Costamare Inc. Reports Results for the Fourth Quarter and Year
Ended December 31, 2013
ATHENS, GREECE--(Marketwired - Jan 27, 2014) - Costamare
Inc. ("Costamare" or the "Company") (NYSE: CMRE) today reported
unaudited financial results for the fourth quarter and the year
ended December 31, 2013.
- Voyage revenues of $112.5 million and $414.2 million for the
three months and the year ended December 31, 2013,
respectively.
- Voyage revenues adjusted on a cash basis of $116.8 million and
$429.2 million for the three months and the year ended December 31,
2013, respectively.
- Adjusted EBITDA of $75.7 million and $282.4 million for the
three months and the year ended December 31, 2013,
respectively.
- Net income of $26.9 million and $103.1 million for the three
months and the year ended December 31, 2013, respectively.
- Net income available to common stockholders of $25.9 million or
$0.35 per share and $101.6 million or $1.36 per share for the
three months and the year ended December 31, 2013,
respectively.
- Adjusted Net income available to common stockholders of $30.5
million or $0.41 per share and $108.8 million or $1.46 per share
for the three months and the year ended December 31, 2013,
respectively.
See "Financial Summary"
and "Non-GAAP Measures" below for additional detail.
New Business
Developments
New Acquisitions
- We have ordered nine newbuilds with capacities between
9,000 and 14,000 TEU pursuant to our joint venture agreement
with York Capital Management ("York). The newbuilds are
scheduled to be delivered between the 4th quarter of 2015 and
the third quarter of 2016. The Company holds an equity
interest ranging between 25% and 49% in each of the relevant
vessel-owning entities. Long term time charters have been
agreed for the five 14,000 TEU capacity newbuilds with members
of the Evergreen Group ("Evergreen") which represent total
contracted revenue for the joint venture of $ 850
million, assuming the exercise of the owner's options.
Deliveries of existing orders
- In November 2013, the Company took delivery of the 8,827
TEU newbuild containership vessel Vantage built
by Sungdong Shipbuilding and Marine Engineering in South
Korea. Upon delivery, the vessel commenced its long term
charter with Evergreen.
- In January 2014, the Company took delivery of the 9,403
TEU newbuild containership vessel
MSC Azov built by Shanghai Jiangnan
Changxing Heavy Industry in China. Upon delivery, the vessel
commenced its long term charter with MSC.
New Financing Arrangements
- In January 2014 we agreed with a leading Chinese financial
institution the refinancing of three of our newbuildings,
under a ten-year sale and leaseback transaction. The
refinancing of the first vessel, the 9,403 TEU
MSC Azov, became effective upon her delivery on
January 14, 2014. Under the sale and leaseback transaction,
the vessel will be chartered back on a bareboat basis to one
of our subsidiaries and will remain on time charter to its
current time charterer.
New Chartering Arrangements
- In January 2014, the Company entered into an agreement to
charter the 2010 built 8,531 TEU vessel Navarino for
a period of approximately one year to MSC. The vessel is
expected to be delivered to its charterers in March 2014.
- In October 2013, the Company entered into an agreement to
extend the charter of the 1991 built 3,351 TEU vessel
Karmen for a period of minimum two months and maximum
six months with Sea Consortium at a daily rate of $6,800,
starting from November 15, 2013.
Preferred Share
Offering
- On January 21, 2014, the Company completed a public
offering of 4.0 million shares of its 8.50% Series C
Cumulative Redeemable Perpetual Preferred Stock (the "Series C
Preferred Stock"). The gross proceeds from the offering
before the underwriting discount and other offering expenses
were $100.0 million. We plan to use the net proceeds of
this offering for general corporate purposes, including vessel
acquisitions or investments under the
Framework Agreement.
Dividend
Announcements
- On January 2, 2014, we declared a dividend of $0.476563
per share of our Series B Preferred Stock paid on January 15,
2014, to holders of record on January 14, 2014.
- On January 6, 2014, we declared a dividend for the fourth
quarter ended December 31, 2013, of $0.27 per share of our common
stock, payable on February 4, 2014, to stockholders of record at
the close of trading of the Company's common stock on the New York
Stock Exchange on January 21, 2014. This will be the Company's 13th
consecutive quarterly dividend since it commenced trading on the
New York Stock Exchange.
Mr. Gregory Zikos,
Chief Financial Officer of Costamare Inc., commented:
"During the fourth quarter of the year, the Company delivered
positive results while at the same time implementing its fleet
renewal and expansion strategy.
Together with our partners we have ordered in total 9
newbuildings with deliveries starting from the end of 2015. Five
14,000 TEU ships have been chartered to Evergreen under long-term
charters, representing total contracted revenues of approximately
$850 million.
Regarding our existing newbuilding program, we accepted delivery
of eight out of the ten newbuildings ordered in total. The
remaining two deliveries are expected to take place in March and
April of 2014.
On the financing front, we have agreed to refinance three of our
newbuildings with a leading Chinese financial institution, and last
week we completed a public offering of 4.0 million perpetual
preferred shares, raising gross proceeds of $100.0
million.
Regarding our chartering arrangements, our re-chartering risk is
minimized. The charters for the vessels opening in 2014 account for
approximately 3% of our 2014 contracted revenues.
Finally, on January 2, we declared a dividend on our Series B
Preferred Stock, and on January 6, we declared a dividend on our
common stock.
We are successfully executing on our growth strategy, having
invested and placed orders together with our partners close to $1.0
billion in new projects since the inception of our joint venture 8
months ago. This year also marks the 40th anniversary of Costamare.
We feel we are well positioned to continue to grow selectively and
on healthy grounds."
|
Financial Summary |
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
Three-month period ended December 31, |
(Expressed in thousands of U.S. dollars, except share and per share
data): |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
Voyage revenue |
|
$ |
386,155 |
|
$ |
414,249 |
|
$ |
95,193 |
|
$ |
112,549 |
Accrued charter revenue (1) |
|
$ |
6,261 |
|
$ |
14,976 |
|
$ |
2,352 |
|
$ |
4,303 |
Voyage revenue adjusted on a cash basis (2) |
|
$ |
392,416 |
|
$ |
429,225 |
|
$ |
97,545 |
|
$ |
116,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (3) |
|
$ |
253,097 |
|
$ |
282,414 |
|
$ |
62,510 |
|
$ |
75,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income available to common stockholders (3) |
|
$ |
91,346 |
|
$ |
108,846 |
|
$ |
23,625 |
|
$ |
30,477 |
Weighted Average number of shares |
|
|
67,612,842 |
|
|
74,800,000 |
|
|
73,658,696 |
|
|
74,800,000 |
Adjusted Earnings per share (3) |
|
$ |
1.35 |
|
$ |
1.46 |
|
$ |
0.32 |
|
$ |
0.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA (3) |
|
$ |
242,880 |
|
$ |
275,119 |
|
$ |
61,816 |
|
$ |
71,116 |
Net
Income |
|
$ |
81,129 |
|
$ |
103,087 |
|
$ |
22,931 |
|
$ |
26,852 |
Net
Income available to common stockholders |
|
$ |
81,129 |
|
$ |
101,551 |
|
$ |
22,931 |
|
$ |
25,901 |
Weighted Average number of shares |
|
|
67,612,842 |
|
|
74,800,000 |
|
|
73,658,696 |
|
|
74,800,000 |
Earnings per share |
|
$ |
1.20 |
|
$ |
1.36 |
|
$ |
0.31 |
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Accrued charter revenue represents the difference between
cash received during the period and revenue recognized on a
straight-line basis. In the early years of a charter with
escalating charter rates, voyage revenue will exceed cash received
during the period, and during the last years of such charter cash
received will exceed revenue recognized on a straight line basis.
(2) Voyage revenue adjusted on a cash basis represents Voyage
revenue after adjusting for non-cash "Accrued charter revenue"
recorded under charters with escalating charter rates. However,
Voyage revenue adjusted on a cash basis is not a recognized
measurement under U.S. generally accepted accounting principles, or
"GAAP." We believe that the presentation of Voyage revenue adjusted
on a cash basis is useful to investors because it presents the
charter revenue for the relevant period based on the then current
daily charter rates. The increases or decreases in daily
charter rates under our charter party agreements are described in
the notes to the "Fleet List" below. (3) Adjusted net income,
adjusted earnings per share, EBITDA and adjusted EBITDA are
non-GAAP measures. Refer to the reconciliation of net income to
adjusted net income and net income to EBITDA and adjusted EBITDA
below.
