Slide 1: Fourth Quarter 2020 Financial Results Conference Call
Fourth Quarter 2020 Financial Results Conference Call February 2, 2021
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 – Aligned interests Long track record of 60% ownership with ∼ 47+ years $95MM reinvested by them Steady management through the DRIP program to date. and ownership; Uninterrupted dividend payments No transformative or other related- since going public
Slide 4: Profitable Performance Throughout the Business Cycles
Profitable Performance Throughout the Business Cycles $m 600 120 500 100 400 80 Index Value 300 60 200 40 100 20 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Notes (1) (2) 1. Adjusted Net Income is a non-GAAP measure. See Appendix I for a definition and reconciliation to the
Slide 5: Highlights (1/4)
Highlights (1/4) Financial Performance Q4 2020 ► Adjusted Net Income available to common stockholders(1) of $32.7m. ► Adjusted Earnings per Share(1) of $0.27. Full year 2020 ► Adjusted Net Income available to common stockholders(1) of $123.7m. ► Adjusted Earnings per Share(1) of $1.02. Liquidity and
Slide 6: Highlights (2/4)
Highlights (2/4) New Charter Fixtures ► 20 new / extended charters since Q3 2020. ► Material increase in contracted revenues from new / extended charters including among others: Timecharter Vessel Built Size (TEUs) Charterer Timecharter Period Rate (p.d.) Cape Akritas 2016 11,010 MSC $33,000 Approxi
Slide 7: Highlights (3/4)
Highlights (3/4) Containership Market ► Charter rates increased by around 170% in the second half of 2020(1). ► Current orderbook at 10% of existing fleet(2). ► Idle fleet at 1.0%(3). Fleet Renewal Acquisitions ► Neokastro (2011-built, 4,178 TEUs). ► Two 2004-built, 6,492 TEU containerships(4). Sale
Slide 8: Highlights (4/4)
Highlights (4/4) Dividends / Strong Sponsor Support ► 41 consecutive quarterly common dividends since IPO. ► Q4 2020, $0.10 dividend declared per share on our common stock, and scheduled to be paid on February 5, 2020. ► $95m reinvested to date by the sponsor family through the Dividend Reinvestment
Slide 9: Q4 2020 Income Statement Snapshot
Q4 2020 Income Statement Snapshot Q4 2020 RESULTS Q4 2019 Q4 2020 % Change Ownership Days 5,447 5,552 1.9% Average Number of Vessels 59.2 60.3 1.9% Voyage Revenues 124,468 119,143 -4.3% Net Interest and Finance Costs (*) 18,828 16,887 -10.3% (**) Adjusted Net Income Available to Common Stockholders
Slide 10: Prudent Capital Structure
Prudent Capital Structure LEVERAGE RATIO (1) NET DEBT / ADJUSTED EBITDA (2) 60% (‘ 000 US$) Q4 2020 55% 54% 51% NET INCOME 27,075 50% Net Interest and Finance Costs 16,887 45% 46% 45% 43% Depreciation and Amortization 29,373 41% 39% EBITDA(2) 73,335 40% 39% ADJUSTED EBITDA(2) 86,693 35% 37% 30% 12 m
Slide 11: High Quality and Stable Cash Flows
High Quality and Stable Cash Flows Others ► As of February 1, 2021, contracted revenues of 1% approximately $2.4Bn(1)(2) 10% ► TEU-weighted average remaining time charter duration for the fleet is about 4.4 years(1)(2) 12% 24% Revenue Contribution 8% (All Vessels)(1)(2) 26% Notes 19% 1. As of Februa
Slide 12: Market Environment (1/2)
Market Environment (1/2) Charter Rates 12m Timecharter Rates 40,000 ► Significant improvement in charter rates across containerships of all sizes. 30,000 20,000 ► Average increase over 2020 of 44%(1). 10,000 0 Dec-18 Feb-19 Aug-19 Feb-20 Aug-20 Jun-20 Apr-19 Jun-19 Apr-20 Oct-19 Oct-20 Dec-20 Dec-19
Slide 13: Market Environment (2/2)
Market Environment (2/2) Idle Fleet / Total Fleet 12% ► Idle fleet down to 1.0% from a high of 11.6% in May 10% 2020. 8% 6% 4% 2% 1.0% 0% Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Source: Alphaliner – January 2021 Orderbook / Total Fleet 35% 30% ► Orderbook remaining at l
Slide 14: Thank You! Q&A
Thank You! Q&A 14
Slide 15: Appendix I – Net Income to Adj. Net Income Reconciliation
Appendix Ι – Net Income to Adj. Net Income Reconciliation Expressed in thousands of U.S. dollars, Three-month period ended December 31, Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income / except share and per share data 2019 2020 (loss) after e
Slide 16: Appendix II – EBITDA to Adj. EBITDA Reconciliation - 12M Trailing EBITDA
Appendix ΙI – EBITDA to Adj. EBITDA Reconciliation - 12M Trailing EBITDA (' 000 US$) Q4 2020 12M Trailing EBITDA (' 000 US$) (Q1 2020 - Q4 2020) NET INCOME 27,075 NET INCOME 8,877 Interest and Finance Costs 17,250 Interest and Finance Costs 68,702 Interest Income (1,827) Interest Income (363) Deprec
Slide 17: Appendix III – Operating Fleet Charter Status (1/4)
Appendix III – Operating Fleet Charter Status (1/4) Charterer Age Vessels 1 YM Totality 1 YM Truth 1 YM Triumph 12,000 – 15,000 TEUs 5 Theseus 5 Taurus 8x Vessels 5 Talos 5 Titan 5 Triton Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 Dec-28 Dec-29 Dec-30 Dec-31 4 Cape Kortia / 4 Cape Souni
Slide 18: Appendix III – Operating Fleet Charter Status (2/4)
Appendix III – Operating Fleet Charter Status (2/4) Charterer Age Vessels 7 MSC Amalfi 7 MSC Ajaccio 7 MSC Azov 8 MSC Athos 7,500 – 10,000 TEUs 8 MSC Athens 8 Vantage 18x Vessels 8 Valence 8 Valiant 8 Value 8 Valor 11 Navarino 15 Beijing 15 Cosco Hellas 15 Yantian 25 Maersk Kotka 25 Maersk Kleven 15
Slide 19: Appendix III – Operating Fleet Charter Status (3/4)
Appendix III – Operating Fleet Charter Status (3/4) Charterer Age Vessels 25 KURE 21 YORK 5,000 – 7,500 TEUs 16 Maersk Kowloon 18 MAERSK KALAMATA 13x Vessels 18 MSC KINGSTON 18 MAERSK KOLKATA 21 SEALAND ILLINOIS 21 SEALAND MICHIGAN 21 SEALAND WASHINGTON 18 MSC Methoni 21 KOBE Confidential 18 VENETIK
Slide 20: Appendix III – Operating Fleet Charter Status (4/4)
Appendix III – Operating Fleet Charter Status (4/4) Charterer Age Vessels Marathopolis 8 8 Megalopolis 3 Polar Brasil 7 Leonidio 7 Kyparissia 3 Polar Argentina 19 ZIM Shanghai 1,000 – 5,000 TEUs 19 ZIM New York 11 Vulpecula 27x Vessels 12 Vela 21 Areopolis 17 Lakonia 20 Luebeck Confidential 19 Neoka