Q4 2020 EuroDry Ltd Earnings Call
Thank you for standing by and ladies and gentlemen, and welcome to the Euro dry conference call on the fourth quarter 'twenty and 'twenty financial results, we have with US today, Mr pitches, Chairman and Chief Executive Officer, and Mr status, Chief Financial Officer of the company.
At this time all participants are in a listen only mode. There will be a presentation followed by a question answer session at which time. If you wish to ask a question you will need to press star and one on your telephone keypad and wait for your name to be announced and.
Must advise you that this conference is being recorded today.
Please be reminded that the company announced its results with a press release that has been publicly distributed before passing the flow to Mr. Pitches, I would like to remind everyone that in todays presentation and conference call. Your dry we will be making forward looking statements. These statements are within the meaning of the federal securities laws matters.
Matters discussed may be forward looking statements, which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized.
I kindly draw your attention to slide two of the webcast presentation, which has the full forward looking statement and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it.
And I would now like to pass the flow over to Mr. Pitches and thank you Sir Please go ahead.
Good morning, ladies and gentlemen, and thank you all for joining us today from a scheduling conflict and school together with me and Star success leaves his chief Financial Officer.
The purpose of today's call is to discuss our financial results for the year and and coastal ended December 31, 'twenty and 'twenty.
Please turn to slide three.
Our income statement highlights are shown here.
For the fourth quarter of 2020, we reported total net revenues of $6 $4 million and the net loss before interest $3 million.
Adjusted net loss attributable to common shareholders was 0.8 million or 34 cents per share.
Adjusted EBITDA for the period stood at 1.8 million.
For the full year of 'twenty 'twenty on net revenues was $22 $7 million and we had a net loss of $5 9 million.
Adjusted net loss attributable to common shareholders was $6 9 million or three O $4 of sales and adjusted EBITDA was $3 7 million.
During the fourth quarter of 'twenty, 'twenty and the beginning of 'twenty 'twenty, one and the dry bulk markets improve gradually and reached levels last seen in the fall of 2019 adjusted before the COVID-19 pandemic took center stage.
During the last week, we have really seen the market take off.
The Baltic Panamax Index has jumped from 33003 comfort on February 1st 218300 yesterday and.
21003 content today.
And it is of about 40% and the last three weeks and a further rise of more than 20% and just one day to day.
I am CFO task force as leaders will go will go live on financial highlights in more detail later on in the presentation.
Please turn to slide force, what I'm, sorry, and putting in the operational highlights.
Most of the vessels and stay at least was fixed for Threep of about 50 to 55 days at the $9000 per day thereafter, and fixed from about 80 to 100 days.
Days for 10004 hundred $50 per day.
The task force was fixed and about 25 to 30 days at $9250 per day and that obviously, if it was fixed from about 2025 days at $9500 per day.
And currently is fixed and about 45 to 55 days at 8000 and $750 per day.
Just so you can appreciate how the market has moved and how did this last speak should've been done today and this vessel would have obtained from $19000 per day.
$10000 per day more in just two or three weeks.
Lastly.
And yet was fixed at 105% over the current sort of amongst five times and.
Five time charter routes index for periods of about 20 months.
Based on today's index this implies about $24000 for today.
We have also sold assets phase for 120 days in Q1 2020 and surveys.
And as of $10995 per day, which is equivalent of one panamax vessel plus an additional 30 days of one little sheep.
We have also sold the 19 days per quarter, and Q2, Q3, and Q4 of 'twenty 'twenty one the equivalent of one panamax vessel at $12550 per day.
Obviously, these hedges and right now are out of the money best we are extremely happy that this is happening.
Lastly, with regards to dry dockings and repairs and please note that the failure passed its first special survey and dry dock from December six to December 26 at a cost of about half a million dollars.
Please turn to slide five for a summary of zero days accounts their current fleet.
And you can see it's comprised of seven dry bulk vessels with a fleet average age of 12 six years and the cargo carrying capacity of about 570000 deadweight tons.
Slide six shows the current vessel employment schedule.
And as you can see the effective coverage as of February eight 2021 for the remainder of 'twenty 'twenty one stood at about 23% in terms of minimum fixed rate contracts, including the vessels that are covered by sfas.
