Costamare Inc. · NYSE:CMRE
Costamare — Investor Presentation (April 2022)
14 slides from Costamare's investor presentation, April 2022
Slide 1: April 2022 – Investor Presentation
April 2022 – Investor Presentation
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain “forward-looking statements” (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). All statements, other than statements of historical facts, that address activities, events or developments that the
Slide 3: Company Snapshot
Company Snapshot Strong support by sponsor family – Long track record of 57% ownership with Within the 3 largest 48+ years $111MN reinvested by them through the DRIP program to date. independent containership(2) owners Uninterrupted dividend payments worldwide since going public – never Contracted R
Slide 4: Group History
Group History After 20 years of sailing experience on merchant Costamare signs a joint 2013 ships, Capt. Vasileios venture agreement with Preferred shares offering Costamare disposes of November 2010, York Capital Konstantakopoulos raising $50mn. remaining bulk carriers and Costamare successfully Ma
Slide 5: Strategy
Strategy Staggered Strong base of charter Expansion into Strong and contracted cash Prudent debt maturities for dry bulk at an uninterrupted flows at $3.3 amortization containership opportune time sponsor support Bn(1) fleet from strong counterparties to mitigate rechartering risk, at a pace faster
Slide 6: Profitable Performance Throughout the Business Cycles
Profitable Performance Throughout the Business Cycles 900 450 800 400 700 350 600 300 Index Value 500 250 $MN 400 200 300 150 200 100 100 50 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (1) (2) Revenue Adjusted Net Income Containership Time Charter Rate Index Notes 1. Adjuste
Slide 7: Financial Performance
Financial Performance 2021 was a record year – Payment of a one-time special dividend ► FY 2021 Net Income of $404.1 million, or $3.28 per share. ► Q4 2021 Net Income available to common stockholders of $153.4 million, or $1.24 per share. ► FY 2021 Adjusted Net Income available to common stockholder
Slide 8: Sale and Purchase Highlights 2021-2022
Sale and Purchase Highlights 2021-2022 Fleet renewal and diversification program ► Acquisitions: 17 vessels with a combined capacity of 134,917 TEUs and a TEU weighted average age of 9 years (1). ► Took delivery of two 12,690 TEU newbuilding containerships in early 2021. ► Purchased 15 containership
Slide 9: Highlights
Highlights We have taken the initiative to forward fix our containerships at highly attractive levels ► Total contracted revenues of $3.3 billion with a weighted average duration of 4.1 years(1). ► Selected recent forward fixtures are 80% higher than current rates with an aggregate contracted revenu
Slide 10: Conservative Capital Structure
Conservative Capital Structure ► We maintain low leverage and liquidity of over $552 million for future growth. LIQUIDITY (1) AND LEVERAGE RATIO (2) 600 60.0% Cash and cash equivilents Credit lines Leverage 53.8% 51.0% 500 46.0% 50.0% 45.3% 41.0% 39.0% 400 43.0% 37.0% 40.0% 39.0% (in USD millions) 3
Slide 11: Container Market Environment
Container Market Environment Charter Rates ► Charter rates continue to remain at historically high levels. 12m Timecharter Rates 200,000 ► Forward fixtures starting in 2023 are becoming the norm. 150,000 100,000 ► The average fixture duration for vessels has increased 50,000 significantly since earl
Slide 12: Dry Bulk Market Environment
Dry Bulk Market Environment Average Spot Earnings (USD/p.d.) ► Earnings for Panamaxes, Supramaxes and Handysize 80,000 vessels are up on average by 35% year over year in April. 60,000 ► While the market weakened heading into the Lunar New 40,000 Year, rates have rebounded as disruptions in trade pat
Slide 13: Thank You! Q&A
Thank You! Q&A 13
Slide 14: Appendix Ι – Net Income to Adj. Net Income Reconciliation
Appendix Ι – Net Income to Adj. Net Income Reconciliation Expressed in thousands of U.S. dollars, Three-month period ended December 31, Twelve-month period ending December 31, except share and per share data 2020 2021 2020 2021 Net Income $27,075 $161,154 $8,877 $435,121 Earnings allocated to Prefer