Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today
reported unaudited financial results for the first quarter ended
March 31, 2024 (“Q1 2024”).
I. PROFITABILITY
AND LIQUIDITY
- Q1 2024 Net Income
available to common stockholders of $94.2 million ($0.79 per
share).
- Q1 2024 Adjusted
Net Income available to common stockholders1 of $75.2 million
($0.63 per share).
- Q1 2024 liquidity
of $1,106.0 million2.
II. OWNED FLEET
CHARTER UPDATE3 - FULLY EMPLOYED CONTAINERSHIP
FLEET FOR THE YEAR AHEAD
- 97% and 80% of the
containership fleet4 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 years5.
- Entered into more
than 30 chartering agreements for the owned dry bulk fleet since Q4
2023 earnings release.
III. SALE AND
PURCHASE ACTIVITY
Vessel Disposals
- Conclusion of the
sale of the following dry bulk vessels:
- m/v Pegasus built in 2011 with a
56,726 DWT capacity.
- m/v Merida built in 2012 with
a 56,670 DWT capacity.
- m/v Alliance built in 2012
with a 33,751 DWT capacity.
- m/v Konstantinos built in 2012
with a 32,178 DWT capacity.
Net sale proceeds after debt
repayment amounted to $26.2 million.
- Agreement for the
sale of the dry bulk vessel:
- m/v Adventure built in 2011
with a 33,755 DWT capacity (expected conclusion of sale within Q2
2024). Estimated net sale proceeds after debt prepayment of $7.1
million.
Vessel Acquisitions
- Conclusion of the
acquisition of the 2011-built, 180,643 DWT capacity dry bulk
vessel, Miracle (ex. Iron Miracle).
- Agreement for the
acquisition of the 2012-built, 181,415 DWT capacity dry bulk
vessel, Frontier Unity (tbr. Frontier) (expected conclusion within
Q2 2024).
- Agreement for the
acquisition of the 2012-built, 179,895 DWT capacity dry bulk
vessel, Lowlands Prosperity (tbr. Prosper) (expected conclusion
within Q2 2024).
IV. DRY BULK
OPERATING PLATFORM
- Costamare Bulkers
Inc. (“CBI”) has currently fixed a fleet of 54 dry bulk vessels on
period charters, consisting of:
- 33 Newcastlemax/ Capesize
vessels.
- 21 Kamsarmax vessels.
- Majority of the
fixed fleet is on index linked charter-in agreements, consisting
of:
- 28 charters for Newcastlemax/
Capesize vessels that are index linked.
- 8 charters for Kamsarmax vessels
that are index linked.
- Average remaining tenor for the Newcastlemax/ Capesize and
Kamsarmax chartered-in fleet of 12 and 6 months, respectively.
V. LEASE FINANCING
PLATFORM
- Controlling
interest in Neptune Maritime Leasing Limited (“NML”).
- Company’s current
investment in NML of $123.3 million.
- Growing leasing
platform, having funded 24 shipping assets as of the date of this
press release, for a total amount of approximately $258 million, on
the back of what we believe is a healthy pipeline.
VI. DIVIDEND
ANNOUNCEMENTS
- On April 2, 2024,
the Company declared a dividend of $0.115 per share on the common
stock, which was paid on May 6, 2024, to holders of record of
common stock as of April 19, 2024.
- On April 2, 2024,
the Company declared a dividend of $0.476563 per share on the
Series B Preferred Stock, $0.531250 per share on the Series C
Preferred Stock, $0.546875 per share on the Series D Preferred
Stock and $0.554688 per share on the Series E Preferred Stock,
which were all paid on April 15, 2024 to holders of record as of
April 12, 2024.
- Available funds
remaining under the share repurchase program of approximately $30
million for common shares and $150 million for preferred
shares.
__________________________1 Adjusted Net Income
available to common stockholders and respective per share figures
are non-GAAP measures and should not be used in isolation or as
substitutes for Costamare’s financial results presented in
accordance with U.S. generally accepted accounting principles
(“GAAP”). For the definition and reconciliation of these measures
to the most directly comparable financial measure calculated and
presented in accordance with GAAP, please refer to Exhibit I.2
Including our share of cash amounting to $0.5 million held by
vessel owning-companies set-up pursuant to the Framework Deed dated
May 15, 2013, as amended and restated from time to time (the
“Framework Deed”), between the Company and York Capital Management
Global Advisors LLC and an affiliated fund (collectively, “York
Capital”), margin deposits relating to our forward freight
agreements (“FFAs”) and bunker swaps of $2.2 million, short term
investments in U.S. Treasury Bills amounting to $17.7 million and
$115.8 million of available undrawn funds from two hunting license
facilities as of March 31, 2024.3 Please refer to the Containership
Fleet List table for additional information on vessel employment
details for our containership fleet.4 Calculated on a TEU basis.5
As of May 9, 2024.
