Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q3 2020 Earnings Presentation
19 slides from Eurodry's earnings presentation, Nov 12, 2020
Slide 1: Earnings Presentation Quarter Ended September 30, 2020
Earnings Presentation Quarter Ended September 30, 2020 November 12, 2020 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 Third Quarter Financial Highlights
2020 Third Quarter Financial Highlights in $m, unless otherwise indicated Q3 2020 Net Revenues $6.8m Net Income $0.5m Adj. Net Income Attributable to Common $0.1m $0.05 / share(2) Shareholders (1) Adj. EBITDA(1) $2.8m (1) See press release of November 11, 2020 for reconciliation of Adj. Net Income /
Slide 4: Chartering and Operational Highlights
Chartering and Operational Highlights Chartering: • Eirini: Fixed for a period TC up to min Apr-2021 / max Aug-2021 at 99% of the BPI 74 average 4TC • Starlight: In direct continuation of previous charter for a period till min Aug-2021 / Jan-2022 at 98.5% of the BPI 74 average 4T FFA contracts:
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet is comprised of 7 vessels with an average age of ~11.8 years and a carrying capacity of 529k dwt 2x Kamsarmaxes 4x Panamaxes 1x Ultramax Avg. Age: 3 years Avg. Age: 18 years Current.Age: 3 years Carrying Capacity: Carrying Capacity: Carrying Capacity: 164k Dwt ~30
Slide 6: Vessel Employment Chart
Vessel Employment Chart As of Oct 30, 2020: about 42% in 2020 (excludes ships on index charters which are open to market fluctuations but have secured employment) 2020 2021 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 TASOS
Slide 7: Drybulk Market Highlights – Q3 2020
Drybulk Market Highlights – Q3 2020 Spot Rates Cape - 180k Panamax-75k Supramax-58k One Year TC Rate Cape - 180k Panamax-75k Supramax-58k Q3 - 2020 Average 21,389 12,293 10,947 Q2 - 2020 Average 13,144 9,121 9,063 Q3 - 2020 last day (Sep 25) 24,625 11,650 11,850 Q3 - 2020 Average 16,952 11,898 10,33
Slide 8: Market Overview
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Slide 9: 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 Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020e 2021e 2022e USA 2.6 1.5 2.3 2.9 2.3 -4.3(8.0) 3.1(4.5) 2.9 Eurozone 2.0 1.8 2.4 1.8 1.2 -8.3(-10.2) 5.2(
Slide 10: Orderbook as Percentage of Total Fleet Near Lowest Level
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% Jan-1996 Sep-1996 May-1997 Jan-1998 Sep-1998 May-1999 Jan-2000 Sep-2000 Source: Clarksons Research May-2001 Jan-2002 Sep-2002 May-2003 Jan-2004 Sep-2004 May-2005 Jan-2006 Sep-2006 May-2007 Jan-2008 Sep-2008 May-2009 Jan-2010 Orderbook-to-Fle
Slide 11: Drybulk Fleet Overview
Drybulk Fleet Overview Fleet Development m dwt, year start % growth in dwt terms 12,273 vessels 1,000 20.0 (Nov – 2020) 16.0 750 12.0 500 8.0 250 4.0 0 0.0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020e 2022e Fleet Development (mDWT) Y-o-Y Fleet Growth Dry Bulk Age Profile Orderbook(1) More
Slide 12: Market Review and Outlook
Market Review and Outlook The unknown duration of the pandemic and its financial consequences render any type of modeling very difficult. • Our base case scenario calls for the recent surge in Covid-19 cases in the northern hemisphere to negatively affect the markets through the first half of the
Slide 13: Position on the Drybulk Market Cycle
Position on the Drybulk Market Cycle Panamax vessel – 1 Year Time Charter Rate Panamax vessel – 10 Year Old Historical Price Range (10-20) $/day $m $m 90,000 45.0 80.0 $75.5m (maximum price during 2000 – 2020Q2 in 2007Q4) 80,000 40.0 70,000 35.0 60,000 30.0 34.0 50,000 25.0 As of Oct 30, 2020 1YR TC
Slide 14: Financial Overview
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Slide 15: Financial Highlights: Third Quarter and Nine Months of 2019 and 2020
Financial Highlights: Third Quarter and Nine Months of 2019 and 2020 Third Quarter Change Nine Months Change (in million USD except per share amounts) 2019 2020 % 2019 2020 % Net Revenues 7.7 6.8 -11.3% 19.6 15.9 -19.1% Net (Loss) / Income (0.4) 0.5 (1.4) (5.6) Preferred & Preferred Deemed Dividends
Slide 16: Fleet Data for the Third Quarter and Nine Months of 2019 and 2020
Fleet Data for the Third Quarter and Nine Months of 2019 and 2020 Third Quarter Nine Months (in million USD except per share amounts) 2019 2020 2019 2020 Number of vessels 7.0 7.0 7.0 7.0 Utililization Rate (%) (1) Operational 99.5% 98.9% 99.2% 99.6% Commercial(1) 100.0% 100.0% 100.0% 100.0% (1) Ove
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile $8.0m (3 $7.3m + 11.3m (2 25.0 Panamaxes) Kamsarmaxes NB) 20.0 $8.4m (1 Ultramax $2.1m (1 18.6 NB) Panamax) 15.0 As of September 30, EuroDry has outstanding debt of $million 8.0 $52.1m with average margin of about 3.0%. Assuming LIBOR of 0.5%, our cost o
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights EuroDry Capital Structure Notes 120.0 Cash & Other Assets Assets Cash & Other assets: ~ $7.1m 100.0 Vessels book value: ~ $101.0m Net Book Total assets (@ book value ) ~ $108.1m Value Liabilities 80.0 Bank & other debt: $52.1m, i.e. ~ 48.2% of total book value of ass
Slide 19: 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