Costamare Inc. · NYSE:CMRE
Costamare — Q3 2021 Earnings Presentation
22 slides from Costamare's earnings presentation, Oct 27, 2021
Slide 1: Third Quarter 2021 Financial Results Conference Call
Third Quarter 2021 Financial Results Conference Call October 27, 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: Highlights (1/5)
Highlights (1/5) Financial Performance Q3 2021 ► Net Income available to common stockholders of $107.4m vs $17.4m in Q3 2020, up 517%. ► Earnings per Share of $0.87 vs $0.14 in Q3 2020, up 521%. ► Adjusted Net Income available to common stockholders(1) of $81.5m vs $26.7m in Q3 2020, up 205%. ► Adju
Slide 4: Highlights (2/5)
Highlights (2/5) New Financings and Capital Structure ► Concluded new financing for a hunting license facility of $150m with a European financial institution. ► All dry bulk vessels are financed at moderate leverage of below 50% basis current market values. ► Liquidity of $303.1m(1) which, coupled w
Slide 5: Highlights (3/5): Containerships New Charter Fixtures
Highlights (3/5) Containerships New Charter Fixtures ► 5 new fixtures since last quarter. Indicative sample below: Timecharter Rate Previous Previous Timecharter Previous Timecharter Vessel Built Size (TEUs) Charterer Timecharter Period (p.d.) Charterer Rate (p.d.) Period GLEN CANYON 2006 5,642 ZIM
Slide 6: Highlights (4/5): Dry Bulk Charter Fixtures
Highlights (4/5) Dry Bulk Charter Fixtures ► 18 vessels were fixed since our last earnings release, a sample of which is below: Vessel Built Size (DWT) Timecharter Rate (p.d.) Timecharter Period AEOLIAN 2012 83.478 $39,000 55 days FARMER 2012 81,541 $38,300 Max. 2.5 months SEABIRD 2016 63,553 $40,75
Slide 7: Highlights (5/5)
Highlights (5/5) Containership Market ► Charter rates increased by more than 418% year over year(1). ► Commercially fully employed container fleet with idle capacity at 0.6%(2) and no idle vessels available on short notice. Dry Bulk Market ► Charter rates have remained at healthy levels not seen in
Slide 8: Q3 2021 Income Statement Snapshot
Q3 2021 Income Statement Snapshot Q3 2021 RESULTS Q3 2020 Q3 2021 % Change Ownership Days (incl. dry bulk vessels) 5,478 8,434 54.0% Average Number of Vessels 59.5 91.7 54.1% Voyage Revenues 107,903 216,226 100.4% Net Interest and Finance Costs (*) 15,708 24,180 53.9% (**) Adjusted Net Income Availa
Slide 9: Prudent Capital Structure
Prudent Capital Structure MV ADJUSTED ASSETS AND LEVERAGE RATIO (1) MV Adj. Assets Leverage 8,000 60% 53.8% 51.0% 7,000 46.0% 50% 45.3% 6,000 39.0% 41.0% 39.0% 40% 43.0% 37.0% 5,000 (in USD '000s) 32.3% 31.0% 4,000 30% 3,000 20% 2,000 10% 1,000 0 0% Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 J
Slide 10: Containerships: High Quality and Stable Cash Flows
Containerships: High Quality and Stable Cash Flows Others ► As of October 26, 2021, contracted revenues 3% for the containership fleet of approximately 10% 17% $3.3Bn(1)(2) ► TEU-weighted average remaining time charter 7% duration for the containership fleet is about 4.2 years(1)(2) Revenue 8% Contr
Slide 11: Container Market Environment (1/2)
Container Market Environment (1/2) Charter Rates 12m Timecharter Rates ► Charter rates are reaching historically high levels across 160,000 140,000 containerships of all sizes. 120,000 100,000 80,000 60,000 40,000 20,000 0 Apr-20 Apr-19 Apr-21 Oct-20 Oct-21 Jul-19 Oct-19 Jan-19 Jan-20 Jul-20 Jan-21