These figures exclude ships on index charters, which are open to market fluctuations, even though they might be having secured employment.
This is and a very nice position to be sitting on right now that we have this.
Improving markets.
Turn to slide seven where I will go over the market highlights for the first quarter.
During the first quarter the dry bulk market has reached an inflection point with the right stenting upwards and me.
The increased demand and following the distribution of COVID-19 vaccines on the global scale.
And it was really really prepared for these presentations a couple of days ahead and numbers don't sales meaningfully moving set some brief period.
The slide you can see is based on February 12.
Spot rates for Panamaxes I list at 11000, and $532 a day and Q4 and the February 12.
They increased to around $15306 63 per day.
They as mentioned earlier they are all on a 20000 and $600 per day.
One year time charter and aged average at close to 11100 per day in Q4, and then until last week, they hover at around $17500 per day.
Well sure Clarksons figures. This week will inflect is circa 1% to $2000 further into these four one year time charter rates.
Please turn to slide nine.
Given the recent global policy support and vaccine Rollouts and have raised hopes of a turnaround and the pandemic later this year the IMF because it's been gradually increasing it to GDP estimates.
The IMF projected world GDP growth in 'twenty and 'twenty, one has been the revised further debt up routes from five 2% and the previous quarter to five 5% now.
Among the developed and developing economies, China and India are expected to post positive growth within 2021.
And in fact, China is the only country that did seem to recover faster than expected and 'twenty 'twenty and continues its strong growth into 'twenty 'twenty, one at eight four and two 1% compared to 32, 3% and growth in 'twenty and 'twenty.
The U S economy is estimated to grow at FIFO and 1%, while the Euro zone GDP said, two rebounded from 242% in 'twenty and 'twenty one.
Most important economies are expected to see a slight growth up them when.
Sales to the previous quarter.
Except for a and India, which include leading to the eye and mixed with Jackson, who will see a huge 3% further increase and its estimated growth, reaching a very impressive 11, 8%.
For 'twenty, two and 'twenty and 'twenty, 'twenty, two and 'twenty and 'twenty three global growth. According to the IMS economic outlook will continue to see above other guidance increases at four 2% and three 8% respectively.
With most individual countries continuing to grow above trend, except China, which however is also expected to be growing at a reasonable five six to five 7%.
Looking at the dry bulk trade growth and basing ourselves on clarksons projections for 'twenty 'twenty, one and we expect to see significant demand improvement at three 7%.
Well this year, while in 'twenty and 'twenty, two and 'twenty 'twenty three the dry bulk trade and trade will hold up reasonably well at two point to 8% and two 5% respectively.
Please turn to slide 10.
The order book as a percentage of total fleet up until February 2021 stands at 575%, which is the lowest level seen in the last 20 plus years.
The principal reason for the poor performance of dry bulk shipping during the last decade has been the high number of deliveries, which easily outpaced the growth of the trade for the greater part of the last decade.
My script my script last week and Ed.
And the relatively small current total book and normal demand expectations for the coming years and funds.
And mentally supported the rebound in the dry bulk market should be expected in the near future also bearing in mind that it takes about one and a half one to two years for the vessels to be delivered once it is contracted.
While this quote today it seems that each all of ATB and sort of easy happening.
Of course, the current boom is somehow grain related and reflects the increased parked waiting times, but we would not bet on any significant growth excellent happening.
Please turn to slide 11 to review the dry bulk delivery schedules.
For 'twenty 'twenty, one deliveries the order book is still dominated by large vessels.
According to Clarksons fleet growth and 'twenty 'twenty, one will it be at around three 7% taking into account and scrapping and other fleet changes that have taken place to date.
Yeah.
For 'twenty 'twenty, one and the order book is estimated at four 3%.
If one accounts with scrapping and slippage axle fleet growth will be low.
The old and look for 'twenty and 'twenty, two and beyond is currently only one 7%, which would imply that through scrapping and slippage, we will see a very small if any growth the fleet that's year.
For 2023 onwards, we may see and introducing deliveries as good markets always prompt and vessel stroke of new vessels.
Please turn to slide 12, where we summarize our outlook on the dry bulk market.
