Costamare Inc. · NYSE:CMRE
Costamare — Q4 2023 Earnings Presentation
19 slides from Costamare's earnings presentation, Feb 7, 2024
Slide 1: Fourth Quarter 2023 Financial Results Conference Call
Fourth Quarter 2023 Financial Results Conference Call February 7, 2024
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) – 2023 Financial Results
Highlights (1/5) 2023 – Financial Results ► FY 2023 Net Income available to common stockholders of $354.7 million ($2.95 per share). ► FY 2023 Adjusted Net Income available to common stockholders(1) of $249.0 million ($2.07 per share). ► Q4 2023 Net Income available to common stockholders of $96.6 m
Slide 4: Highlights (2/5) – Dry Bulk and Lease Financing Platforms
Highlights (2/5) Dry Bulk Operating Platform ► Full operational year of our dry bulk operating company, Costamare Bulkers Inc. ("CBI"). ► Chartered-in 51(1) period vessels of a total capacity of c. 7.8 million dwt: ❖ 32 Newcastlemax/Capesize vessels with an average tenor of 13 months. ❖ 19 Kamsarmax
Slide 5: Highlights (3/5) – Sale and Purchase Activity
Highlights (3/5) Sale and Purchase Activity since Q3 2023 ► Vessel Disposals: ❖ Conclusion of: ▪ the sale of the 2006-built, 55,709 DWT capacity dry bulk vessel, Peace, in November 2023. ▪ the sale of the 2006-built, 55,705 DWT capacity dry bulk vessel, Pride, in December 2023. ▪ the sale of the 201
Slide 6: Highlights (4/5) – Debt Financings and Capital Structure
Highlights (4/5) Debt Financings and Capital Structure ► New hunting license facility(1) of up to $60.0 million in aggregate for the financing of the acquisition of containerships and dry bulk vessels. ► Financing of the acquisition of one Ultramax dry bulk vessel through the new hunting license fac
Slide 7: Highlights (5/5) – Share Repurchase and Dividends
Highlights (5/5) Share Repurchase Program ► During 2023, repurchase of an aggregate of 6,267,808 common shares for a total consideration of $60.0 million. ► Available funds remaining under the Company’s share repurchase programs: ❖ $30.0 million for common shares. ❖ $150.0 million for preferred shar
Slide 8: Strong Liquidity Position
Strong Liquidity Position ► Ample liquidity of $989.0 million(1) for future growth. LIQUIDITY (1) 1.200 Cash, equivalents & st investments Credit lines 1.000 800 (in USD millions) 600 400 200 0 Notes 1. Including our share of cash amounting to $0.4 million held by vessel-owning companies set-up purs
Slide 9: Container Market Environment
Container Market Environment Charter Rates (1) 12m Timecharter Rates ► Charter rates have been rising lately across all segments, 160.000 having benefited from the Red Sea crisis. 120.000 ► Although the high orderbook remains the principal threat of 80.000 the market, the recent developments in the
Slide 10: 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 23.000 30.000 21.000 17,467 20.000 19.000 12,152 13,313 17.000 10.000 11,083 0 15.000 13.000 11.000 Capesize Panamax Supramax Handysize Feb24 Q1 24 Q2 24 Q3 24 Q4 24 Capesize Pa
Slide 11: Thank You Q&A
Thank You Q&A 11
Slide 12: 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 earnings allocated to preferred stock and Non-Control
Slide 13: Appendix II – Dry Bulk Fleet
Appendix II – Dry Bulk Fleet No. Vessel Built Dwt No. Vessel Built Dwt No. Vessel Built Dwt Capesize Ultramax/Supramax Handysize 1 IRON MIRACLE (tbr. MIRACLE) * 2011 180.643 1 MERCHIA 2015 63.800 1 VERITY 2012 37.163 2 SEABIRD 2016 63.553 2 PARITY 2012 37.152 2 DORADO 2011 179.842 3 DAWN 2018 63.530
Slide 14: 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 GROSSGLOCKNER 2017 211.182 1 XING LE HAI 2022 85.038 2 SHANDONG PROSPERITY 2021 211.103 2 GIA INSPIRATION 2022 85.000 3 SHANDONG HAPPINESS 2021 210.93
Slide 15: Appendix IV – Containership Operating Fleet Charter Status (1/5)
Appendix IV – Containership Operating Fleet Charter Status (1/5) (1) Charterer Age Vessels 3 YM TIPTOP 3 YM TARGET 4 YM TOTALITY 4 YM TRUTH 4 YM TRIUMPH 12,000 – 15,000 TEUs 8 THESEUS 10x Vessels 8 TAURUS 8 TALOS 8 TITAN 8 TRITON Feb/24 Feb/25 Feb/26 Feb/27 Feb/28 Feb/29 Feb/30 Feb/31 Feb/32 8 CAPE
Slide 16: Appendix IV – Containership Operating Fleet Charter Status (2/5)
Appendix IV – Containership Operating Fleet Charter Status (2/5) Charterer Age Vessels(1) 11 VANTAGE 11 VALENCE / Confidential 11 VALIANT 11 VALUE 7,500 – 10,000 TEUs 11 VALOR 18x Vessels / Confidential 14 NAVARINO 10 MSC AMALFI 10 MSC AJACCIO 28 KOTKA 10 MSC AZOV 28 KLEVEN 18 COSCO HELLAS 18 BEIJIN
Slide 17: Appendix IV – Containership Operating Fleet Charter Status (3/5)
Appendix IV – Containership Operating Fleet Charter Status (3/5) (1) Charterer Age Vessels 21 METHONI 28 KURE 22 PORTO GERMENO 5,000 – 7,500 TEUs 23 PORTO CHELI 12x Vessels 22 PORTO KAGIO 20 ARGUS Confidential 20 ARIES 21 ZIM VIETNAM 21 ZIM AMERICA 19 MAERSK KOWLOON 24 ZIM TAMPA 18 GLEN CANYON Feb/2
Slide 18: Appendix IV – Containership Operating Fleet Charter Status (4/5)
Appendix IV – Containership Operating Fleet Charter Status (4/5) Charterer Age Vessels (1) 14 VULPECULA 15 VELA 13 NEOKASTRO 1,000 – 5,000 TEUs Confidential / Confidential 16 TRADER 23x Vessels Confidential 19 ETOILE / Confidential 23 LUEBECK 22 ULSAN Confidential 16 MICHIGAN 11 MARATHOPOLIS 11 MEGA
Slide 19: Appendix IV – Containership Operating Fleet Charter Status (5/5)
Appendix IV – Containership Operating Fleet Charter Status (5/5) Charterer Age Vessels(1) Confidential 15 NORFOLK 15 VIRGO 16 DYROS 1,000 – 5,000 TEUs 6 POLAR BRASIL 23x Vessels 10 LEONIDIO 10 KYPARISSIA 14 VOLANS 17 SCORPIUS Confidential 14 ANDROUSA 15 GIALOVA 23 ARKADIA Feb/24 Feb/25 Feb/26 Feb/27