Mr. Gregory Zikos, Chief Financial
Officer of Costamare Inc., commented:
“During the first quarter of the year, the
Company generated Net Income of about $94 million. As of quarter
end, liquidity was close to $1.1 billion.
In the containership sector, charter rates have
seen significant improvement from the end of last year. Demolition
has fallen to levels below what was experienced during the first
quarter of 2023. Although cargo volumes have generally improved,
the Red Sea disruption is the main reason for the improved charter
market.
We have proactively secured employment for 97%
and 80% of our containership fleet for 2024 and 2025, respectively,
generating contracted revenues of $2.3 billion with a remaining
time charter duration of 3.4 years.
On the dry bulk side, as part of our strategy to
renew the fleet and increase its average size, we have agreed to
acquire two more capesize vessels and accepted delivery of one
similar-sized ship. In total, we have acquired five capesize
vessels with an average age of about 12 and a half years and
disposed of a total of 10 smaller sized ships with an average age
of 14 years.
Our owned dry bulk vessels continue to trade on
a spot basis, while the trading platform is commercially managing a
fleet of 54 ships. As mentioned in the past, we have a long-term
commitment to the dry bulk sector, which has been a strategic
decision for us.
With regards to Neptune Maritime Leasing, the
platform has been steadily growing, having concluded leasing
transactions for 24 ships in total, on the back of a healthy
pipeline extending over the coming quarters.”
|
Financial Summary |
|
|
|
Three-month period endedMarch 31, |
(Expressed in thousands of U.S. dollars, except share and per share
data): |
|
2023 |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
|
$248,769 |
|
|
$470,172 |
Accrued charter revenue
(1) |
|
$(2,265 |
) |
|
$761 |
Amortization of time-charter
assumed |
|
$49 |
|
|
$38 |
Voyage revenue adjusted on a
cash basis (2) |
|
$246,553 |
|
|
$470,971 |
Income from investments in
leaseback vessels |
|
$- |
|
|
$5,258 |
Adjusted Net Income available
to common stockholders (3) |
|
$46,533 |
|
|
$75,243 |
Weighted Average number of
shares |
|
122,531,273 |
|
|
118,628,891 |
Adjusted Earnings per share
(3) |
|
$0.38 |
|
|
$0.63 |
|
|
|
|
|
Net Income |
|
$148,864 |
|
|
$102,672 |
Net Income available to common
stockholders |
|
$141,560 |
|
|
$94,180 |
Weighted Average number of
shares |
|
122,531,273 |
|
|
118,628,891 |
Earnings per share |
|
$1.16 |
|
|
$0.79 |
(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. The reverse is true for charters with
descending rates. (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. 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 of our fleet are described in the notes to the
“Fleet List” tables below.(3) Adjusted Net Income available to
common stockholders and Adjusted Earnings per Share are non-GAAP
measures. Refer to the reconciliation of Net Income to Adjusted Net
Income and Adjusted Earnings per Share.
Non-GAAP Measures
The Company reports its financial results in
accordance with U.S. 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. The tables below set out
supplemental financial data and corresponding reconciliations to
GAAP financial measures for the three-months ended March 31, 2024
and 2023. Non-GAAP financial measures should be viewed in addition
to, and not as an alternative for, voyage revenue or net income as
determined in accordance with GAAP. Non-GAAP financial measures
include (i) Voyage revenue adjusted on a cash basis (reconciled
above), (ii) Adjusted Net Income available to common stockholders
and (iii) Adjusted Earnings per Share.
