Slide 1: Third Quarter 2016 Financial Results Conference Call
Third Quarter 2016 Financial Results Conference Call October 25, 2016
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 – Charterings
Recent Transactions – Charterings The Company entered into the following chartering arrangements: Agreed to extend the charter of the 2010-built, 8,531 TEU containership Navarino with PIL for a period of 12 to 18 months starting from November 13, 2016 at a daily rate of $9,000. Charterers declar
Slide 4: Recent Transactions – Deliveries & New Financings
Recent Transactions – Deliveries & New Financings On September 5, 2016, October 4, 2016 and October 24, 2016, we accepted delivery of the 14,424 TEU containerships Talos, Taurus and Theseus containerships acquired pursuant to our joint venture with York. The vessels commenced their 10-year time ch
Slide 5: Recent Transactions – Refinancings & Dividend Declaration
Recent Transactions – Refinancings & Dividend Declaration In August 2016, we finalized the refinancing of two credit facilities secured with the 2006-built vessel Cosco Beijing (9,469 TEUs) and the 2000-built ships Sealand New York and Sealand Washington (6,648 TEUs each). Under the new financing
Slide 6: Q3 2016 Income Statement Snapshot
Q3 2016 Income Statement Snapshot Q3 2016 RESULTS 3Q 2015 3Q 2016 % Change Ownership Days 5,060 4,912 (2.92%) Average Number of Vessels 55.0 53.4 (2.91%) Voyage Revenues $124,033 $118,256 (4.66%) (*) Adjusted EBITDA 88,690 80,841 (8.85%) Depreciation & Amortization 28,730 29,316 2.04% Net Interest a
Slide 7: High Quality & Stable Cash Flows
High Quality & Stable Cash Flows Revenue Contribution (All Vessels)(1)(2) Other As of October 24, 2016, contracted 3.0% 0.4% 0.3% revenues of approximately $1.6Bn(1)(2) 5.6% TEU-weighted average remaining time charter duration for the fleet is about 3.4 years(1)(2) 14.3% 38.3% 38.1% Notes 1. Bas
Slide 8: Consistently Strong Performance
Consistently Strong Performance Historical Financial Performance vs. Containership Time Charter Rate Index (1) $MM Index Value 600 140 120 500 100 400 80 300 60 200 40 100 20 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM Adj. EBITDA Sep 2016 Margin 62.6% 60.9% 61.1% 63.3% 71.9% 65.5% 68.2% 69
Slide 9: Remaining Capex Commitments
Remaining Capex Commitments Remaining Capex Commitments (CMRE portion of yard instalments)(1) $MM 30 24.6 25 20 15 21.6 10 21.6 7-year charter contracts with Hamburg Sued. Have secured pre- 5 delivery financing 3.0 3.0 0 2x 3,800 TEU 4x 11,000 TEU Total Deliveries in 2018 Expected deliveries in 6x n
Slide 10: Smoothened Debt Repayment Profile
Smoothened Debt Repayment Profile Debt Repayment Profile Debt Repayment Profile Before New Financings & Refinancings After New Financings & Refinancings $MM $MM 600 567.4 600 500 500 400 400 433.0 300 300 275.8 240.8 199.8 206.1 210.4 71.8 42.0 – – 200 – 200 100 100 198.8 134.4 204.1 0 0 2016 2017 2
Slide 11: Next Twelve Months Re-chartering Revenue Sensitivity
Next Twelve Months Re-chartering Revenue Sensitivity Next Twelve Months Revenue Sensitivity Based on Re-Chartering Discount (1) Revenue Sensitivity 100% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.4% 3.9% 90% 80% Contracted 70% revenues for the next twelve 60% months(*), including 50% revenues from re- 40% char
Slide 12: Container Shipping Industry
Container Shipping Industry Charter Rates Idle Fleet Charter Index (HRCI)(1) %of fleet 14% 900 800 12% 700 10% 600 8% 500 400 6% 300 4% 2% Source: Howe Robinson as of October 13, 2016 0% Orderbook Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Orderbook/ Total Fleet (%) Source: AXS-Alphalin
Slide 13: Costamare Inc. Q&A
Costamare Inc. Q&A
Slide 14: Appendix - I
Appendix - I Net Income to Adj. Net Income Available to Common Stockholders and Adj. EPS Reconciliation Three-month period ended September 30, (Expressed in thousands of U.S. dollars, except share Note: Adjusted Net Income available to common stockholders and Adjusted 2015 2016 Earnings per Share re
Slide 15: Appendix - II
Appendix - II Net Income to EBITDA and Adjusted EBITDA Reconciliation Three-month period ended September 30, 2015 2016 Note: EBITDA represents net income before interest and finance costs, (Expressed in thousands of U.S. dollars) interest income, amortization of prepaid lease rentals, depreciation a