Costamare Inc. · NYSE:CMRE
Costamare — Q2 2023 Earnings Presentation
20 slides from Costamare's earnings presentation, Jul 28, 2023
Slide 1: Second Quarter 2023 Financial Results Conference Call
Second Quarter 2023 Financial Results Conference Call July 28, 2023
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 2023 – Financial Results ► Q2 2023 Net Income available to common stockholders of $63.2 million ($0.52 per share). ► Q2 2023 Adjusted Net Income available to common stockholders(1) of $68.6 million ($0.56 per share). ► Q2 2023 liquidity of $1,059 million(2). Notes 1. Adjusted Net
Slide 4: Highlights (2/6) Share Repurchase Program to Date
Highlights (2/6) Share Repurchase Program to Date ► Since beginning of Q2 2023, repurchase of 5,385,492 common shares for a total consideration of 50 million. ► Available funds remaining under the share repurchase programs: ❖ $40 million for common shares. ❖ $150 million for preferred shares. 4
Slide 5: Highlights (3/6) Dry Bulk Operating Platform
Highlights (3/6) Dry Bulk Operating Platform ► Second full operational quarter of our newly set-up dry bulk operating company, Costamare Bulkers Inc. ("CBI"). ► Chartered-in 56(1) period vessels of a total capacity of c. 8.6 million dwt: ❖ 35 Newcastlemax/Capesize ❖ 20 Kamsarmax/Panamax ❖ 1 Ultramax
Slide 6: Highlights (4/6)
Highlights (4/6) New Debt Financings and Capital Structure ► Conclusion of the refinancing of existing indebtedness of two containerships and seven dry bulk vessels through two(1) bilateral loan facilities totaling approximately $176 million: ❖ Out of the $176 million, approximately $84 million is u
Slide 7: Highlights (5/6) Sale and Purchase Activity
Highlights (5/6) Sale and Purchase Activity ▶ Dry Bulk Vessels: ❖ Conclusion of: ▪ the sale of the 2010-built, 37,302 DWT capacity dry bulk vessel, Comity, resulting in a capital gain of $2.1 million in Q2 2023. ❖ Agreement for: ▪ the acquisition of the 2011-built, 175,975 DWT capacity dry bulk vess
Slide 8: Highlights (6/6)
Highlights (6/6) Containership Market ► Charter rates have been softening over the recent weeks, remaining though at healthy levels. ► Idle fleet remains at low levels at 1.1%(1). Dry Bulk Market ► Charter rates remain volatile, while for the remainder of 2023, the Forward Freight Agreements(2) mark
Slide 9: Strong Liquidity Position
Strong Liquidity Position ► Ample liquidity of $1,059 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 $3.1 million held by vessel-owning companies set-up purs
Slide 10: Container Market Environment
Container Market Environment Charter Rates (1) 12m Timecharter Rates ► Softening over the recent weeks, although rates remain at 160.000 healthy levels. 120.000 80.000 ► The high orderbook remains the principal threat of the 40.000 market. 0 Apr-22 Jan-20 Apr-20 Jan-21 Apr-21 Jan-22 Jan-23 Apr-23 Oc
Slide 11: Dry Bulk Market Environment
Dry Bulk Market Environment Average Spot Earnings (USD/p.d.) (1) Forward Freight Agreements Curve (2) 60.000 18.000 50.000 40.000 15.000 30.000 11,485 12.000 20.000 6,930 10.000 9,121 9.000 7,833 0 Jan-11 Jan-12 Jan-13 Jan-20 Jan-21 Jan-22 Jan-23 Jan-15 Jul-14 Jul-11 Jul-12 Jul-13 Jan-14 Jul-15 Jan-
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 2022 2023 earnings alloca
Slide 14: 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 AQUARANGE (TBR 1 MERCHIA 2015 63.800 1 VERITY 2012 37.163 1 2011 179.842 2 PARITY 2012 37.152 DORADO) * 2 SEABIRD 2016 63.553 3 DAWN 2018 63.530 3 ACUITY 2011 37.149 2 AQU
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 Newcastlemax/Capesize Kamsarmax/Panamax 1 BERGE GROSSGLOCKNER 2017 211.182 1 XING LE HAI 2022 85.038 2 GOLDEN SCAPE 2016 211.122 2 GIA INSPIRATION 2022 85.000 3 SHANDONG PROSPERITY 2021 211.
Slide 16: Appendix IV – Containership Operating Fleet Charter Status (1/5)
Appendix IV – Containership Operating Fleet Charter Status (1/5) Charterer Age Vessels 2 YM TIPTOP 2 YM TARGET 3 YM TOTALITY 3 YM TRUTH YM TRIUMPH 12,000 – 15,000 TEUs 3 7 THESEUS 10x Vessels 7 TAURUS 7 TALOS 7 TITAN 7 TRITON Jul/23 Jul/24 Jul/25 Jul/26 Jul/27 Jul/28 Jul/29 Jul/30 Jul/31 7 CAPE AKRI
Slide 17: Appendix IV – Containership Operating Fleet Charter Status (2/5)
Appendix IV – Containership Operating Fleet Charter Status (2/5) Charterer Age Vessels(1) 10 VANTAGE 10 VALENCE / Confidential 10 VALIANT VALUE 10 7,500 – 10,000 TEUs 10 VALOR 18x Vessels / Confidential 13 NAVARINO 9 MSC AMALFI 9 MSC AJACCIO 9 MSC AZOV / 27 MAERSK KOTKA 27 MAERSK KLEVEN 10 MSC ATHOS
Slide 18: Appendix IV – Containership Operating Fleet Charter Status (3/5)
Appendix IV – Containership Operating Fleet Charter Status (3/5) (1) Charterer Age Vessels 20 METHONI 27 KURE 21 PORTO GERMENO 5,000 – 7,500 TEUs 22 PORTO CHELI 12x Vessels 21 PORTO KAGIO 19 ARGUS Confidential 19 ARIES 20 ZIM VIETNAM 20 ZIM AMERICA 18 MAERSK KOWLOON 23 ZIM TAMPA 17 GLEN CANYON Jul/2
Slide 19: Appendix IV – Containership Operating Fleet Charter Status (4/5)
Appendix IV – Containership Operating Fleet Charter Status (4/5) Charterer Age Vessels (1) 13 VULPECULA 14 VELA 12 NEOKASTRO 1,000 – 5,000 TEUs Confidential / Confidential 15 TRADER 24x Vessels Confidential 18 ETOILE / Confidential 22 LUEBECK 21 ULSAN / Confidential 15 MICHIGAN 10 MARATHOPOLIS 10 ME
Slide 20: Appendix IV – Containership Operating Fleet Charter Status (5/5)
Appendix IV – Containership Operating Fleet Charter Status (5/5) Charterer Age Vessels(1) Confidential 14 NORFOLK 5 POLAR BRASIL 9 LEONIDIO 9 KYPARISSIA 1,000 – 5,000 TEUs 13 VOLANS 24x Vessels 16 SCORPIUS Confidential 13 ANDROUSA 14 GIALOVA 14 VIRGO 22 ARKADIA 15 DYROS 23 OAKLAND Jul/23 Jul/24 Jul/