Exhibit I Reconciliation of Net Income
to Adjusted Net Income available to common stockholders and
Adjusted Earnings per Share
|
|
Three-month period endedMarch 31, |
(Expressed in thousands of U.S. dollars, except share and per share
data) |
|
2023 |
|
|
2024 |
|
|
|
|
|
|
|
Net
Income |
$ |
148,864 |
|
$ |
102,672 |
|
Earnings allocated to
Preferred Stock |
|
(7,595 |
) |
|
(7,681 |
) |
Non-Controlling Interest |
|
291 |
|
|
(811 |
) |
Net Income available
to common stockholders |
|
141,560 |
|
|
94,180 |
|
Accrued charter revenue |
|
(2,265 |
) |
|
761 |
|
General and administrative
expenses - non-cash component |
|
1,408 |
|
|
1,698 |
|
Amortization of Time charter
assumed |
|
49 |
|
|
38 |
|
Realized (gain) / loss on
Euro/USD forward contracts (1) |
|
48 |
|
|
(439 |
) |
Gain on sale of vessels,
net |
|
(89,068 |
) |
|
(993 |
) |
Loss on vessel held for
sale |
|
2,350 |
|
|
- |
|
Loss on vessel held for sale
by a jointly owned company with York Capital included in equity
loss on investments |
|
2,029 |
|
|
- |
|
Non-recurring, non-cash
write-off of loan deferred financing costs |
|
974 |
|
|
182 |
|
Gain on derivative
instruments, excluding realized (gain)/loss on derivative
instruments (1) |
|
(10,552 |
) |
|
(22,057 |
) |
Other non-cash items |
|
- |
|
|
1,873 |
|
Adjusted Net Income
available to common stockholders |
$ |
46,533 |
|
$ |
75,243 |
|
Adjusted Earnings per
Share |
$ |
0.38 |
|
$ |
0.63 |
|
Weighted average number of
shares |
|
122,531,273 |
|
|
118,628,891 |
|
Adjusted Net Income available to common
stockholders and Adjusted Earnings per Share represent Net Income
after earnings allocated to preferred stock and Non-Controlling
Interest, but before non-cash “Accrued charter revenue” recorded
under charters with escalating or descending charter rates,
amortization of time-charter assumed, realized (gain) / loss on
Euro/USD forward contracts, gain on sale of vessels, net, loss on
vessel held for sale, loss on vessel held for sale by a jointly
owned company with York Capital included in equity loss on
investments, non-recurring, non-cash write-off of loan deferred
financing costs, general and administrative expenses - non-cash
component, non-cash changes in fair value of derivatives and other
non-cash items. “Accrued charter revenue” is attributed to the
timing difference between the revenue recognition and the cash
collection. However, Adjusted Net Income available to common
stockholders and Adjusted Earnings per Share are not recognized
measurements under U.S. GAAP. We believe that the presentation of
Adjusted Net Income available to common stockholders 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 available to common
stockholders 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
available to common stockholders 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 available to common
stockholders 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 available to common stockholders
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 available to common stockholders 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.
(1) Items to consider for comparability include
gains and charges. Gains positively impacting Net Income available
to common stockholders are reflected as deductions to Adjusted Net
Income available to common stockholders. Charges negatively
impacting Net Income available to common stockholders are reflected
as increases to Adjusted Net Income available to common
stockholders.Results of Operations
Three-month period ended March 31, 2024
compared to the three-month period ended March 31,
2023
During the three-month periods ended March 31,
2024 and 2023, we had an average of 107.9 and 112.7 vessels,
respectively, in our owned fleet. In addition, during the
three-month period ended March 31, 2024, through our dry-bulk
operating platform Costamare Bulkers Inc. (“CBI”) we chartered-in
an average of 57.0 third party dry-bulk vessels (10.9 third party
dry-bulk vessels during the three-month period ended March 31,
2023). As of May 10, 2024, CBI charters-in 54 dry-bulk vessels on
period charters.
During the three-month period ended March 31,
2024, we sold the dry-bulk vessels Manzanillo, Progress,
Konstantinos, Merida, Alliance and Pegasus with an aggregate DWT
capacity of 246,151 and took delivery of the dry-bulk vessel
Miracle with a DWT of 180,643. During the three-month period ended
March 31, 2023, we sold the container vessels Maersk Kalamata and
Sealand Washington with an aggregate TEU capacity of 13,292 and the
dry-bulk vessel Miner with a DWT of 32,300.
As of March 31, 2024, we
have invested in NML the amount of $123.3
million. NML has been included in our consolidated financial
statements since the second quarter of 2023.
In the three-month periods ended March 31, 2024
and 2023, our fleet ownership days totaled 9,820 and 10,143 days,
respectively. Ownership days are one of the primary drivers 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.
