Costamare Inc. · NYSE:CMRE
Costamare — Q2 2024 Earnings Presentation
20 slides from Costamare's earnings presentation, Jul 31, 2024
Slide 1: Second Quarter 2024 Financial Results Conference Call
Second Quarter 2024 Financial Results Conference Call July 31, 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 (1/6)
Highlights (1/6) Q2 2024 – Financial Results ► Q2 2024 Net Income available to common stockholders of $91.3 million ($0.77 per share). ► Q2 2024 Adjusted Net Income available to common stockholders(1) of $91.4 million ($0.77 per share). ► Q2 2024 liquidity of $1,118.3 million(2). Notes 1. Adjusted N
Slide 4: Highlights (2/6): Full Redemption of Series E Preferred Stock
Highlights (2/6) Full Redemption of 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock (“Series E Preferred Stock”) ► Full redemption of the Series E Preferred Stock for a total notional amount of approximately $114 million. ► The redemption was funded with cash on hand on July 15, 2024
Slide 5: Highlights (3/6): Strong Chartering Performance
Highlights (3/6) Strong Chartering Performance ► Entered into more than 25 chartering agreements for our owned dry bulk fleet since Q1 2024 earnings release. ► 100% and 88% of our containership fleet(1) fixed for 2024 and 2025, respectively. ► Contracted revenues for the containership fleet of appro
Slide 6: Highlights (4/6): Sale and Purchase Activity
Highlights (4/6) Sale and Purchase Activity ► Vessel Disposals: ❖ Conclusion of the sale of the 2011-built, 33,755 DWT capacity dry bulk vessel, Adventure, in May 2024. ▪ Net sale proceeds after debt repayment amounted to $7.1 million. ❖ Agreement for the sale of the 2009-built, 58,018 DWT capacity
Slide 7: Highlights (5/6): Dry Bulk and Lease Financing Platforms
Highlights (5/6) Dry Bulk Operating Platform – Costamare Bulkers Inc. (“CBI”) ► Chartered-in 54(1) period vessels of a total capacity of c. 8.0 million dwt: ❖ 32 Newcastlemax/Capesize vessels with an average remaining tenor of 12 months. ❖ 22 Kamsarmax vessels with an average remaining tenor of 6 mo
Slide 8: Highlights (6/6): Debt Financings, Capital Structure, Dividends
Highlights (6/6) Debt Financings and Capital Structure ► New bilateral loan facility of approximately $15.8 million for the refinancing of existing indebtedness of three dry bulk vessels; no increase in leverage, improvement of funding cost and extension of maturity for all three vessels. ► Approxim
Slide 9: Strong Liquidity Position
Strong Liquidity Position ► Ample liquidity of $1,118.3 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 $0.1 million held by vessel owning-companies set-up pu
Slide 10: Container Market Environment
Container Market Environment Charter Rates (1) 12m Timecharter Rates ► Charter rates have increased across all segments since the 160,000 beginning of the year, remaining stable over the last few weeks. 120,000 80,000 ► The continued delivery of newbuilding vessels remains the 40,000 principal threa
Slide 11: Dry Bulk Market Environment
Dry Bulk Market Environment Average Spot Earnings (USD/p.d.) (1) Forward Freight Agreements Curve (2) 50,000 30,000 40,000 25,000 30,000 22,678 20,000 15,627 20,000 16,675 10,000 13,483 15,000 0 10,000 Aug 24 Sep 24 Q4 24 Capesize Kamsarmax/Panamax Supramax Handysize Capesize Panamax Supramax Handys
Slide 12: Thank You Q&A
Thank You Q&A 12
Slide 13: 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 2023 2024 earnings alloca
Slide 14: 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 15: 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 Post-Panamax/Kamsarmax Newcastlemax/Capesize 1 PETALON 2010 87.328 1 BERGE GROSSGLOCKNER 2017 211.171 2 SHANDONG PROSPERITY 2021 211.103 2 W-SMASH 2013 82.742 3 SHANDONG INNOVATION 2021 210.
Slide 16: 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 Jul/24 Jul/25 Jul/26 Jul/27 Jul/28 Jul/29 Jul/30 Jul/31 Jul/32 8 CAPE
Slide 17: 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 VALUE 11 7,500 – 10,000 TEUs 11 VALOR 18x Vessels / Confidential 14 NAVARINO 18 COSCO HELLAS / Confidential 18 BEIJING 18 YANTIAN / 18 ZIM SHANGHAI Confidential 1
Slide 18: Appendix IV – Containership Operating Fleet Charter Status (3/5)
Appendix IV – Containership Operating Fleet Charter Status (3/5) (1) Charterer Age Vessels / Confidential 24 ZIM TAMPA 21 METHONI 28 KURE 5,000 – 7,500 TEUs 22 PORTO GERMENO 12x Vessels 23 PORTO CHELI 22 PORTO KAGIO 20 ARGUS Confidential 20 ARIES 21 ZIM VIETNAM 21 ZIM AMERICA 19 MAERSK KOWLOON 18 GL
Slide 19: 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 / Confidential 14 VOLANS 1,000 – 5,000 TEUs 13 NEOKASTRO 23x Vessels 10 LEONIDIO 10 KYPARISSIA Confidential / Confidential 16 TRADER 19 ETOILE 23 LUEBECK Confidential 14 ANDROUSA 15 GIALOVA
Slide 20: Appendix IV – Containership Operating Fleet Charter Status (5/5)
Appendix IV – Containership Operating Fleet Charter Status (5/5) (1) Charterer Age Vessels Confidential 16 MICHIGAN 11 MARATHOPOLIS 1,000 – 5,000 TEUs 11 MEGALOPOLIS 23x Vessels 24 AREOPOLIS 20 LAKONIA Confidential 15 NORFOLK 15 VIRGO 23 ARKADIA 16 DYROS 6 POLAR BRASIL Jul/24 Jul/25 Jul/26 Jul/27 Ju