Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q4 2015 Earnings Presentation
25 slides from Euroseas's earnings presentation, Feb 18, 2016
Slide 1: Earnings Presentation Fourth Quarter & Year Ended December 31, 2015
Earnings Presentation Fourth Quarter & Year Ended December 31, 2015 February 18, 2015
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: 2015 Fourth Quarter & Full Year Overview
2015 Fourth Quarter & Full Year Overview • Financial Highlights - 2015: Fourth Quarter Full Year Net Revenues $8.8m $37.7 m Net Loss ($3.6) m ($13.7) m Adj. Net Loss Available to ($3.0) m ($0.36)/ ($13.9) m ($2.17) Common Shareholders(1) share(2) /share(2) Adj. EBITDA(1) $0.1m $0.2 m (1) See press r
Slide 4: Operational Highlights
Operational Highlights Containerships Joanna : Fixed for 7-8 months @ $7,250/day . Vessel ballasted from Spore where she was idle for about 2 months. Aggeliki P: Fixed for 12 months @ $7,000/day with a 6 months option @ $9,000/day. Captain Costas: Fixed for 3-6 months @ $6,500/day. Vessel wa
Slide 5: Current Fleet (not including Euromar vessels)
Current Fleet (not including Euromar vessels) Size Year Name Type DWT TEU Built Newbuilding Program Xenia P Kamsarmax 82,000 2015 Hull No YZJ 117 Kamsarmax 82,000 2016 Hull No DY160 Ultramax 63,500 2015 Hull No DY161 Ultramax 63,500 2016 Sub Total - NBs 4 vessels 291,000 Vessels in the water Eirini
Slide 6: Euromar Joint Venture
Euromar Joint Venture Size Year Original capital commitment Name Type DWT TEU Built has been contributed, and AKINADA BRIDGE Post Panamax 71,366 5,600 2001 Euroseas currently holds CAP EGMONT Intermediate 41,850 3,091 2007 approx: ALANCA SAN MARTIN Intermediate 37,180 2,785 2007 EM ASTORIA Interme
Slide 7: Market Overview
Market Overview
Slide 8: Market Highlights – Fourth Quarter 2015 & Feb 2016
Market Highlights – Fourth Quarter 2015 & Feb 2016 Bulkers: BDI moved from 888 points (Oct 1, 2015 ) to 295 points (February 15, 2016 ) in a continuous drop. Daily Cape spot rates averaged $8,135 in Q4, Panamax spot rates averaged $4,389 and Supramax spot rates $5,394 but, subsequently, dropped
Slide 9: Drybulk Age Profile & Orderbook Delivery Schedule
Drybulk Age Profile & Orderbook Delivery Schedule Dry Bulk Age Profile Dry Bulk Orderbook For delivery in 16/17/18+ as of Jan- m dwt 400 8% of the fleet is 16): 380 48% over 20 yrs old Cape 197/41/25 360 340 Panamax 243/70/21 160 m dwt 320 H/S/Umax 438/133/18 300 150.4 280 140 Handies 236/87/45 260
Slide 10: Containership Age Profile & Orderbook Delivery Schedule
Containership Age Profile & Orderbook Delivery Schedule Containership Age Profile Container Orderbook For delivery in m TEU 16/17/18+(as of Jan- 7.6 16) 7.2 35 % 35% Ppmx 91/72/63 6.8 m 3-8000 8/21/7 6.4 2.2 6.0 2-3000 50/24/20 8.5% 2.0 5.6 1-2000 47/42/9 5.2 1.93 1.8 100-999 1/0/0 4.8 1.6 6.3% 4.4
Slide 11: World Economic Growth
World Economic Growth World-wide uncertain economic trends amid adjustments in commodity and, especially, oil price levels, adjustment of China’s economy and resulting effects on commodity export economies Positives: Low oil price which should stimulate growth. Eurozone growth revised upward.
Slide 12: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2012 2013 2014 2015 2016 2017 USA 2.8(1.8) 1.9 (1.2) 2.4 (2.8) 2.5(3.6) 2.6 (2.8) 2.6(2.8) Eurozone -0.7 (-0.5) .-0.5 (-0.4) 0.9 (1.0) 1.5(1.2) 1.7 (1.6) 1.7(1.7) Japan 1.4(1.7) 1.5 (2.0) -0.1 (1.7) 0.6 (0.6) 1.0 (1.0) 0.3(0.4) China 7.7 (8.