Consolidated Financial Results and
Vessels’ Operational
Data(1)
(Expressed in millions of U.S. dollars, |
|
Three-month period endedMarch 31, |
|
|
|
|
Percentage |
except percentages) |
|
2023 |
|
|
|
2024 |
|
|
|
Change |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
$ |
248.8 |
|
|
$ |
470.2 |
|
|
$ |
221.4 |
|
|
89.0 |
% |
Income from investments in leaseback vessels |
|
- |
|
|
|
5.3 |
|
|
|
5.3 |
|
|
n.m. |
Voyage expenses |
|
(31.6 |
) |
|
|
(95.4 |
) |
|
|
63.8 |
|
|
n.m. |
Charter-in hire expenses |
|
(12.4 |
) |
|
|
(144.3 |
) |
|
|
131.9 |
|
|
n.m. |
Voyage expenses – related parties |
|
(3.2 |
) |
|
|
(3.6 |
) |
|
|
0.4 |
|
|
12.5 |
% |
Vessels’ operating expenses |
|
(67.7 |
) |
|
|
(59.7 |
) |
|
|
(8.0 |
) |
|
(11.8 |
%) |
General and administrative expenses |
|
(4.4 |
) |
|
|
(5.2 |
) |
|
|
0.8 |
|
|
18.2 |
% |
Management and agency fees – related parties |
|
(15.2 |
) |
|
|
(14.6 |
) |
|
|
(0.6 |
) |
|
(3.9 |
%) |
General and administrative expenses - non-cash component |
|
(1.4 |
) |
|
|
(1.7 |
) |
|
|
0.3 |
|
|
21.4 |
% |
Amortization of dry-docking and special survey costs |
|
(4.7 |
) |
|
|
(5.6 |
) |
|
|
0.9 |
|
|
19.1 |
% |
Depreciation |
|
(41.1 |
) |
|
|
(40.5 |
) |
|
|
(0.6 |
) |
|
(1.5 |
%) |
Gain on sale of vessels, net |
|
89.1 |
|
|
|
1.0 |
|
|
|
(88.1 |
) |
|
(98.9 |
%) |
Loss on vessel held for sale |
|
(2.4 |
) |
|
|
- |
|
|
|
(2.4 |
) |
|
n.m. |
Foreign exchange gains/ (losses) |
|
1.3 |
|
|
|
(2.4 |
) |
|
|
(3.7 |
) |
|
n.m. |
Interest income |
|
6.7 |
|
|
|
8.3 |
|
|
|
1.6 |
|
|
23.9 |
% |
Interest and finance costs |
|
(36.9 |
) |
|
|
(33.0 |
) |
|
|
(3.9 |
) |
|
(10.6 |
%) |
Income / (Loss) from equity method investments |
|
(1.4 |
) |
|
|
- |
|
|
|
(1.4 |
) |
|
n.m. |
Other |
|
2.6 |
|
|
|
0.6 |
|
|
|
(2.0 |
) |
|
(76.9 |
%) |
Gain on derivative instruments |
|
22.8 |
|
|
|
23.3 |
|
|
|
0.5 |
|
|
2.2 |
% |
Net Income |
$ |
148.9 |
|
|
$ |
102.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. dollars, except percentages) |
|
Three-month period endedMarch 31, |
|
|
|
|
Percentage |
|
2023 |
|
|
|
2024 |
|
|
|
Change |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
$ |
248.8 |
|
|
$ |
470.2 |
|
|
$ |
221.4 |
|
|
89.0 |
% |
Accrued charter revenue |
|
(2.3 |
) |
|
|
0.8 |
|
|
|
3.1 |
|
|
n.m. |
Voyage revenue adjusted on a cash basis (1) |
$ |
246.5 |
|
|
$ |
471.0 |
|
|
$ |
224.5 |
|
|
91.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels’ operational data |
|
Three-month period endedMarch 31, |
|
|
|
|
Percentage |
|
2023 |
|
|
|
2024 |
|
|
|
Change |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
Average number of vessels |
|
112.7 |
|
|
|
107.9 |
|
|
|
(4.8 |
) |
|
(4.3 |
%) |
Ownership days |
|
10,143 |
|
|
|
9,820 |
|
|
|
(323 |
) |
|
(3.2 |
%) |
Number of vessels under dry-docking and special survey |
|
9 |
|
|
|
2 |
|
|
|
(7 |
) |
|
|
(1) Voyage revenue adjusted on a cash basis is
not a recognized measurement under U.S. generally accepted
accounting principles (“GAAP”). Refer to “Consolidated Financial
Results and Vessels’ Operational Data” above for the reconciliation
of Voyage revenue adjusted on a cash basis.
Voyage Revenue
Voyage revenue increased by 89.0%, or $221.4
million, to $470.2 million during the three-month period ended
March 31, 2024, from $248.8 million during the three-month period
ended March 31, 2023. The increase is mainly attributable to (i)
increased revenue earned by CBI due to increased volume of its
operations period over period, (ii) increased charter rates in
certain of our owned container and dry-bulk vessels and (iii)
revenue earned by two container vessels acquired during the second
and fourth quarter of 2023, respectively, and by one dry bulk
vessel acquired during the third quarter of 2023, partly off-set by
revenue not earned by three container vessels and six dry bulk
vessels sold during the year ended 2023 and six dry bulk vessels
sold during the first quarter of 2024.