The unknown duration of the same day and make and its financial consequences render any type of modeling very difficult.
However, if the distribution of vaccines can help with the containment of COVID-19 in the developed markets by the first half of 'twenty 'twenty one is widely anticipated.
And the developing nations follow suit and the second part of 'twenty, one and 2022 without having catastrophic problems. Then we can expect significant global demand growth.
Despite the fall and demand due to COVID-19, and the relatively high numbers of deliveries 'twenty 'twenty also brought about significant spikes with many parameters not factor like further slow steaming huge congestion and delays scrubber retrofits and along with the Australia.
China Trade war led to extra delays and setbacks events really creating a very volatile environment, which culminated and witnessing the strongest January of the last.
Decade, and the February I have to say like no other.
And with many new sales for 'twenty to 'twenty two delivery is not expected as it takes about 18 months from order to delivery of a new vessel.
For 'twenty and 'twenty, three and the lack of clarity for the fuel on the future and consequently, not knowing the optimal shape for even five years out makes the placing of any new on the very speculative and risky.
As the market rises, though there will be some investors, taking the gamble and placing new orders.
Therefore conclude in 'twenty and 'twenty, one and 2020 to indicate the couple of promising years amidst the low order book, there's significant demand rebound assuming the pandemic has placed under control in the first half of 2021.
But stations of further easy easing of trade tensions between sign and the U S. Additionally, economic stimulus and most importantly signed.
As previously mentioned according to the IMF projections, China is expected to grow by eight 1% and 2021.
And then sign that grew at such levels in the past 20 years, the dry bulk market experienced extraordinary returns.
India growing at 11, 8% is a further encouraging factor.
Let's turn to slide 15.
The left side of the slide shows the evolution of one year time charter rates of Panamax dry bulk vessels since 2000.
As of February 12, 2021, the one year time charter rate for Panamax with gathering capacity of 75000 deadweight stood at around 17000 and $500 per day, roughly equal to the median and south of eight over the last 10 years.
We've already discussed this week should see a further meaningful income piece.
As you can see on the right side of the slide the current price of a 10 year old Panamax vessel, he sat down and 15 million and.
And the last two three years dry bulk prices have gradually been increasing towards historical average prices above from the all time low values that were established at the beginning of 2016 and have now reached those levels.
With the strengthening freight rate environment close to the media and debate.
And would expect to see asset values to increase further.
In view of this we try to position ourselves to benefit from the developments and we continuously evaluate opportunities for investments and vessels or pursue combinations with other fleets, especially focusing on using of Scott status as a public company, which can perhaps provide the consolidation platform.
Sure.
To help achieve these goals. We are also focused on lessons to improve our capital structure by reducing the capital cost and create additional liquidity.
Is that the fact, we have recently repaid 3 million about preferred obligations and exchange also with the reduction of the preferred dividend to 8% and have also affected values with financing.
Let me now pass the floor over to Seo Task Force is lease to go over our various financial highlights in more detail.
Cash flow.
And very much Arctic day. This good morning from me as well, ladies and gentlemen.
I will now take you through our financial results highlights for the fourth quarter and 12 month periods of 2019 and 2020.
For that lets turn to slide 15.
For the fourth quarter of 2020, the company reported total net revenues of $6 4 million.
Representing 15, 7% decrease.
Total net debt of seven four and a 6 million during the first the fourth quarter of 2000 and thing.
And which was the result of it.
Average time charter equivalent rates on our restaurants.
During the period as compared to last year.
The company reported a net loss for the period.
Point 3 million and a net loss attributable to common shareholders of 47 million cash.
Cash compared to net income of $1 4 million and net.
Income attributable to common shareholders of 1 million for the same period of 2019.
Interest and other financing costs for the fourth quarter of this year of last year amounted to 200 million cash compared to four and eight Amelia and for the same day of 2019.
Interest charges during the fourth quarter of 2020 were lower.
Lower level of debt during the period and the decrease in LIBOR rates.
On <unk> kept pace.
And with Peter and his way.
And depreciation expenses for the fourth quarter of 2020 amounted to about 165 million and remained roughly unchanged compared to the same period of last year.