Non-GAAP Measures
The Company reports its financial results in accordance with
U.S. generally accepted accounting principles (GAAP). However,
management believes that certain non-GAAP financial measures used
in managing the business may provide users of these financial
measures additional meaningful comparisons between current results
and results in prior operating periods. Management believes that
these non-GAAP financial measures can provide additional meaningful
reflection of underlying trends of the business because they
provide a comparison of historical information that excludes
certain items that impact the overall comparability. Management
also uses these non-GAAP financial measures in making financial,
operating and planning decisions and in evaluating the Company's
performance. Tables below set out supplemental financial data and
corresponding reconciliations to GAAP financial measures for the
years and three-month periods ended December 31, 2013 and December
31, 2012. Non-GAAP financial measures should be viewed in addition
to, and not as an alternative for, the Company's reported results
prepared in accordance with GAAP. Non-GAAP financial measures
include (i) Voyage revenue adjusted on a cash basis (reconciled
above), (ii) Adjusted Net Income, (iii) Adjusted earnings per
share, (iv) EBITDA and (v) Adjusted EBITDA.
|
Reconciliation of Net Income to Adjusted Net Income
available to common stockholders |
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
Three-month period ended December 31, |
|
(Expressed in thousands of U.S. dollars, except share and per share
data) |
|
2012 |
|
2013 |
|
|
2012 |
|
|
2013 |
|
Net
Income |
|
$ |
81,129 |
|
$ |
103,087 |
|
|
$ |
22,931 |
|
|
$ |
26,852 |
|
Distributed earnings allocated to Preferred Stock |
|
|
- |
|
|
(1,536 |
) |
|
|
- |
|
|
|
(951 |
) |
Net
Income available to common stockholders |
|
|
81,129 |
|
|
101,551 |
|
|
|
22,931 |
|
|
|
25,901 |
|
Accrued charter revenue |
|
|
6,261 |
|
|
14,976 |
|
|
|
2,352 |
|
|
|
4,303 |
|
(Gain)/ Loss on sale/disposal of vessels |
|
|
2,796 |
|
|
(518 |
) |
|
|
(1,500 |
) |
|
|
- |
|
Realized (Gain)/ Loss on Euro/USD forward contracts |
|
|
698 |
|
|
(615 |
) |
|
|
(299 |
) |
|
|
- |
|
(Gain)/ Loss on derivative instruments |
|
|
462 |
|
|
(6,548 |
) |
|
|
141 |
|
|
|
273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net income available to common stockholders |
|
$ |
91,346 |
|
$ |
108,846 |
|
|
$ |
23,625 |
|
|
$ |
30,477 |
|
Adjusted Earnings per Share |
|
$ |
1.35 |
|
$ |
1.46 |
|
|
$ |
0.32 |
|
|
$ |
0.41 |
|
Weighted average number of shares |
|
|
67,612,842 |
|
|
74,800,000 |
|
|
|
73,658,696 |
|
|
|
74,800,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net income and Adjusted Earnings per Share represent
net income before non-cash "Accrued charter revenue" recorded under
charters with escalating charter rates, gain/ (loss) on sale/
disposal of vessels, realized (gain)/ loss on Euro/USD forward
contracts and non-cash changes in fair value of
derivatives. "Accrued charter revenue" is attributed to the
timing difference between the revenue recognition and the cash
collection. However, Adjusted Net income and Adjusted Earnings per
Share are not recognized measurements under U.S. generally accepted
accounting principles, or "GAAP." We believe that the presentation
of Adjusted Net income and Adjusted Earnings per Share are useful
to investors because they are frequently used by securities
analysts, investors and other interested parties in the evaluation
of companies in our industry. We also believe that Adjusted Net
income and Adjusted Earnings per Share are useful in evaluating our
ability to service additional debt and make capital expenditures.
In addition, we believe that Adjusted Net income and Adjusted
Earnings per Share are useful in evaluating our operating
performance and liquidity position compared to that of other
companies in our industry because the calculation of Adjusted Net
income and Adjusted Earnings per Share generally eliminates the
effects of the accounting effects of capital expenditures and
acquisitions, certain hedging instruments and other accounting
treatments, items which may vary for different companies for
reasons unrelated to overall operating performance and liquidity.
In evaluating Adjusted Net income and Adjusted Earnings per Share,
you should be aware that in the future we may incur expenses that
are the same as or similar to some of the adjustments in this
presentation. Our presentation of Adjusted Net income and Adjusted
Earnings per Share should not be construed as an inference that our
future results will be unaffected by unusual or non-recurring
items.
|
Reconciliation of Net Income to Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
Three-month period ended December 31, |
|
(Expressed in thousands of U.S. dollars) |
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
Net
Income |
|
$ |
81,129 |
|
|
$ |
103,087 |
|
|
$ |
22,931 |
|
|
$ |
26,852 |
|
Interest and finance costs |
|
|
74,734 |
|
|
|
74,533 |
|
|
|
16,894 |
|
|
|
17,610 |
|
Interest income |
|
|
(1,495 |
) |
|
|
(543 |
) |
|
|
(322 |
) |
|
|
(95 |
) |
Depreciation |
|
|
80,333 |
|
|
|
89,958 |
|
|
|
20,151 |
|
|
|
24,800 |
|
Amortization of dry-docking and special survey costs |
|
|
8,179 |
|
|
|
8,084 |
|
|
|
2,162 |
|
|
|
1,949 |
|
EBITDA |
|
|
242,880 |
|
|
|
275,119 |
|
|
|
61,816 |
|
|
|
71,116 |
|
Accrued charter revenue |
|
|
6,261 |
|
|
|
14,976 |
|
|
|
2,352 |
|
|
|
4,303 |
|
(Gain)/ Loss on sale/disposal of vessels |
|
|
2,796 |
|
|
|
(518 |
) |
|
|
(1,500 |
) |
|
|
- |
|
Realized (Gain)/ Loss on Euro/USD forward contracts |
|
|
698 |
|
|
|
(615 |
) |
|
|
(299 |
) |
|
|
- |
|
Gain/
(Loss) on derivative instruments |
|
|
462 |
|
|
|
(6,548 |
) |
|
|
141 |
|
|
|
273 |
|
Adjusted EBITDA |
|
$ |
253,097 |
|
|
$ |
282,414 |
|
|
$ |
62,510 |
|
|
$ |
75,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA represents net income before interest and finance costs,
interest income, depreciation and amortization of deferred
dry-docking and special survey costs. Adjusted EBITDA
represents net income before interest and finance costs, interest
income, depreciation, amortization of deferred dry-docking and
special survey costs, non-cash "Accrued charter revenue" recorded
under charters with escalating charter rates, gain/ (loss) on
sale/disposal of vessels, realized gain/ (loss) on Euro/USD forward
contracts and non-cash changes in fair value of derivatives.
"Accrued charter revenue" is attributed to the time difference
between the revenue recognition and the cash collection. However,
EBITDA and Adjusted EBITDA are not recognized measurements under
U.S. generally accepted accounting principles, or "GAAP." We
believe that the presentation of EBITDA and Adjusted EBITDA are
useful to investors because they are frequently used by securities
analysts, investors and other interested parties in the evaluation
of companies in our industry. We also believe that EBITDA and
Adjusted EBITDA are useful in evaluating our ability to service
additional debt and make capital expenditures. In addition, we
believe that EBITDA and Adjusted EBITDA are useful in evaluating
our operating performance and liquidity position compared to that
of other companies in our industry because the calculation of
EBITDA and Adjusted EBITDA generally eliminates the effects of
financings, income taxes and the accounting effects of capital
expenditures and acquisitions, items which may vary for different
companies for reasons unrelated to overall operating performance
and liquidity. In evaluating EBITDA and Adjusted EBITDA, you should
be aware that in the future we may incur expenses that are the same
as or similar to some of the adjustments in this presentation. Our
presentation of EBITDA and Adjusted EBITDA should not be construed
as an inference that our future results will be unaffected by
unusual or non-recurring items.
Note: Items to consider for comparability include gains and
charges. Gains positively impacting net income are reflected as
deductions to net income. Charges negatively impacting net income
are reflected as increases to net income.
Results of Operations
Three-month period ended December 31, 2013 compared to the
three-month period ended December 31, 2012
During the three-month periods ended December 31, 2013 and 2012,
we had an average of 51.6 and 47.0 vessels, respectively, in our
fleet. In the three-month period ended December 31, 2013, we
accepted delivery of the newbuild vessel Vantage with a
TEU capacity of 8,827. In the three-month period ended December 31,
2012, no vessels were acquired or sold. In the three-month periods
ended December 31, 2013 and 2012, our fleet ownership days totaled
4,746 and 4,324 days, respectively. Ownership days are the primary
driver of voyage revenue and vessels' operating expenses and
represent the aggregate number of days in a period during which
each vessel in our fleet is owned.
