Euroseas Ltd. · NASDAQ:ESEA
Euroseas — FY2021 Earnings Presentation
21 slides from Euroseas's earnings presentation, Feb 15, 2022
Slide 1: Earnings Presentation Full Year & Quarter Ended December 31, 2021
Earnings Presentation Full Year & Quarter Ended December 31, 2021, 2022 February 15, 2022 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: 2021 Fourth Quarter & Full Year Financial Highlights
2021 Fourth Quarter & Full Year Financial Highlights Key financial figures Q4-2021 Full Year - 2021 in million USD except per share figures Net Revenues 38.3 93.9 Net Income attributable to common shareholders 22.7 42.3 Adj. Net Income / (Loss) & Adj. EPS Attributable 3.18, basic 6.02, basic (1) 22.
Slide 4: Chartering & Operational Highlights
Chartering & Operational Highlights Chartering: • Marcos V: bought with charter for 36-42m @$42,000/day • EM Astoria: fixed for 36-38m @$65,000/day for the first year, $50,000/day for the second, and $20,000/day for the remaining period • Evridiki G: extended for 36-38m @$40,000/day • EM Corfu: fixe
Slide 5: S&P Highlights
S&P Highlights ➢S&P Highlights: • Jonathan P: Delivered on October 18, 2021, a 1,740 teu feeder container vessel built in 2006, for $25.5m • Marcos V: Delivered on December 14, 2021, a 6,350 teu intermediate container vessel built in 2005, for $40.4m ➢“New” newbuilding contracts for the acquisition
Slide 6: Current Fleet Profile
Current Fleet Profile On the water fleet Vessels on-order 10x Feeder 6x Intermediate 4x Feeder Avg. Age:19.2years Avg. Age: 15.4 years Carrying Capacity: 11.2k Carrying Capacity: 21.4k TEU Carrying Capacity: 28.9k TEU TEU Size Year Name Type DWT TEU Built On the water fleet Marcos V Intermediate 72,
Slide 7: Vessel Employment - Significant Visibility Beyond 2023
Vessel Employment - Significant Visibility Beyond 2023 Solid chartering strategy securing significant cash flow generation beyond 2023!! 2022 2023 2024 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec I
Slide 8: Market Overview
Market Overview 8
Slide 9: Time charter rates and asset price charts
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 0 100,000 120,000 20,000 40,000 60,000 80,000 Jan-2012 Jan-2012 Aug-2012 Aug-2012 Mar-2013 Mar-2013 Oct-2013 Oct-2013 May-2014 May-2014 Dec-2014 $11,076 $15,037 Dec-2014 Jul-2015 Jul-2015 Feb-2016 Feb-2016 Source: Clarksons Sep-2016 Sep-2016 Apr-201
Slide 10: Containership Market Highlights – Q4 2021
Containership Market Highlights – Q4 2021 ➢ One-Year time charter rates across all segments skyrocketed over the past 12 months – reaching levels never seen in the past, registering new all-time highs ($/day) Vessel Size 2021-Q1 average 2021-Q2 average 2021-Q3 average 2021-Q4 average Current* rate 1
Slide 11: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Downwards revised growth projections for 2022, mainly due to large markdowns for the US and China … …followed by upward revisions for 2023 Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022e 2023e USA 2.6 1.5 2.3 2.9 2.3 -3.4 5.6(6.0) 4.0(5.2) 2.6(1.7)
Slide 12: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook mTEU mTEU 2.5 Concentrated order book in larger ~9% 8.0 22% 28% 27% 15% 8% vessels of 8,000+ teu; minimal ~7.4% 7.0 orderbook in the sizes we operate 2.0 6.0 For delivery in 5.0 21/22/23+ (as of Dec-21) 1.5 8000+: 2/ 55 / 212 4.0 1.7 3-7,
Slide 13: Outlook Summary
Outlook Summary ➢ Global recovery continues at a solid pace, despite COVID-19 variants, rising energy prices and elevated inflation which may delay and reduce economic growth. ➢ Containership trade remains positive, with moderate supply growth in 2022, accelerating in 2023 and 2024. ➢ Port congestio
Slide 14: Market Snapshot
Market Snapshot Cont 2,500 TEU One-Year Time Charter Rate Cont 2,500 TEU – 10 Year Old Historical Price Range(1) $/day $m 80,000 Current levels of the highest Feb 11, 2022 60.0 observed over the past 10 years at $76,000/day Current levels ($52 mil) the 70,000 highest observed over the past 10 years
Slide 15: Financial Overview
Financial Overview 15
Slide 16: Financial Highlights: Q4 and 12 months 2020 and 2021
Financial Highlights: Q4 and 12 months 2020 and 2021 Fourth Change Twelve months Change (in million USD except per share amounts) 2020 2021 % 2020 2020 % Net Revenues 12.0 38.3 218% 53.3 93.9 76% Net Income 0.6 22.7 4.0 42.9 Preferred & Preferred Deemed Dividends -0.2 0.0 -0.7 -0.6 Net Income attrib
Slide 17: Fleet Data: Q4 and FY 2020 and 2021
Fleet Data: Q4 and FY 2020 and 2021 Fourth Quarter Twelve months (in million USD except per share amounts) 2020 2021 2020 2021 Number of vessels 14.43 15.01 17.23 14.25 Utililization Rate (%) Operational(1) 96.3% 98.5% 98.0% 98.5% Commercial(1) 98.5% 100.0% 97.5% 100.0% Overall(1) 94.8% 98.5% 95.5%
Slide 18: EBITDA Calculator 2022 – 2023
EBITDA Calculator 2022 – 2023 This slide provides a calculation tool for our shareholders and investors to assess the earnings potential in 2022 & 2023, based on our existing coverage as well as the potential incremental contribution from our open days EBITDA Calculator: 2022 & 2023 Actual 2021 2022
Slide 19: Debt Repayment Profile & Projected Cash Flow Break Even
Debt Repayment Profile & Projected Cash Flow Break Even Proforma Debt Repayment Profile ($m) 60 50 Cost of funding of debt as of 12/31/2021: Outstanding bank debt of $119m has an average 40 margin of about 3%; assuming LIBOR of 0.3%, our $,million 1.90 30.73 30 cost of senior debt is 3.3%. Including
Slide 20: Balance Sheet Highlights
Balance Sheet Highlights Euroseas Capital Structure (12/31/21) Notes Based on Dec-21 Market Values 250.0 Assets ➢ Cash & Other assets: $37.1m ➢ Vessels book value, incl. vessel advances: $183.9m Cash and ➢ Total assets (at book value): $221.0m 200.0 other assets Net Asset Liabilities Value ➢ Bank &
Slide 21: 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 Tasos Aslidis Nicolas Bornozis / Markella Kara Chief Financial Officer Investor Relations Euroseas Ltd. Capital Link, I