Costamare Inc. · NYSE:CMRE
Costamare — Q4 2017 Earnings Presentation
12 slides from Costamare's earnings presentation, Jan 24, 2018
Slide 1: Fourth Quarter 2017 Financial Results Conference Call
Fourth Quarter 2017 Financial Results Conference Call January 24, 2018
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: Q4 2017 New Chartering Agreements
Q4 2017 New Chartering Agreements ➢ No ships laid up. ➢ Larger ships have captured most of the upswing. # Vessel Built TEUs Latest Fixture Term 1 Cape Artemisio 2017 11,010 $27,000 (net) 11 to 13 months 2 Cape Tainaro 2017 11,010 $28,250 11 to 14 months 3 Cosco Guangzhou 2006 9,469 $13,500 / $16,000
Slide 4: Recent Transactions – Newbuild vessel delivery / New acquisition
Recent Transactions –Newbuild vessel delivery/ New acquisition ⚫ On January 23, 2018, we accepted delivery of the 3,800 TEU containership Polar Newbuild vessel Argentina (ex Hull Nr YZJ2015-1206), which was acquired pursuant to our joint venture delivery with York. The vessel commenced its 7-year ch
Slide 5: Recent Transactions – Dividend Declarations
Recent Transactions – Dividend Declarations ⚫ On January 2, 2018, we declared a dividend for the fourth quarter ended December 31, 2017, of $0.10 per share on our common stock, payable on February 6, 2018, to stockholders of record as of January 23, 2018. ⚫ As long term committed shareholders, membe
Slide 6: Q4 2017 Income Statement Snapshot
Q4 2017 Income Statement Snapshot Q4 2017 RESULTS 4Q 2016 4Q 2017 % Change Ownership Days 4,876 4,843 (0.7%) Average Number of Vessels 53.0 52.6 (0.8%) Voyage Revenues $110,134 $100,618 (8.6%) Net Interest and Finance Costs 17,228 15,766 (8.5%) (*) Adjusted Net Income Available to Common Stockholder
Slide 7: High Quality & Stable Cash Flows
High Quality & Stable Cash Flows Revenue Contribution (All Vessels)(1)(2) (3) • As of January 24, 2018, contracted Other 3.8% 1.3% 1.4% revenues of approximately $1.2Bn(1)(2) 1.5% • TEU-weighted average remaining 38.1% time charter duration for the fleet is 14.7% about 2.9 years(1)(2) 39.2% Notes 1.
Slide 8: Prudent Balance Sheet Management
Prudent Balance Sheet Management ➢ Total Cash and Cash Equivalents as of December 31, 2017 of $219m. ➢ Disciplined management of our Balance Sheet, with $1.01bn of Net Debt1 as of December 31st. ➢ Expected Leverage Ratio2 of 50%, for FY 2017 based on compliance certificates to be delivered to financ
Slide 9: Container Shipping Industry
Container Shipping Industry Charter Rates Idle Fleet Charter Index (HRCI)(1) %of fleet 1.8% 60% increase since Jan 17 Source: Howe Robinson as of January 17, 2018 Source: AXS-Alphaliner as of January 18, 2018 Orderbook Box Rates Orderbook/ Total Fleet (%) CCFI Index 12.7% Source: Clarkson (as of Jan
Slide 10: Takeaways
Takeaways Performance ✓ Adjusted EPS of $0.17. Fleet ✓ No vessels laid up. ✓ 16 vessels in new or extended timecharters. ✓ Delivery of 3,800 TEU containership (Polar Argentina) on 7-year charter with Hamburg Süd. ✓ Acquisition of the 2005-built 2,556 TEU container vessel (CMA CGM L'Etoile) with cash
Slide 11: Costamare Inc. Q&A
Costamare Inc. Q&A
Slide 12: Appendix – I: Net Income to Adjusted Net Income Reconciliation
Appendix – I Net Income to Adj. Net Income Available to Common Stockholders and Adj. EPS Reconciliation Three-month period ended December 31, (Expressed in thousands of U.S. dollars, 2016 2017 except share and per share data) Note: Adjusted Net Income available to common stockholders and Adjusted Ea