Costamare Inc. · NYSE:CMRE

Costamare — Q1 2011 Earnings Presentation

12 slides from Costamare's earnings presentation, May 24, 2011

  1. Slide 1: First Quarter 2011 Financial Results Conference Call

    First Quarter 2011 Financial Results Conference Call May 24, 2011

  2. Slide 2: Forward Looking Statement

    Forward Looking Statement This earnings release presentation contains “forward-looking statements.” In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could” an

  3. Slide 3: Execution since going public

    Execution since going public Total Investment of $1,050million within six months of the IPO  Ordered 3 x approx. 9,000 TEU vessels from Shanghai Jiangnan Shipyard at a price of $95m each, with delivery end of 2013 and beginning of 2014 and chartered them to MSC for 10 years at $43,000. Deal was ide

  4. Slide 4: Track Record – Value Creation (Newbuilding Orders)

    Track Record – Value Creation Newbuilding Orders 140  January 2005 – June 2008: Period of highest September 2000, HHI activity for containership August 2000, HHI orders August 1999, HHI  4,992 TEU  6,644 TEU May 1998, HHI  6,644 TEU  5,500 TEU  4,992 TEU  6,648 TEU  6,644 TEU 120  5,500 TEU

  5. Slide 5: Track Record – Value Creation (Secondhand Acquisitions)

    Track Record – Value Creation Secondhand Acquisitions 200 Acquisitions backed 180 by LT Charters 4,828 TEU 4,828 TEU 7,403 TEU 1,068 TEU 7,403 TEU 160 1,173 TEU 7,403 TEU 1,173 TEU 2,922 TEU 1,173 TEU 2,922 TEU 1,548 TEU 1,173 TEU 2,92 TEU 140 2,922 TEU 3,152 TEU 3,876 TEU 3,876 TEU 684 TEU 120 684

  6. Slide 6: Strategy

    Strategy High returns strategy based on countercyclical investments Newbuild orders backed by first class charters; re-chartering and re-leveraging provide strong upside. Secondhand vessels bought at attractive prices: a) Either with time charter attached minimizing residual risk; or b) Charter free

  7. Slide 7: Quality Cash Flows

    Quality Cash Flows Revenue Contribution by Charterer Fleet Growth TEUS Vessels (000s) 0.5% 60 320 350 1.8% 55 0.6% Other 300 5.9% 50 227 219 250 45 217 214 194 40 200 14.8% 35 139 145 31.3% 129 150 113 30 94 97 100 25 44 50 17.8% 20 21 29 29 34 36 38 40 46 51 52 44 43 58 15 0 27.1% 1999 2000 2001 20

  8. Slide 8: Income Statement

    Income Statement Q1 2011 RESULTS 1Q 2010 1Q 2011 % Change Ownership Days 3,874 4,099 5.8% Average Number of Vessels 43.0 45.5 5.8% Voyage Revenues $ 89,024 $ 85,961 (3.4%) EBITDA $ 60,795 $ 56,857 (6.5%) D&A $(18,851) $(20,356) 8.0% Net Interest and Finance Costs $(17,261) $(18,553) 7.5% Net Income

  9. Slide 9: Risk Management

    Risk Management Debt Repayment Schedule as of March 31, 2011 (US $ thousands)(1) 2011(2) 2012 2013 2014 2015 2016 2017 2018 $95,198 $149,011 $132,503 $129,978 $130,103 $130,103 $172,103 $383,338  Smooth amortization schedule minimizes re-financing risk  Distributable cash flow calculated on a post

  10. Slide 10: Market Fundamentals

    Market Fundamentals Strong Fundamentals Virtually All Fleet Active Year-Over-Year Growth (%) Time Charter Index TEU Idle %of feet 20.00% 200 1,600,000 14.0% 180 1,400,000 15.00% 12.0% 160 1,200,000 10.0% 10.00% 140 1,000,000 8.0% 120 800,000 5.00% 6.0% 100 600,000 0.00% 4.0% 80 400,000 1997 1998 199

  11. Slide 11: Company Highlights

    Company Highlights Large, established company with a substantial fleet in the water Proven track record both pre and post IPO • Long track record of growth and value creation A company uniquely positioned to grow • Low Leverage • Re-chartering upside Offering a safe dividend at an attractive yield M

  12. Slide 12: Costamare Inc. Q&A

    Costamare Inc. Q&A

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