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period ended |
|
|
|
|
|
|
|
(Expressed in millions of U.S. |
|
December 31, |
|
|
|
|
|
Percentage |
|
dollars, except percentages) |
|
|
2012 |
|
|
|
2013 |
|
|
|
Change |
|
|
Change |
|
Voyage revenue |
|
$ |
95.2 |
|
|
$ |
112.5 |
|
|
$ |
17.3 |
|
|
18.2 |
% |
Voyage expenses |
|
|
(1.5 |
) |
|
|
(1.0 |
) |
|
|
(0.5 |
) |
|
(33.3 |
%) |
Voyage expenses - related parties |
|
|
(0.7 |
) |
|
|
(0.9 |
) |
|
|
0.2 |
|
|
28.6 |
% |
Vessels operating expenses |
|
|
(27.8 |
) |
|
|
(30.1 |
) |
|
|
2.3 |
|
|
8.3 |
% |
General and administrative expenses |
|
|
(1.0 |
) |
|
|
(5.2 |
) |
|
|
4.2 |
|
|
420.0 |
% |
Management fees - related parties |
|
|
(3.8 |
) |
|
|
(4.2 |
) |
|
|
0.4 |
|
|
10.5 |
% |
Amortization of dry-docking and special survey costs |
|
|
(2.2 |
) |
|
|
(1.9 |
) |
|
|
(0.3 |
) |
|
(13.6 |
%) |
Depreciation |
|
|
(20.2 |
) |
|
|
(24.8 |
) |
|
|
4.6 |
|
|
22.8 |
% |
Gain
on sale / disposal of vessels |
|
|
1.5 |
|
|
|
- |
|
|
|
(1.5 |
) |
|
(100.0 |
%) |
Foreign exchange losses |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
- |
|
|
- |
|
Interest income |
|
|
0.3 |
|
|
|
0.1 |
|
|
|
(0.2 |
) |
|
(66.7 |
%) |
Interest and finance costs |
|
|
(16.9 |
) |
|
|
(17.6 |
) |
|
|
0.7 |
|
|
4.1 |
% |
Equity gain on investments |
|
|
- |
|
|
|
0.4 |
|
|
|
0.4 |
|
|
100.0 |
% |
Other |
|
|
0.2 |
|
|
|
- |
|
|
|
(0.2 |
) |
|
(100.0 |
%) |
Loss
on derivative instruments |
|
|
(0.1 |
) |
|
|
(0.3 |
) |
|
|
0.2 |
|
|
200.0 |
% |
Net
Income |
|
$ |
22.9 |
|
|
$ |
26.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period ended |
|
|
|
|
|
(Expressed in millions of U.S. |
|
December 31, |
|
|
|
Percentage |
|
dollars, except percentages) |
|
2012 |
|
2013 |
|
Change |
|
Change |
|
Voyage revenue |
|
$ |
95.2 |
|
$ |
112.5 |
|
$ |
17.3 |
|
18.2 |
% |
Accrued charter revenue |
|
|
2.4 |
|
|
4.3 |
|
|
1.9 |
|
79.2 |
% |
Voyage revenue adjusted on a cash basis |
|
$ |
97.6 |
|
$ |
116.8 |
|
$ |
19.2 |
|
19.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fleet
operational data |
|
Three-month period ended |
|
|
|
|
|
|
|
|
December 31, |
|
|
|
|
Percentage |
|
|
2012 |
|
2013 |
|
Change |
|
|
Change |
|
Average number of vessels |
|
47.0 |
|
51.6 |
|
4.6 |
|
|
9.8 |
% |
Ownership days |
|
4,324 |
|
4,746 |
|
422 |
|
|
9.8 |
% |
Number of vessels under dry-docking |
|
3 |
|
1 |
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage Revenue
Voyage revenue increased by 18.2%, or $17.3 million, to $112.5
million during the three-month period ended December 31, 2013, from
$95.2 million during the three-month period ended December 31,
2012. This increase was mainly due to (i) revenue earned by the
newbuild vessels delivered to us during the year ended December 31,
2013; partly offset by (ii) decreased charter rates in certain of
our vessels during the three-month period ended December 31, 2013,
compared to the three-month period ended December 31, 2012, and
(iii) revenues not earned by vessels which were sold for scrap
during the year ended December 31, 2013.
Voyage revenue adjusted on a cash basis (which eliminates
non-cash "Accrued charter revenue"), increased by 19.7%, or $19.2
million, to $116.8 million during the three-month period ended
December 31, 2013, from $97.6 million during the three-month period
ended December 31, 2012. This increase was mainly due to (i)
revenue earned by the newbuild vessels delivered to us during the
year ended December 31, 2013; partly offset by (ii) decreased
charter rates in certain of our vessels during the three-month
period ended December 31, 2013, compared to the three-month period
ended December 31, 2012, and (iii) revenues not earned by vessels
which were sold for scrap during the year ended December 31,
2013.
Voyage Expenses
Voyage expenses decreased by 33.3% or $0.5 million, to $1.0
million during the three-month period ended December 31, 2013, from
$1.5 million during the three-month period ended December 31, 2012.
Voyage expenses mainly include (i) off-hire expenses of our fleet,
mainly related to fuel consumption and (ii) third party
commissions. The decrease during the three-month period ended
December 31, 2013, compared to the three-month period ended
December 31, 2012, was mainly attributable to the decreased
off-hire expenses, mainly relating to bunkers consumption.
Voyage Expenses - related parties
Voyage expenses - related parties in the amount of $0.9 million
during the three-month period ended December 31, 2013 and in the
amount of $0.7 million during the three-month period ended December
31, 2012, represent fees of 0.75% on voyage revenues charged to us
by Costamare Shipping Company S.A. as provided under our group
management agreement.
Vessels' Operating Expenses
Vessels' operating expenses, which also include the realized
gain/ (loss) under derivative contracts entered into in relation to
foreign currency exposure, increased by 8.3%, or $2.3 million, to
$30.1 million during the three-month period ended December 31,
2013, from $27.8 million during the three-month period ended
December 31, 2012. The increase was partly attributable to the
increased ownership days of our fleet during the three-month period
ended December 31, 2013 compared to the three-month period ended
December 31, 2012.
General and Administrative Expenses
General and administrative expenses increased by $4.2 million,
to $5.2 million during the three-month period ended December 31,
2013, from $1.0 million during the three-month period ended
December 31, 2012. General and administrative expenses for the
three-month periods ended December 31, 2013 and 2012, included
$0.25 million in each period for the services of the Company's
officers in aggregate charged to us by Costamare Shipping Company
S.A. as provided under our group management agreement.
Management Fees - related parties
Management fees paid to our managers increased by 10.5%, or $0.4
million, to $4.2 million during the three-month period ended
December 31, 2013, from $3.8 million during the three-month period
ended December 31, 2012. The increase was primarily attributable to
(i) the inflation related upward adjustment by 4% of the management
fee for each vessel (effective January 1, 2013), as provided under
our group management agreement and (ii) the increased average
number of vessels during the three-month period ended December 31,
2013, compared to the three-month period ended December 31,
2012.
Amortization of Dry-docking and Special Survey
Costs
Amortization of deferred dry-docking and special survey costs
was $1.9 million for the three-month period ended December 31, 2013
and $2.2 million for the three-month period ended December 31,
2012. During the three-month periods ended December 31, 2013 and
2012, one vessel and three vessels, respectively, underwent and
completed their special survey.
Depreciation
Depreciation expense increased by 22.8%, or $4.6 million, to
$24.8 million during the three-month period ended December 31,
2013, from $20.2 million during the three-month period ended
December 31, 2012. The increase was mainly attributable to the
depreciation expense charged for the seven newbuilding vessels
delivered to us during the year ended December 31, 2013, partly
offset by the depreciation expense not charged for the vessels sold
for scrap during the year ended December 31, 2013.
Gain on Sale/Disposal of Vessels
During the three-month period ended December 31, 2013, no
vessels were sold. During the three-month period ended December 31,
2012, we recorded a book gain of $1.5 million from the effect of
the partial reversal of a provision recorded in 2011 for costs
associated with the grounding of the vessel Rena.
Foreign Exchange Losses
Foreign exchange losses were $0.1 million during the three-month
period ended December 31, 2013 and $0.1 million during the
three-month period ended December 31, 2012.
Interest Income
Interest income decreased by 66.7% or $0.2 million, to $0.1
million during the three-month period ended December 31, 2013, from
$0.3 million during the three-month period ended December 31, 2012.
The decrease was mainly attributable to the decreased average cash
balance during the three-month period ended December 31, 2013,
compared to the three-month period ended December 31, 2012.
Interest and Finance Costs
Interest and finance costs increased by 4.1%, or $0.7 million,
to $17.6 million during the three-month period ended December 31,
2013, from $16.9 million during the three-month period ended
December 31, 2012. The increase was mainly attributable to the
increased interest expense charged to the consolidated income
statement in relation with the loan facilities of the seven
newbuild vessels which were delivered to us during the year ended
December 31, 2013; partly offset by the decreased loan commitment
fees charged to us during the three-month period ended December 31,
2013, compared to the three-month period ended December 31,
2012.
Equity Gain on Investments
The equity gain on investments of $0.4 million for the three
month period ended December 31, 2013, represents our share of the
net earnings of thirteen jointly owned companies pursuant to the
Framework Agreement with York. We hold a range of 25% to 49% of the
capital stock of these companies.
Loss on Derivative Instruments
The fair value of our 27 interest rate derivative instruments
which were outstanding as of December 31, 2013, equates to the
amount that would be paid by us or to us should those instruments
be terminated. As of December 31, 2013, the fair value of these 27
interest rate derivative instruments in aggregate amounted to a
liability of $103.2 million. Twenty-six of the 27 interest rate
derivative instruments that were outstanding as at December 31,
2013, qualified for hedge accounting and the effective portion of
the change in their fair value is recorded in "Other Comprehensive
Income" ("OCI")". For the three-month period ended December
31, 2013, a net gain of $12.0 million has been included in "OCI"
and a net loss of $0.3 million has been included in "Gain/ (Loss)
on derivative instruments" in the consolidated statement of income,
resulting from the fair market value change of the interest rate
derivative instruments during the three-month period ended December
31, 2013.
