Eurodry Ltd. · NASDAQ:EDRY
Eurodry — FY2019 Earnings Presentation
18 slides from Eurodry's earnings presentation, Feb 13, 2020
Slide 1: Earnings Presentation Full Year & Quarter Ended December 31, 2019
Earnings Presentation Full Year & Quarter Ended December 31, 2019 February 13, 2020 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: 2019 Fourth Quarter Financial Highlights
2019 Fourth Quarter Financial Highlights in $m, unless otherwise indicated Q4 2019 Net Revenues $7.61m Net Income / (Loss) $1.39m Preferred Dividends $(0.36)m Net Income / (Loss) Attributable to Common $1.03m $0.45 / share(2) Shareholders Adj. Net Income Attributable to Common $0.98m $0.43 / share(2
Slide 4: Chartering, Operational, S&P Highlights and Drydockings
Chartering , Operational, S&P Highlights and Drydockings Chartering: Pantelis: Fixed for about 20-25 days at $6,000/day. Thereafter, extended at $6,050/day (the actual TCE of these charters due to ballasting was $5,150/day and is $4,400/day, respectively) Xenia: Extended present charter for abou
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 7 vessels with an average age of 11.6 years and a carrying capacity of 528k dwt 2x Kamsarmaxes 4x Panamaxes 1x Ultramax Avg. Age: 3 years Avg. Age: 18 years Current.Age: 3 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 63.5k 164k Dw
Slide 6: Vessel Employment Chart
Vessel Employment Chart Coverage: As of February 1, 2020: Abt 18% in 2020 (in terms of minimum fixed rate contracts) (excludes ships on index charters which are open to market fluctuations but have secured employment) 2019 2020 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Slide 7: Market Highlights Q4 2019
Market Highlights Q4 2019 $/day Kamsarmax – Kamsarmax – Spot Rates Panamax - 72k Supramax – 58k One Year TC rate Panamax - 75k Supramax - 58k 82k 82k Q4 -2019 Q4 - 2019 12,752 11,498 11,307 13,110 11,783 12,538 Average Average Dec 27th 2019 9,988 8,700 8,944 Dec 27th 2019 12,250 10,750 9,875 BDI – B
Slide 8: Market Overview
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Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019p 2020e 2021e USA 2.6 1.5 2.3 2.9 2.3(2.4) 2.0(2.1) 1.7(1.7) Eurozone 2.0 1.8 2.4 1.8 1.2(1.2) 1.3(1.4) 1.4(1.4) Japan 0.5 1.0 1.8 1.0 1.0(0.9) 0.7(0.5) 0.5(0.5) China 6.9 6.7 6.8 6.6 6.1(6.1) 6.0(5.8) 5.8(5.9) India
Slide 10: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development m dwt, year start % growth in dwt terms 11,957 vessels 1,000 20.0 16.0 750 12.0 500 8.0 3.8% 250 4.0 1.4% 0 0.0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 e 2022 e Fleet Development (mDWT) Y-o-Y Fleet Growth Dry Bulk Age Profile Orderbook % of fle
Slide 11: Outlook Summary – Bulkers
Outlook Summary – Bulkers 2019 Summary Since the beginning of 2019, rates for the Capesize vessels moved from below OPEX levels in Q1 to multi-year highs of above 40k daily in Q3! Panamaxes and Supraxes were much less affected by the Vale disaster and dropped much less before increasing again also
Slide 12: Position on the Drybulk Market Cycle
Position on the Drybulk Market Cycle Panamax vessel – 1 Year Time Charter Rate Panamax vessel – 10 Year Old Historical Price Range (09-19) $/day $m 70,000 80.0 30.0 $75.5 (maximum price during 2000 – 2019 in 2007Q4) 60,000 25.0 50,000 $32.5m 20.0 40,000 15.0 ? 30,000 10.0 20,000 5.0 10,000 0 0.0 200
Slide 13: Financial Overview
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Slide 14: Financial Highlights: Fourth Quarter and Twelve Months of 2018 and 2019
Financial Highlights: Fourth Quarter and Twelve Months of 2018 and 2019 Fourth Quarter Change 12 months Change (in million USD except per share amounts) 2018 2019 % 2018 2019 % Net Revenues 7.0 7.6 8.8% 24.5 27.2 11% Net (Loss) / Income 0.8 1.4 1.1 0.0 Preferred & Preferred Deemed Dividends (0.2) (0
Slide 15: Fleet Data for the Fourth Quarter and Twelve Months of 2018 and 2019
Fleet Data for the Fourth Quarter and Twelve Months of 2018 and 2019 Fourth Quarter 12 Months 2018 2019 2018 2019 Number of vessels 6.3 7.0 5.7 7.0 Utilization Rate (%) Operational(1) 99.6% 100.0% 99.6% 99.4% Commercial(1) 100.0% 100.0% 100.0% 100.0% Overall(1) 99.6% 100.0% 99.6% 99.4% (usd/day/vess
Slide 16: Debt Repayment Profile and Cash Flow Breakeven
Debt Repayment Profile Debt Repayment Profile Cash Flow Breakeven 25.0 $7.3m + 11.3m (2 Budget estimate for next 12 months: Kamsarmaxes NB) $/vessel/day $6.6m (3 OPEX $ 5,150 20.0 Panamaxes) $8.4m (1 G&A $ 900 Ultramax NB) Interest $ 1,050 15.0 Drydock $ 600 $million $2.1m (1 Pref. Dividend $ 550 Pa
Slide 17: Balance Sheet Highlights
Balance Sheet Highlights Euroseas Capital Structure Notes Assets 140 Cash & Other assets: $12.2m Vessels book value: about $105.5m roughly in line with the estimated market value as of Dec-2019, but values 120 have declined in January 2020 Cash & Other Total assets (@ book value ) ~ $117.7m As
Slide 18: 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 Euroseas Ltd. Capital Link, Inc. 11 Canterbury Lane 2