Costamare Inc. · NYSE:CMRE
Costamare — Q1 2019 Earnings Presentation
10 slides from Costamare's earnings presentation, Apr 23, 2019
Slide 1: First Quarter 2019 Financial Results Conference Call
First Quarter 2019 Financial Results Conference Call April 23, 2019 Photo: c/v Triton 14,424 TEUs – Largest containership ever scheduled to transit the Panama Canal (mid-May 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 Q1 Earnings per Share of $0.12(1). ➢ Cash Flow from Operations of $47.7m (Q1 2018 Cash Flow from Operations of $41.6m). Fleet ➢ Fleet utilization of 99.1%(2). ➢ 10 vessels in new or extended time charters. Strong Balance Sheet ➢ No Off-balance sheet financing. ➢ Boo
Slide 4: Q1 2019 New Chartering Agreements
Q1 2019 New Chartering Agreements # Vessel Built TEUs Latest Fixture Term 1 Cape Tainaro 2017 11,010 $39,500 10 to 12.5 months 2 Navarino 2010 8,531 $21,900 11 to 12 months 3 Maersk Kobe 2000 6,648 $17,000 11 to 13 months • Average increase of 34.1% compared to 4 Kokura 1997 7,403 $17,050 10 to 12.5
Slide 5: Vessel Disposals / Dividend Declarations
Vessel Disposals / Dividend Declarations Vessel Sale for demolition of the 2004-built, 4,992 TEU container vessel Piraeus. disposals Sale for demolition of the 1991-built, 2,020 TEU container vessel MSC Pylos. Q1 2019 common shares dividend of $ 0.10 declared and scheduled to be paid on May 8,
Slide 6: Q1 2019 Income Statement Snapshot
Q1 2019 Income Statement Snapshot Q1 2019 RESULTS 1Q 2018 1Q 2019 % Change Ownership Days 4,770 5,575 16.9% Average Number of Vessels 53.0 61.9 16.8% Voyage Revenues 92,754 112,974 21.8% Net Interest and Finance Costs (*) 13,588 22,098 62.6% Adjusted Net Income Available to Common Stockholders(**) 1
Slide 7: High Quality and Stable Cash Flows
High Quality and Stable Cash Flows Revenue Contribution (All Vessels)(1)(2) Other As of April 23, 2019, contracted revenues of approximately 2% 1% $2.2Bn(1)(2) TEU-weighted average remaining time charter duration for the fleet is about 3.7 years(1)(2) 26% 14% 26% 31% Notes 1.Based on contracted
Slide 8: Container Shipping Market
Container Shipping Market Charter Rates Idle Fleet Charter Index HRCI(1) % of Fleet 900 10% 8.4% YTD increase 800 8% 700 600 5% 500 3% 400 2.1% 300 0% Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Source: Howe Robinson as of April 18, 2019 Source: AXS-Alphaliner as of April 1
Slide 9: Q&A
Q&A 9
Slide 10: 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 March 31, represent Net Income / (Loss ) after earnings allocated to preferred s