Slide 12: Container Market Environment (2/2)
Container Market Environment (2/2) Idle Fleet / Total Fleet ► Idle fleet remains at very low levels from a high of 12% 11.6% in May 2020. 10% 8% 6% 4% 2% 0.6% 0% Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21 Source: Alphaliner– October 2021 Orderbook / Total Fleet ► Orderbook
Slide 13: Dry Bulk Market Environment (1/2)
Dry Bulk Market Environment (1/2) Average Spot Earnings (USD/p.d.) ► Earnings for Panamaxes, Supramaxes and Handysize 45,000 Panamax Earnings Supramax Earnings Handysize Earnings vessels have increased on average by 270% year to date. 40,000 38 496 36 417 35,000 35,766 30,000 ► Spot earnings increas
Slide 14: Dry Bulk Market Environment (2/2)
Dry Bulk Market Environment (2/2) Dry Bulk Supply/Demand BDI Index ► According to industry experts(1), seaborne demand for dry % Growth 15.0% 3,500 bulk goods is expected to grow by 4.5% in 2021, while 13.0% 3,000 supply growth is expected to be 3.4% during 2021 and slow 11.0% to 1.5% during 2022. 9
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 September 30, 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
Slide 17: Appendix II – Dry Bulk fleet
Appendix II – Dry Bulk fleet Expected Expected # Vessel Built Size (DWT) # Vessel Built Size (DWT) Delivery(1) Delivery(1) Panamax/Kamsarmax Handysize 1 AEOLIAN 2012 83.478 Delivered 1 COMITY 2010 37.302 Delivered 2 JAIGARH (tbr GRENETA) 2010 82.166 4Q21 2 VERITY 2012 37.163 Delivered 3 3 PARITY 201
Slide 18: Appendix III – Containership Operating Fleet Charter Status (1/5)
Appendix III – Containership Operating Fleet Charter Status (1/5) (1) 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 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25
Slide 19: Appendix III – Containership Operating Fleet Charter Status (2/5)
Appendix III – Containership Operating Fleet Charter Status (2/5) (1) 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 / Confidential 15 COSCO NINGBO 15 COSCO GUANGZHOU 8 VALOR 11 NAVARINO 15 BE
Slide 20: Appendix III – Containership Operating Fleet Charter Status (3/5)
Appendix III – Containership Operating Fleet Charter Status (3/5) (1) Charterer Age Vessels / 18 MSC METHONI 19 PORTO GERMENO 20 PORTO CHELI 19 PORTO KAGIO 5,000 – 7,500 TEUs / 21 KOBE 17x Vessels / 15 GLEN CANYON 25 KURE 17 ARGUS 21 S/L WASHINGTON (2) 17 ARIES (2) 21 SEALAND ILLINOIS (2) 18 MAERSK
Slide 21: Appendix III – Containership Operating Fleet Charter Status (4/5)
Appendix III – Containership Operating Fleet Charter Status (4/5) (1) Charterer Age Vessels Confidential / 10 NEOKASTRO 19 ULSAN 8 MARATHOPOLIS 8 MEGALOPOLIS 1,000 – 5,000 TEUs 21 AREOPOLIS 27x Vessels 17 LAKONIA 3 POLAR BRASIL 7 LEONIDIO 7 KYPARISSIA 3 POLAR ARGENTINA Confidential 13 TRADER 12 GIAL
Slide 22: Appendix III – Containership Operating Fleet Charter Status (5/5)
Appendix III – Containership Operating Fleet Charter Status (5/5) Charterer Age Vessels (1) 20 LUEBECK 12 VIRGO 13 CO KOBE (tbr. DYROS) 13 MICHIGAN 1,000 – 5,000 TEUs 12 NORFOLK 27x Vessels 20 ARKADIA 11 ANDROUSA 21 OAKLAND 11 VULPECULA Confidential 16 ETOILE 14 SCORPIUS 12 VELA (2) 23 MONEMVASIA Co