Voyage revenue adjusted on a cash basis (which
eliminates non-cash “Accrued charter revenue”) increased by 91.1%,
or $224.5 million, to $471.0 million during the three-month period
ended March 31, 2024, from $246.5 million during the three-month
period ended March 31, 2023. Accrued charter revenue for the
three-month periods ended March 31, 2024 and 2023 was a positive
amount of $0.8 million and a negative amount of $2.3 million,
respectively.
Income from investments in leaseback vessels
Income from investments in leaseback vessels was
$5.3 million for the three-month period ended March 31, 2024.
Income from investments in leaseback vessels was earned from NML’s
operations during the first quarter of 2024. NML acquires, owns and
bareboat charters out vessels through its wholly-owned
subsidiaries.
Voyage Expenses
Voyage expenses were $95.4 million and $31.6
million for the three-month periods ended March 31, 2024 and 2023,
respectively. Voyage expenses increased, period over period, mainly
due to CBI’s increased volume of operations during the three-month
period ended March 31, 2024 compared to the three-month period
ended March 31, 2023. Voyage expenses mainly include (i) fuel
consumption mainly related to dry bulk vessels, (ii) third-party
commissions, (iii) port expenses and (iv) canal tolls.
Charter-in Hire Expenses
Charter-in hire expenses were $144.3 million and
$12.4 million for the three-month periods ended March 31, 2024 and
2023, respectively. Charter-in hire expenses are expenses relating
to chartering-in of third-party dry bulk vessels under charter
agreements through CBI.
Voyage Expenses – related parties
Voyage expenses – related parties were $3.6
million and $3.2 million for the three-month periods ended March
31, 2024 and 2023, respectively. Voyage expenses – related parties
represent (i) fees of 1.25%, in the aggregate, on voyage revenues
earned by our owned fleet charged by a related manager and a
related service provider and (ii) charter brokerage fees (in
respect of our container vessels) payable to two related charter
brokerage companies for an amount of approximately $0.4 million and
$0.3 million, in the aggregate, for the three-month periods ended
March 31, 2024 and 2023, respectively.
Vessels’ Operating Expenses
Vessels’ operating expenses, which also include
the realized gain/(loss) under derivative contracts entered into in
relation to foreign currency exposure, were $59.7 million and $67.7
million during the three-month periods ended March 31, 2024 and
2023, respectively. Daily vessels’ operating expenses were $6,075
and $6,672 for the three-month periods ended March 31, 2024 and
2023, respectively. Daily operating expenses are calculated as
vessels’ operating expenses for the period over the ownership days
of the period.
General and Administrative Expenses
General and administrative expenses were $5.2
million and $4.4 million during the three-month periods ended March
31, 2024 and 2023, respectively, and include amounts of $0.67
million and $0.67 million, respectively, that were paid to a
related service provider.
Management and Agency Fees – related parties
Management fees charged by our related party
managers were $11.3 million and $10.6 million during the
three-month periods ended March 31, 2024 and 2023, respectively.
The amounts charged by our related party managers include amounts
paid to third party managers of $3.5 million and $3.5 million for
the three-month periods ended March 31, 2024 and 2023,
respectively. Furthermore, during the three-month period ended
March 31, 2024 and 2023, agency fees of $3.3 million and $4.6
million, in aggregate, were charged by four and three related
agents, respectively, in connection with the operations of CBI.
General and Administrative Expenses - non-cash
component
General and administrative expenses - non-cash
component for the three-month period ended March 31, 2024 amounted
to $1.7 million, representing the value of the shares issued to a
related service provider on March 29, 2024. General and
administrative expenses - non-cash component for the three-month
period ended March 31, 2023 amounted to $1.4 million, representing
the value of the shares issued to a related service provider on
March 30, 2023.
Amortization of Dry-Docking and Special Survey
Costs
Amortization of deferred dry-docking and special
survey costs was $5.6 million and $4.7 million during the
three-month periods ended March 31, 2024 and 2023, respectively.
During the three-month period ended March 31, 2024, one vessel
underwent and completed her dry-docking and special survey and one
vessel was in the process of completing her dry-docking and special
survey. During the three-month period ended March 31, 2023, six
vessels underwent and completed their dry-docking and special
survey and three vessels were in the process of completing their
dry-docking and special survey.
Depreciation
Depreciation expense for the three-month periods
ended March 31, 2024 and 2023 was $40.5 million and $41.1 million,
respectively.
