Costamare Inc. · NYSE:CMRE
Costamare — Q2 2022 Earnings Presentation
19 slides from Costamare's earnings presentation, Jul 28, 2022
Slide 1: Second Quarter 2022 Financial Results Conference Call
Second Quarter 2022 Financial Results Conference Call July 28, 2022
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 (1/4)
Highlights (1/4) Q2 2022 – Another Record Quarter ► Q2 2022 Net Income available to common stockholders of $114.1 million vs $82.8 million in Q2 2021. ► Q2 2022 Earnings per Share of $0.92 vs $0.67 in Q2 2021, up 37%. ► Q2 2022 Adjusted Net Income available to common stockholders (1) of $118.6 milli
Slide 4: Highlights (2/4)
Highlights (2/4) New $500 million syndicated loan facility ► Refinancing of existing indebtedness of 17 vessels, secured by contracted cash flows with a tenor of 5 years. ► Raised additional liquidity of approximately $200 million. ► Participation of 12 U.S., European and Asian financing institution
Slide 5: Highlights (3/4)
Highlights (3/4) Strong chartering performance and new charter arrangements ► Our containership revenue days are ca. 100%(1) contracted for the remainder of 2022 and ca. 95%(1) contracted for 2023. ► We have concluded forward fixtures for two of our containerships at a daily rate of $58,500, signifi
Slide 6: Highlights (4/4)
Highlights (4/4) Containership Market ► Box rates are showing some signs of weakness, but charter rates remain at very strong levels as we enter peak season. ► Commercially fully employed container fleet with idle capacity at 0.9%(1), with no vessels available at short notice. Dry Bulk Market ► Char
Slide 7: Conservative Capital Structure
Conservative Capital Structure ► We maintain low leverage and ample liquidity of $854 million(1) for future growth. LIQUIDITY (1) AND LEVERAGE RATIO (2) 900 60.0% Cash, equivalents & st investments Credit lines Leverage 53.8% 800 51.0% 46.0% 50.0% 45.3% 700 41.0% 39.0% 600 43.0% 37.0% 40.0% 39.0% (i
Slide 8: Containerships: High Quality and Stable Cash Flows
Containerships: High Quality and Stable Cash Flows Others ► Contracted revenues for the containership 6% fleet of approximately $3.3Bn(1)(2) 15% ► TEU-weighted average remaining time charter duration for the containership fleet is about 4.0 18% years(1)(2) Revenue Fixed Revenue Days(3) Contribution
Slide 9: Q2 2022 Income Statement Snapshot
Q2 2022 Income Statement Snapshot Q2 2022 RESULTS Q2 2021 Q2 2022 % Change Ownership Days (incl. dry bulk vessels) 6,509 10,715 64.6% Average Number of Vessels 71.5 117.7 64.6% Voyage Revenues 166,770 290,927 74.4% Net Interest and Finance Costs (*) 19,319 29,957 55.1% (**) Adjusted Net Income Avail
Slide 10: Container Market Environment
Container Market Environment Charter Rates 12m Timecharter Rates ► Charter rates remain at lofty levels. 200,000 150,000 ► Rates for vessels above 2,500 TEU remained at historical 100,000 highs year-to-date as very few vessels are available. 50,000 0 Nov-20 Nov-21 Nov-19 Sep-19 Mar-19 Sep-20 May-19
Slide 11: Dry Bulk Market Environment
Dry Bulk Market Environment Average Spot Earnings (USD/p.d.) 50,000 ► Rates for dry bulk vessels have come under pressure. 40,000 30,000 ► Despite recent weakness, rates remain well above cash 24,753 break even levels. 20,000 20,375 17,537 10,000 0 Jan-14 Jan-17 Jul-15 Jan-16 Jul-16 Jul-12 Jul-13 Ju
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 2021 2022 earnings alloc
Slide 14: Appendix II – Dry Bulk fleet
Appendix II – Dry Bulk fleet # Vessel Built Size (DWT) # Vessel Built Size (DWT) Panamax/Kamsarmax Supramax/Ultramax 1 AEOLIAN 2012 83,478 1 MERCHIA 2015 63,800 2 GRENETA 2010 82,166 2 SEABIRD 2016 63,553 3 3 DAWN 2018 63,530 HYDRUS 2011 81,601 4 4 ORION 2015 63,473 PHOENIX 2012 81,569 5 DAMON 2012
Slide 15: Appendix III – Containership Operating Fleet Charter Status (1/5)
Appendix III – Containership Operating Fleet Charter Status (1/5) (1) Charterer Age Vessels 1 YM TIPTOP 1 YM TARGET 2 YM TOTALITY 2 YM TRUTH 12,000 – 15,000 TEUs 2 YM TRIUMPH 6 THESEUS 10x Vessels 6 TAURUS 6 TALOS 6 TITAN 6 TRITON Jul/22 Jul/23 Jul/24 Jul/25 Jul/26 Jul/27 Jul/28 Jul/29 Jul/30 Jul/31
Slide 16: Appendix III – Containership Operating Fleet Charter Status (2/5)
Appendix III – Containership Operating Fleet Charter Status (2/5) Charterer Age Vessels(1) 8 MSC AMALFI 8 MSC AJACCIO 8 MSC AZOV / 26 MAERSK KOTKA 26 MAERSK KLEVEN 7,500 – 10,000 TEUs 9 MSC ATHOS 18x Vessels 9 MSC ATHENS 9 VANTAGE 9 VALENCE 16 ZIM SHANGHAI (2) (3) 16 ZIM YANTIAN 9 VALIANT 9 VALUE 9
Slide 17: Appendix III – Containership Operating Fleet Charter Status (3/5)
Appendix III – Containership Operating Fleet Charter Status (3/5) (1) Charterer Age Vessels 19 METHONI 20 PORTO GERMENO 21 PORTO CHELI 20 PORTO KAGIO 5,000 – 7,500 TEUs 18 ARGUS Confidential 17x Vessels 18 ARIES / 26 KURE 19 MAERSK KINGSTON / 19 MAERSK KOLKATA 17 MAERSK KOWLOON 22 ZIM TAMPA 16 GLEN
Slide 18: Appendix III – Containership Operating Fleet Charter Status (4/5)
Appendix III – Containership Operating Fleet Charter Status (4/5) (1) Charterer Age Vessels 12 VULPECULA / 13 VELA 11 NEOKASTRO 1,000 – 5,000 TEUs 20 ULSAN 26x Vessels 9 MARATHOPOLIS 9 MEGALOPOLIS 22 AREOPOLIS 18 LAKONIA 4 POLAR BRASIL 8 LEONIDIO 8 KYPARISSIA 4 POLAR ARGENTINA Jul/22 Jul/23 Jul/24 J
Slide 19: Appendix III – Containership Operating Fleet Charter Status (5/5)
Appendix III – Containership Operating Fleet Charter Status (5/5) Charterer Age Vessels(1) Confidential 14 TRADER 13 GIALOVA 12 VOLANS 21 LUEBECK 1,000 – 5,000 TEUs 13 VIRGO 26x Vessels 14 DYROS 14 MICHIGAN 13 NORFOLK 21 ARKADIA 12 ANDROUSA 22 OAKLAND Confidential 17 ETOILE 15 SCORPIUS (2) 24 MONEMV