Eurodry Ltd. · NASDAQ:EDRY
Eurodry — FY2021 Earnings Presentation
20 slides from Eurodry's earnings presentation, Feb 10, 2022
Slide 1: Earnings Presentation Full Year & Quarter Ended December 31, 2021
Earnings Presentation Full Year & Quarter Ended December 31, 2021 February 10, 2022 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: 2021 Fourth Quarter & Full Year Financial Highlights
2021 Fourth Quarter & Full Year Financial Highlights Q4 2021 FY 2021 Net Revenues $22.3m $64.4m Net Income $16.0m $31.2m Adj. Net Income & Adj. EPS Attributable to $4.29/share $11.88/share $12.3m $30.3m Common Shareholders (1) diluted (2) diluted (2) Adj. EBITDA(1) $16.0m $42.3m Change year over yea
Slide 4: Quarter-to-date Highlights
Quarter-to-date Highlights ➢ S&P: • Agreed to acquire M/V Molyvos Luck for $21.2m. The vessel is expected to be delivered around mid-February 2022 o The purchase was initially financed by the Company’s own funds and is expected to be further financed (post-acquisition) with a bank loan of $10-11m o
Slide 5: The Fleet
The Fleet EuroDry’s fleet, is comprised of 10 vessels with an average age of ~12.9 years and a carrying capacity of 727k dwt 5x Panamaxes 2x Ultramax – 1x Supramax 2x Kamsarmaxes Avg. Age: 19..6 years Avg.age: 7 years Avg. Age: 5 years Carrying Capacity: Carrying Capacity: Carrying Capacity: ~378k D
Slide 6: Current Fleet Profile
Current Fleet Profile Coverage: Fixed rate coverage in the remaining of 2022 of approximate 19% (excludes ships on index charters which are open to market fluctuations but have secured employment) 2022 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 TASOS $15,750 PANTELIS $30,250 ALEXAND
Slide 7: Market Highlights Q4 – 2021
Market Highlights Q4 – 2021 $/day Spot Rates Kamsarmax – 82k Panamax - 72k Supramax – 58k One Year TC rate Kamsarmax – 82k Panamax - 75k Supramax - 58k Q4 -2021 Average 29,329 27,696 31,673 Q4 -2021 Average 26,268 24,116 24,884 Q4 - 2021 last day Q4 - 2021 last day (Dec 31) 26,125 24,375 26,675 (Dec
Slide 8: Market Overview
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Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Downwards revised growth projections for 2022, mainly due to large markdowns for the US and China … …followed by upward revisions for 2023 Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022e 2023e USA 2.6 1.5 2.3 2.9 2.3 -3.4 5.6(6.0) 4.0(5.2) 2.6(1.7)
Slide 10: Orderbook-to-Fleet Ratio, Drybulk Fleet
Orderbook-to-Fleet Ratio, Drybulk Fleet Orderbook as Percentage of Total Fleet Lowest Level of the Last 25+ Years 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 Feb- 2022: 6.76% 0.00 Source: Clarksons Research 10
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development m dwt, year start 12,744 vessels % growth in dwt terms (Feb 2022) 1,200 20.0 1,000 15.0 800 600 10.0 400 5.0 200 0 0.0 Fleet Development (mDWT) Year-on-Year Growth Dry Bulk Age Profile Orderbook(1) m dwt For delivery in 22/23 m dwt as of Jan 22: 350 34% 28% 6
Slide 12: Market Review and Outlook
Market Review and Outlook ➢ Global recovery continues at a solid pace, despite new variants of COVID-19 and energy price significant increases, which may reduce economic growth. ➢ The Drybulk market has been on a strong trajectory on the back of highly supportive conditions in the commodity markets,
Slide 13: Position on the Drybulk Market Cycle
Position on the Drybulk Market Cycle Panamax vessel – 1 Year Time Charter Rate Panamax(1) vessel – 10 Year Old Historical Price Range (2011-22) $/day $m 90,000 80.0 $77.5m (maximum price during 2000 – 2021 in 2008 Q3) 80,000 70,000 $29.0m (maximum price during 30.00 2011 – 2022 in 2011 Q1) 60,000 25
Slide 14: Financial Overview
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Slide 15: Financial Highlights: Q4 and FY of 2020 and 2021
Financial Highlights: Q4 and FY of 2020 and 2021 Fourth Quarter Change Twelve months Change (in million USD except per share amounts) 2020 2021 % 2020 2021 % Net Revenues 6.4 22.3 248% 22.29 64.4 189% Net (Loss) / Income (0.3) 16.0 (5.9) 31.2 Preferred & Preferred Deemed Dividends (0.4) (0.8) (1.6)
Slide 16: Fleet Data: Q4 and FY 2020 and 2021
Fleet Data: Q4 and FY 2020 and 2021 Fourth Quarter Twelve months (in million USD except per share amounts) 2020 2021 2020 2021 Number of vessels Utililization Rate (%) Operational(1) 99.9% 99.5% 99.7% 99.6% Commercial(1) 100.0% 99.8% 100.0% 99.9% Overall(1) 99.9% 99.2% 99.7% 99.5% (usd/day/vessel) T
Slide 17: Indicative 2022 EBITDA Calculator
Indicative 2022 EBITDA Calculator This slide provides a calculation tool for our shareholders and investors to assess the earnings potential in 2022 in the current market environment EBITDA Calculator - 2022 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Number of vessels 7.9 9.7 10.0 10.0 10.0 9.9
Slide 18: Debt Repayment Profile & Cash Flow Breakeven Daily Rate
Debt Repayment Profile & Cash Flow Breakeven Daily Rate Bank Debt Repayment Profile 25.0 20.0 11.3 As of December 31, 2021, EuroDry had outstanding $million 15.0 debt of $79.4m with average margin of about 2.8%. 3.0 Assuming LIBOR of 0.3%, our cost of senior debt is 10.0 about 3.1%. 5.0 14.1 10.5 11
Slide 19: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 180.0 160.0 0 Assets ➢ Cash & Other assets: ~ $32.6m Cash & ➢ Vessels book value: ~ $128.5m 140.0 Other assets ➢ Total assets (@ book value ) ~ $161.3m Liabilities Net Book 120.0 Value ➢ Bank debt: $79.4m, ~ 49.2% of total book value of assets
Slide 20: 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 EuroDry Ltd. Capital Link, Inc. 11 Canterbury Lane 23