Costamare Inc. · NYSE:CMRE
Costamare — Q1 2023 Earnings Presentation
20 slides from Costamare's earnings presentation, May 15, 2023
Slide 1: First Quarter 2023 Financial Results Conference Call
First Quarter 2023 Financial Results Conference Call May 15, 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) – Q1 2023 Financial Results
Highlights (1/6) Q1 2023 – Financial Results ► Q1 2023 Net Income available to common stockholders of $141.6 million ($1.16 per share) vs $115.4 million ($0.93 per share) in Q1 2022. ► Q1 2023 Adjusted Net Income available to common stockholders (1) of $46.5 million ($0.38 per share) vs $104.5 milli
Slide 4: Highlights (2/6) – Dry Bulk Operating Platform
Highlights (2/6) Dry Bulk Operating Platform ► First full operational quarter of our newly set-up dry bulk operating company, Costamare Bulkers Inc. ("CBI"). ► CBI's activities focus on the charter-in/out of dry bulk vessels along with the entering into contracts of affreightment. ► Active trading o
Slide 5: Highlights (3/6) – Lease Financing Platform and Debt Financings
Highlights (3/6) Lease Financing Platform ► Expansion to lease financing business by becoming the leading investor in Neptune Maritime Leasing Limited (“NML”). ► Established in 2021 by highly experienced professionals. ► Providing flexible financing solutions and aiming to further enhance strong rel
Slide 6: Highlights (4/6) – Strong chartering performance
Highlights (4/6) Strong chartering performance ► Entered into more than 60 chartering agreements for the owned dry bulk fleet since Q4 2022 earnings release. ► 98% and 86% of our containership fleet(1) fixed for 2023 and 2024, respectively. ► Contracted revenues for the containership fleet of approx
Slide 7: Highlights (5/6) – Sale and Purchase Activity
Highlights (5/6) Sale and Purchase Activity ► Estimated combined net capital gain of $84.7 million in Q1 2023, from the sale or agreement to sell certain of our vessels. ► Vessels which have been sold or are expected to be sold include: ❖ Owned Containerships: • c/v Maersk Kalamata, 2003-built, 6,64
Slide 8: Highlights (6/6) – Markets, Dividends and Sponsor Support
Highlights (6/6) Containership Market ► Charter rates are on a rising trend with high demand across the board, while fixture periods are increasing in duration. ► Idle fleet remains at low levels at 1.4%(1). Dry Bulk Market ► Charter rates remain volatile, while for the remainder of 2023, the Forwar
Slide 9: Strong Liquidity Position
Strong Liquidity Position ► Ample liquidity of $1,076 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 $4.0 million held by vessel owning-companies set-up pursu
Slide 10: Container Market Environment
Container Market Environment Charter Rates 12m Timecharter Rates ► Upward trend in charter rates across all the segments. 160,000 120,000 ► Latest fixtures have been for longer periods. 80,000 40,000 ► The principal threat of the market remains the high 0 orderbook. Aug-20 Aug-19 Aug-21 Nov-21 Nov-1
Slide 11: Dry Bulk Market Environment
Dry Bulk Market Environment Average Spot Earnings (USD/p.d.) (1) Forward Freight Agreements Curve (2) 80,000 15,000 60,000 12,000 40,000 20,000 12,417 9,000 12.528 13,313 0 Nov-10 Nov-06 Nov-11 Nov-12 Nov-13 Nov-20 Nov-21 Nov-22 Nov-07 Nov-08 Nov-09 Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 Nov-19 May-07 M
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 March 31 Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after earnings allocated to preferred stock and Non-Controllin
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 1 MERCHIA 2015 63,800 AEOLIAN 2012 83,478 2 SEABIRD 2016 63,553 2 GRENETA 2010 82,166 3 DAWN 2018 63,530 3 HYDRUS 2011 81,601 4 ORION 2015 63,473 4 PHOENIX 2012 81,569 5 DAMON 2012
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 May/23 May/24 May/25 May/26 May/27 May/28 May/29 May/30 7 CAPE AKRITAS 6 C
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 10 VALUE 7,500 – 10,000 TEUs 10 VALOR 18x Vessels / Confidential 13 NAVARINO 9 MSC AMALFI 9 MSC AJACCIO 9 MSC AZOV / 27 27 MAERSK KOTKA 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 21 PORTO GERMENO 22 PORTO CHELI 5,000 – 7,500 TEUs 21 PORTO KAGIO 12x Vessels / 27 KURE 19 ARGUS Confidential 19 ARIES 20 ZIM VIETNAM 20 ZIM AMERICA 18 MAERSK KOWLOON 23 ZIM TAMPA 17 GLEN CANYON May
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 26x Vessels / Confidential 22 LUEBECK Confidential / Confidential 18 ETOILE 21 ULSAN / Confidential 15 MICHIGAN 10 MAR
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 (2) 5 POLAR ARGENTINA 26x Vessels Confidential 13 ANDROUSA 14 GIALOVA 13 VOLANS 14 VIRGO 22 ARKADIA 15 DYROS 16 SCORPIUS 25 MO