Sorry, Doug and expenses for far from media and contributed to the results from dish for last quarter.
And as compared to direct and expenses.
Point and 7 million during the fourth quarter of 2019.
Adjusted EBITDA for the fourth quarter of 2021.
$1 8 million compared to 3.8 million achieved during the same period of 2019.
Basic and diluted loss per share attributable to common shareholders for the fourth quarter of 2020.
And of course first do you on sense calculated on about $2 3 million basic and diluted weighted average number of shares outstanding.
Compared to earnings of 45 per share for the fourth quarter of last year.
And 19.
Excluding the effect on the loss attributable to common shareholders for the quarter.
Of the unrealized gain on derivatives.
Adjusted loss attributable to common shareholders for the quarter ended December 31st as far as from 'twenty, What's your being 34 basic and diluted.
Compared to adjusted earnings from four to three basic and diluted for the fourth quarter of 2019.
Usually on a security analyst to make these adjustments and they're probably safe to metro fare and express right.
Let's now move to the second half on the slide to discuss the 12 month.
Results from it.
And for last year.
And last for the full year of too far from cleansing. The company reported total net revenues of $22 3 million.
Representing an 18, 2% decrease over total net revenues of $27 2 million during 2019 again, it's out of it.
Based on average time charter.
Hey.
Our vessels and.
During two hours on 'twenty.
The combined and reported a net loss for the period from $5 9 million and then.
And the net loss attributable to common shareholders of Chevron and Exxon Chameleon.
And as compared to net income.
Point 2 million and points to me.
Julien and Antelope is attributable to common shareholders of one.
<unk> 9 million for the 12 months from 2019.
Interest and.
Other financing costs for 2020 amounted to $2 3 million compared to $3 5 million for 2019 again, Here's what was the result of a lower average debt outstanding productivity and lower LIBOR rate.
We have to pay.
Depreciation for the 12 months of deferrals from 'twenty, what was about $6 6 million and about the same to the $6 5 million during this during 2019.
For the total for 2020 the company recognized.
Have a million and realized.
And loss on derivatives and <unk>.
Back to point for me and for the same period of 2019.
Go ahead, Doug and expenses from 2020.
$2 3 million compared to one 7 million from 2019.
Finally, adjusted EBITDA for 2020 was three 7 million compared to $10 3 million and that's what we achieved during 2019.
Basic and diluted loss per share attributable to common shareholders for the year of 2020 was $3.28 calculate it again on about $2 3 million basic and diluted weighted average number of sanish and outstanding compared to basic and diluted loss of 85.
Over 2019.
Excluding the effect.
On the loss attributable to common stockholders for 2020 and.
Okay.
And realized the result of derivatives and the exact loss per share.
There have been $3.04.
And as compared to a loss of six to nine.
For 2019 again as I mentioned earlier on the list.
And realized.
Okay.
On a combined.
Let me now turn to slide 16.
Review our fleet performance.
We will start on review by looking first at our fleet utilization rates.
The fourth quarter at a 40 year old, respectively, and 2019 and 2020.
As usual our fleet.
Utilization rate is broken down into commercial and operational.
During the fourth quarter of 2020, our commercial utilization rate towards your counter pressure, while our operational utilization rate was 99, 9% compared to and from the person more for commercial and operational for the fourth quarter of last year.
On average seven vessels were known and operated during the fourth quarter of this year and and the time charter equivalent rate of 10007 hundred $61 per vessel per day.
And bear to 12004 from there and $39 per vessel per day.
Our professional Sharon.
The fourth quarter of 2019 period during which we operated the same seven vessels.
Our total daily vessel operating expenses.
Management fees.
General and administrative expenses, but excluding territory and of course average 6002 crowds and $58 per vessel per day during the fourth quarter. So far is from Brendan compared to 5009 times and and $55 per vessel per day during the fourth quarter of 2019.
If we move further down and this table, we can see the cash flow breakeven rate that we had during the.
And fourth quarter of last year, which takes into account and Drydocking expenses.
Cash interest expenses lawn and payments they prefer.
Dividends paid in cash.
Thus for the fourth quarter of 2020, our daily cash flow breakeven rate was about <unk>.
