Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Investor Presentation (March 2008)
21 slides from Euroseas's investor presentation, March 2008
Slide 1: Euroseas Ltd. Shipping Investment Conference
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Slide 2: Forward-Looking Statements
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Slide 3: Introduction & Milestones
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Slide 4: Current Fleet
!E772)%'A&22% Size Year Name Type DWT TEU Built P Irini Panamax 69,734 - 1988 Aristides N.P. Panamax 69,268 - 1993 Carriers Drybulk Ioanna P. Panamax 64,873 - 1984 Gregos Handysize 38,691 - 1984 Nikolaos P. Handysize 34,750 - 1984 Despina P. Handysize 33,667 1,932 1990 Jonathan P. Handysize 33,667 1
Slide 5: Business Strategy
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Slide 6: Historical Charter Rates
i$3%57$8"&'!."7%27'^"%23 T U7<CE&* 4"7*2%3' i$3%57$8"&'[B i$3%57$8"&'[ i$3%57$8"&'[B <7''Y27$5,'!."7%27'^"%23'c]ZU"<ec[e i$3%57$8"&'[BB<7''Y27$5,'!."7%27'^"%23'c]ZU"<e c[e $)872"32,'$)'A2C'O?@FF $90,000 T j"6%27='MU0'72"8.2,' $80,000 "'&5:'56'Xb[X'"%'%.2' $70,000 2),'56'W")'k?@='"),=' %.2)''72851272
Slide 7: Historical Vessel Prices
i$3%57$8"&'l2332&'Y7$823 i$3%57$8"&''Y7$823'V i$3%57$8"&''Y7$823' i$3%57$8"&''Y7$823'V [X'<2"7'5&,'l2332&3c[e i$3%57$8"&''Y7$823'VV [X'<2"7'5&,'l2332&3 c[e $70 T U7<'CE&*'12332&' $60 #7$823'72"8.2,'")'"&&B %$42'#2"*'"%'%.2'2),' $50 56'O?\FF' $40 T FF'J),'."12'C22)' million .$/.'CE%'15&"%$&2' $30 3$)
Slide 8: Example of Drybulk Investment
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Slide 9: Vessels Employment Chart
l2332&3'L4#&5<42)%'!."7% bXf'85127"/2'$)'+??@ Dry Bulk Carriers IRINI Spot / party fixed ARISTIDES N.P. $29,000 $52,000 Container Ship Vessels IOANNA P. $35,500 Multi-purpose Vessel NIKOLAOS P. Spot $41,000 GREGOS Spot $44,750 TASMAN TRADER $8,850 until December ’08 / $9,950 until December ’09 / $9,
Slide 10: Charter Coverage for 2008
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Slide 11: Fleet Management - Operational Performance
A&22%'>")"/242)%'P'h#27"%$5)"&'Y276574")82 Q >")"/242)%'$3'#2765742,'C<'LE75CE&*'(%,F=' Daily costs per vessel ")'"66$&$"%2 7,000 T G5#'4")"/242)%'V [??r'<2"73'56' 6,000 $),E3%7<'3.$##$)/'2H#27$2)82 5,000 T `%. /2)27"%$5)'56'Y$%%"3O 6"4$&<' $ / day 4")"/$)/'3285),."),',7<B8"7/5'3.$#3 4,000 3,000 Q A
Slide 12: Financial Highlights - Q4 and First Twelve Months 2007
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Slide 13: Corporate Growth 2006-2007
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Slide 14: Balance Sheet - Other Data
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Slide 15: Dividend History - Policy
U$1$,2),'i$3%57<'P'Y5&$8< Dividend Dividend History History Dividend Dividend Policy Policy 0.30 Q hCN28%$12'%5'#751$,2'3%"C&2'57' $)872"3$)/',$1$,2),3'' 0.25 Q U$1$,2),'657'k U$1$,2),'657'k?\'d`S']?F_?Z3."72 0.20 Q !E772)%',$1$,2),'2KE"%23'%5''"C5E%' $ / share 0.15 [?f'"))E"&$I2,'<$2&,'c[e 0.10 Q !
Slide 16: Attractive Valuation (2008E)
J%%7"8%$12'l"&E"%$5)''c+??@c[=+e 85)32)3E3'23%$4"%23e 2008E Dividend Yield Price / 2008E EPS 12% 20x 10.9% 16.9x 10% 9.0% 15x 8% 7.5% 6% 10x 9.1x 4% 6.1x 5x 2% 0% 0x ESEA Containership Dry bulk (high yield) ESEA Containership Dry bulk (high yield) P / NAV EV / 2008E EBITDA 100% 90% 15x 81% 83% 12.7x
Slide 17: Euroseas Ltd. Contacts
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Slide 18: Appendix
| Appendix
Slide 19: Income Statement 2005-2007 and Q4 2006-2007
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Slide 20: Fleet Data for 2005, 2006 and 2007 and Q4 2006-2007
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Slide 21: Adjusted EBITDA Reconciliation
J,NE3%2,'LM0GUJ Reconciliation Reconciliation of of Net Net Income Income to to Adjusted Adjusted EBITDA EBITDA ct)"E,$%2,e t)"E,$%2,e G.722'>5)%.3'L),2,' AE&&';2"7'L),2,' U2824C27'_[='+??\ U2824C27'_[='+??\ 92%'$)8542 [X=_[@=X\@ `?=bb`=?b` 0)%2723%'"),'6$)")82'853%3=')2%' _`a=_b+ +=`a+=b?b c$)8&F'0