Costamare Inc. · NYSE:CMRE
Costamare — Q4 2024 Earnings Presentation
19 slides from Costamare's earnings presentation, Feb 5, 2025
Slide 1: Fourth Quarter 2024 Financial Results Conference Call
Fourth Quarter 2024 Financial Results Conference Call February 5, 2025
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 (1/5): Profitability and Liquidity
Highlights (1/5) Profitability and Liquidity ► FY 2024 Net Income available to common stockholders of $290.7 million ($2.44 per share). ► FY 2024 Adjusted Net Income available to common stockholders(1) of $329.7 million ($2.76 per share). ► Q4 2024 Net Income available to common stockholders of $29.
Slide 4: Highlights (2/5): Strong Chartering Performance
Highlights (2/5) Strong Chartering Performance ► Forward fixing of 12 containerships with incremental contracted revenues of approximately $332.6 million since the Q3 2024 earnings release. ► 96% and 69% of our containership fleet(1) fixed for 2025 and 2026, respectively. ► Contracted revenues for t
Slide 5: Highlights (3/5): Sale and Purchase Activity
Highlights (3/5) Sale and Purchase Activity ► Vessel Acquisitions: ❖ Conclusion of: ▪ the acquisition of the 2011-built, 179,546 DWT capacity dry bulk vessel, Magnes (ex. Nord Magnes). ▪ the acquisition of the 2014-built, 61,090 DWT capacity dry bulk vessel, Alwine (ex. Alwine Oldendorff ). ▪ the ac
Slide 6: Highlights (4/5): Debt Financings and Capital Structure
Highlights (4/5) Debt Financings and Capital Structure ► Conclusion of refinancing/financing of 36 dry bulk vessels through four bilateral term loan facilities with European financial institutions: ❖ Total amount drawn of approximately $339.3 million. ❖ Improvement of funding cost, no increase in le
Slide 7: Highlights (5/5): Dry Bulk Operating and Lease Financing Platforms
Highlights (5/5) Dry Bulk Operating Platform – Costamare Bulkers Inc. (“CBI”) ► Chartered-in 51(1) period vessels of a total capacity of c. 8.2 million dwt: ❖ 36 Newcastlemax/Capesize vessels with an average remaining tenor of 13 months. ❖ 15 Kamsarmax vessels with an average remaining tenor of 14 m
Slide 8: Strong Liquidity Position
Strong Liquidity Position ► Ample liquidity of $941.6 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 margin deposits relating to our (“FFAs”) and bunker swaps of $45.2 million, short term
Slide 9: Container Market Environment
Container Market Environment Charter Rates (1) 12m Timecharter Rates ► Charter rates remain at firm levels as market participants 160.000 seem to have adopted a ‘wait and see’ approach on a possible 120.000 resolution of the Red Sea crisis. 80.000 ► The uninterrupted delivery of newbuilding vessels
Slide 10: Dry Bulk Market Environment
Dry Bulk Market Environment Average Spot Earnings (USD/p.d.) (1) Forward Freight Agreements Curve (2) 50.000 25.000 40.000 20.000 30.000 15.000 20.000 8,047 7,417 10.000 10.000 7,063 0 4,835 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 5.000 Q1 2025 Q2 2
Slide 11: Thank You Q&A
Thank You Q&A
Slide 12: 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 December 31 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 al
Slide 13: 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 DAWN 2018 63.561 2 PARITY 2012 37.152 2 MIRACLE 2011 180.643 3 SEABIRD 2016 63.553 3 ACUITY 2011
Slide 14: 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 1 BERGE ZUGSPITZE 2016 211.182 1 W-SMASH 2013 82.742 2 BERGE GROSSGLOCKNER 2017 211.171 2 SAPHIRA 2021 82.577 3 SHANDONG PROSPERITY 2021 211.103 4 SHANDONG IN
Slide 15: Appendix IV – Containership Operating Fleet Charter Status (1/5)
Appendix IV – Containership Operating Fleet Charter Status (1/5) (1) Charterer Age Vessels 4 YM TIPTOP 4 YM TARGET 5 YM TOTALITY 5 YM TRUTH 12,000 – 15,000 TEUs 5 YM TRIUMPH 9 THESEUS 10x Vessels 9 TAURUS 9 TALOS 9 TITAN 9 TRITON Feb/25 Feb/26 Feb/27 Feb/28 Feb/29 Feb/30 Feb/31 Feb/32 9 CAPE AKRITAS
Slide 16: Appendix IV – Containership Operating Fleet Charter Status (2/5)
Appendix IV – Containership Operating Fleet Charter Status (2/5) Charterer Age Vessels(1) 12 VANTAGE 12 VALENCE / Confidential 12 VALIANT 12 VALUE 7,500 – 10,000 TEUs 12 VALOR 18x Vessels 11 MSC AZOV 15 NAVARINO / Confidential 12 MSC ATHOS 12 MSC ATHENS 29 KOTKA 19 COSCO HELLAS / Confidential 19 BEI
Slide 17: Appendix IV – Containership Operating Fleet Charter Status (3/5)
Appendix IV – Containership Operating Fleet Charter Status (3/5) (1) Charterer Age Vessels 22 ZIM VIETNAM 22 ZIM AMERICA / Confidential 29 KURE 5,000 – 7,500 TEUs 25 TAMPA I / Confidential 12x Vessels 19 GLEN CANYON 22 METHONI 23 PORTO GERMENO 23 PORTO KAGIO 24 PORTO CHELI 21 ARGUS Confidential 21 A
Slide 18: Appendix IV – Containership Operating Fleet Charter Status (4/5)
Appendix IV – Containership Operating Fleet Charter Status (4/5) (1) Charterer Age Vessels 17 TRADER Confidential / Confidential 20 ETOILE 1,000 – 5,000 TEUs 15 VULPECULA 23x Vessels Confidential / Confidential 24 LUEBECK 16 VELA Confidential / Confidential 16 NORFOLK Confidential / Confidential 17
Slide 19: Appendix IV – Containership Operating Fleet Charter Status (5/5)
Appendix IV – Containership Operating Fleet Charter Status (5/5) Charterer Age Vessels (1) 14 NEOKASTRO 21 LAKONIA 1,000 – 5,000 TEUs 11 LEONIDIO 23x Vessels 11 KYPARISSIA 7 POLAR BRASIL 15 ANDROUSA Confidential 16 GIALOVA 18 SCORPIUS 23 ULSAN 12 MARATHOPOLIS 12 MEGALOPOLIS 24 ARKADIA Feb/25 Feb/26