<unk> thousand $925 per vessel per day cash.
Compared to 10000 to crunch and $22 per vessel per day, and we had during the fourth quarter of 2019.
And it does not look on the hard part of the slide to review the same results for the 12 months period.
During 2020 on.
Our commercial utilization rate for the full year was onshore and from 3%.
And I actually have utilization rate was 99, 7% compared to 100% commercial and 99, 4% operational utilization rate for 2019.
In 2020, we owned and operated seven vessels and.
Which erin and time charter equivalent rate of 9000, and free content $87 per vessel per day and.
As compared to 11001 country and $90 per vessel per day.
Our vessels and during 2019.
Our total daily operating expenses from the four 2020 and.
Including management fees general and administrative expenses, and but again, excluding debt either can cost on.
Mountain to 6212, and he left and $11 per vessel per day compared to 5869.
Dollars per vessel per day during 2019.
And again at the bottom on this table, we can see on breakeven on cash flow breakeven rate for the year, which was for 2020 10000 and for content and $45 per vessel per day as compared to 11000.
$783 per vessel per day during 2019.
Let's now move to slide 17 to review our debt profile.
And just like on the top part.
And see our lawn and repayments as well and several balloon payments and so on the bottom of the slide we can see a projection for cash flow breakeven level over the following 12 months.
As of December 31st 2020.
And notwithstanding bad debt for about $51 4 million.
In January 2021, we proceeded with it and financing of two four vessels senior and electron microscopy and.
We have agreed to refinance our vessel Iranian b well.
With cash flow married documentation on the remaining.
Following these refined on six our debt pro forma mark.
As of December 31st two hours on 'twenty one.
And would be about 56 million.
And Vas.
And she and I was out of these the chart at the bottom of the well this slide shows the debt after these refinancings.
And 2021 as we can see from the chart we show.
And have to make and addition to about 7 million a floor on repayments.
And 8 million balloon payment at the end of the year, and which is collateralized by our Threep pardon me and my figure for Panamax vessels.
These balloon payments and 2021 below the scrap price from their respective vascular square collateralized and can and we anticipate that we'll have no issues and their financing can do when and when do you if we choose to do so.
We can see and the remaining debt.
For the remaining here. So we have another balloon payment coming due in 2000, Twenty's and say here for about 11 point.
3 million, which is quality of life by one comes from expressions.
I would like to make a quick note on our cost of on funding.
March and affirmed debt as you can see on there and part of the slide is about 3% and.
And I as chairman and LIBOR rate offering profit percent on the top of it our cost of senior debt is estimated to be around three.
And the cost per se.
If we include the cost of the preferred dividend net do we pay.
Average blended cost so far and non equity funding.
It would be around four and a 12% and since the end of the last quarter.
And related to the dividend rate on our preferred equity I would like to highlight the following 3 million net redemption that we made during January and February 2021.
We have agreed to reduce the dividend paid on our preferred equity to 8% bear on them or 9%, if we paid it and kite and power option.
Until two five until January 2023 that is for another three years.
And we're set to increase to 14% as of last month.
Our loan repayments over the next 12 months ex.
Pressure on a per vessel per day basis.
The amount of 2000 and silver content and $93.
It may cause that amount of contribution to our cash flow our daily cash flow breakeven level.
You can see that on.
The chart of the bottom.
On this slide.
If we make assumptions for the remaining items that make up on cash flow breakeven right.
Our operating expenses G&A expenses.
Drydocking expenses.
Interest expense and <unk>.
Davidson.
And then we can see that our cash flow breakeven level for over the next 12 months is expected to be around 10000 on one front end and $61.
Let's now move to slide 18 work and see some highlights from our balance sheet.
Yeah.
This slide gives you a snapshot of our assets and liabilities summarized.
On our asset side first we can see that we have.
Yeah.
Cash and other assets of about $8 2 million and of course, we can.
Book value from our vessels, which amounts to $99 3 million, making our total book assets.
Route one.
107 million.
On the liability side.
Net cash from the end of last year and stood.
$51 3 million, which operates approximately represented 48% of the book value of our assets.
Our preferred equity stood at about 16 million, which accounted for another 15% of our book assets.
