Costamare Inc. · NYSE:CMRE
Costamare — Q4 2021 Earnings Presentation
20 slides from Costamare's earnings presentation, Mar 10, 2022
Slide 1: Fourth Quarter 2021 Financial Results Conference Call
Fourth Quarter 2021 Financial Results Conference Call March 10, 2022
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: 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 4: Highlights (1/5)
Highlights (1/5) Sale and Purchase Activity – Aggregate expected capital gain of $235.8 million ► Agreements for the forward sale of 2 containership vessels with an average age of 21 years, expected gross sale proceeds of $150 million and an estimated capital gain of $95 million: ❖ Maersk Kalamata,
Slide 5: Highlights (2/5)
Highlights (2/5) Sale and Purchase Activity (cont.) – Aggregate expected capital gain of $235.8 million ► Agreed to sell the 1997-built, 2,458 TEU containership Messini expected to be completed during Q1 2022 for an estimated capital gain of $17.8 million. ► Concluded the sale of the 2002-built, 4,9
Slide 6: Highlights (3/5)
Highlights (3/5) We continue to forward fix our containerships at highly attractive levels ► Total contracted revenues of $3.4 billion with a weighted average duration of 4.2 years(1). ► Selected forward fixtures since last quarter are 80% higher than current rates with an aggregate contracted reven
Slide 7: Highlights (4/5)
Highlights (4/5) New Financings and Capital Structure Update ► New financing agreements and an amendment to an existing facility since last quarter resulting in additional funds in excess of $430 million. More specifically: ❖ Executed three new loan agreements for $183.5 million with European financ
Slide 8: Highlights (5/5)
Highlights (5/5) Containership Market ► Charter rates continue their historic run, up over 234% year over year(1). ► Commercially fully employed container fleet with idle capacity at 0.5%(2), with no vessels available at short notice. Dry Bulk Market ► Charter rates have rebounded since earlier this
Slide 9: Q4 2021 Income Statement Snapshot
Q4 2021 Income Statement Snapshot Q4 2021 RESULTS Q4 2020 Q4 2021 % Change Ownership Days (incl. dry bulk vessels) 5,552 9,942 79.3% Average Number of Vessels 60.3 108.1 79.1% Voyage Revenues 119,143 283,918 138.3% Net Interest and Finance Costs (*) 16,887 25,221 49.4% (**) Adjusted Net Income Avail
Slide 10: Conservative Capital Structure
Conservative Capital Structure ► We maintain low leverage with significant liquidity 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) 31.0% 300
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 over 3,000 TEU 50,000 has increased(1). 0 Nov
Slide 12: Dry Bulk Market Environment
Dry Bulk Market Environment Average Spot Earnings (USD/p.d.) ► Earnings for Panamaxes, Supramaxes and Handysize 50,000 vessels are up on average by 17% year over year in 40,000 February. 30,513 30,000 23,567 20,000 23,083 10,000 0 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Mar-14 Sep-15 Sep-16 Sep-17 Sep-18
Slide 13: Thank You! Q&A
Thank You! Q&A 13
Slide 14: 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 after except share and per share data 2020 2021 earnings a
Slide 15: Appendix II – Dry Bulk fleet
Appendix II – Dry Bulk fleet # Vessel Built Size (DWT) # Vessel Built Size (DWT) Panamax/Kamsarmax Supramax/Ultramax 1 AEOLIAN 2012 83,478 1 MERCHIA 2015 63,800 2 GRENETA 2010 82,166 2 SEABIRD 2016 63,553 3 3 DAWN 2018 63,530 EGYPTIAN MIKE 2011 81,601 4 4 ORION 2015 63,473 PHOENIX 2012 81,569 5 DAMO
Slide 16: Appendix III – Containership Operating Fleet Charter Status (1/5)
Appendix III – Containership Operating Fleet Charter Status (1/5) Charterer Age Vessels (1) 1 YM TIPTOP 1 YM TARGET 2 YM TOTALITY 2 YM TRUTH 12,000 – 15,000 TEUs 2 YM TRIUMPH 6 THESEUS 10x Vessels(2) 6 TAURUS 6 TALOS 6 TITAN 6 TRITON Mar/22 Mar/23 Mar/24 Mar/25 Mar/26 Mar/27 Mar/28 Mar/29 Mar/30 Mar
Slide 17: Appendix III – Containership Operating Fleet Charter Status (2/5)
Appendix III – Containership Operating Fleet Charter Status (2/5) Charterer Age Vessels(1) 8 MSC AMALFI 8 MSC AJACCIO 8 MSC AZOV 26 / MAERSK KOTKA 26 MAERSK KLEVEN 7,500 – 10,000 TEUs 9 MSC ATHOS 18x Vessels 9 MSC ATHENS 9 VANTAGE 9 VALENCE 9 VALIANT 9 VALUE / Confidential 16 COSCO NINGBO 16 COSCO G
Slide 18: Appendix III – Containership Operating Fleet Charter Status (3/5)
Appendix III – Containership Operating Fleet Charter Status (3/5) (1) Charterer Age Vessels 19 METHONI 20 PORTO GERMENO 21 PORTO CHELI 20 PORTO KAGIO 5,000 – 7,500 TEUs / 26 KURE 17x Vessels 17 MAERSK KOWLOON 22 ZIM TAMPA 16 GLEN CANYON 19 MAERSK KINGSTON / 19 MAERSK KOLKATA (2)(3) 22 S/L WASHINGTON
Slide 19: Appendix III – Containership Operating Fleet Charter Status (4/5)
Appendix III – Containership Operating Fleet Charter Status (4/5) (1) Charterer Age Vessels 12 VULPECULA / 13 VELA 11 NEOKASTRO 1,000 – 5,000 TEUs 20 ULSAN 27x Vessels 9 MARATHOPOLIS 9 MEGALOPOLIS 22 AREOPOLIS 18 LAKONIA 4 POLAR BRASIL 8 LEONIDIO 8 KYPARISSIA 4 POLAR ARGENTINA Note Mar/22 Mar/23 Mar
Slide 20: Appendix III – Containership Operating Fleet Charter Status (5/5)
Appendix III – Containership Operating Fleet Charter Status (5/5) Charterer Age Vessels(1) Confidential 14 TRADER 13 GIALOVA 12 VOLANS 21 LUEBECK 1,000 – 5,000 TEUs 13 VIRGO 27x Vessels 14 DYROS 14 MICHIGAN 13 NORFOLK 21 ARKADIA 12 ANDROUSA 22 OAKLAND Confidential 17 ETOILE 15 SCORPIUS (2) 24 MONEMV