Slide 1: Second Quarter 2014 Financial Results Conference Call
Second Quarter 2014 Financial Results Conference Call July 24, 2014
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 the
Slide 3: Recent Transactions
Recent Transactions The Company purchased the 2000-built, 2,474 TEU containership Arepolis for a purchase price of $9.5 million. The vessel has been chartered to Cosco for a period of minimum 3 and maximum 5 months starting from June 15, 2014, at a daily rate of $7,000. Vessel The Company sold t
Slide 4: Recent Transactions
Recent Transactions The Company entered into the following charter agreements: Agreed to substitute the 1998-built, 3,842 TEU containership MSC Koroni (ex. Koroni) into the charter of the MSC Kyoto which was sold for demolition. Agreed to charter the 1998-built, 3,842 TEU containership MSC Itea
Slide 5: Income Statement
Income Statement Q2 2014 RESULTS 2Q 2013 2Q 2014 % Change Ownership Days 4,456 5,070 13.8% Average Number of Vessels 49.0 55.7 13.7% Voyage Revenues $ 100,030 $ 123,505 23.5% EBITDA(*) $ 70,486 $79,415 12.7% Depreciation & Amortization $ 23,586 $ 29,610 25.5% Net Interest and Finance Costs $ 16,344
Slide 6: High Quality Stable Cash Flows - Strong Relationships
High Quality Stable Cash Flows- Strong Relationships Revenue Contribution (All Vessels)(1)(2) As of July 23, 2014, contracted Other 0.3% revenues of approximately 0.9% $2.6Bn(1)(2) 2.8% 9.2% TEU-weighted average remaining time charter duration 35.0% for the fleet is about 5.0 19.3% years(1)(2)
Slide 7: Small Re-chartering Risk for 2014
Small Re-chartering Risk for 2014 EBITDA EBITDA Sensitivity Based on Re-Chartering Discount Sensitivity 100% 0,5% 0,9% 1,3% 1,8% 2,2% 2,7% 90% 80% Contracted 70% EBITDA for the remaining 60% 6 months of 2014, 50% including 100% EBITDA from re- 40% chartering at existing 30% contracted rates 20% 10%
Slide 8: Balance Sheet Management
Balance Sheet Management Debt Repayment Schedule as of June 30, 2014 (US$ thousands)(1) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $103,258 $ 206,458 $ 199,793 $ 242,812 $ 580,633 $ 78,300 $ 248,544 $ 87,464 $ 22,117 $ 23,730 $ 83,222 Smooth amortization schedule minimizes re-financing
Slide 9: Container Shipping Industry
50 100 150 200 300 250 0 CCFI 1000 1050 1100 1150 1200 850 900 950 Dec-95 Jul-96 Jan-13 Charter Index Feb-97 Feb-13 Sep-97 Mar-13 Apr-98 Apr-13 Nov-98 Jun-99 May-13 Jan-00 Source: AXS-Alphaliner Jun-13 Aug-00 Jul-13 Mar-01 Aug-13 Oct-01 May-02 Sep-13 Dec-02 Oct-13 Source: Shanghai Shipping Exchange
Slide 10: Costamare Inc. Q&A
Costamare Inc. Q&A
Slide 11: Appendix
Appendix Net Income to Adjusted Net Income and Adjusted EPS Reconciliation Six-month period ended June Three-month period ended 30, June 30, (Expressed in thousands of U.S. dollars, 2013 2014 2013 2014 except share and per share data) Net Income $ 55,291 $ 47,213 $ 30,556 $ 27,380 Distributed earnin
Slide 12: Appendix
Appendix Net Income to EBITDA and Adjusted EBITDA Reconciliation Six-month period ended June Three-month period ended 30, June 30, (Expressed in thousands of U.S. 2013 2014 2013 2014 dollars) Net Income $ 55,291 $ 47,213 $ 30,556 $ 27,380 Interest and finance costs 34,108 48,362 16,544 22,566 Intere