Slide 1: Second Quarter 2021 Financial Results Conference Call
Second Quarter 2021 Financial Results Conference Call July 28, 2021
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 (1/6)
Highlights (1/6) Financial Performance Q2 2021 ► Net Income available to common stockholders of $82.8m vs a loss of $83.9m in Q2 2020. ► Earnings per Share of $0.67 vs a loss of $0.70 in Q2 2020. ► Adjusted Net Income available to common stockholders(1) of $58.3m vs $31.7m in Q2 2020. ► Adjusted Ear
Slide 4: Highlights (2/6): Containerships Sale and Purchase Activity
Highlights (2/6) Containerships Sale and Purchase Activity ► Delivery of 3 vessels we have agreed to acquire: # Vessel Built Size (TEUs) Charterer Timecharter Rate (p.d.) Timecharter Period 1 Porto Cheli 2001 6,712 MAERSK $30,075 60 - 64 months 2 Porto Kagio 2002 5,908 MAERSK $28,822 60 - 64 months
Slide 5: Highlights (3/6): New Financings and Capital Structure
Highlights (3/6) New Financings and Capital Structure ► Concluded new financings of approximately $650.6m (1). ► New financing commitment(2) of approximately $150m. ► All dry bulk vessels are being financed at a loan-to-value (“LTV”) between 55% and 60%. ► Liquidity of $353.8m(3) which coupled with
Slide 6: Highlights (4/6): Containerships New Charter Fixtures
Highlights (4/6) Containerships New Charter Fixtures ► 7 new or extended charters: Timecharter Rate Timecharter Previous Previous Timecharter Previous Timecharter Vessel Built Size (TEUs) Charterer (p.d.) Period Charterer Rate (p.d.) Period Cosco Guangzhou 2006 9,469 (*) $72,700 36 – 39 months COSCO
Slide 7: Highlights (5/6): Dry Bulk Charter Fixtures
Highlights (5/6) Dry Bulk Charter Fixtures ► 7 new charters entered into since vessels have been delivered: Vessel Built Size (DWT) Timecharter Rate (p.d.) Timecharter Period(1) BUILDER 2012 81,541 $25.000 4 - 7 months SAUVAN 2010 79,699 $30.250 3 - 5 months ERACLE 2012 58,018 $30.000 3 - 5 months P
Slide 8: Highlights (6/6)
Highlights (6/6) Containership Market ► Charter rates increased by more than 450% year over year(1). ► Idle fleet at 0.7%(2). Dry Bulk Market ► Charter rates have improved to levels not seen in over ten years as commodities demand has increased. ► Newbuilding Orderbook is 5.7%(3) of the total fleet,
Slide 9: Q2 2021 Income Statement Snapshot
Q2 2021 Income Statement Snapshot Q2 2021 RESULTS Q2 2020 Q2 2021 % Change Ownership Days 5,460 6,509 19.2% Average Number of Vessels 60.0 71.5 19.2% Voyage Revenues 111,869 166,770 49.1% Net Interest and Finance Costs (*) 16,460 19,319 17.4% (**) Adjusted Net Income Available to Common Stockholders
Slide 10: Prudent Capital Structure
Prudent Capital Structure LEVERAGE RATIO (1) NET DEBT & ADJUSTED EBITDA (2) 60% (‘ 000 US$) Q2 2021 55%54% NET INCOME 90,616 51% Net Interest and Finance Costs 19,319 50% Depreciation and Amortization 34,150 45% 46% EBITDA(2) 144,085 45% 43% 41% ADJUSTED EBITDA(2) 119,598 39% 40% 40% 12 month Traili
Slide 11: Containerships: High Quality and Stable Cash Flows
Containerships: High Quality and Stable Cash Flows Others ► As of July 28, 2021, contracted revenues for 11.5% the containership fleet of approximately $3.3Bn(1)(2) 17% 5.5% ► TEU-weighted average remaining time charter duration for the containership fleet is about 4.3 years(1)(2) 9% Revenue Contrib
Slide 12: Container Market Environment (1/2)
Container Market Environment (1/2) Charter Rates 12m Timecharter Rates ► Charter rates are reaching historically high levels across 70,000 containerships of all sizes. 60,000 50,000 ► Average increase since the beginning of second half of 40,000 2020 of more than 450%(1). 30,000 20,000 10,000 0 Dec-
Slide 13: Container Market Environment (2/2)
Container Market Environment (2/2) Idle Fleet / Total Fleet 12% ► Idle fleet remains at very low levels from a high of 11.6% in May 2020. 10% 8% 6% 4% 2% 0.7% 0% Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Source: Alphaliner– July 2021 Orderbook / Total Fleet ► Orderbook cu