Cash Flows
Three-month periods ended December 31, 2013 and
2012
|
|
|
|
|
|
|
Condensed cash flows |
|
Three-month period ended December 31, |
|
(Expressed in millions of U.S. dollars) |
|
2012 |
|
|
2013 |
|
Net
Cash Provided by Operating Activities |
|
$ |
44.7 |
|
|
$ |
57.8 |
|
Net
Cash Used in Investing Activities |
|
$ |
(74.5 |
) |
|
$ |
(107.9 |
) |
Net
Cash Provided by Financing Activities |
|
$ |
80.0 |
|
|
$ |
23.1 |
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the
three-month period ended December 31, 2013, increased by $13.1
million to $57.8 million, compared to $44.7 million for the
three-month period ended December 31, 2012. The increase was
primarily attributable to increased cash from operations of $19.3
million due to cash generated from the chartering of the seven
newbuild vessels delivered to us during the year ended December 31,
2013 and to decreased dry-docking payments of $2.3 million, partly
offset by unfavorable change in working capital position, excluding
the current portion of long-term debt and the accrued charter
revenue (representing the difference between cash received in that
period and revenue recognized on a straight-line basis) of $5.1
million.
Net Cash Used in Investing Activities
Net cash used in investing activities was $107.9 million in the
three-month period ended December 31, 2013, which primarily
consisted of $108.1 million advance payments for the construction
and purchase of three newbuild vessels.
Net cash used in investing activities was $74.5 million in the
three-month period ended December 31, 2012, which mainly consisted
of (a) $82.1 million advance payments for the construction and
purchase of five newbuild vessels and (b) $7.9 million advance
payment we received from the sale of one vessel for scrap which was
delivered to her scrap buyers in January 2013.
Net Cash Provided By Financing Activities
Net cash provided by financing activities was $23.1 million in
the three-month period ended December 31, 2013, which mainly
consisted of (a) $43.2 million of indebtedness that we repaid, (b)
$91.5 million we drew down from two of our credit facilities (c)
$20.2 million we paid for dividends to our stockholders for the
third quarter of 2013 and (d) $0.7 million we paid for
dividends to holders of our 7.625% Series B Cumulative
Redeemable Perpetual Preferred Shares for the period from August 6,
2013 to October 14, 2014.
Net cash provided by financing activities was $80.0 million in
the three-month period ended December 31, 2012, which mainly
consisted of (a) $40.8 million of indebtedness that we repaid, (b)
$47.5 million we drew down from three of our credit facilities, (c)
$20.2 million we paid for dividends to our stockholders for the
third quarter of the year 2012 and (d) $93.5 million net proceeds
we received from our follow-on offering in October 2012, net of
underwriting discounts and expenses incurred in the offering.
Results of Operations
Year ended December 31, 2013 compared to the year ended
December 31, 2012
During the year ended December 31, 2013 and 2012, we had an
average of 49.6 and 46.8 vessels, respectively, in our fleet. In
the year ended December 31, 2013, we accepted delivery of the
newbuild vessels MSC Athens, MSC Athos,
Valor, Value, Valiant, Valence
and Vantage with an aggregate TEU capacity of 61,789TEU
and the secondhand vessel Venetiko with a TEU capacity of 5,928 and
we sold three vessels, the MSC Washington, MSC Austria and
MSC Antwerp with an aggregate TEU capacity of
11,343. In the year ended December 31, 2012, we accepted
delivery of five secondhand vessels MSC Ulsan,
Koroni, Kyparissia, Stadt Luebeck and
Messini with an aggregate TEU capacity of 15,352 and we
sold four vessels Gather, Gifted, Genius
I and Horizon with an aggregate TEU capacity of
9,834. In the years ended December 31, 2013 and 2012, our fleet
ownership days totaled 18,119 and 17,113 days, respectively.
Ownership days are the primary driver of voyage revenue and vessels
operating expenses and represent the aggregate number of days in a
period during which each vessel in our fleet is owned.
|
|
|
|
|
|
|
|
|
|
|
Year ended |
|
|
|
|
|
|
(Expressed in millions of U.S. |
|
December 31, |
|
|
|
|
Percentage |
|
dollars, except percentages) |
|
2012 |
|
|
2013 |
|
|
Change |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
|
$ |
386.2 |
|
|
|
414.2 |
|
|
$ |
28.0 |
|
7.3 |
% |
Voyage expenses |
|
|
(5.5 |
) |
|
|
(3.5 |
) |
|
|
(2.0 |
) |
(36.4 |
%) |
Voyage expenses - related parties |
|
|
(2.9 |
) |
|
|
(3.1 |
) |
|
|
0.2 |
|
6.9 |
% |
Vessels operating expenses |
|
|
(112.5 |
) |
|
|
(116.0 |
) |
|
|
3.5 |
|
3.1 |
% |
General and administrative expenses |
|
|
(4.0 |
) |
|
|
(8.5 |
) |
|
|
4.5 |
|
112.5 |
% |
Management fees - related parties |
|
|
(15.2 |
) |
|
|
(16.6 |
) |
|
|
1.4 |
|
9.2 |
% |
Amortization of dry-docking and special survey costs |
|
|
(8.2 |
) |
|
|
(8.1 |
) |
|
|
(0.1 |
) |
(1.2 |
%) |
Depreciation |
|
|
(80.3 |
) |
|
|
(89.9 |
) |
|
|
9.6 |
|
12.0 |
% |
Gain/
(Loss) on sale/disposal of vessels |
|
|
(2.8 |
) |
|
|
0.5 |
|
|
|
3.3 |
|
117.9 |
% |
Foreign exchange gains |
|
|
0.1 |
|
|
|
- |
|
|
|
(0.1 |
) |
(100.0 |
%) |
Interest income |
|
|
1.5 |
|
|
|
0.6 |
|
|
|
(0.9 |
) |
(60.0 |
%) |
Interest and finance costs |
|
|
(74.7 |
) |
|
|
(74.5 |
) |
|
|
(0.2 |
) |
(0.3 |
%) |
Equity gain on investments |
|
|
- |
|
|
|
0.7 |
|
|
|
0.7 |
|
100.0 |
% |
Other |
|
|
(0.1 |
) |
|
|
0.8 |
|
|
|
0.9 |
|
900.0 |
% |
Gain/
(Loss) on derivative instruments |
|
|
(0.5 |
) |
|
|
6.5 |
|
|
|
7.0 |
|
1,400.0 |
% |
Net
Income |
|
$ |
81.1 |
|
|
$ |
103.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. |
|
|
Year ended |
|
|
|
|
|
|
|
dollars, except percentages) |
|
|
December 31, |
|
|
|
|
|
Percentage |
|
|
|
|
2012 |
|
|
|
2013 |
|
|
|
Change |
|
Change |
|
Voyage revenue |
|
$ |
386.2 |
|
|
$ |
414.2 |
|
|
$ |
28.0 |
|
7.3 |
% |
Accrued charter revenue |
|
|
6.2 |
|
|
|
15.0 |
|
|
|
8.8 |
|
141.9 |
% |
Voyage revenue adjusted on a cash basis |
|
$ |
392.4 |
|
|
$ |
429.2 |
|
|
$ |
36.8 |
|
9.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended |
|
|
|
|
|
|
|
|
December 31, |
|
|
|
|
Percentage |
|
Fleet
operational data |
|
2012 |
|
2013 |
|
Change |
|
|
Change |
|
Average number of vessels |
|
46.8 |
|
49.6 |
|
2.8 |
|
|
6.0 |
% |
Ownership days |
|
17,113 |
|
18,119 |
|
1,006 |
|
|
5.9 |
% |
Number of vessels under dry-docking |
|
9 |
|
8 |
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage Revenue
Voyage revenue increased by 7.3%, or $28.0 million, to $414.2
million during the year ended December 31, 2013, from $386.2
million during the year ended December 31, 2012. This increase was
mainly attributable to (i) revenue earned by the newbuild vessels
delivered to us during the year ended December 31, 2013; partly
offset by (ii) decreased charter rates in certain of our vessels
during the year ended December 31, 2013, compared to the year ended
December 31, 2012, and (iii) revenues not earned by vessels which
were sold for scrap during the years ended December 31, 2013 and
2012.
Voyage revenue adjusted on a cash basis (which eliminates
non-cash "Accrued charter revenue"), increased by 9.4%, or $36.8
million, to $429.2 million during the year ended December 31, 2013,
from $392.4 million during the year ended December 31, 2012. This
increase was mainly attributable to (i) revenue earned by the
newbuild vessels delivered to us during the year ended December 31,
2013; partly offset by (ii) decreased charter rates in certain of
our vessels during the year ended December 31, 2013, compared to
the year ended December 31, 2012, and (iii) revenues not earned by
vessels which were sold for scrap during the years ended December
31, 2013 and 2012.
