Euroseas Ltd. · NASDAQ:ESEA
Euroseas — 14th Annual Capital Link New York Maritime Forum 2022
20 slides from Euroseas's conference presentation, September 2022
Slide 1: Euroseas Ltd. Company Presentation
Euroseas Ltd. Company Presentation [NASDAQ: ESEA] 14th Annual Capital Link New York Maritime Forum September 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: Introduction
E | Introduction
Slide 4: Euroseas - Introduction
Euroseas - Introduction ➢ Euroseas is a provider of worldwide ocean-going transportation services through the ownership and operation of container vessels ▪ Established in 2005 by the Pittas family which has owned/operated vessels since 1870; currently, the 4th generation at the helm of the Company
Slide 5: Current Point in the Market – 12m TC rate and second hand prices
Current Point in the Market 6 – 12m TC rate ($/day) 10 year old Second Hand Prices ($m) Over the past 52 weeks TC rates have been on the rise, standing at levels never seen Second hand vessel prices have reached all time highs, following TC rates before momentum 120,000 100.00 90.00 100,000 80.00 70
Slide 6: 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 Q1
Slide 7: Fleet Growth Strategy
Fleet Growth Strategy Newbuilding program initiated in 2021 ➢ Nine newbuilding contracts, six 2,800 teu and three 1,800 teu vessels, all modern eco-design fuel efficient; expected to be delivered between 2023 and 2024 • Exploits relatively better prices for newbuildings as compared to vessel prices
Slide 8: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 18 vessels with an average age of 17(1) years and a carrying capacity of 58.9k TEU 10x Feeder 8x Intermediate Avg. Age: 19.2 years(1) Avg. Age: 15.7years(1) Carrying Capacity: 21.4k TEU Carrying Capacity: 37.5k TEU Size Year Name Type DWT TEU Built
Slide 9: Vessels Under Construction
Vessels Under Construction Nine vessels with capacity of 22,200 teu to be delivered during 2023 & 2024 6x Feeders 3x Feeders Carrying Capacity: 2,800 teu each Carrying Capacity: 1,800 teu each Size To be Name Type DWT TEU Delivered Vessels under construction Gregos (H4201) Feeder 37,237 2,800 Q1 202
Slide 10: Container Sector Overview: Supply/Demand Fundamentals
Container Sector Overview: Supply/Demand Fundamentals 10
Slide 11: Age Profile and Orderbook, Total Fleet
Age Profile and Orderbook, Total Fleet Age Profile Containership Orderbook 21% 26% 26% 18% 9% For delivery in 22/23/24 9.8% (as of Aug-22) 8.0 2.8 8000+: 24 / 102 / 122 9.5% 3-7,999: 9 / 78 / 125 2.33 7.0 0.1 2.3 100-2,999: 86 / 172 / 110 2.09 6.0 1.3 1.8 5.0 3.1 4.3% 0.1 3.9% mTEU mTEU 2.0 4.5% 4.0
Slide 12: Transportation System Inefficiencies
Transportation System Inefficiencies Port Congestion Indices 38.0 36.0 % fleet capacity at port, 7dma 34.0 32.0 30.0 28.0 26.0 Q3-2016 Q4-2017 Q2-2018 Q1-2019 Q3-2019 Q2-2020 Q4-2020 Q3-2021 Q1-2022 Q4-2016 Q1-2017 Q2-2017 Q3-2017 Q1-2018 Q3-2018 Q4-2018 Q2-2019 Q4-2019 Q1-2020 Q3-2020 Q1-2021 Q2-20
Slide 13: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Containerized Trade Growth Vs World GDP Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022e 2023e World 3.4 3.2 3.7 3.6 2.9 -3. 6.1 3.2 2.9 (IMF: as of July-22) Containerized Trade (% p.a.) Tonmiles 1.9 3.6 5.1 3.7 2.1 -1.0 5.4 -1.1 2.4 (Clarkso
Slide 14: Euroseas Operations, Chartering & Strategy
Euroseas Operations, Chartering & Strategy 14
Slide 15: Financial Highlights
Financial Highlights Second Quarter 2022 Highlights ➢ Total net revenues of $48.5 million. ➢ Net income attributable to common shareholders of $30.7 million or $4.26 and $4.24 earnings per share basic and diluted, respectively inclusive of change in the fair value of derivatives. ➢ Adjusted net inco
Slide 16: Projected Cash Flow Break Even
Projected Cash Flow Break Even Cash Flow Break Even Estimate for the Next 12 months ($/day) 4,227 13,993 1,212 9,767 911 643 7,643 7,000 OPEX G&A Expenses Operating CBE Drydocking expenses Interest expense Operating and Loan Repayments Total Financing CBE 16
Slide 17: Key Balance Sheet Highlight
Key Balance Sheet Highlight Current outstanding debt as of Jun 30, 2022 compared to Aug 2022 fleet valuation Loan to Value of the existing fleet (1): 14% 22% 68% $383.90 $383.90 $727.7 $482.5 $54.14 $105.2 (1) $154.4 Current Debt Outstanding Debt Vessels Value Charter Free Vessels Value Charter Adju
Slide 18: Why Euroseas: Growth Strategy & Shareholder Value
Why Euroseas: Growth Strategy & Shareholder Value ➢ Current healthy markets and existing contract coverage generate significant cash flow to be used to build value for the long run ▪ We are pursuing a strategy to grow and modernize the Company ➔ We have embarked on a significant newbuilding program
Slide 19: Thank you!
Thank you! 19
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 Dr. Tasos Aslidis or, Nicolas Bornozis / Markella Kara Chief Financial Officer Investor Relations Euroseas Ltd. Capital
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