Costamare Inc. · NYSE:CMRE
Costamare — Q1 2021 Earnings Presentation
22 slides from Costamare's earnings presentation, Jun 1, 2021
Slide 1: First Quarter 2021 Financial Results Conference Call
First Quarter 2021 Financial Results Conference Call June 1, 2021
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: Company Snapshot
Company Snapshot Strong support by sponsor family – Aligned interests Long track record of 56% ownership with 47+ years $101MM reinvested by them through the DRIP program to Steady management date. and ownership; Uninterrupted dividend payments since going public – never Never restructured suspended
Slide 4: Profitable Performance Throughout the Business Cycles
Profitable Performance Throughout the Business Cycles 600 160 140 500 120 400 100 Index Value $MN 300 80 60 200 40 100 20 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (ann.)(3) Notes Notes (1) Adjusted Net Income is a non-US GAAP measure. See Appendix I for a definition and r
Slide 5: Highlights (1/5)
Highlights (1/5) Common Dividend Increase ► Management’s recommendation to the Board for a 15% increase in the quarterly dividend to $0.115 per common share(1). Financial Performance Q1 2021 ► Net Income available to common stockholders of $60.5m. ► Earnings per Share of $0.49. ► Adjusted Net Income
Slide 6: Highlights (2/5)
Highlights (2/5) Sale and Purchase Activity ► Acquisition / Agreement to acquire 17 vessels since the beginning of 2021: # Vessel Built Size (TEUs) 1 YM Target 2021 12,690 2 YM Tiptop 2021 12,690 3 Cape Tainaro 2017 11,010 4 Cape Sounio 2017 11,010 5 Cape Akritas 2016 11,010 6 Cape Kortia 2017 11,01
Slide 7: Highlights (3/5)
Highlights (3/5) New Financings and Capital Structure ► Concluded new financings since the beginning of 2021 of approximately $428m. ► New financing commitments(1) of approximately $237m(2). ► Financing of all vessels acquisitions / deliveries has been concluded or is in the documentation phase. ► L
Slide 8: Highlights (4/5)
Highlights (4/5) New Charter Fixtures ► 12 new or extended charters since Q4 2020. Selective chartering arrangements: Timecharter Previous Timecharter Vessel Built Size (TEUs) Charterer Timecharter Period Rate (p.d.) Rate (p.d.) Kobe 2000 6.648 ZIM $45.000 44 - 46 months $14.500 Virgo 2009 4.258 MAE
Slide 9: Highlights (5/5)
Highlights (5/5) Containership Market ► Charter rates increased by around 54% in 2021(1). ► Idle fleet at 1.0%(2). Dividends / Strong Sponsor Support ► 42 consecutive quarterly common dividends since IPO. ► Q1 2021, $0.10 dividend declared per share on our common stock, and paid on May 6, 2021. ► $1
Slide 10: Q1 2021 Income Statement Snapshot
Q1 2021 Income Statement Snapshot Q1 2021 RESULTS Q1 2020 Q1 2021 % Change Ownership Days 5.475 5.640 3,0% Average Number of Vessels 60,2 62,7 4,2% Voyage Revenues 121.404 126.725 4,4% Net Interest and Finance Costs (*) 17.820 15.740 (11,7%) (**) Adjusted Net Income Available to Common Stockholders
Slide 11: Prudent Capital Structure
Prudent Capital Structure LEVERAGE RATIO (1) NET DEBT & ADJUSTED EBITDA (2) 60% (‘ 000 US$) Q1 2021 55% 54% NET INCOME 68,141 51% Net Interest and Finance Costs 15,740 50% Depreciation and Amortization 29,423 46% 45% 45% 43% EBITDA(2) 113,304 41% 40% ADJUSTED EBITDA(2) 90,744 39% 40% 39% 12 month Tr
Slide 12: High Quality and Stable Cash Flows
