Costamare Inc. · NYSE:CMRE
Costamare — Q1 2024 Earnings Presentation
20 slides from Costamare's earnings presentation, May 10, 2024
Slide 1: First Quarter 2024 Financial Results Conference Call
First Quarter 2024 Financial Results Conference Call May 10, 2024
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 (1/6)
Highlights (1/6) Q1 2024 – Financial Results ► Q1 2024 Net Income available to common stockholders of $94.2 million ($0.79 per share). ► Q1 2024 Adjusted Net Income available to common stockholders(1) of $75.2 million ($0.63 per share). ► Q1 2024 liquidity of $1,106.0 million(2). Notes 1. Adjusted N
Slide 4: Highlights (2/6): Strong chartering performance
Highlights (2/6) Strong chartering performance ► 97% and 80% of our containership fleet(1) fixed for 2024 and 2025, respectively. ► Contracted revenues for the containership fleet of approximately $2.3 billion with a TEU-weighted duration of 3.4 years (2). ► Entered into more than 30 chartering agre
Slide 5: Highlights (3/6): Fleet renewal and capacity boost
Highlights (3/6) Fleet renewal and capacity boost from Q3 2023 ACQUISITIONS DISPOSALS # Vessel Built DWT Acquisition Date # Vessel Built DWT Disposal Date 1 ENNA 2011 175,975 August 2023 1 PEACE 2006 55,709 November 2023 2 DORADO 2011 179,842 August 2023 2 PRIDE 2006 55,705 December 2023 3 ARYA 2013
Slide 6: Highlights (4/6): Sale and Purchase Activity
Highlights (4/6) Sale and Purchase Activity since last Earnings Release ► Vessel Disposals: ❖ Conclusion of: ▪ the sale of the 2012-built, 32,178 DWT capacity dry bulk vessel, Konstantinos, in February 2024. ▪ the sale of the 2012-built, 56,670 DWT capacity dry bulk vessel, Merida, in March 2024. ▪
Slide 7: Highlights (5/6): Dry bulk and lease financing platforms
Highlights (5/6) Dry Bulk Operating Platform – Costamare Bulkers Inc. (“CBI”) ► Chartered-in 54(1) period vessels of a total capacity of c. 8.1 million dwt: ❖ 33 Newcastlemax/Capesize vessels with an average remaining tenor of 12 months. ❖ 21 Kamsarmax vessels with an average remaining tenor of 6 mo
Slide 8: Highlights (6/6): Debt financings, capital structure and dividends
Highlights (6/6) Debt Financings and Capital Structure ► Approximately $115.8 million is available through two hunting license facilities for the financing of vessel acquisitions until December 2025. ► No significant loan / lease maturities until 2026. ► Corporate Leverage on a Market Values basis r
Slide 9: Strong Liquidity Position
Strong Liquidity Position ► Ample liquidity of $1,106.0 million(1) for future growth. LIQUIDITY (1) 1.200 Cash, equivalents & st investments Credit lines 1.000 800 (in USD millions) 600 400 200 0 Notes 1. Including our share of cash amounting to $0.5 million held by vessel owning-companies set-up pu
Slide 10: Container Market Environment
Container Market Environment Charter Rates (1) 12m Timecharter Rates ► Charter rates have improved across all segments since the 160.000 end of last year. 120.000 80.000 ► Main driver of the market improvement continues to be the Red Sea disruption along with the latest upward trend in 40.000 cargo
Slide 11: Dry Bulk Market Environment
Dry Bulk Market Environment Average Spot Earnings (USD/p.d.) (1) Forward Freight Agreements Curve (2) 50.000 35.000 40.000 30.000 30.000 27,379 17,295 25.000 20.000 16,875 10.000 13,208 20.000 0 15.000 10.000 Capesize Panamax Supramax Handysize May 24 June 24 Q3 24 Q4 24 Capesize Panamax Supramax Ha
Slide 12: Thank You Q&A
Thank You Q&A 12
Slide 13: 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 earnings allocated to preferred stock and Non-Controllin
Slide 14: Appendix II – Dry Bulk Fleet
Appendix II – Dry Bulk Fleet No. Vessel Built Dwt No. Vessel Built Dwt No. Vessel Built Dwt Capesize Ultramax/Supramax Handysize 1 FRONTIER UNITY (tbr. FRONTIER) * 2012 181.415 1 MERCHIA 2015 63.800 1 VERITY 2012 37.163 2 SEABIRD 2016 63.553 2 PARITY 2012 37.152 2 MIRACLE 2011 180.643 3 DAWN 2018 63
Slide 15: Appendix III – Chartered-In Period Vessels – Costamare Bulkers Inc.
