Costamare Inc. · NYSE:CMRE
Costamare — Q1 2022 Earnings Presentation
20 slides from Costamare's earnings presentation, May 6, 2022
Slide 1: First Quarter 2022 Financial Results Conference Call
First Quarter 2022 Financial Results Conference Call May 5, 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 the
Slide 3: Highlights (1/5)
Highlights (1/5) Q1 2022 was our best Q1 since listing on the NYSE ► Q1 2022 Net Income available to common stockholders of $115.4 million vs $60.5 million in Q1 2021. ► Earnings per Share of $0.93 vs $0.49 in Q1 2021, up 90%. ► Q1 2022 Adjusted Net Income available to common stockholders(1) of $104
Slide 4: Highlights (2/5)
Highlights (2/5) Our containership fleet is fully employed for the remainder of 2022 ► Total contracted revenues of $3.3 billion with a weighted average duration of 4.1 years(1). ► Our containership revenue days are ca. 100%(2) contracted for the remainder of 2022, and ca. 95%(2) contracted for 2023
Slide 5: Highlights (3/5)
Highlights (3/5) Sale and Purchase Activity ► Delivery of the 2010-built, 58,018 DWT dry bulk vessel Norma (ex. Magda). ► Agreement for the sale of the 2009-built, 57,334 DWT dry bulk vessel Thunder, expected to be concluded during Q2 2022 for an estimated capital gain of $3.6 million. ► Conclusion
Slide 6: Highlights (4/5)
Highlights (4/5) New Financings and Capital Structure Update ► New financing agreements since last quarter for over $160 million. More specifically: ▪ Signed a new hunting license facility for $120 million with a maximum tenor of six years(1). • $10.8 million has already been drawn in 2022. ▪ Execut
Slide 7: Highlights (5/5)
Highlights (5/5) Containership Market ► Charter rates maintain their lofty levels, up over 156% year over year(1). ► Commercially fully employed container fleet with idle capacity at 0.9%(2), with no vessels available at short notice. Dry Bulk Market ► Charter rates have rebounded since earlier this
Slide 8: Conservative Capital Structure
Conservative Capital Structure ► We maintain low leverage and liquidity of $644 million for future growth. LIQUIDITY (1) AND LEVERAGE RATIO (2) 700 60.0% Cash and cash equivalents Credit lines Leverage 53.8% 51.0% 600 46.0% 50.0% 45.3% 500 41.0% 39.0% 43.0% 37.0% 40.0% 39.0% (in USD millions) 400 31
Slide 9: Q1 2022 Income Statement Snapshot
Q1 2022 Income Statement Snapshot Q1 2022 RESULTS Q1 2021 Q1 2022 % Change Ownership Days (incl. dry bulk vessels) 5,640 10,564 87.3% Average Number of Vessels 62.7 117.4 87.2% Voyage Revenues 126,725 268,010 111.5% Net Interest and Finance Costs (*) 15,740 25,116 59.6% (**) Adjusted Net Income Avai
Slide 10: Container Market Environment (1/2)
Container Market Environment (1/2) Charter Rates 12m Timecharter Rates ► Charter rates continue to remain at historically high levels. 200,000 ► Rates for vessels above 2,500 TEU have continued to 150,000 increase year to date. 100,000 50,000 0 Sep-20 Sep-21 Sep-19 May-20 May-21 May-22 May-19 Jan-20
Slide 11: Container Market Environment (2/2)
Container Market Environment (2/2) Box Rates SCFI Index ► Container box rates have declined from their all-time highs 5,400 5,000 partly due to the lockdowns in Shanghai and seasonal 4,600 weakness but remain at historically high levels up 35% year 4,200 3,800 4,177 over year. 3,400 3,000 2,600 2,20
Slide 12: Dry Bulk Market Environment
Dry Bulk Market Environment Average Spot Earnings (USD/p.d.) 80,000 ► Earnings for Panamaxes, Supramaxes and Handysize 70,000 vessels were up on average by 36% year over year in April. 60,000 50,000 40,000 31,280 30,000 28,350 20,000 23,700 10,000 0 Apr-06 Apr-22 Apr-10 Apr-20 Apr-05 Apr-07 Apr-11 A
Slide 13: Thank You! Q&A
Thank You! Q&A 13
Slide 14: Appendix I – Net Income to Adj. Net Income Reconciliation
Appendix Ι – Net Income to Adj. Net Income Reconciliation Three-month period ended March Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after Expressed in thousands of U.S. dollars, 31, earnings allocated to preferred stock and gain on retir
Slide 15: 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 (ex. EGYPTIAN MIKE) 2011 81,601 4 4 ORION 2015 63,473 PHOENIX 2012
Slide 16: 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(2) 6 TAURUS 6 TALOS 6 TITAN 6 TRITON May/22 May/23 May/24 May/25 May/26 May/27 May/28 May/29 May/30 May
Slide 17: Appendix III – Containership Operating Fleet Charter Status (2/5)
Appendix III – Containership Operating Fleet Charter Status (2/5) Charterer Age Vessels(1) 8 MSC AMALFI 8 MSC AJACCIO 8 MSC AZOV / 26 MAERSK KOTKA 26 MAERSK KLEVEN 7,500 – 10,000 TEUs 9 MSC ATHOS 18x Vessels 9 MSC ATHENS 9 VANTAGE 9 VALENCE 9 VALIANT / Confidential 16 COSCO NINGBO 16 COSCO GUANGZHOU
Slide 18: 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 20 PORTO KAGIO 5,000 – 7,500 TEUs / 26 KURE 17x Vessels 19 MAERSK KINGSTON / 19 MAERSK KOLKATA 17 MAERSK KOWLOON 22 ZIM TAMPA 16 GLEN CANYON 18 ARGUS (2)(3) 22 S/L W
Slide 19: 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 20 ULSAN 26x Vessels 9 MARATHOPOLIS 9 MEGALOPOLIS 22 AREOPOLIS 18 LAKONIA 4 POLAR BRASIL 8 LEONIDIO 8 KYPARISSIA 4 POLAR ARGENTINA Note May/22 May/23 May
Slide 20: Appendix III – Containership Operating Fleet Charter Status (5/5)
Appendix III – Containership Operating Fleet Charter Status (5/5) Charterer Age Vessels(1) Confidential 14 TRADER 13 GIALOVA 12 VOLANS 21 LUEBECK 1,000 – 5,000 TEUs 13 VIRGO 26x Vessels 14 DYROS 14 MICHIGAN 13 NORFOLK 21 ARKADIA 12 ANDROUSA 22 OAKLAND Confidential 17 ETOILE 15 SCORPIUS 24 MONEMVASIA