Voyage Expenses
Voyage expenses decreased by 36.4%, or $2.0 million, to $3.5
million during the year ended December 31, 2013, from $5.5 million
during the year ended December 31, 2012. The decrease was primarily
attributable to the decreased off-hire expenses of our fleet,
mainly bunkers consumption and by the decreased third party
commissions charged to us during the year ended December 31, 2013,
compared to the year ended December 31, 2012.
Voyage Expenses - related parties
Voyage expenses - related parties increased by 6.9% or $0.2
million to $3.1 million during the year ended December 31, 2013,
from $2.9 million during the year ended December 31, 2012 and
represent fees of 0.75% on voyage revenues charged to us by
Costamare Shipping Company S.A. as provided under our group
management agreement.
Vessels' Operating Expenses
Vessels' operating expenses, which also includes the realized
gain/ (loss) under derivative contracts entered into in relation to
foreign currency exposure, increased by 3.1% or $3.5 million to
$116.0 million during the year ended December 31, 2013, from $112.5
million during the year ended December 31, 2012. The increase was
mainly attributable to the increased ownership days of our fleet
during the year ended December 31, 2013 compared to the year ended
December 31, 2012.
General and Administrative Expenses
General and administrative expenses increased by $4.5 million,
to $8.5 million during the year ended December 31, 2013, from $4.0
million during the year ended December 31, 2012. Furthermore,
General and administrative expenses for the years ended December
31, 2013 and December 31, 2012, include $1.0 million in each period
for the services of the Company's officers in aggregate charged to
us by Costamare Shipping Company S.A. as provided under our group
management agreement.
Management Fees - related parties
Management fees paid to our managers increased by 9.2%, or $1.4
million, to $16.6 million during the year ended December 31, 2013,
from $15.2 million during the year ended December 31, 2012. The
increase was primarily attributable to (i) the inflation related
upward adjustment by 4% of the management fee for each vessel
(effective January 1, 2013), as provided under our group management
agreement and (ii) the increased average number of vessels during
the year ended December 31, 2013, compared to the year ended
December 31, 2012.
Amortization of Dry-docking and Special Survey
Costs
Amortization of deferred dry-docking and special survey costs
for the years ended December 31, 2013 and 2012 was $8.1 million and
$8.2 million, respectively. During the years ended December 31,
2013 and 2012, eight vessels and nine vessels, respectively,
underwent their special survey.
Depreciation
Depreciation expense increased by 12.0%, or $9.6 million, to
$89.9 million during the year ended December 31, 2013, from $80.3
million during the year ended December 31, 2012. The increase was
primarily attributable to the depreciation expense charged for the
seven newbuild vessels delivered to us during the year ended
December 31, 2013.
Gain/ (Loss) on Sale/Disposal of Vessels
During the year ended December 31, 2013, we recorded a net gain
of $0.5 million from the sale of three vessels. During the year
ended December 31, 2012, we recorded a net loss of $2.8 million
mainly from the sale of four vessels (including the effect of the
partial reversal of a provision recorded in 2011 for costs
associated with the grounding of the vessel
Rena).
Foreign Exchange Gains
Foreign exchange gains amounted to nil and $0.1 million during
the years ended December 31, 2013 and 2012, respectively.
Interest Income
During the year ended December 31, 2013, interest income
decreased by 60.0%, or $0.9 million, to $0.6 million from $1.5
million during the year ended December 31, 2012.
Interest and Finance Costs
Interest and finance costs decreased by 0.3%, or $0.2 million,
to $74.5 million during the year ended December 31, 2013, from
$74.7 million during the year ended December 31, 2012. The decrease
was mainly attributable to (i) the capitalized interest in relation
with our newbuilding program, (ii) the decreased commitment fees
charged to us; partly offset by the increased interest expense
charged to our consolidated income statement in relation with the
loan facilities of the seven newbuild vessels which were delivered
to us during the year ended December 31, 2013.
Equity Gain on Investments
The equity gain on investments of $0.7 million represents our
share of the net earnings of thirteen jointly owned companies
formed pursuant to the Framework Agreement with York. We hold a
range of 25% to 49% of the capital stock of each company.
Gain/ (Loss) on Derivative Instruments
The fair value of our 27 interest rate derivative instruments
which were outstanding as of December 31, 2013, equates to the
amount that would be paid by us or to us should those instruments
be terminated. As of December 31, 2013, the fair value of these 27
interest rate derivative instruments in aggregate amounted to a
liability of $103.2 million. Twenty-six of the 27 interest rate
derivative instruments that were outstanding as at December 31,
2013, qualified for hedge accounting and the effective portion of
the change in their fair value is recorded in "Other Comprehensive
Income" ("OCI"). For the year ended December 31, 2013, a gain
of $71.1 million has been included in "OCI" and a net gain of $6.5
million has been included in "Gain/ (Loss) on derivative
instruments" in the consolidated statement of income, resulting
from the fair market value change of the interest rate derivative
instruments during the year ended December 31, 2013.
|
|
Cash Flows |
|
Year ended December 31, 2013 and
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed cash flows |
Year ended December 31, |
|
(Expressed in millions of U.S. dollars) |
2012 |
|
|
2013 |
|
Net
Cash Provided by Operating Activities |
$ |
168.1 |
|
|
$ |
186.7 |
|
Net
Cash Used in Investing Activities |
$ |
(236.5 |
) |
|
$ |
(621.1 |
) |
Net
Cash Provided by Financing Activities |
$ |
237.7 |
|
|
|
260.4 |
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the year
ended December 31, 2013, increased by $18.6 million to $186.7
million, compared to $168.1 million for the year ended December 31,
2012. The increase was primarily attributable to increased cash
from operations of $36.8 million due to cash generated from the
charters of the seven newbuild vessels delivered to us during the
year ended December 31, 2013 and to decreased dry-docking payments
of $5.0 million, partly offset by unfavorable change in working
capital position, excluding the current portion of long-term debt
and the accrued charter revenue (representing the difference
between cash received in that period and revenue recognized on a
straight-line basis) of $20.1 million and increased payments for
interest (including swap payments) of $2.7 million.
Net Cash Used in Investing Activities
Net cash used in investing activities was $621.1 million in the
year ended December 31, 2013, which consisted primarily of (a)
$590.4 million advance payments for the construction and purchase
of ten newbuild vessels, (b) $51.9 million in payments for the
acquisition of four secondhand vessels, (c) $8.7 million in
payments, pursuant to the Framework Agreement with York, to hold a
minority equity interest in jointly-owned companies, (d) $13.9
million net proceeds we received from the sale for scrap of MSC
Antwerp and MSC Austria (including $0.6 million in
payments for expenses related to the sale of MSC
Washington) and (e) $16.0 million we received, pursuant to the
Framework Agreement with York, for York's 51% equity interest in
the ship-owning companies of the vessels Petalidi,
Ensenada Express and X-Press Padma and for
initial working capital for such ship-owning companies.
Net cash used in investing activities was $236.5 million in the
year ended December 31, 2012, which consisted of (a) $191.2 million
advance payments for the construction and purchase of ten newbuild
vessels, (b) $74.1 million in payments for the acquisition of five
secondhand vessels and (c) $28.7 million we received from the sale
of four vessels, including the advance payment we received from the
sale of one vessel for scrap which was delivered to her scrap
buyers in January 2013.
Net Cash Provided By Financing Activities
Net cash provided by financing activities was $260.4 million in
the year ended December 31, 2013, which mainly consisted of (a)
$163.7 million of indebtedness that we repaid, (b) $469.4 million
we drew down from four of our credit facilities, (c) $80.8 million
we paid for dividends to our stockholders for the fourth quarter of
the year ended December 31, 2012, and the first, second and third
quarters of 2013, (d) $48.0 million net proceeds we received from
our public offering in August 2013 of 2.0 million shares of our
7.625% Series B Cumulative Redeemable Perpetual Preferred Shares,
net of underwriting discounts and expenses incurred in the offering
and (e) $0.7 million we paid for dividends to holders of our 7.625%
Series B Cumulative Redeemable Perpetual Preferred Shares for the
period from August 6, 2013 to October 14, 2013.
Net cash provided by financing activities was $237.7 million in
the year ended December 31, 2012, which mainly consisted of (a)
$170.2 million of indebtedness that we repaid, (b) $288.6 million
we drew down from six of our credit facilities, (c) $73.1 million
we paid for dividends to our stockholders for the fourth quarter of
the year ended December 31, 2011, first quarter of the year 2012,
the second quarter of the year 2012 and the third quarter of the
year 2012 and (d) $194.1 million net proceeds we received from our
two follow-on offerings in March 2012 and October 2012, net of
underwriting discounts and expenses incurred in the offerings.
Liquidity and Capital Expenditures
Cash and cash equivalents
As of December 31, 2013, we had a total cash liquidity of $152.3
million, consisting of cash, cash equivalents and restricted
cash.