High Quality and Stable Cash Flows Others ► As of June 1, 2021, contracted revenues of 4% approximately $3.0Bn(1)(2) 7% ► TEU-weighted average remaining time charter duration for the fleet is about 4.2 years(1)(2) 10% 19% Revenue Contribution 14% (All Vessels)(1)(2) 31% Notes 15% 1. As of May 31, 20
Slide 13: Market Environment (1/2)
Market Environment (1/2) Charter Rates 12m Timecharter Rates ► Further significant improvement in charter rates across 60,000 containerships of all sizes. 50,000 40,000 ► Average increase since the beginning of second half of 30,000 2020 of approximately 270%(1). 20,000 10,000 0 Aug-19 Aug-20 Jun-19
Slide 14: Market Environment (2/2)
Market Environment (2/2) Idle Fleet / Total Fleet 12% 10% ► Idle fleet remains at very low levels from a high of 8% 11.6% in May 2020. 6% 4% 2% 1.0% 0% May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21 Source: Alphaliner– May 2021 Orderbook / Total Fleet 35% 30% 25% ► Orderbook p
Slide 15: Thank You! Q&A
Thank You! Q&A 15
Slide 16: Appendix I – Net Income to Adj. Net Income Reconciliation
Appendix Ι – Net Income to Adj. Net Income Reconciliation Expressed in thousands of U.S. dollars, Three-month period ended March 31, Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after except share and per share data 2020 2021 earnings allo
Slide 17: Appendix II – EBITDA to Adj. EBITDA Reconciliation - 12M Trailing EBITDA
Appendix ΙI – EBITDA to Adj. EBITDA Reconciliation - 12M Trailing EBITDA (' 000 US$) Q1 2021 12M Trailing EBITDA (' 000 US$) (Q2 2020 - Q1 2021) NET INCOME 68,141 NET INCOME 44,242 Interest and Finance Costs 16,107 Interest and Finance Costs 66,342 Interest Income (1,547) Interest Income (367) Depre
Slide 18: Appendix III – Operating Fleet Charter Status (1/5)
Appendix III – Operating Fleet Charter Status (1/5) Charterer Age Vessels Recently Delivered YM TIPTOP Recently Delivered YM TARGET 1 YM TOTALITY 1 YM TRUTH 12,000 – 15,000 TEUs 1 YM TRIUMPH 10x Vessels 5 THESEUS 5 TAURUS 5 TALOS 5 TITAN 5 TRITON May-21 May-22 May-23 May-24 May-25 May-26 May-27 May-
Slide 19: Appendix III – Operating Fleet Charter Status (2/5)
Appendix III – Operating Fleet Charter Status (2/5) Charterer Age Vessels 7 MSC AMALFI 7 MSC AJACCIO 7 MSC AZOV 8 MSC ATHOS 8 MSC ATHENS 7,500 – 10,000 TEUs 8 VANTAGE 18x Vessels 8 VALENCE 8 VALIANT 8 VALUE 8 VALOR 11 NAVARINO 15 BEIJING 15 COSCO HELLAS 15 YANTIAN 25 MAERSK KOTKA 25 MAERSK KLEVEN 15
Slide 20: Appendix III – Operating Fleet Charter Status (3/5)
Appendix III – Operating Fleet Charter Status (3/5) Charterer Age Vessels 19 TARGET VESSEL 3 20 TARGET VESSEL 1 19 TARGET VESSEL 2 / 21 KOBE 5,000 – 7,500 TEUs 25 KURE 19x Vessels 17 ARGUS 17 ARIES 21 YORK 16 MAERSK KOWLOON 18 MAERSK KALAMATA 18 MAERSK KINGSTON 18 MAERSK KOLKATA 21 SEALAND ILLINOIS
Slide 21: Appendix III – Operating Fleet Charter Status (4/5)
Appendix III – Operating Fleet Charter Status (4/5) Charterer Age Vessels 8 MARATHOPOLIS 8 MEGALOPOLIS 3 POLAR BRASIL 1,000 – 5,000 TEUs 7 LEONIDIO 30x Vessels 7 KYPARISSIA 3 POLAR ARGENTINA 11 VOLANS 12 TARGET VESSEL 4 12 VIRGO 13 MICHIGAN 13 TARGET VESSEL 5 19 ZIM NEW YORK 19 ZIM SHANGHAI 12 NORFO
Slide 22: Appendix III – Operating Fleet Charter Status (5/5)
Appendix III – Operating Fleet Charter Status (5/5) Charterer Age Vessels 11 ANDROUSA 21 OAKLAND 11 VULPECULA Confidential 16 ETOILE 1,000 – 5,000 TEUs Container Pool 14 SCORPIUS 30x Vessels 12 VELA 21 AREOPOLIS 17 LAKONIA 20 LUEBECK 24 MESSINI Confidential 10 NEOKASTRO 23 MONEMVASIA Confidential 13