Costamare Inc. · NYSE:CMRE
Costamare — Q1 2025 Earnings Presentation
18 slides from Costamare's earnings presentation, May 8, 2025
Slide 1: First Quarter 2025 Financial Results Conference Call
First Quarter 2025 Financial Results Conference Call May 8, 2025
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 Cost
Slide 3: Highlights (1/5)
Highlights (1/5) Q1 2025 – Financial Results ► Q1 2025 Net Income available to common stockholders of $95.0 million ($0.79 per share). ► Q1 2025 Adjusted Net Income available to common stockholders(1) of $73.3 million ($0.61 per share). ► Liquidity of $1,022.6 million(2). Notes 1. Adjusted Net Incom
Slide 4: Highlights (2/5)
Highlights (2/5) Completion of the spin-off of the dry bulk business ► The transaction(1) was successfully concluded on May 6, 2025, by way of a pro rata distribution to Costamare Inc. (“CMRE”) shareholders. ► The spun-off entity is trading under the name “Costamare Bulkers Holdings Limited” (“CMDB”
Slide 5: Highlights (3/5)
Highlights (3/5) Sale and Purchase Activity ▶ Vessel Disposals: ❖ Conclusion in April 2025 of: ▪ the sale of the 2008-built, 76,619 DWT capacity dry bulk vessel, Rose, generating net sale proceeds after debt prepayment of $4.1 million. ❖ Agreement for: ▪ the sale of the 2010-built, 31,775 DWT capaci
Slide 6: Highlights (4/5)
Highlights (4/5) Debt Financings and Capital Structure. ► New bilateral loan facility for the refinancing of existing indebtedness of one container vessel: - Total amount drawn of approximately $23.5 million. - No increase in leverage and extension of maturity. ► No significant loan / lease maturiti
Slide 7: Highlights (5/5)
Highlights (5/5) Dry Bulk Operating Platform(1) – Costamare Bulkers Inc. (“CBI”) ► Chartered-in 48(2) period vessels of a total capacity of c. 7.9 million dwt: ❖ 36 Newcastlemax/Capesize vessels with an average remaining tenor of 12 months. ❖ 12 Kamsarmax vessels with an average remaining tenor of 9
Slide 8: Container Market Environment
Container Market Environment Charter Rates (1) 12m Timecharter Rates ► Charter market has adopted a “wait and see” approach in 160 000 reaction to the tariffs, keeping the rates at firm levels. 120 000 80 000 ► Possible large scale fleet redeployments due to USTR, may create inefficiencies favorable
Slide 9: Dry Bulk Market Environment
Dry Bulk Market Environment Average Spot Earnings (USD/p.d.) (1) Forward Freight Agreements Curve (2) 50,000 25,000 40,000 20,000 30,000 20,000 16,913 15,000 11,188 10,000 11,007 10,000 9,333 0 5,000 Jun 2025 Q3 2025 Q4 2025 Capesize (C5TC) Panamax (P5TC) Supramax (S11TC) Handysize (H7TC) Capesize K
Slide 10: Thank You Q&A
Thank You Q&A
Slide 11: 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 March 31 Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after except share and per share data 2024 2025 earnings alloc
Slide 12: Appendix II – Owned Dry Bulk Fleet
Appendix II – Owned Dry Bulk Fleet No. Vessel Built Dwt No. Vessel Built Dwt No. Vessel Built Dwt Capesize Ultramax/Supramax Handysize 1 FRONTIER 2012 181.415 1 MERCHIA 2015 63.585 1 VERITY 2012 37.163 2 MIRACLE 2011 180.643 2 DAWN 2018 63.561 2 PARITY 2012 37.152 3 SEABIRD 2016 63.553 3 ACUITY 2011
Slide 13: Appendix III – Chartered-In Period Vessels – Costamare Bulkers Inc.
Appendix III – Chartered-In Period Vessels – Costamare Bulkers Inc. No. Vessel Built Dwt No. Vessel Built Dwt Newcastlemax/Capesize Kamsarmax 1 BERGE ZUGSPITZE 2016 211.182 1 W-SMASH 2013 82.742 2 BERGE GROSSGLOCKNER 2017 211.171 2 SAPHIRA 2021 82.577 3 SHANDONG PROSPERITY 2021 211.103 3 TRIKERI 202
Slide 14: Appendix IV – Containership Operating Fleet Charter Status (1/5)
Appendix IV – Containership Operating Fleet Charter Status (1/5) (1) Charterer Age Vessels 4 YM TIPTOP 4 YM TARGET 5 YM TOTALITY 5 YM TRUTH 12,000 – 15,000 TEUs 5 YM TRIUMPH 9 THESEUS 10x Vessels 9 TAURUS 9 TALOS 9 TITAN 9 TRITON May/25 May/26 May/27 May/28 May/29 May/30 May/31 May/32 9 CAPE AKRITAS
Slide 15: Appendix IV – Containership Operating Fleet Charter Status (2/5)
Appendix IV – Containership Operating Fleet Charter Status (2/5) Charterer Age Vessels(1) 12 VANTAGE 12 VALENCE / Confidential 12 VALUE 12 VALIANT 7,500 – 10,000 TEUs 12 VALOR 18x Vessels / Confidential 11 MSC AZOV 15 NAVARINO 12 MSC ATHOS / Confidential 12 29 MSC ATHENS KOTKA 19 COSCO HELLAS / Conf
Slide 16: Appendix IV – Containership Operating Fleet Charter Status (3/5)
Appendix IV – Containership Operating Fleet Charter Status (3/5) (1) Charterer Age Vessels 22 ZIM VIETNAM 22 ZIM AMERICA / 20 MAERSK KOWLOON 5,000 – 7,500 TEUs / Confidential 29 KURE 12x Vessels TAMPA I 25 / Confidential 19 GLEN CANYON 22 METHONI 23 PORTO GERMENO 23 PORTO KAGIO 24 PORTO CHELI 21 ARG
Slide 17: Appendix IV – Containership Operating Fleet Charter Status (4/5)
Appendix IV – Containership Operating Fleet Charter Status (4/5) (1) Charterer Age Vessels 17 TRADER Confidential / Confidential 20 ETOILE 1,000 – 5,000 TEUs 15 VULPECULA 23x Vessels Confidential / Confidential 24 LUEBECK 16 VELA Confidential / Confidential 16 NORFOLK Confidential / Confidential 17
Slide 18: Appendix IV – Containership Operating Fleet Charter Status (5/5)
Appendix IV – Containership Operating Fleet Charter Status (5/5) Charterer Age Vessels (1) 16 VIRGO 17 DYROS 1,000 – 5,000 TEUs 25 AREOPOLIS 23x Vessels 14 NEOKASTRO 21 LAKONIA 11 LEONIDIO / Confidential 24 ARKADIA 11 KYPARISSIA 7 POLAR BRASIL 15 ANDROUSA Confidential 16 GIALOVA 18 SCORPIUS 23 ULSAN