Costamare Inc. · NYSE:CMRE
Costamare — Q3 2022 Earnings Presentation
19 slides from Costamare's earnings presentation, Nov 2, 2022
Slide 1: Third Quarter 2022 Financial Results Conference Call
Third Quarter 2022 Financial Results Conference Call November 2, 2022
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 (1/4)
Highlights (1/4) Q3 2022 – Another Record Quarter ► Q3 2022 Net Income available to common stockholders of $107.6 million vs $107.4 million in Q3 2021. ► Q3 2022 Earnings per Share of $0.89 vs $0.87 in Q3 2021. ► Q3 2022 Adjusted Net Income available to common stockholders (1) of $107.4 million vs $
Slide 4: Highlights (2/4)
Highlights (2/4) Strong chartering performance and new forward starting charter arrangements ► Chartered 11 containerships on a forward basis with incremental contracted revenues of approx. $420 million. ► More than 96% and 84% of our containership fleet(1) fixed for 2023 and 2024, respectively. Siz
Slide 5: Highlights (3/4)
Highlights (3/4) Proven access to bank debt; refinanced two 1996 built vessels for 4 years ► Refinancing of existing indebtedness of 2 vessels, secured by contracted cash flows with a tenor of 4 years. ► Raised additional liquidity of approximately $33 million. ► Extended original facility that was
Slide 6: Highlights (4/4)
Highlights (4/4) Containership Market ► Box rates have declined from historical highs but remain at profitable levels. ► Idle vessels have ticked up slightly to 1.8%(1) but remain well below historical levels. Dry Bulk Market ► Charter rates have come under pressure, however rates for smaller sized
Slide 7: Strong Liquidity Position
Strong Liquidity Position ► Ample liquidity of $897 million(1) for future growth LIQUIDITY (1) 1,000 Cash, equivalents & st investments Credit lines 900 800 700 600 (in USD millions) 500 400 300 200 100 0 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Sep-22 Note
Slide 8: Containerships: High Quality and Stable Cash Flows
Containerships: High Quality and Stable Cash Flows Others ► Contracted revenues for the containership fleet of approximately $3.5Bn(1)(2) Confidential 2% 14% ► TEU-weighted average remaining time charter 16% duration for the containership fleet is about 4.4 years(1)(2) Revenue Fixed Revenue Days(3)
Slide 9: Q3 2022 Income Statement Snapshot
Q3 2022 Income Statement Snapshot Q3 2022 RESULTS Q3 2021 Q3 2022 % Change Ownership Days (incl. dry bulk vessels) 8,434 10,764 27.6% Average Number of Vessels 91.7 117.0 27.6% Voyage Revenues 216,226 289,491 33.9% Net Interest and Finance Costs (*) 24,180 30,278 25.2% (**) Adjusted Net Income Avail
Slide 10: Container Market Environment
Container Market Environment Charter Rates 12m Timecharter Rates ► Limited number of fixtures over the past few months. 200,000 150,000 ► Latest fixtures have been for shorter periods, and rates 100,000 have been trending lower. 50,000 0 ► Charter rates, however, remain firm in a historical Feb-19 A
Slide 11: Dry Bulk Market Environment
Dry Bulk Market Environment Average Spot Earnings (USD/p.d.) 80,000 ► Rates for dry bulk vessels, although volatile, remain at profitable levels, especially for the smaller sized vessels 60,000 where we operate. 40,000 19,891 20,000 17,577 17,313 0 Oct-07 Apr-06 Apr-09 Apr-18 Apr-12 Apr-15 Apr-21 Oc
Slide 12: Costamare
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Slide 13: Appendix I – Net Income to Adj. Net Income Reconciliation
Appendix Ι – Net Income to Adj. Net Income Reconciliation Three-month period ended Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after Expressed in thousands of U.S. dollars, September 30, earnings allocated to preferred stock, but before n
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 – Containership Operating Fleet Charter Status (1/5)
Appendix III – Containership Operating Fleet Charter Status (1/5) (1) Charterer Age Vessels 1 YM TIPTOP 1 YM TARGET 2 YM TOTALITY 2 YM TRUTH 12,000 – 15,000 TEUs 2 YM TRIUMPH 6 THESEUS 10x Vessels 6 TAURUS 6 TALOS 6 TITAN 6 TRITON Nov/22 Nov/23 Nov/24 Nov/25 Nov/26 Nov/27 Nov/28 Nov/29 Nov/30 Nov/31
Slide 16: Appendix III – Containership Operating Fleet Charter Status (2/5)
Appendix III – Containership Operating Fleet Charter Status (2/5) Charterer Age Vessels(1) 9 VANTAGE 9 VALENCE / Confidential 9 VALIANT 9 VALUE 9 VALOR 7,500 – 10,000 TEUs / Confidential 12 NAVARINO 18x Vessels 8 MSC AMALFI 8 MSC AJACCIO 8 MSC AZOV / 26 MAERSK KOTKA 26 MAERSK KLEVEN 9 MSC ATHOS 9 MS
Slide 17: Appendix III – Containership Operating Fleet Charter Status (3/5)
Appendix III – Containership Operating Fleet Charter Status (3/5) (1) Charterer Age Vessels 19 METHONI 20 PORTO GERMENO 21 PORTO CHELI 5,000 – 7,500 TEUs 20 PORTO KAGIO 14x Vessels 18 ARGUS Confidential / Confidential 18 ARIES / 26 KURE (2) 19 ZIM VIETNAM 19 ZIM AMERICA (3) 17 MAERSK KOWLOON 22 ZIM
Slide 18: Appendix III – Containership Operating Fleet Charter Status (4/5)
Appendix III – Containership Operating Fleet Charter Status (4/5) (1) Charterer Age Vessels 12 VULPECULA / 13 VELA 11 NEOKASTRO 1,000 – 5,000 TEUs Confidential / Confidential 14 TRADER 26x Vessels / Confidential 21 LUEBECK Confidential / Confidential 17 ETOILE 20 ULSAN / Confidential 14 MICHIGAN 9 M
Slide 19: Appendix III – Containership Operating Fleet Charter Status (5/5)
Appendix III – Containership Operating Fleet Charter Status (5/5) Charterer Age Vessels(1) 4 POLAR BRASIL 8 LEONIDIO 8 KYPARISSIA 4 POLAR ARGENTINA 1,000 – 5,000 TEUs 13 GIALOVA 26x Vessels 12 VOLANS 13 VIRGO 14 DYROS 13 NORFOLK 21 ARKADIA 12 ANDROUSA 22 OAKLAND 15 SCORPIUS 24 MONEMVASIA Nov/22 Nov/