Gain on Sale of Vessels, net
During the three-month period ended March 31,
2024, we recorded a net gain of $1.0 million from the sale of the
dry-bulk vessels Manzanillo, Progress and Konstantinos, each of
which was classified as a vessel held for sale as of December 31,
2023, and from the sale of the dry-bulk vessels Merida, Alliance
and Pegasus. During the three-month period ended March 31, 2023, we
recorded a net gain of $89.1 million from the sale of the container
vessels Maersk Kalamata and Sealand Washington, which were
classified as vessels held for sale as of December 31, 2022
(initially classified as vessels held for sale as of March 31,
2022) and the sale of the dry-bulk vessel Miner.
Loss on Vessels Held for Sale
As of March 31, 2024, the dry-bulk vessel
Adventure continues to be classified as a vessel held for sale
(initially classified as a vessel held for sale during the fourth
quarter of 2023), but no loss on vessel held for sale was recorded,
since the vessel’s estimated fair value less costs to sell exceeded
her carrying value. During the three-month period ended March 31,
2023, the dry-bulk vessel Taibo was classified as a vessel held for
sale and we recorded a loss on vessel held for sale of
$2.4 million, which resulted from its estimated fair value
measurement less costs to sell.
Interest Income
Interest income amounted to $8.3 million and
$6.7 million for the three-month periods ended March 31, 2024 and
2023, respectively.
Interest and Finance Costs
Interest and finance costs were $33.0 million
and $36.9 million during the three-month periods ended March 31,
2024 and 2023, respectively. The decrease is mainly attributable to
the decreased interest expense due to lower average loan balance
during the three-month period ended March 31, 2024, compared to the
three-month period ended March 31, 2023.
Income / (Loss) from Equity Method
Investments
Income from equity method investments for the
three-month period ended March 31, 2024, was $0.04 million (loss of
$1.4 million for the three-month period ended March 31, 2023)
representing our share of the loss in jointly owned companies set
up pursuant to the Framework Deed. As of March 31, 2024 and 2023
two and five companies, respectively, were jointly owned pursuant
to the Framework Deed out of which nil and four companies,
respectively, owned container vessels.
Gain on Derivative Instruments
As of March 31, 2024, we hold derivative
financial instruments that qualify for hedge accounting and
derivative financial instruments that do not qualify for hedge
accounting. The change in the fair value of each derivative
instrument that qualifies for hedge accounting is recorded in
“Other Comprehensive Income” (“OCI”). The change in the fair value
of each derivative instrument that does not qualify for hedge
accounting is recorded in the consolidated statements of
income.
As of March 31, 2024, the fair value of these
instruments, in aggregate, amounted to a net asset of $71.1
million. During the three-month period ended March 31, 2024, a net
gain of $5.4 million has been included in OCI and a net gain of
$23.3 million has been included in Gain on Derivative Instruments,
net.
Cash FlowsThree-month periods ended
March 31, 2024 and 2023
Condensed cash
flows |
|
Three-month period endedMarch 31, |
(Expressed in millions of U.S. dollars) |
|
2023 |
|
|
2024 |
|
Net Cash Provided by Operating
Activities |
|
37.3 |
|
|
138.0 |
|
Net Cash Provided by Investing
Activities |
|
191.3 |
|
|
34.6 |
|
Net Cash Used in Financing
Activities |
|
(94.6 |
) |
|
(28.0 |
) |
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities
for the three-month period ended March 31, 2024, increased by
$100.7 million to $138.0 million, from $37.3 million for the
three-month period ended March 31, 2023. The increase is mainly
attributable to the favorable 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),
the increased net cash from operations during the three-month
period ended March 31, 2024 compared to the three-month period
ended March 31, 2023, to the decreased payments for interest
(including interest derivatives net receipts) during the
three-month period ended March 31, 2024 compared to the three-month
period ended March 31, 2023 and to the decreased dry-docking and
special survey costs during the three-month period ended March 31,
2024 compared to the three-month period ended March 31, 2023.
Net Cash Provided by Investing
Activities
Net cash provided by investing activities was
$34.6 million in the three-month period ended March 31, 2024, which
mainly consisted of proceeds we received from the sale of the
dry-bulk vessels Manzanillo, Progress, Konstantinos, Merida,
Alliance and Pegasus; partly off-set by (i) settlement payment for
the delivery of the secondhand dry bulk vessel Miracle, (ii)
payments for upgrades for certain of our container and dry bulk
vessels and (iii) payments for net investments into which NML
entered.
Net cash provided by investing activities was
$191.3 million in the three-month period ended March 31, 2023,
which mainly consisted of proceeds we received from (i) the sale of
the container vessels Sealand Washington and Maersk Kalamata and
the dry bulk vessel Miner, (ii) the maturity of part of our
short-term investments in US Treasury Bills; partly off-set by
payments for the purchase of short-term investments in US Treasury
Bills and payments for upgrades for certain of our container and
dry bulk vessels.
