Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q1 2019 Earnings Presentation
17 slides from Eurodry's earnings presentation, May 23, 2019
Slide 1: Earnings Presentation Quarter Ended March 31, 2019
Earnings Presentation Quarter Ended March 31, 2019 May 23, 2019
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 First Quarter Financial Highlights
2019 First Quarter Financial Highlights 2019-Q1 Net Revenues $5.8 m Net Income $0.9 m Preferred Dividends $(0.5) m Net Income Attributable to $0.4 m $0.18 / share(2) Common Shareholders Adj. EBITDA(1) $2.5 m (1) See press release of 5/23/2019 for reconciliation of Adj. Net Income Attributable to Com
Slide 4: Chartering & Operational
Chartering & Operational Chartering Pantelis: fixed for a trip for about 30 days at $5,500day, thereafter fixed for a trip of around 55 days at $9,850/day Tasos: fixed for a trip of about 30 days at $7,750/day, thereafter fixed for a trip of about 60 days at $12,250/day + $225K ballast bonus whi
Slide 5: EuroDry Fleet
EuroDry Fleet Size Year Name Type DWT Built Vessels in the water Ekaterini Kamsarmax 82,000 2018 Xenia Kamsarmax 82,000 2016 Alexandros P Ultramax 63,500 2017 Eirini P Panamax 76,000 2004 Starlight Panamax 75,845 2004 Pantelis Panamax 74,020 2000 Tasos Panamax 75,100 2000 Total 7 vessels 528,465 10.
Slide 6: Vessels Employment Chart
Vessels Employment Chart Coverage (as of May-2019): ….effective average coverage of about 78% in 2019 including index and FFA’s 2019 2020 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 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PANTELIS $9,050 $5,500 $9,850 TASOS $7
Slide 7: Market Overview
Market Overview
Slide 8: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 USA 2.8(1.8) 1.9 (1.2) 2.4 (2.8) 2.6(3.6) 1.5(2.6) 2.3(2.3) 2.9(2.7) 2.3(2.5) 1.9(1.8) 1.8 Eurozone -0.7 (-0.5) .-0.5 (-0.4) 0.9 (1.0) 2.0(1.2) 1.8(1.7) 2.4(1.6) 1.8(2.2) 1.3(1.6) 1.5(1.7) 1.
Slide 9: Drybulk Age Profile & Orderbook Delivery Schedule
Drybulk Age Profile & Orderbook Delivery Schedule Dry Bulk Age Profile Dry Bulk Orderbook 100 m dwt 11.1% For delivery in 19/20/21+ 14.2% as of Apr-19): m dwt 47% 7% of the fleet is over Cape 74/107/35 400 380 20 yrs old 16.0% Panamax 118/125/43 80 360 42 H/S/Umax 107/108/32 340 45 320 Handies 83/60
Slide 10: Outlook Summary – Bulkers
Outlook Summary – Bulkers Since the beginning of 2019, rates for the Capesize vessels dropped below Opex levels however a strong improvement recently has brought them around $12,100/day. Panamax and Supras were much less affected by the Vale disaster and dropped much less before increasing again t
Slide 11: Position on the Drybulk Market Cycle
Position on the Drybulk Market Cycle Panamax 1-Year Time Charter Rate Panamax 10-Year Old Historical Price Range $m 80 $/day Historical TC Rate Vs Median TC Rate $90,000 70 Max Price, 2001-2018 $80,000 60 Med preice, 2001-2018 $70,000 Nominal Median TC Min Price, 2001-2018 50 Current Price, May-19 $
Slide 12: Financial Overview
Financial Overview
Slide 13: Financial Highlights: 1st Quarter of 2018 and 2019
Financial Highlights: 1st Quarter of 2018 and 2019 First Quarter Change (in million USD except per share amounts) 2018 2019 % Net Revenues 4.6 5.8 25% Net (Loss) / Income (1.4) 0.9 Preferred Dividends - (0.5) Net (Loss) / Income attributable to Common Shareholders (1.4) 0.4 Interest & Finance Costs
Slide 14: Fleet Data for the 1st Quarter of 2018 and 2019
Fleet Data for the 1st Quarter of 2018 and 2019 2018 2019 (unaudited) (unaudited) Number of vessels 5.0 7.0 Utilization Rate (%) Operational(1) 99.7% 99.7% Commercial(1) 100.0% 100.0% Overall(1) 99.7% 99.7% (usd/day/vessel) Time Charter Equivalent (TCE)(2) $ 11,896 $ 9,472 Operating Expenses Vessel
Slide 15: Debt Profile
Debt Profile Debt Repayment Profile $7.3m Xenia, $11.3m Ekaterini $20 Cash Flow Breakeven $6.6m Starlight, Tasos, Pantelis Budget estimate for next 12 months: $15 $8.4m $4.0m Eirini (current) Alexandros P. $/vessel/day OPEX $ 5,125 G&A $ 900 $10 $2.1m (HSBC) Interest $ 1,400 million Eirini (refinanc
Slide 16: Balance Sheet Highlights
Balance Sheet Highlights Assets Cash / other liquidity Unrestricted: $9.4m Restricted & Due from Related: $4.4m Other assets: $4.2 m Vessels book value: $109.0m within roughly 5% of market value as of end 2019Q1 Total assets = $127.0m Liabilities Bank Debt: $61.2m, i.e. ~ 50% of tota
Slide 17: 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 Fax.+30-211-1804097 or, Tasos Aslidis Nicolas Bornozis Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Canterbury Lan