Debt-free vessels
As of January 27, 2014, the following vessels were free of
debt.
|
|
Unencumbered Vessels in the
water(*) |
(refer to fleet list on page 17 for full
charter details) |
|
Vessel Name |
|
Year Built |
|
TEU Capacity |
NAVARINO |
|
2010 |
|
8,531 |
VENETIKO |
|
2003 |
|
5,928 |
MESSINI |
|
1997 |
|
2,458 |
|
|
|
|
|
|
|
|
|
|
(*) Does not include three secondhand vessels acquired and nine
newbuild vessels ordered pursuant to the Framework Agreement with
York, which are also free of debt.
Capital commitments
As of January 27, 2014, we had outstanding commitments relating
to our contracted newbuilds, including the JV newbuilds,
aggregating approximately $382.6 million payable in installments
until the vessels are delivered, which amount includes our interest
in the relevant vessel-owning entities.
Conference Call details:
On Tuesday, January 28, 2014 at 8:30 a.m., ET, Costamare's
management team will hold a conference call to discuss the
financial results.
Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1-866-524-3160 (from
the US), 0808 238 9064 (from the UK) or +1-412-317-6760 (from
outside the US). Please quote "Costamare".
A replay of the conference call will be available until February
28, 2014. The United States replay number is +1-877-344-7529; the
standard international replay number is +1-412-317-0088, and the
access code required for the replay is: 10039870.
Live webcast:
There will also be a simultaneous live webcast over the
Internet, through the Costamare Inc. website (www.costamare.com)
under the "Investors" section. Participants to the live webcast
should register on the website approximately 10 minutes prior to
the start of the webcast.
About Costamare Inc.
Costamare Inc. is one of the world's leading owners and
providers of containerships for charter. The Company has 40 years
of history in the international shipping industry and a fleet of 67
containerships, with a total capacity in excess of 438,000 TEU,
including 11 newbuild containerships on order. Twelve of our
containerships, including nine newbuilds, have been acquired
pursuant to the Framework Agreement with York Capital Management by
vessel-owning joint venture entities in which we hold a minority
equity interest. The Company's common stock, Series B Preferred
Stock and Series C Preferred Stock trade on the New York Stock
Exchange under the symbols "CMRE", "CMRE PR B" and "CMRE PR C",
respectively.
Forward-Looking Statements
This earnings release 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" and "expect" and similar expressions. These statements are
not historical facts but instead represent only Costamare's belief
regarding future results, many of which, by their nature, are
inherently uncertain and outside of Costamare's control. It is
possible that actual results may differ, possibly materially, from
those anticipated in these forward-looking statements. For a
discussion of some of the risks and important factors that could
affect future results, see the discussion in Costamare Inc.'s
Annual Report on Form 20-F (File No. 001-34934) under the caption
"Risk Factors".
Fleet List
The tables below provide additional information, as of January
27, 2014, about our fleet of containerships, including our
newbuilds on order and the vessels acquired pursuant to the
Framework Agreement with York. Each vessel is a cellular
containership, meaning it is a dedicated container vessel.
|
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|
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|
|
|
|
|
|
Vessel Name |
|
Charterer |
|
Year Built |
|
Capacity (TEU) |
|
Time Charter Term(1) |
|
Current Daily Charter Rate (U.S. dollars) |
|
Expiration of Charter(1) |
|
Average Daily Charter Rate Until Earliest Expiry of Charter (U.S.
dollars)(2) |
1 |
|
COSCO GUANGZHOU |
|
COSCO |
|
2006 |
|
9,469 |
|
12 years |
|
36,400 |
|
December 2017 |
|
36,400 |
2 |
|
COSCO NINGBO |
|
COSCO |
|
2006 |
|
9,469 |
|
12 years |
|
36,400 |
|
January 2018 |
|
36,400 |
3 |
|
COSCO YANTIAN |
|
COSCO |
|
2006 |
|
9,469 |
|
12 years |
|
36,400 |
|
February 2018 |
|
36,400 |
4 |
|
COSCO BEIJING |
|
COSCO |
|
2006 |
|
9,469 |
|
12 years |
|
36,400 |
|
April 2018 |
|
36,400 |
5 |
|
COSCO HELLAS |
|
COSCO |
|
2006 |
|
9,469 |
|
12 years |
|
37,519 |
|
May 2018 |
|
37,519 |
6 |
|
MSC AZOV |
|
MSC |
|
2014 |
|
9,403 |
|
10 years |
|
43,000 |
|
November 2023 |
|
43,000 |
7 |
|
MSC ATHENS |
|
MSC |
|
2013 |
|
8,827 |
|
10 years |
|
42,000 |
|
January 2023 |
|
42,000 |
8 |
|
MSC ATHOS |
|
MSC |
|
2013 |
|
8,827 |
|
10 years |
|
42,000 |
|
February 2023 |
|
42,000 |
9 |
|
VALOR |
|
Evergreen |
|
2013 |
|
8,827 |
|
7 years (i) |
|
41,700 |
|
April 2020(i) |
|
41,700 |
10 |
|
VALUE |
|
Evergreen |
|
2013 |
|
8,827 |
|
7 years (i) |
|
41,700 |
|
April 2020(i) |
|
41,700 |
11 |
|
VALIANT |
|
Evergreen |
|
2013 |
|
8,827 |
|
7 years (i) |
|
41,700 |
|
June 2020(i) |
|
41,700 |
12 |
|
VALENCE |
|
Evergreen |
|
2013 |
|
8,827 |
|
7 years (i) |
|
41,700 |
|
July 2020(i) |
|
41,700 |
13 |
|
VANTAGE |
|
Evergreen |
|
2013 |
|
8,827 |
|
7 years (i) |
|
41,700 |
|
September 2020(i) |
|
41,700 |
14 |
|
NAVARINO (ii) |
|
MSC |
|
2010 |
|
8,531 |
|
1.0 year |
|
|
|
February 2015 |
|
|
15 |
|
MAERSK KAWASAKI (iii) |
|
A.P. Moller-Maersk |
|
1997 |
|
7,403 |
|
10 years |
|
37,000 |
|
December 2017 |
|
37,000 |
16 |
|
MAERSK KURE(iii) |
|
A.P. Moller-Maersk |
|
1996 |
|
7,403 |
|
10 years |
|
37,000 |
|
December 2017 |
|
37,000 |
17 |
|
MAERSK KOKURA (iii) |
|
A.P. Moller-Maersk |
|
1997 |
|
7,403 |
|
10 years |
|
37,000 |
|
February 2018 |
|
37,000 |
18 |
|
MSC METHONI |
|
MSC |
|
2003 |
|
6,724 |
|
10 years |
|
29,000 |
|
September 2021 |
|
29,000 |
19 |
|
SEALAND NEW YORK |
|
A.P. Moller-Maersk |
|
2000 |
|
6,648 |
|
11 years |
|
30,375 (3) |
|
March 2018 |
|
26,387 |
20 |
|
MAERSK KOBE |
|
A.P. Moller-Maersk |
|
2000 |
|
6,648 |
|
11 years |
|
38,179 (4) |
|
May 2018 |
|
27,296 |
21 |
|
SEALAND WASHINGTON |
|
A.P. Moller-Maersk |
|
2000 |
|
6,648 |
|
11 years |
|
30,375 (5) |
|
June 2018 |
|
26,655 |
22 |
|
SEALAND MICHIGAN |
|
A.P. Moller-Maersk |
|
2000 |
|
6,648 |
|
11 years |
|
25,375 (6) |
|
August 2018 |
|
25,984 |
23 |
|
SEALAND ILLINOIS |
|
A.P. Moller-Maersk |
|
2000 |
|
6,648 |
|
11 years |
|
30,375 (7) |
|
October 2018 |
|
26,877 |
24 |
|
MAERSK KOLKATA |
|
A.P. Moller-Maersk |