And other assets and liabilities of about 5 million represented about four 6% of our restaurants.
This leaves us with a net book value of about 75 million, which translates to about $14 per share.
Assuming the current market value from our vessels.
To be about the same as their book value.
And then our net asset value is estimated to be around the same level between 14 and $15 per center.
Although our share price has recently increased.
It still trades below that level and.
Thus it represents and your investment with significant.
Depreciation and opportunities.
And with that let me turn the floor back to Earth day. This to continue to go on.
Okay.
Thank you Tassos.
Ready to take any questions we may have.
Thank you ladies and gentlemen, we will now begin the question and answer session. If you wish to ask a question. Please press star one on your telephone keypad and wait for your name to be announced Keystone pilot.
On the Q&A queue. This will only take a few moments if you wish to cancel your request. Please press star one.
Once again, please press star one if you wish to ask a question and.
Got you to cancel that request.
Thank you and your first question comes from the line of Tate Sullivan from Maxim Group. Please go ahead. Your line is open.
Hello, and thank you Hello, Good day.
To start on just referring to your slide presentation slide four and thank you for the comments early on the pent tell us and toss those contracts and just looking sequentially. I mean, you did increase slightly the actual length of each of those contracts do you expect that trend can continue given what you see currently for two.
'twenty one when those contract current contracts expire.
I mean with today's tough day that agency from the ships with open open to <unk> services today, we would be able to fix three months.
<unk>.
$19000 a day this is the guidance Mark and unfortunately, we fixed about three weeks ago. When the market had been taken off as it has very very recently so.
We will have to wait for the conclusion of these startups before we're able to fix but we anticipate that if the market is at similar levels, we will be able to do similar fixes.
And similar time surrounding the debt three.
Three months you said.
Yes.
Right.
And then related to those two you mentioned in your prepared and the press release prepared remarks, no scheduled downtime.
For 2021.
Cannot change with these two books based on their future discussions with customers that you have to change your customer what gives you that and visibility.
Oh scheduled can't match.
Got it and the visibility that we have a.
Firstly, we don't have any dry dockings during 'twenty, 'twenty, one, which obviously would be scheduled off hire.
And our result, and the Drydocking cost as we had a this quarter total with let's say for example that stopped for 20 days the money for that period and cost us $500000 to to pass through the dry dock. So we don't expect these kinds of events.
With a strong amount of goods or even if it's not as strong as this.
And the solid.
<unk> the vessels.
We will most probably be quite easy without involving any other additional.
And the off hire time, so yes, we did not expect.
Additionally, look high at times.
Okay. Thank you and then the last from me is you know consolidation platform with your public vehicle debt.
You mentioned and the press release in terms of the scale of the opportunity is it are there hundreds of private operators out. There are you looking at the evaluating purchasing new ships every day or can you can you comment on I mean, the flow of opportunities. Please if you can.
And it's not huge the flow of opportunities and in order for us to.
And to get into and discuss and about.
Some kind of and block.
The acquisition or merger.
We have to you know to feel a little bit comfortable without said price, we think I'll say price cause still.
Still the.
It sounds of appreciating because with the phasing we calculate that the discount to the Navy, which says that you said.
Got it and laid that out in 14 and $15. So.
If we trade at those levels I think we will become attractive and people will want to get to the public listing and be part of a public vehicle and we can have things happening, but are these opportunities, they're not hundreds and close.
Uh huh.
Two or three that we have.
Have had some preliminary discussions nothing that these.
Running strongly at this moment.
And most probably we could see.
On a possible further acquisition of a single vessel.
And the traditional way.
Okay. Thank you. Thank you for those additional comments I'd like to have a great rest of the day.
And then states bye bye.
Right.
Thank you there are no further questions at this time once again, ladies and gentlemen, as a reminder, if you wish to ask a question. Please press star and one on your telephone keypad.
And we seem to have no further questions I would now like to hand, you back to the CEO.
And for closing remarks.
Thank you.
Thank you all who participated in today's call.
We will come back to you and see and those are the next quarters.
Which promises to be a very exciting growth. Thank.
Thank you.
Thanks, everybody.
That does conclude our conference for today. Thank you for participating you may all disconnect.
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