Costamare Inc. · NYSE:CMRE
Costamare — Q4 2022 Earnings Presentation
20 slides from Costamare's earnings presentation, Feb 8, 2023
Slide 1: Fourth Quarter 2022 Financial Results Conference Call
Fourth Quarter 2022 Financial Results Conference Call February 8, 2023
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)
Highlights (1/5) 2022 – Another Record Year ► 2022 Net Income available to common stockholders of $523.9 million ($4.26 per share) vs $404.1 million ($3.28 per share) in 2021. ► 2022 Adjusted Net Income available to common stockholders (1) of $405.3 million ($3.30 per share) vs $289.9 million ($2.36
Slide 4: Highlights (2/5) Dry Bulk Operating Platform
Highlights (2/5) Dry Bulk Operating Platform ► Fully consolidated newly set-up dry bulk operating company, Costamare Bulkers Inc. ("CBI"). ► CBI's activities focus on the charter-in/out of dry bulk vessels along with the entering into contracts of affreightment. ► Active trading of forward freight a
Slide 5: Highlights (3/5) New Financings and Capital Structure Update
Highlights (3/5) New Financings and Capital Structure Update ► No significant loan / lease maturities until 2026. ► Corporate Leverage on a Market Values basis remains below 35%.(1) ► No history of debt restructurings, covenant waivers or debt deferral requests. ► New financing agreements during Q4
Slide 6: Highlights (4/5)
Highlights (4/5) Strong chartering performance and new forward starting charter arrangements ► Entered into a total of 38 chartering agreements for the owned dry bulk fleet since Q3 2022 earnings release. ► 96% and 85% of our containership fleet(1) fixed for 2023 and 2024, respectively. ► Contracted
Slide 7: Highlights (5/5)
Highlights (5/5) Containership Market ► Normalization of charter rates in 2H 2022 due to reduction of cargo demand and port congestion. ► Idle vessels have ticked up slightly to 2.6%(1). Dry Bulk Market ► Charter rates remain under pressure and at low levels, but the Forward Freight Agreements marke
Slide 8: Strong Liquidity Position
Strong Liquidity Position ► Ample liquidity of $973.2 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 our share of cash amounting to $4.5 million held by vessel owning-companies established
Slide 9: Q4 2022 Income Statement Snapshot
Q4 2022 Income Statement Snapshot Q4 2022 RESULTS Q4 2021 Q4 2022 % Change Ownership Days (incl. Drybulk vessels) 9,942 10,552 6.1% Average Number of Vessels 108.1 114.7 6.1% Voyage Revenue 283,918 265,431 -6.5% Net Interest and Finance Costs (*) 25,221 30,926 22.6% Adjusted Net Income Available to
Slide 10: Container Market Environment
Container Market Environment Charter Rates ► Charter rates have normalized from historical highs due 12m Timecharter Rates to reduced cargo demand and the return of capacity 200,000 previously tied up by congestion. 150,000 100,000 ► Latest fixtures have been for shorter periods and rates 50,000 hav
Slide 11: Dry Bulk Market Environment
Dry Bulk Market Environment Average Spot Earnings (USD/p.d.) ► Rates for dry bulk vessels remain under pressure and at low levels, but the Forward Freight Agreements market 80,000 indicates significant strengthening signs especially from 60,000 Q2 2023. 40,000 20,000 8,681 8,542 0 7,963 Jul-06 Jul-0
Slide 12: Thank You Q&A
Thank You Q&A 12
Slide 13: 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 2021 2022 earnings al
Slide 14: Appendix II – Dry Bulk Fleet
Appendix II – Dry Bulk Fleet # Vessel Built Size (DWT) # Vessel Built Size (DWT) Panamax/Kamsarmax Supramax/Ultramax 1 AEOLIAN 2012 83,478 1 MERCHIA 2015 63,800 2 GRENETA 2010 82,166 2 SEABIRD 2016 63,553 3 3 DAWN 2018 63,530 HYDRUS 2011 81,601 4 4 ORION 2015 63,473 PHOENIX 2012 81,569 5 DAMON 2012
Slide 15: Appendix III – Chartered-In Vessels – Costamare Bulkers Inc.
Appendix III – Chartered-In Vessels – Costamare Bulkers Inc. No. Vessel Built Dwt Newcastlemax/Capesize 1 BERGE GROSSGLOCKNER 2017 211,182 2 GOLDEN SAINT 2020 211,037 3 BERGE BOBOTOV 2021 210,914 4 GOLDEN SPIRIT 2020 210,866 5 BULK SAO PAOLO 2020 208,445 6 BULK SANTOS 2020 208,445 7 GOLDEN SPRAY 202
Slide 16: Appendix IV – Containership Operating Fleet Charter Status (1/5)
Appendix IV – Containership Operating Fleet Charter Status (1/5) (1) Charterer Age Vessels 2 YM TIPTOP 2 YM TARGET 3 YM TOTALITY 3 YM TRUTH 12,000 – 15,000 TEUs 3 YM TRIUMPH 7 THESEUS 10x Vessels 7 TAURUS 7 TALOS 7 TITAN 7 TRITON Feb/23 Feb/24 Feb/25 Feb/26 Feb/27 Feb/28 Feb/29 Feb/30 Feb/31 7 CAPE
Slide 17: Appendix IV – Containership Operating Fleet Charter Status (2/5)
Appendix IV – Containership Operating Fleet Charter Status (2/5) Charterer Age Vessels(1) 10 VANTAGE 10 VALENCE / Confidential 10 VALIANT 10 VALUE 10 VALOR 7,500 – 10,000 TEUs / Confidential 13 NAVARINO 18x Vessels 9 MSC AMALFI 9 MSC AJACCIO 9 MSC AZOV / 27 27 MAERSK KOTKA MAERSK KLEVEN 10 MSC ATHOS
Slide 18: Appendix IV – Containership Operating Fleet Charter Status (3/5)
Appendix IV – Containership Operating Fleet Charter Status (3/5) (1) Charterer Age Vessels 20 METHONI 21 PORTO GERMENO 22 PORTO CHELI 5,000 – 7,500 TEUs 21 PORTO KAGIO 13x Vessels 19 ARGUS Confidential / Confidential 19 ARIES / 27 KURE 20 ZIM VIETNAM 20 ZIM AMERICA 18 MAERSK KOWLOON 23 ZIM TAMPA 17
Slide 19: Appendix IV – Containership Operating Fleet Charter Status (4/5)
Appendix IV – Containership Operating Fleet Charter Status (4/5) Charterer Age Vessels (1) / 13 VULPECULA 14 VELA 12 NEOKASTRO 1,000 – 5,000 TEUs Confidential / Confidential 15 TRADER 26x Vessels / Confidential 22 LUEBECK Confidential / Confidential 18 ETOILE 21 ULSAN / Confidential 15 MICHIGAN 10 M
Slide 20: Appendix IV – Containership Operating Fleet Charter Status (5/5)
Appendix IV – Containership Operating Fleet Charter Status (5/5) Charterer Age Vessels(1) 5 POLAR BRASIL 9 LEONIDIO 9 KYPARISSIA 5 POLAR ARGENTINA 1,000 – 5,000 TEUs 14 GIALOVA 26x Vessels 13 VOLANS 14 VIRGO 15 DYROS 16 SCORPIUS 14 NORFOLK 22 ARKADIA 13 ANDROUSA 23 OAKLAND 25 MONEMVASIA Feb/23 Feb/2