Slide 1: Third Quarter 2019 Financial Results Conference Call
Third Quarter 2019 Financial Results Conference Call October 24, 2019
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: Highlights (1/2)
Highlights (1/2) Performance ➢ Voyages Revenues increase of 36% (Q3 2019 vs Q3 2018) to $123.6m. ➢ Net Income increase of 157% (Q3 2019 vs Q3 2018) to $36m. ➢ Q3 2019 Earnings per Share increase of 300% to $0.24 ($0.06 in Q3 2018). ➢ Q3 2019 Adjusted Earnings per Share increase of 189% to $0.26(1) (
Slide 4: Highlights (2/2)
Highlights (2/2) Fleet ➢ Fleet utilization of 99.8%(1). ➢ Chartered 14 vessels during the third quarter. ➢ Agreed to sell the 1991-built, 2023 TEU containership Sierra II (ex. MSC Sierra II). Sale expected to be completed in October 2019. Containership Market ➢ Maintained the upward trend in charter
Slide 5: Q3 2019 New Chartering Agreements
Q3 2019 New Chartering Agreements 35,000 30,698 30,000 Average net Daily Timecharter Rates based on actual fixtures 54% 25,000 Previous Fixture 19,955 20,000 Current Fixture 15,358 15,000 25% 12,250 10,000 5,000 0 Vessels above 5,500 TEUs All vessels Larger containerships (above 5,500 TEUs) continue
Slide 6: Q3 2019 Income Statement Snapshot
Q3 2019 Income Statement Snapshot Q3 2019 RESULTS Q3 2018 Q3 2019 % Change Ownership Days 5,136 5,520 7.5% Average Number of Vessels 55.8 60.0 7.5% Voyage Revenues 90,913 123,631 36.0% Net Interest and Finance Costs (*) 14,114 23,200 64.4% Adjusted Net Income Available to Common Stockholders(**) 9,7
Slide 7: Prudent Capital Structure
Prudent Capital Structure LEVERAGE RATIO(1) NET DEBT / ADJUSTED EBITDA(2)(3) 60% (' 000 US$) 2019 (9m) 55% 54% NET INCOME 63,112 51% 50% Net Interest and Finance Costs 66,830 46% 45% Depreciation and Amortization 91,818 45% EBITDA(3) 221,760 43% 40% 42% ADJUSTED EBITDA(3) 248,752 39% 35% Calculated
Slide 8: High Quality and Stable Cash Flows
High Quality and Stable Cash Flows Revenue Contribution (All Vessels)(1)(2) Other As of October 24, 2019, contracted revenues of 1% approximately $2.3Bn(1)(2) 1% 9% TEU-weighted average remaining time charter duration for the fleet is about 3.7 years(1)(2) 26% 12% 24% 27% Notes 1.Based on contra
Slide 9: Container Shipping Market
Container Shipping Market Charter Rates Idle Fleet Charter Index HRCI(1) % of Fleet(2) 10% 900 800 8% 700 34% YTD 600 increase 5% 500 3% 400 300 0% Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 Oct-19 Source: Howe Robinson as of October 16, 2019 Source: AXS-Alphaliner report as of O
Slide 10: Q&A
Q&A 10
Slide 11: Appendix - I
Appendix - I Net Income to Adj. Net Income Available to Common Stockholders and Adj. EPS Reconciliations– EBITDA and Adjusted EBITDA Definitions Note: Adjusted Net Income available to common stockholders and Adjusted Earnings per Share Three-month period ended represent Net Income after earnings all
Slide 12: Appendix - II
Appendix - II EBITDA to Adjusted EBITDA Reconciliation for the nine-month period ended September 30, 2019 (' 000 US$) 2019 (9m) NET INCOME 63,112 Interest and Finance Costs 69,342 Interest Income (2,512) Depreciation 85,081 Amortization 6,737 EBITDA 221,760 Book Loss on Sale of Vessels 18,458 Impair