Costamare Inc. · NYSE:CMRE
Costamare — Q1 2015 Earnings Presentation
11 slides from Costamare's earnings presentation, Apr 29, 2015
Slide 1: First Quarter 2015 Financial Results Conference Call
First Quarter 2015 Financial Results Conference Call April 29, 2015
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
Recent Transactions We entered into a new shipbuilding contract with HHIC-PHIL Inc. (Hanjin Heavy Philippines) for Newbuild the construction of an 11,000 TEU vessel. The vessel is expected to be delivered in December Contract 2016. Pursuant to the Framework Agreement with York Capital, the Company
Slide 4: Recent Transactions – Chartering
Recent Transactions – Chartering The Company entered into the following chartering arrangements: Agreed to extend the charter of the 2000-built, 2,474 TEU containership Areopolis with Evergreen for a period of minimum 4 and maximum 8 months starting from March 21, 2015 at a daily rate of $7,200.
Slide 5: Income Statement
Income Statement Q1 2015 RESULTS 1Q 2014 1Q 2015 % Change Ownership Days 4,775 4,950 3.7% Average Number of Vessels 53.1 55.0 3.6% Voyage Revenues $ 114,898 $ 120,850 5.2% EBITDA(*) $ 72,995 $81,908 12.2% Depreciation & Amortization $ 27,516 $ 28,119 2.2% Net Interest and Finance Costs $25,646 $ 27,
Slide 6: High Quality Stable Cash Flows – Strong Relationships
High Quality Stable Cash Flows- Strong Relationships Revenue Contribution (All Vessels)(1)(2) As of April 28, 2015, contracted Other 0.1% revenues of approximately 0.2% $2.2Bn(1)(2) 2.1% 8.6% TEU-weighted average remaining time charter duration 36.9% for the fleet is about 4 years(1)(2) 18.6%
Slide 7: Current market rates vs today's market for vessels
Current market rates vs today’s market for vessels opening during 9M 2015 TC/Day $35.000 $30.000 $25.000 $20.000 $15.000 $10.000 $5.000 1 Vessel 2 Vessels 3 Vessels 3 Vessels 3 Vessels 3 Vessels $0 8,500 TEU 6,000 TEU 3,500 TEU 2,500 TEU 1,700 TEU 1,100 TEU Current Hire Market Rate(*) Recent market
Slide 8: Container Shipping Industry
Container Shipping Industry Charter Rates Idle Fleet Charter Index (HRCI)(1) %of fleet 750 700 650 600 550 1.5% 500 Source: Howe Robinson Source: AXS-Alphaliner 450 400 Orderbook Orderbook/ Total Fleet 70% 60% Charter market has picked up in recent months. 50% Idle fleet remains at low levels, b
Slide 9: Costamare Inc. Q&A
Costamare Inc. Q&A
Slide 10: Appendix: Net Income to Adjusted Net Income and Adjusted EPS Reconciliation
Appendix Net Income to Adjusted Net Income and Adjusted EPS Reconciliation Three-month period ended March 31, (Expressed in thousands of U.S. dollars, 2014 2015 except share and per share data) Net Income $ 19,833 $ 26,284 Earnings allocated to Preferred Stock (2,606) (3,010) Net Income available to
Slide 11: Appendix: Net Income to EBITDA and Adjusted EBITDA Reconciliation
Appendix Net Income to EBITDA and Adjusted EBITDA Reconciliation Three-month period ended March 31, (Expressed in thousands of U.S. 2014 2015 dollars) Net Income $ 19,833 $ 26,284 Interest and finance costs 25,796 27,943 Interest income (150) (438) Depreciation 25,208 25,066 Amortization of prepaid