|
2003 |
|
6,644 |
|
11 years |
|
38,865 (8) |
|
November 2019 |
|
30,290 |
25 |
|
MAERSK KINGSTON |
|
A.P. Moller-Maersk |
|
2003 |
|
6,644 |
|
11 years |
|
38,461 (9) |
|
February 2020 |
|
30,671 |
26 |
|
MAERSK KALAMATA |
|
A.P. Moller-Maersk |
|
2003 |
|
6,644 |
|
11 years |
|
38,418 (10) |
|
April 2020 |
|
30,806 |
27 |
|
VENETIKO (iv) |
|
PIL |
|
2003 |
|
5,928 |
|
1.0 year |
|
14,500 |
|
March 2014 |
|
14,500 |
28 |
|
ENSENADA EXPRESS(*) |
|
Hapag Lloyd |
|
2001 |
|
5,576 |
|
2.0 years |
|
19,000 |
|
May 2015 |
|
19,000 |
29 |
|
MSC ROMANOS |
|
MSC |
|
2003 |
|
5,050 |
|
5.3 years |
|
28,000 |
|
November 2016 |
|
28,000 |
30 |
|
ZIM NEW YORK |
|
ZIM(**) |
|
2002 |
|
4,992 |
|
13 years |
|
23,150 (11) |
|
September 2015 |
|
23,150 (11) |
31 |
|
ZIM SHANGHAI |
|
ZIM(**) |
|
2002 |
|
4,992 |
|
13 years |
|
23,150 (11) |
|
September 2015 |
|
23,150 (11) |
32 |
|
ZIM PIRAEUS(v) |
|
ZIM(**) |
|
2004 |
|
4,992 |
|
10 years |
|
22,150 (12) |
|
September 2015 |
|
24,844 (12) |
33 |
|
OAKLAND EXPRESS |
|
Hapag Lloyd |
|
2000 |
|
4,890 |
|
8 years |
|
30,500 |
|
September 2016 |
|
30,500 |
34 |
|
HALIFAX EXPRESS |
|
Hapag Lloyd |
|
2000 |
|
4,890 |
|
8 years |
|
30,500 |
|
October 2016 |
|
30,500 |
35 |
|
SINGAPORE EXPRESS |
|
Hapag Lloyd |
|
2000 |
|
4,890 |
|
8 years |
|
30,500 |
|
July 2016 |
|
30,500 |
36 |
|
MSC MANDRAKI |
|
MSC |
|
1988 |
|
4,828 |
|
7.8 years |
|
20,000 |
|
August 2017 |
|
20,000 |
37 |
|
MSC MYKONOS |
|
MSC |
|
1988 |
|
4,828 |
|
8.2 years |
|
20,000 |
|
September 2017 |
|
20,000 |
38 |
|
MSC ULSAN |
|
MSC |
|
2002 |
|
4,132 |
|
5.3 years |
|
16,500 |
|
March 2017 |
|
16,500 |
39 |
|
MSC KYOTO |
|
MSC |
|
1981 |
|
3,876 |
|
9.5 years |
|
13,500 (13) |
|
September 2018 |
|
13,500 |
40 |
|
KORONI |
|
Evergreen |
|
1998 |
|
3,842 |
|
2 years |
|
11,500 |
|
April 2014 |
|
11,500 |
41 |
|
KYPARISSIA |
|
Evergreen |
|
1998 |
|
3,842 |
|
2 years |
|
11,500 |
|
May 2014 |
|
11,500 |
42 |
|
KARMEN |
|
Sea Consortium |
|
1991 |
|
3,351 |
|
1.7 years |
|
6,800 |
|
January 2014 |
|
6,800 |
43 |
|
MARINA |
|
Evergreen |
|
1992 |
|
3,351 |
|
1.8 years |
|
7,000 |
|
February 2014 |
|
7,000 |
44 |
|
KONSTANTINA |
|
|
|
1992 |
|
3,351 |
|
|
|
|
|
|
|
|
45 |
|
AKRITAS |
|
Hapag Lloyd |
|
1987 |
|
3,152 |
|
4 years |
|
12,500 |
|
August 2014 |
|
12,500 |
46 |
|
MSC CHALLENGER |
|
MSC |
|
1986 |
|
2,633 |
|
4.8 years |
|
10,000 |
|
July 2015 |
|
10,000 |
47 |
|
MESSINI |
|
Evergreen |
|
1997 |
|
2,458 |
|
1.5 years |
|
8,100 |
|
February 2014 |
|
8,100 |
48 |
|
MSC REUNION (vi) |
|
MSC |
|
1992 |
|
2,024 |
|
6 years |
|
11,500 |
|
June 2014 |
|
11,500 |
49 |
|
MSC NAMIBIA II(vi) |
|
MSC |
|
1991 |
|
2,023 |
|
6.8 years |
|
11,500 |
|
July 2014 |
|
11,500 |
50 |
|
MSC SIERRA II(vi) |
|
MSC |
|
1991 |
|
2,023 |
|
5.7 years |
|
11,500 |
|
June 2014 |
|
11,500 |
51 |
|
MSC PYLOS(vi) |
|
MSC |
|
1991 |
|
2,020 |
|
3 years |
|
11,500 |
|
January 2014 |
|
11,500 |
52 |
|
X-PRESS PADMA(*) |
|
Sea Consortium |
|
1998 |
|
1,645 |
|
2.0 years |
|
7,650 (14) |
|
June 2015 |
|
8,023 |
53 |
|
PROSPER |
|
COSCO |
|
1996 |
|
1,504 |
|
1.0 year |
|
7,350 |
|
March 2014 |
|
7,350 |
54 |
|
ZAGORA |
|
MSC |
|
1995 |
|
1,162 |
|
3.7 years |
|
5,700 |
|
April 2015 |
|
5,700 |
55 |
|
PETALIDI (*) |
|
CMA CGM |
|
1994 |
|
1,162 |
|
1.0 years |
|
6,300 |
|
June 2014 |
|
6,300 |
56 |
|
STADT LUEBECK |
|
CMA CGM |
|
2001 |
|
1.078 |
|
1.7 years |
|
6,400 (15) |
|
July 2014 |
|
6,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Newbuilds |
|
|
Vessel Name |
|
Shipyard |
|
Charterer |
|
Expected Delivery (based on latest shipyard schedule) |
1 |
|
H1069A |
|
Jiangnan Changxing |
|
MSC |
|
March 2014 |
2 |
|
H1070A |
|
Jiangnan Changxing |
|
MSC |
|
April 2014 |
3 |
|
NCP0113(*) |
|
Hanjin Subic Bay |
|
|
|
4th Quarter 2015 |
4 |
|
NCP0114(*) |
|
Hanjin Subic Bay |
|
|
|
1st Quarter 2016 |
5 |
|
NCP0115(*) |
|
Hanjin Subic Bay |
|
|
|
1st Quarter 2016 |
6 |
|
NCP0116(*) |
|
Hanjin Subic Bay |
|
|
|
2nd Quarter 2016 |
7 |
|
S2121(*) |
|
Samsung Heavy |
|
Evergreen |
|
2nd Quarter 2016 |
8 |
|
S2122(*) |
|
Samsung Heavy |
|
Evergreen |
|
2nd Quarter 2016 |
9 |
|
S2123(*) |
|
Samsung Heavy |
|
Evergreen |
|
3rd Quarter 2016 |
10 |
|
S2124(*) |
|
Samsung Heavy |
|
Evergreen |
|
3rd Quarter 2016 |
11 |
|
S2125(*) |
|
Samsung Heavy |
|
Evergreen |
|
3rd Quarter 2016 |
|
|
|
|
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|
|
Our newbuilds on order have capacities ranging from
approximately 9,000 to 14,000 TEU, with an aggregate capacity in
excess of 125,000 TEU.
|
|
(1) |
Charter terms and expiration dates are based on the earliest date
charters could expire. Amounts set out for current daily charter
rate are the amounts contained in the charter contracts. |
(2) |
This
average rate is calculated based on contracted charter rates for
the days remaining between January 27, 2014 and the earliest
expiration of each charter. Certain of our charter rates change
until their earliest expiration dates, as indicated in the
footnotes below. |
(3) |
This
charter rate changes on May 8, 2014 to $26,100 per day until the
earliest redelivery date. |
(4) |
This
charter rate changes on June 30, 2014 to $26,100 per day until the
earliest redelivery date. |
(5) |
This
charter rate changes on August 24, 2014 to $26,100 per day until
the earliest redelivery date. |
(6) |
This
charter rate changes on October 20, 2014 to $26,100 per day until
the earliest redelivery date. |
(7) |
This
charter rate changes on December 4, 2014 to $26,100 per day until
the earliest redelivery date. |
(8) |
This
charter rate changes on January 13, 2016 to $26,100 per day until
the earliest redelivery date. |
(9) |
This
charter rate changes on April 28, 2016 to $26,100 per day until the
earliest redelivery date. |
(10) |
This
charter rate changes on June 11, 2016 to $26,100 per day until the
earliest redelivery date. |
(11) |
We
agreed to defer payment of 30% of the daily charter rate under our
charter agreements until December 31, 2013, which the charterer is
required to pay to us no later than July 2015. The charterer has
the option to terminate the charter by giving six months' notice,
in which case they will have to make a one-time payment which shall
be the $6.9 million reduced proportionately by the amount of time
by which the original 3-year extension period is shortened.
