Slide 1: Three and Six Months Ended June 30, 2008 Earnings Presentation
Three and Six Months Ended June 30, 2008 Earnings Presentation August 14, 2008
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: 2008 Year To-Date Overview
2008 Year To-Date Overview • Financial Highlights 2008: Second Quarter First Half Net Revenues: $ 34.5 million $ 67.3 million Net income: $ 15.7 million $ 30.9 million Adj. EBITDA(1): $ 21.7 million $ 42.7 million • Declared dividend of $0.32 per share for second quarter • 3.2% higher than previous
Slide 4: Vessels Employment Chart
Vessels Employment Chart 80% coverage in rest of 2008 / 34% coverage in 2009 GREGOS Spot Dry Bulk Carriers IRINI Spot / party fixed Container Ship Vessels IOANNA P. $35,500 Spot NIKOLAOS P. Spot $36,000 Multi-purpose Vessel ARISTIDES N.P. $52,000 ARTEMIS $19,000 KUO HSIUNG $15,800 DESPINA P Spot $15
Slide 5: Volatile Market Environment
Volatile Market Environment Panamax Dry Bulker(1) Handysize (1700 teu) Containership(1) 70 90,000 30 35,000 80,000 60 30,000 25 70,000 50 25,000 60,000 20 40 20,000 50,000 15 30 40,000 15,000 30,000 10 20 10,000 20,000 5 10 5,000 10,000 0 0 0 0 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-03 Jan-04
Slide 6: Charting The Course Ahead
Charting The Course Ahead » Try to Capitalize on Opportunities with Market Environment • Evaluated a large number of vessels for acquisition • Single vessels or en-bloc deals • Ready to act quickly on appropriate opportunity • Significant purchasing power » Remain Focused on Business Strategy • Purs
Slide 7: Current Fleet
Current Fleet Size Year Name Type DW T TEU Built Irini Panamax 69,734 - 1988 Aristides N.P. Panamax 69,268 - 1993 Ioanna P. Panamax 64,873 - 1984 Gregos Handysize 38,691 - 1984 Nikolaos P. Handysize 34,750 - 1984 Maersk Noumea Intermediate 34,677 2,556 2001 Tiger Bridge Intermediate 31,627 2,228 199
Slide 8: Financial Overview
Financial Overview
Slide 9: Fleet Data for 2nd Quarter and 1st Half of 2007 and 2008
Fleet Data for 2nd Quarter and 1st Half of 2007 and 2008 Fleet Statistics Second Quarter First Half 2007 2008 2007 2008 (unaudited) (unaudited) (unaudited) (unaudited) Number of vessels 10.08 15.44 9.55 15.22 Utilization Rate % 99.8% 98.8% 99.8% 99.1% Averages e ages in usd/day/vessel usd/day/ esse
Slide 10: Financial Highlights for 2nd Quarter and 1st Half of '07 and '08
Financial Highlights for 2nd Quarter and 1st Half of ‘07 and ‘08 (in million USD except per Second Quarter First Half (4) share amounts) 2007 2008 % 2007 2008 % (4) Net Revenues $15.6 $34.5 121.5% $29.1 $67.3 131.2% Capital Gains - - - $3.4 - - Net Income $6.4 $15.7 145.3% $15.9 $30.9 94.5% Net Inco
Slide 11: Balance Sheet & Other Data
Balance Sheet & Other Data » Cash @ June 30, 2008: $ 68.7m • Also restricted cash of $7.1m » Debt: $67.1 m as of June 30, 2008 • Loan to value ratio less than 15% • Debt to Capitalization p ratio about 19% 9 » About $200 m equity to fund growth • $60-65 m cash, plus • About $135-150 m in debt raisin
Slide 12: Dividend History & Policy
Dividend History & Policy Dividend History Dividend Policy 0.35 » Objective to provide stable or increasing dividends 0.30 0.25 » Dividend for ‘08 Q2: $0.32/share » Currentt di C dividend id d equates t to t about b t $ / share e 0.20 0.15 10.4% annualized yield (1) 0.10 » Comfortable coverage of pr
Slide 13: Euroseas Contacts
Euroseas Contacts Euroseas Ltd. Aethrion Center 40, Ag. Konstantinou Street 151 24 Maroussi, Greece www.euroseas.gr euroseas@euroseas.gr Tel. +30-211-1804005 Fax.+30-211-1804097 or or, Tasos Aslidis Nicolas Bornozis Chief Financial Officer Investor Relations Euroseas Ltd. Capital Link, Inc. 11 Cante
Slide 14: Appendix
Appendix Please refer to the Company’s press release of August 14, 2008 for financial statements and reconciliation of Adjusted j EBITDA and “Operating” p g EPS to Net Income and Cash Flow from Operations Page 14