Slide 13: Outlook Summary – Bulkers
Outlook Summary – Bulkers Bulker trends Market fundamentals for 2016/17 appear very challenging but should improve in 2017 mainly because supply adjustments could provide the foundation for a recovery… High scrapping / low orderbook / large number of newbuilding contract delays, conversion and ca
Slide 14: Outlook Summary – Containerships
Outlook Summary – Containerships Demand prospects should improve during 2016 as Europe’s economies improve Thus, we expect a supply/demand balance marginally in favor of demand in 2016 and 2017. Rates should remain soft untill after the redeployment of idle vessels. Continuing ordering of Mega ve
Slide 15: Chartering, Operations & Investment Strategy
Chartering, Operations & Investment Strategy
Slide 16: Vessels Employment Chart – Bulkers
Vessels Employment Chart – Bulkers Coverage: Including m/v Xenia, excluding the Ultras: 55 % in 2016 basis min durations (includes ships on index charters) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 15 Q1 15 Q2 15 Q3 15 Q4 16 Q1 16 Q2 16 Q3 16 Q4
Slide 17: Vessels Employment Chart – Containerships
Vessels Employment Chart – Containerships Coverage: Abt 40 % in 2016 (based on min duration unless t/c rate is below market rate ) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec JanFebMar AprMay JunJul Aug Sep Oct Nov Dec 15 Q1 15 Q2 15 Q3 15 Q4 16 Q1 16 Q2 16 Q3 16Q4 EVRIDIKI G $10,750 $13,500 KUO
Slide 18: ESEA Fleet Management & Operational Performance
ESEA Fleet Management & Operational Performance Daily costs per vessel (1) Operational fleet utilization rate in excess of 99.4% 10,000 over last 5 years. 9,000 8,000 Outstanding safety and environmental record. 7,000 6,000 For 2015Q4, operational fleet utilization 98.7% $ / day 5,000 and comm
Slide 19: Market Snapshot – Investment Opportunities
Market Snapshot – Investment Opportunities 1-Year Time Charter Rate 10 - yr o ld V e s s e l P ric e H is t o ric a l $/day R a nge $m 90,000 90 Panamax 75,000 dwt 80,000 M ax Pr ice, 2 0 0 0 - 2 0 15 Containership 1700 teu 80 Avg Panamax Rate A ver ag e Pr ice, 2 0 0 0 - 70,000 70 Avg 1700teu 2 0 1
Slide 20: Financial Overview
Financial Overview
Slide 21: Financial Highlights: 4th Quarter and Full Year of 2014 and 2015
Financial Highlights: : 4th Quarter and Full Year of 2014 and 2015 Fourth Quarter Full Year (in million USD except per change change share amounts) 2014 2015 % 2014 2015 % Net Revenues $11.5 $8.8 -24% $40.6 $37.7 -7.3% Net Loss ($7.0) ($3.6) ($17.9) ($13.7) Preferred Dividends ($0.4) ($0.4) ($1.4) (
Slide 22: Fleet Data for 4th Quarter and Full Year of 2014 and 2015
Fleet Data for 4th Quarter and Full Year of 2014 and 2015 Fleet Statistics Fourth Quarter Full Year 2014 2015 2014 2015 (unaudited) (unaudited) (unaudited) (unaudited) Number of vessels 15.00 13.97 14.60 14.74 Utilization Rate (%) Overall(1 ) 92.9% 82.6% 97.7% 93.3% Commercial(1 ) 93.4% 83.9% 98.0%
Slide 23: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Schedule Cash Flow Breakeven We successfully refinanced all the $10.7m balloons that were due in 2015 as well as a $3m balloon that was due in Q1 2016. As of today we only have a $6.4m balloon due in Q4 2016 that we plan to refinance within the course of the yea
Slide 24: Balance Sheet & Other Data
Balance Sheet & Other Data Total Cash(1) : $ 19.2 million $8.7m unrestricted – and about $10.5m of restricted funds and retention accounts Concluded $14.5m refinancing of 6 vessels in the fleet releasing about $5m of the funds reported as restricted and reducing quarterly loan repayments Tot
Slide 25: 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 or, Tasos Aslidis Nicolas Bornozis Chief Financial Officer Investor Relations Euroseas Ltd. Capital Link, Inc. 11 Cante