2.2 9.6 Interest $ 650 $10 17.5 7.3 Drydock $ 550 11.6 12.5 $5 11.2 11.0 6.4 Loan Rpmt $ 2,30
Slide 11: Fleet Management & Operational Performance
Fleet Management & Operational Performance Daily costs per vessel (1) 10,000 (4) » Operational fleet utilization rate in excess of 98.5% over last 5 years 8,000 $ / day • Outstanding safety and environmental record 6,000 • For 2010Q4, operational fleet utilization 99.0% 4,000 and commercial 99.7% 2,
Slide 12: Market Snapshot – Investment Opportunities
Market Snapshot – Investment Opportunities 1-Year TC Rates 10-yr old Price Historical Range 90,000 90 80,000 Panamax 72-75,000 dwt 80 M ax, 2 0 0 0 - 2 0 10 Containership 1700 teu A ver ag e, 2 0 0 0 - 2 0 10 70,000 70 M in, 2 0 0 0 - 2 0 10 60,000 60 C ur r ent , M ar - 2 0 11 million USD 50,000 50
Slide 13: Strategy & Growth
Strategy & Growth » Euroseas strategy of investing in both containerships and bulkers worked well over the last five years: • Avoided investing in bulkers in 2007 and 2008 • Maintained a revenue base well into 2009 due to its containership charters while investing in bulkers at the bottom of the mar
Slide 14: Market Overview
Market Overview
Slide 15: Dry Bulk & Containerized Trade Growth, 1987-2010
Dry Bulk & Containerized Trade Growth, 1987-2010 14% 12% 10% Container Average 1990-2010: 8.9% p.a. 8% 6% 4% Dry Bulk Average 1990-2010: 3.3% p.a. 2% 0% (F) -2% -4% Dry Bulk Container -6% -8% -10% 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 Source: Clarksons Page 15
Slide 16: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p,a,) 2007 2008 2009 2010 2011f 2012-15f USA 2.5 1.1 (1.8) -2.6 (-1.6) 2.8 (2.7) 3.0 (2.3) 2.8 Eurozone 2.7 0.8 (1.8) -4.1 (-2.0) 1.8 (1.0) 1.5 (1.5) 1.8 Japan 1.9 -0.7 (1.4) -6.3 (-2.6) 4.3 (1.7) 1.6 (1.5) 1.8 China 11.2 9 (10.1) 9.2 (6.7) 10.3 (10.0)
Slide 17: Drybulk Age Profile & Orderbook Delivery Schedule
Drybulk Age Profile & Orderbook Delivery Schedule Dry Bulk Age Profile Dry Bulk Orderbook (1) For delivery in m dwt 36.7% 2011/12+ (as of Jan- 200 m dwt 11): Delivery schedule as of 1-1-2010 m 25.2% 180 140 Cape 305/320 140 130 Panamax 376/485 130 160 About 22% of fleet 120 H’max 372/341 120 88.7 Is
Slide 18: Containership Age Profile & Orderbook Delivery Schedule
Containership Age Profile & Orderbook Delivery Schedule Containership Age Profile(1) Container Orderbook (1) m TEU m teu m teu 7.2 48.9 % 2.2 Delivery schedule as of 1-1-2010 2.2 6.8 6.4 2.0 2.0 6.0 1.8 1.8 5.6 11.7% 5.2 1.6 1.6 4.8 3.48 1.4 9.4% 8.2% 1.4 4.4 4.0 24.5% 1.2 1.2 5.6% 3.6 3.2 1.0 0.84
Slide 19: Indicative Supply/Demand Balance
Indicative Supply/Demand Balance Dry Bulk Container Orderbook - 52% (Jan-11) Orderbook - 27% (Jan-11) 2010 2011 2012 2013 2010 2011 2012 2013 Trade Demand Growth(1) 11.0% 6.0% 6.0% 6.0% 12.0% 10.0% 9.0% 9.0% Effect of tmiles, cong., piracy, slow steam 3.0% - - - 4.0% - - - (2) Delivery Schedule 27.3
Slide 20: Euroseas Market Position
Euroseas Market Position We have what it takes … » Strong Balance with low leverage & funds available for investment » Secured cash from dry bulk fleet and exposure to rising containership market » One of the lowest cost operating structures » Team and experience … to take advantage of the opportuni
Slide 21: Euroseas Contacts
Euroseas Contacts Euroseas 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 Chief Financial Officer Investor Relations Euroseas Ltd. Capital Link, Inc. 11 Canterbury Lane 230 Pa
Slide 22: Appendix: Selected Financial Information – 2008, 2009 & 2010
Appendix: Selected Financial Information – 2008, 2009 & 2010 Page 22
Slide 23: Financial Highlights: 4th Quarter and Full Year of 2009 and 2010
Financial Highlights: 4th Quarter and Full Year of 2009 and 2010 Fourth Quarter Full Year (in million USD except per change change share amounts) 2009 2010 % (4) 2009 2010 % (4) Net Revenues $16.5 $12.8 -22.3% $63.8 $52.5 -17.7% Net Income ($16.3) ($0.9) ($15.6) ($6.6) (Gain) / loss on derivatives &
Slide 24: Fleet Data for 4th Quarter and Full Year of 2009 and 2010
Fleet Data for 4th Quarter and Full Year of 2009 and 2010 Fleet Statistics Fourth Quarter Full Year 2009 2010 2009 2010 (unaudited) (unaudited) (unaudited) (unaudited) Number of vessels 16.68 16.00 16.30 15.53 Utilization Rate (%) Overall(1 ) 93.8% 98.7% 94.8% 99.2% Commercial(1 ) 94.7% 99.7% 95.5%
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