Costamare Inc. · NYSE:CMRE
Costamare — Q2 2019 Earnings Presentation
12 slides from Costamare's earnings presentation, Jul 25, 2019
Slide 1: Second Quarter 2019 Financial Results Conference Call
Second Quarter 2019 Financial Results Conference Call July 25, 2019
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: Highlights
Highlights Performance ➢ Adjusted Q2 Earnings per Share of $0.23(1). ➢ Cash Flow from Operations of $59.4m (Q2 2018 Cash Flow from Operations of $25.4m). New Financings ➢ New Financing Agreements for an aggregate amount of $460m. ✓ Refinancing of two syndicated loan facilities ($227m total outstandi
Slide 4: Q2 2019 Spot Chartering Agreements
Q2 2019 Spot Chartering Agreements 35,000 30,000 28,900 25,000 61% Previous Fixture Daily Timecharter Rate 21,500 Current Fixture 20,000 31% 17,900 17,050 16,350 41% 15,000 8% 12,100 11,750 (10%) (4%) 10,900 10,550 9,500 9,800 9,450 10,000 5,000 0 5x 2006 - Built Maersk Kawasaki 1997 Built Kure 1996
Slide 5: Q2 2019 Forward Fixed Chartering Agreements
Q2 2019 Forward Fixed Chartering Agreements Forward Fixture $34,500 Valor (2020/21 - 3 years) $37m New 2013 Built Contracted Previous Fixture 8,827 TEUs $41,700 (2013) Revenue Value Forward Fixture $34,500 $37m New (2020/21- 3 years) 2013 Built Contracted Previous Fixture 8,827 TEUs $41,700 (2013) R
Slide 6: New Financing Transactions
New Financing Transactions MSC Ajaccio - New bilateral loan facility of $136m MSC Amalfi Original maturity extended from 2024 to 2027 2014 Built / 9,403 TEUs 100% financing for installation of scrubbers New bilateral loan facility of $68m MSC Ajov Original maturity extended from 2024 to 20
Slide 7: Vessel Disposals / Dividend Declarations
Vessel Disposals / Dividend Declarations Vessel Sale of the 1999-built, 2,526 TEU capacity containership Elafonisos. disposals Q2 2019 common shares dividend of $ 0.10 declared and scheduled to be paid on August 7, 2019. Dividend Dividends on all series of preferred shares paid on July 15, 201
Slide 8: Q2 2019 Income Statement Snapshot
Q2 2019 Income Statement Snapshot Q2 2019 RESULTS 2Q 2018 2Q 2019 % Change Ownership Days 4,948 5,460 10.3% Average Number of Vessels 54.4 60.0 10.3% Voyage Revenues 90,577 117,036 29.2% Net Interest and Finance Costs(*) 13,912 21,532 54.8% Adjusted Net Income Available to Common Stockholders(**) 10
Slide 9: High Quality and Stable Cash Flows
High Quality and Stable Cash Flows Revenue Contribution (All Vessels)(1)(2) Other As of July 24, 2019, contracted revenues of approximately 1% $2.4Bn(1)(2) 2% 8% TEU-weighted average remaining time charter duration for the fleet is about 3.9 years(1)(2) 25% 12% 24% 28% Notes 1.Based on contracte
Slide 10: Container Shipping Market
Container Shipping Market Charter Rates Idle Fleet Charter Index HRCI(1) % of Fleet 10% 900 800 8% 700 600 5% 20% YTD increase 500 400 3% 1.6% 300 0% Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Source: Howe Robinson as of July 24, 2019 Source: AXS-Alphaliner as of July 8, 2
Slide 11: Q&A
Q&A 11
Slide 12: Appendix - I
Appendix - I Net Income to Adj. Net Income Available to Common Stockholders and Adj. EPS Reconciliation Three-month period ended Note: Adjusted Net Income available to common stockholders and Adjusted Earnings per Share June 30, represent Net Income after earnings allocated to preferred stock, but b