Euroseas Ltd. · NASDAQ:ESEA
Euroseas — FY2020 Earnings Presentation
19 slides from Euroseas's earnings presentation, Feb 25, 2021
Slide 1: Earnings Presentation Full Year & Quarter Ended December 31, 2020
Earnings Presentation Full Year & Quarter Ended December 31, 2020 February 25, 2021 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: 2020 Fourth Quarter and Year End Financial Highlights
2020 Fourth Quarter and Year End Financial Highlights in million USD except per share figures FY 2020 Q4 2020 Net Revenues 53.3 12.0 Net Income 4.0 0.6 Preferred Dividends (0.7) (0.2) Net Income / (Loss) Attributable to 3.3 0.58 / share(2) 0.4 0.07 / share(2) Common Shareholders Adj. Net Income / (L
Slide 4: Recent Chartering, Operational & S&P Developments
Recent Chartering, Operational & S&P Developments Chartering: • Synergy Busan: option declared for 4-6 months at $12,000/day as from February 2021 • Synergy Antwerp: extended for up to December 2023 at $18,000/day as from January 2021 • EM Astoria: extended for up to February 2022 at $18,650 as from
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 14 vessels with an average age of 15.8(1) years and a carrying capacity of 42.3k TEU 9x Feeder 5x Intermediate Avg. Age: 17.5 years(1) Avg. Age: 13.2 years(1) Carrying Capacity: 19.7k TEU Carrying Capacity: 22.6k TEU Size Year Name Type DWT TEU Bui
Slide 6: Vessel Employment
Vessel Employment Coverage (as of February 22, 2021): About 62% for the remaining 2021 (based on max durations and assuming declaration of all options) 2020 2021 Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q4 Q1 Q2 Q3 Q4 EM KEA $8,100 EM HYDRA $7,200 JOANNA 8,050 DIAMANTIS P $6,500
Slide 7: Market Overview
Market Overview 7
Slide 8: Last year 6-12m TC rate ($/day)
Last 10 year 6-12m TC rate ($/day) 1,700 TEU grd 2,500 TEU grd 16,000 25,000 Feb 19- 2021 Feb 19 - 2021 $14,750/day $19,750/day 20,000 12,000 $7,941 15,000 8,000 $8,863 $7,400 10,000 4,000 $8,450 5,000 0 0 1,700 TEU grd 10yr Median 10yr Average 2,500 TEU grd 10yr Median 10yr Average 3,500 TEU gls 4,
Slide 9: Containership Market Highlights – Q4 2020
Containership Market Highlights – Q4 2020 ➢ Time charter rates across all segments sky-rocketed in late 2020Q4, drawing a positive picture exceeding historical median levels and hitting last 12 year highs for certain sizes • The 1,700 teu geared vessel increased from an average of $7,046 in Q3 to $1
Slide 10: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth COVID-19 Pandemic has dramatically and negatively changed the economic & world trade environment for 2020 however, global policy support and vaccine rollouts are expected to power a stronger global economic recovery in 2021 onwards Real GDP (% p.a. - IMF) 2015 2016
Slide 11: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook mTEU 2.2 For delivery in 8.0 21/22/23+ (as of Jan-21) 23% 30% 28% 13% 6% 2.0 8000+: 61/ 31/26 7.0 3-7,999 6 / 3 / 4 1.8 1.0 0.1 100-2,999: 129 / 44 / 1 6.0 1.6 2.3 1.4 5.0% 5.0 1.2 2.3 4.0 4.3 0.8 1.0 3.0 0.8 2.8% 3.1% 0.4 1.2 0.9 2.0 0.5
Slide 12: Outlook Summary
Outlook Summary ➢ The unknown duration of the pandemic and its financial consequences render any type of modeling very difficult; however, if the vaccines help provide a containment of COVID-19 in the developed world by H1 2021, as widely anticipated we can expect significant global demand growth ➢
Slide 13: Market Snapshot
Market Snapshot Cont 2,500 TEU One-Year Time Charter Rate Cont 2,500 TEU – 10 Year Old Historical Price Range(1) $/day $m 45,000 25.0 40,000 20.0 35,000 $18.0 (Nov -2011 to Jan-2012) 30,000 15.0 25,000 February 19, 2021 20,000 at $19,750/day 10.0 15,000 10,000 5.0 5,000 0 0.0 0 0.5 1 1.5 2 Current P
Slide 14: Financial Overview
Financial Overview 14
Slide 15: Financial Highlights: Fourth Quarter and Twelve Months 2019 and 2020
Financial Highlights: Fourth Quarter and Twelve Months 2019 and 2020 Fourth Quarter Change Twelve Months Change (in million USD except per share amounts) 2019 2020 % 2019 2020 % Net Revenues 13.3 12.0 -9.6% 40.0 53.3 33.2% Net (Loss) / Income (0.8) 0.6 (1.7) 4.0 Preferred & Preferred Deemed Dividend
Slide 16: Fleet Data: Fourth Quarter and Twelve Months 2019 and 2020
Fleet Data: Fourth Quarter and Twelve Months 2019 and 2020 Fourth Quarter Twelve Months (in million USD except per share amounts) 2019 2020 2019 2020 Number of vessels 16.8 14.4 13.1 17.2 Utililization Rate(1) Operational 99.7% 96.3% 99.9% 98.0% Commercial 100.0% 98.5% 99.2% 97.5% Overall 99.7% 94.8
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile $7.1m (2 vessels) $12.2m (4 $7.1m (3 vessels) 40.00 vessels) + $18.9m (4 vessels) Loan from 35.00 affiliate Cost of funding: 30.00 As of December 31, 2020, Euroseas has outstanding bank debt of $69.8m with average margin of about 25.00 $1.9m (1 vessel) 3
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights Euroseas Capital Structure (12/31/20) Notes Proforma Feb-21 Market Values 180.0 Assets 160.0 Cash and ➢ Cash & Other assets: $12.2m Other Assets ➢ Vessels book value: $98.5m 140.0 ➢ Total assets (at book value): $110.7m Liabilities Net Asset 120.0 Value ➢ Bank & other debt:
Slide 19: 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 Tasos Aslidis Nicolas Bornozis / Markella Kara Chief Financial Officer Investor Relations Euroseas Ltd. Capital Link, I