Although this deferral agreement expired as of December 31, 2013,
we have continued negotiations with the charterer regarding a
restructuring of the charter. See footnote (**) below. |
(12) |
This
charter rate changes on May 9, 2014 to $15,000 per day until the
earliest redelivery date. We agreed to defer payment of 17.5% of
the daily charter rate under our charter agreements until December
31, 2013, which the charterer is required to pay to us no later
than July 2015. The charterer is required to pay approximately $5.0
million no later than July 2016, representing accrued charter hire,
the payment of which was deferred during the period July 2009 to
December 2012. Although this deferral agreement expired as of
December 31, 2013, we have continued negotiations with the
charterer regarding a restructuring of the charter. See footnote
(**) below. |
(13) |
As
from December 1, 2012 until redelivery, the charter rate is to be a
minimum of $13,500 per day plus 50% of the difference between the
market rate and the charter rate of $13,500. The market rate is to
be determined annually based on the Hamburg ConTex type 3500 TEU
index published on October 1 of each year until redelivery. |
(14) |
This
charter rate changes on July 27, 2014 to $8,225 per day until the
earliest redelivery date. |
(15) |
The
charterer has a unilateral option to extend the charter of the
vessel for a period of six months at a rate of $8,500 per day. |
(i) |
Assumes exercise of Owners unilateral options to extend the charter
of these vessels for two one year periods. |
(ii) |
The
vessel is expected to be delivered to its Charterers on March 3,
2014. |
(iii) |
The
charterer has a unilateral option to extend the charter of the
vessel for two periods of 30 months each +/-90 days on the final
period performed, at a rate of $41,700 per day. |
(iv) |
The
charterer has a unilateral option to extend the charter of the
vessel for a period of 12 months at a rate of $28,000 per day. |
(v) |
The
charterer has a unilateral option to extend the charter of the
vessel for a period of 12 months +/-60 days at a rate of $27,500
per day. |
(vi) |
Owners have a unilateral option to extend the charters of the
vessels for an additional period of two years at market rate, to be
defined annually, based on the closest category on the Contex
index. |
|
|
(*) Denotes vessels acquired pursuant to the Framework Agreement
with York. The Company holds an equity interest ranging between 25%
and 49% in each of the vessel-owning entities. (**) ZIM is engaged
in ongoing discussions with its creditors, including vessel and
container lenders, shipowners, shipyards, unsecured lenders and
bond holders, to restructure its debt and charter obligations.
Costamare is participating in discussions with ZIM regarding
concessions or modification to the existing charter arrangements
with ZIM.
|
|
COSTAMARE INC. |
|
Consolidated Statements of Income |
|
|
|
|
Year ended December 31, |
|
|
Three-months ended December 31, |
|
(Expressed in thousands of U.S. dollars, except share and per share
amounts) |
2012 |
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
$ |
386,155 |
|
|
$ |
414,249 |
|
|
$ |
95,193 |
|
|
$ |
112,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
(5,533 |
) |
|
|
(3,484 |
) |
|
|
(1,543 |
) |
|
|
(964 |
) |
Voyage expenses - related parties |
|
(2,873 |
) |
|
|
(3,139 |
) |
|
|
(712 |
) |
|
|
(856 |
) |
Vessels' operating expenses |
|
(112,462 |
) |
|
|
(115,998 |
) |
|
|
(27,762 |
) |
|
|
(30,094 |
) |
General and administrative expenses |
|
(4,045 |
) |
|
|
(8,517 |
) |
|
|
(959 |
) |
|
|
(5,234 |
) |
Management fees - related parties |
|
(15,171 |
) |
|
|
(16,580 |
) |
|
|
(3,753 |
) |
|
|
(4,277 |
) |
Amortization of dry-docking and special survey costs |
|
(8,179 |
) |
|
|
(8,084 |
) |
|
|
(2,162 |
) |
|
|
(1,949 |
) |
Depreciation |
|
(80,333 |
) |
|
|
(89,958 |
) |
|
|
(20,151 |
) |
|
|
(24,800 |
) |
Gain/
(Loss) on sale/disposals of vessels |
|
(2,796 |
) |
|
|
518 |
|
|
|
1,500 |
|
|
|
- |
|
Foreign exchange gains (losses) |
|
110 |
|
|
|
8 |
|
|
|
(57 |
) |
|
|
(110 |
) |
Operating income |
$ |
154,873 |
|
|
$ |
169,015 |
|
|
$ |
39,594 |
|
|
$ |
44,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSES): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
1,495 |
|
|
$ |
543 |
|
|
$ |
322 |
|
|
$ |
95 |
|
Interest and finance costs |
|
(74,734 |
) |
|
|
(74,533 |
) |
|
|
(16,894 |
) |
|
|
(17,610 |
) |
Equity gain on investments |
|
- |
|
|
|
692 |
|
|
|
- |
|
|
|
397 |
|
Other |
|
(43 |
) |
|
|
822 |
|
|
|
50 |
|
|
|
(22 |
) |
Gain/
(Loss) on derivative instruments |
|
(462 |
) |
|
|
6,548 |
|
|
|
(141 |
) |
|
|
(273 |
) |
Total
other income (expenses) |
$ |
(73,744 |
) |
|
$ |
(65,928 |
) |
|
$ |
(16,663 |
) |
|
$ |
(17,413 |
) |
Net
Income |
$ |
81,129 |
|
|
$ |
103,087 |
|
|
$ |
22,931 |
|
|
$ |
26,852 |
|
Distributed earnings allocated to Preferred Stock |
|
- |
|
|
|
(1,536 |
) |
|
|
- |
|
|
|
(951 |
) |
Net
Income available to common stockholders |
$ |
81,129 |
|
|
$ |
101,551 |
|
|
$ |
22,931 |
|
|
$ |
25,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share, basic and diluted |
$ |
1.20 |
|
|
$ |
1.36 |
|
|
$ |
0.31 |
|
|
$ |
0.35 |
|
Weighted average number of shares, basic and diluted |
|
67,612,842 |
|
|
|
74,800,000 |
|
|
|
73,658,696 |
|
|
|
74,800,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COSTAMARE INC. |
|
Consolidated Balance Sheets |
|
|
|
|
As of December 31, |
|
|
As of December 31, |
|
(Expressed in thousands of U.S. dollars) |
2012 |
|
|
2013 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
Cash
and cash equivalents |
$ |
267,321 |
|
|
$ |
93,379 |
|
Restricted cash |
|
5,330 |
|
|
|
9,067 |
|
Accounts receivable |
|
2,237 |
|
|
|
16,145 |
|
Inventories |
|
9,398 |
|
|
|
11,005 |
|
Due
from related parties |
|
2,616 |
|
|
|
2,679 |
|
Fair
value of derivatives |
|
165 |
|
|
|
- |
|
Insurance claims receivable |
|
1,454 |
|
|
|
1,429 |
|
Accrued charter revenue |
|
5,100 |
|
|
|
409 |
|
Prepayments and other |
|
1,862 |
|
|
|
2,450 |
|
Vessels held for sale |
|
4,441 |
|
|
|
- |
|
Total
current assets |
$ |
299,924 |
|
|
$ |
136,563 |
|
FIXED
ASSETS, NET: |
|
|
|
|
|
|
|
Advances for vessels acquisitions |
$ |
339,552 |
|
|
$ |
240,871 |
|
Vessels, net |
|
1,582,345 |
|
|
|
2,187,388 |
|
Total
fixed assets, net |
$ |
1,921,897 |
|
|
$ |
2,428,259 |
|
NON-CURRENT ASSETS: |
|
|
|
|
|
|
|
Investment in affiliates |
$ |
- |
|
|
$ |
23,732 |
|
Deferred charges, net |
|
34,099 |
|
|
|
29,864 |
|
Accounts receivable, non current |
|
- |
|
|
|
7,334 |
|
Restricted cash |
|
41,992 |
|
|
|
49,826 |
|
Accrued charter revenue |
|
13,422 |
|
|
|
10,264 |
|
Total
assets |
$ |
2,311,334 |
|
|
$ |
2,685,842 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
162,169 |
|
|
$ |
206,717 |
|
Accounts payable |
|
5,882 |
|
|
|
5,814 |
|
Accrued liabilities |
|
9,292 |
|
|
|
14,386 |
|
Unearned revenue |
|
5,595 |
|
|
|
9,601 |
|
Fair
value of derivatives |
|
55,701 |
|
|
|
55,322 |
|
Other
current liabilities |
|
10,772 |
|
|
|
3,140 |
|
Total
current liabilities |
$ |
249,411 |
|
|
$ |
294,980 |
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
Long-term debt, net of current portion |
$ |
1,399,720 |
|
|
$ |
1,660,859 |
|
Fair
value of derivatives, net of current portion |
|
125,110 |
|
|
|
47,890 |
|
Unearned revenue, net of current portion |
|
16,641 |
|
|
|
25,164 |
|
Total
non-current liabilities |
$ |
1,541,471 |
|
|
$ |
1,733,913 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
|
Common stock |
$ |
8 |
|
|
$ |
8 |
|
Additional paid-in capital |
|
714,100 |
|
|
|
762,142 |
|
Accumulated deficit |
|
(40,814 |
) |
|
|
(20,047 |
) |
Accumulated other comprehensive loss |
|
(152,842 |
) |
|
|
(85,154 |
) |
Total
stockholders' equity |
$ |
520,452 |
|
|
$ |
656,949 |
|
Total
liabilities and stockholders' equity |
$ |
2,311,334 |
|
|
$ |
2,685,842 |
|
|
|
|
|
|
|
|
|
Contacts: Company Contact: Gregory Zikos Chief Financial Officer
Konstantinos Tsakalidis Business Development Costamare Inc. Athens,
Greece Tel: (+30) 210-949-0050 Email: Email Contact Investor
Relations Advisor/ Media Contact: Gus Okwu Allison+Partners New
York Telephone: (+1) 646-428-0638
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