Slide 14: Dry Bulk Market Environment (1/2)
Dry Bulk Market Environment (1/2) Average Spot Earnings (USD/p.d.) ► Earnings for Panamaxes, Supramaxes and Handysize 35,000 Panamax Earnings Supramax Earnings Handysize Earnings vessels have increased on average by 165% since July 30,000 2020. 25,000 20,000 15,000 10,000 5,000 0 2010 2011 2012 2013
Slide 15: Dry Bulk Market Environment (2/2)
Dry Bulk Market Environment (2/2) Dry Bulk Supply/Demand BDI Index ► The combination of global infrastructure spending and % Growth 15.0% 3,000 rebound in consumer spending is causing strong demand for 13.0% 2,500 global commodities. 11.0% 9.0% 2,000 7.0% 5.0% 1,500 3.0% 1,000 1.0% -1.0% 500 -3.0% -
Slide 16: Thank You! Q&A
Thank You! Q&A 16
Slide 17: 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 June 30, 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 alloc
Slide 18: Appendix II – EBITDA to Adj. EBITDA Reconciliation
Appendix ΙI – EBITDA to Adj. EBITDA Reconciliation - 12M Trailing EBITDA (' 000 US$) Q2 2021 12M Trailing EBITDA (' 000 US$) (Q3 2020 – Q2 2021) NET INCOME 90,616 NET INCOME 211,081 Interest and Finance Costs 20,441 Interest and Finance Costs 69,883 Interest Income (2,229) Interest Income (1,122) De
Slide 19: Appendix III – Dry Bulk fleet
Appendix III – Dry Bulk fleet Dry Bulk Purchase Activity ► Acquisition of 37 dry bulk vessels: Expected Expected # Vessel Built Size (DWT) # Vessel Built Size (DWT) Delivery Delivery Panamax/Kamsarmax Handysize 1 BUILDER 2012 81,541 Delivered 1 ADVENTURE 2011 33,730 Delivered 2 SAUVAN 2010 79,700 De
Slide 20: Appendix IV – Containership Fleet Charter Status (1/5)
Appendix IV – Containership Operating Fleet Charter Status (1/5) Charterer Age Vessels Recently Delivered YM TIPTOP Recently Delivered YM TARGET 1 YM TOTALITY 1 YM TRUTH 12,000 – 15,000 TEUs 1 YM TRIUMPH 10x Vessels 5 THESEUS 5 TAURUS 5 TALOS 5 TITAN 5 TRITON Jul/21 Jul/22 Jul/23 Jul/24 Jul/25 Jul/2
Slide 21: Appendix IV – Containership Fleet Charter Status (2/5)
Appendix IV – Containership Operating Fleet Charter Status (2/5) Charterer Age Vessels 7 MSC AMALFI 7 MSC AJACCIO 7 MSC AZOV 8 MSC ATHOS 8 MSC ATHENS 7,500 – 10,000 TEUs 8 VANTAGE 18x Vessels 8 VALENCE 8 VALIANT 8 VALUE / Confidential 15 COSCO NINGBO 15 COSCO GUANGZHOU 8 VALOR 11 NAVARINO 15 BEIJING
Slide 22: Appendix IV – Containership Fleet Charter Status (3/5)
Appendix IV – Containership Operating Fleet Charter Status (3/5) Charterer Age Vessels 19 PORTO GERMENO 20 PORTO CHELI 19 PORTO KAGIO / 18 MSC METHONI 5,000 – 7,500 TEUs / 21 KOBE 19x Vessels 25 KURE 17 ARGUS 17 ARIES 21 YORK 16 MAERSK KOWLOON 18 MAERSK KALAMATA 18 MAERSK KINGSTON 18 MAERSK KOLKATA
Slide 23: Appendix IV – Containership Fleet Charter Status (4/5)
Appendix IV – Containership Operating Fleet Charter Status (4/5) Charterer Age Vessels Confidential / 10 NEOKASTRO 19 ULSAN 8 MARATHOPOLIS 1,000 – 5,000 TEUs 8 MEGALOPOLIS 29x Vessels 3 POLAR BRASIL 7 LEONIDIO 7 KYPARISSIA 3 POLAR ARGENTINA 11 VOLANS 12 COSCO FUKUYAMA(tbr. GIALOVA) 20 LUEBECK 12 VIR
Slide 24: Appendix IV – Containership Fleet Charter Status (5/5)
Appendix IV – Containership Operating Fleet Charter Status (5/5) Charterer Age Vessels 13 CO KOBE (tbr. DYROS) 12 NORFOLK 20 ARKADIA 11 ANDROUSA 1,000 – 5,000 TEUs 21 OAKLAND 29x Vessels 11 VULPECULA Confidential 16 ETOILE Container Pool / 14 SCORPIUS 12 VELA 21 AREOPOLIS 17 LAKONIA Confidential 24
Slide 25: Appendix V – Dry Bulk Operating Fleet Charter Status
Appendix V – Dry Bulk Operating Fleet Charter Status Age Vessels 9 INTERLINK PARITY (tbr. PARITY) 11 INTERLINK COMITY(tbr. COMITY) 9 INTERLINK VERITY 11 MS CHARM (tbr. CHARM) 10 BERNIS 11 SAUVAN 9 ERACLE 9 BUILDER 10 PEGASUS 15 PEACE 9 KONSTANTINOS M (tbr. KONSTANTINOS) 15 PRIDE 3 DAWN 9 ALLIANCE 10