Net Cash Used in Financing
Activities
Net cash used in financing activities was $28
million in the three-month period ended March 31, 2024, which
mainly consisted of (a) $9.7 million net payments relating to our
debt financing agreements and finance lease liability agreement
(including proceeds of $111.5 million we received from eight debt
financing agreements), (b) $9.3 million we paid for dividends to
holders of our common stock for the fourth quarter of 2023 and (c)
$0.9 million we paid for dividends to holders of our 7.625% Series
B Cumulative Redeemable Perpetual Preferred Stock (“Series B
Preferred Stock”), $2.1 million we paid for dividends to holders of
our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock
(“Series C Preferred Stock”), $2.2 million we paid for dividends to
holders of our 8.75% Series D Cumulative Redeemable Perpetual
Preferred Stock (“Series D Preferred Stock”) and $2.5 million we
paid for dividends to holders of our 8.875% Series E Cumulative
Redeemable Perpetual Preferred Stock (“Series E Preferred Stock”)
for the period from October 15, 2023 to January 14, 2024.
Net cash used in financing activities was $94.6
million in the three-month period ended March 31, 2023, which
mainly consisted of (a) $74.2 million net payments relating to our
debt financing agreements (including proceeds of $322.8 million we
received from one debt financing agreement), (b) $10.3 million we
paid for dividends to holders of our common stock for the fourth
quarter of 2022 and (c) $0.9 million we paid for dividends to
holders of our Series B Preferred Stock, $2.1 million we paid for
dividends to holders of our Series C Preferred Stock, $2.2 million
we paid for dividends to holders of our Series D Preferred Stock
and $2.5 million we paid for dividends to holders of our Series E
Preferred Stock for the period from October 15, 2022 to January 14,
2023.
Liquidity and Unencumbered Vessels
Cash and cash equivalents
As of March 31, 2024, we had Cash and cash
equivalents (including restricted cash) of $969.8 million, $17.7
million invested in short-dated US Treasury Bills (short-term
investments) and $2.2 million margin deposits in relation to our
FFAs and bunker swaps. Furthermore, as of March 31, 2024, our
liquidity stood at approximately $1,106.0 million including (a) our
share of cash amounting to $0.5 million held in joint venture
companies set up pursuant to the Framework Deed and (b) $115.8
million of available undrawn funds from two hunting license
facilities.
Debt-free vessels
As of May 9, 2024, the following vessels were free of debt.
Unencumbered Vessels (Refer to
Fleet list for full details)
Vessel
Name |
|
|
YearBuilt |
|
TEU/DWT Capacity |
|
Containerships |
|
|
|
|
|
|
|
KURE |
|
1996 |
|
|
7,403 |
|
|
MAERSK
KOWLOON |
|
2005 |
|
|
7,471 |
|
|
ETOILE |
|
2005 |
|
|
2,556 |
|
|
MICHIGAN |
|
2008 |
|
|
1,300 |
|
|
ARKADIA |
|
2001 |
|
|
1,550 |
|
|
Dry Bulk
Vessels |
|
|
|
|
|
|
|
ADVENTURE |
|
2011 |
|
|
33,755 |
|
|
|
|
|
|
|
|
|
|
Conference Call details:
On Friday, May 10, 2024 at 8:30 a.m. EST,
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:
1-844-887-9405 (from the US), 0808-238-9064 (from the UK) or
+1-412-317-9258 (from outside the US and the UK). Please quote
“Costamare”. A replay of the conference call will be available
until May 17, 2024. 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:
8339275.
Live webcast: There will also
be a simultaneous live webcast over the Internet, through the
Costamare Inc. website (www.costamare.com). 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 and dry bulk vessels for
charter. The Company has 50 years of history in the international
shipping industry and a fleet of 68 containerships, with a total
capacity of approximately 513,000 TEU and 39 dry bulk vessels with
a total capacity of approximately 2,900,000 DWT (including one
vessel that we have agreed to sell and two vessels we have agreed
to acquire). The Company also has a dry bulk operating platform
which charters in/out dry bulk vessels, enters into contracts of
affreightment, forward freight agreements and may also utilize
hedging solutions. The Company participates in a leasing business
that provides financing to third-party owners. The Company’s common
stock, Series B Preferred Stock, Series C Preferred Stock, Series D
Preferred Stock and Series E Preferred Stock trade on the New York
Stock Exchange under the symbols “CMRE”, “CMRE PR B”, “CMRE PR C”,
“CMRE PR D” and “CMRE PR E”, 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”, “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 the
Company’s Annual Report on Form 20-F (File No. 001-34934) under the
caption “Risk Factors”.
