Costamare Inc. · NYSE:CMRE
Costamare — Q1 2017 Earnings Presentation
14 slides from Costamare's earnings presentation, Apr 28, 2017
Slide 1: First Quarter 2017 Financial Results Conference Call
First Quarter 2017 Financial Results Conference Call April 28, 2017
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 – Newbuild Charters, New Acquisitions
Recent Transactions – Newbuild Charters, New Acquisitions The Company has entered into time charter agreements for all five 11,000TEU newbuild vessels acquired under our JV with York Capital. The vessels have been chartered for periods of up to 12 months at an average rate of about $18,000 per day
Slide 4: Recent Transactions – Charterings
Recent Transactions – Charterings We have no ships laid up including all vessels acquired under our JV with York Capital. The Company entered into the following chartering arrangements: Agreed to charter the 2003-built, 5,928 TEU containership Venetiko to Hapag-Lloyd, for a period of 5 to 14 month
Slide 5: Recent Transactions – New Financing Transactions, Vessel Disposals
Recent Transactions – New Financing Transactions, Vessel Disposals In April 2017, we entered into a loan agreement with a leading European financial institution for the financing of the last 11,000 TEU vessel on order, acquired under our JV New financing with York Capital. The facility is for an a
Slide 6: Recent Transactions – Dividend Declarations
Recent Transactions – Dividend Declarations On April 3, 2017, we declared a dividend for the quarter ended March 31, 2017 of $0.10 per share on our common stock, payable on May 8, 2017, to stockholders of record on April 21, 2017. As long term committed shareholders, members of the Konstantakopo
Slide 7: Q1 2017 Income Statement Snapshot
Q1 2017 Income Statement Snapshot Q1 2017 RESULTS 1Q 2016 1Q 2017 % Change Ownership Days 4,914 4,678 (4.8%) Average Number of Vessels 54 52 (3.7%) Voyage Revenues $120,274 $105,524 (12.3%) Net Interest and Finance Costs 18,545 17,330 (6.6%) (*) Adjusted Net Income Available to Common Stockholders 3
Slide 8: High Quality & Stable Cash Flows
High Quality & Stable Cash Flows Revenue Contribution (All Vessels)(1)(2) Other As of April 27, 2017, contracted 2.9% 1.0% revenues of approximately $1.6Bn(1)(2) 3.5% TEU-weighted average remaining 33.8% time charter duration for the fleet is 24.7% about 3.3 years(1)(2) 34.1% Notes 1. Based on c
Slide 9: Consistently Strong Performance
Consistently Strong Performance Historical Financial Performance vs. Containership Time Charter Rate Index (1) $MM Index Value 600 120 500 100 400 80 300 60 200 40 100 20 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 LTM 2017 Adj. Net Income Margin 27.6% 20.3% 20.9% 29.5% 23.7% 26.3% 25.0% 26.5%
Slide 10: CAPEX – New Acquisitions
CAPEX – New Acquisitions Newbuild Capex Commitments (1) New Acquisitions $MM 25 Have agreed to acquire three secondhand vessels with long term time charters to Maersk Line. 20 Aggregate contracted revenues in excess of $100MM Recently Funded Yard Installment for last Two wide beam approx. 5,00
Slide 11: Re-chartering Revenue Sensitivity for remainder of 2017
Re-chartering Revenue Sensitivity for remainder of 2017 2017 Revenue Sensitivity Based on Re-Chartering Discount (1) Revenue Sensitivity 100% 0.9% 1.7% 2.6% 3.5% 4.3% 5.2% 90% 80% 70% Contracted revenues for 60% 2017(*), including 50% revenues from re- chartering at 40% existing contracted 30% rates
Slide 12: Container Shipping Industry
Container Shipping Industry Charter Rates Idle Fleet Charter Index (HRCI)(1) %of fleet 900 15% 800 700 10% 600 500 5% 400 300 0% Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Source: Howe Robinson as of April 19, 2017 Source: AXS-Alphaliner as of April 17, 2017 Orderbook Box Rates O
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 Note: Adjusted Net Income available to common stockholders and Adjusted Three-month period ended March 31, Earnings per Share represent net income after earnings allocated to preferred (Expressed