Appendix III – Chartered-In Period Vessels – Costamare Bulkers Inc. No. Vessel Built Dwt No. Vessel Built Dwt Post-Panamax/Kamsarmax Newcastlemax/Capesize 1 PETALON 2010 87.328 1 BERGE GROSSGLOCKNER 2017 211.171 2 SHANDONG PROSPERITY 2021 211.103 2 GIA INSPIRATION 2022 84.950 3 SHANDONG INNOVATION 2
Slide 16: Appendix IV – Containership Operating Fleet Charter Status (1/5)
Appendix IV – Containership Operating Fleet Charter Status (1/5) (1) Charterer Age Vessels 3 YM TIPTOP 3 YM TARGET 4 YM TOTALITY 4 YM TRUTH 4 YM TRIUMPH 12,000 – 15,000 TEUs 8 THESEUS 10x Vessels 8 TAURUS 8 TALOS 8 TITAN 8 TRITON May/24 May/25 May/26 May/27 May/28 May/29 May/30 May/31 May/32 8 CAPE
Slide 17: Appendix IV – Containership Operating Fleet Charter Status (2/5)
Appendix IV – Containership Operating Fleet Charter Status (2/5) Charterer Age Vessels(1) 11 VANTAGE 11 VALENCE / Confidential 11 VALIANT 11 VALUE 7,500 – 10,000 TEUs 11 VALOR 18x Vessels / Confidential 14 NAVARINO 10 MSC AMALFI 10 MSC AJACCIO 28 KOTKA 10 MSC AZOV 28 KLEVEN 18 COSCO HELLAS 18 BEIJIN
Slide 18: Appendix IV – Containership Operating Fleet Charter Status (3/5)
Appendix IV – Containership Operating Fleet Charter Status (3/5) (1) Charterer Age Vessels 21 METHONI 28 KURE 22 PORTO GERMENO 5,000 – 7,500 TEUs 23 PORTO CHELI 12x Vessels 22 PORTO KAGIO 20 ARGUS Confidential 20 ARIES 21 ZIM VIETNAM 21 ZIM AMERICA 19 MAERSK KOWLOON 24 ZIM TAMPA 18 GLEN CANYON May/2
Slide 19: Appendix IV – Containership Operating Fleet Charter Status (4/5)
Appendix IV – Containership Operating Fleet Charter Status (4/5) (1) Charterer Age Vessels 14 VULPECULA 15 VELA 1,000 – 5,000 TEUs 13 NEOKASTRO 23x Vessels Confidential / Confidential 16 TRADER Confidential 19 ETOILE Confidential 23 LUEBECK Confidential 14 ANDROUSA Confidential 15 GIALOVA 17 SCORPIU
Slide 20: Appendix IV – Containership Operating Fleet Charter Status (5/5)
Appendix IV – Containership Operating Fleet Charter Status (5/5) Charterer Age Vessels(1) Confidential 16 MICHIGAN 11 MARATHOPOLIS 11 MEGALOPOLIS 24 AREOPOLIS 1,000 – 5,000 TEUs 20 LAKONIA 23x Vessels Confidential 15 NORFOLK 15 VIRGO 23 ARKADIA 16 DYROS 6 POLAR BRASIL 10 LEONIDIO 10 KYPARISSIA 14 VO