Company Contacts:
Gregory Zikos – Chief Financial Officer Konstantinos Tsakalidis
– Business Development
Costamare Inc., MonacoTel: (+377) 93 25 09 40Email:
ir@costamare.com
Containership Fleet List
The table below provides additional information,
as of May 9, 2024, about our fleet of containerships, and those
vessels subject to sale and leaseback agreements. Each vessel is a
cellular containership, meaning it is a dedicated container
vessel.
|
Vessel Name |
Charterer |
Year Built |
Capacity (TEU) |
Current Daily Charter
Rate(1)
(U.S. dollars) |
Expiration of
Charter(2) |
1 |
TRITON |
Evergreen |
2016 |
14,424 |
(*) |
March 2026 |
2 |
TITAN(i) |
Evergreen |
2016 |
14,424 |
(*) |
April 2026 |
3 |
TALOS(i) |
Evergreen |
2016 |
14,424 |
(*) |
July 2026 |
4 |
TAURUS(i) |
Evergreen |
2016 |
14,424 |
(*) |
August 2026 |
5 |
THESEUS(i) |
Evergreen |
2016 |
14,424 |
(*) |
August 2026 |
6 |
YM TRIUMPH(i) |
Yang Ming |
2020 |
12,690 |
(*) |
May 2030 |
7 |
YM TRUTH(i) |
Yang Ming |
2020 |
12,690 |
(*) |
May 2030 |
8 |
YM TOTALITY(i) |
Yang Ming |
2020 |
12,690 |
(*) |
July 2030 |
9 |
YM TARGET(i) |
Yang Ming |
2021 |
12,690 |
(*) |
November 2030 |
10 |
YM TIPTOP(i) |
Yang Ming |
2021 |
12,690 |
(*) |
March 2031 |
11 |
CAPE AKRITAS |
MSC |
2016 |
11,010 |
33,000 |
August 2031 |
12 |
CAPE TAINARO |
MSC |
2017 |
11,010 |
33,000 |
April 2031 |
13 |
CAPE KORTIA |
MSC |
2017 |
11,010 |
33,000 |
August 2031 |
14 |
CAPE SOUNIO |
MSC |
2017 |
11,010 |
33,000 |
April 2031 |
15 |
CAPE ARTEMISIO |
Hapag Lloyd/(*) |
2017 |
11,010 |
36,650/(*) |
March 2030(3) |
16 |
ZIM SHANGHAI |
ZIM |
2006 |
9,469 |
72,700 |
July 2025 |
17 |
ZIM YANTIAN |
ZIM |
2006 |
9,469 |
72,700 |
June 2025 |
18 |
YANTIAN |
COSCO |
2006 |
9,469 |
(*) |
April 2026 |
19 |
COSCO HELLAS |
COSCO |
2006 |
9,469 |
(*) |
July 2026 |
20 |
BEIJING |
COSCO |
2006 |
9,469 |
(*) |
June 2026 |
21 |
MSC AZOV |
MSC |
2014 |
9,403 |
35,300 |
December 2026 |
22 |
MSC AMALFI |
MSC |
2014 |
9,403 |
35,300 |
March 2027 |
23 |
MSC AJACCIO |
MSC |
2014 |
9,403 |
35,300 |
February 2027 |
24 |
MSC ATHENS |
MSC |
2013 |
8,827 |
35,300 |
January 2026 |
25 |
MSC ATHOS |
MSC |
2013 |
8,827 |
35,300 |
February 2026 |
26 |
VALOR |
Hapag Lloyd/(*) |
2013 |
8,827 |
32,400/(*) |
April 2030(4) |
27 |
VALUE |
Hapag Lloyd/(*) |
2013 |
8,827 |
32,400/(*) |
April 2030(5) |
28 |
VALIANT |
Hapag Lloyd/(*) |
2013 |
8,827 |
32,400/(*) |
June 2030(6) |
29 |
VALENCE |
Hapag Lloyd/(*) |
2013 |
8,827 |
32,400/(*) |
July 2030(7) |
30 |
VANTAGE |
Hapag Lloyd/(*) |
2013 |
8,827 |
32,400/(*) |
September 2030(8) |
31 |
NAVARINO |
MSC/(*) |
2010 |
8,531 |
31,000/(*) |
March 2029(9) |
32 |
KLEVEN |
MSC |
1996 |
8,044 |
41,500 |
November 2026 |
33 |
KOTKA |
MSC |
1996 |
8,044 |
41,500 |
December 2026 |
34 |
MAERSK KOWLOON |
Maersk |
2005 |
7,471 |
18,500 |
August 2025 |
35 |
KURE |
MSC |
1996 |
7,403 |
41,500 |
July 2026 |
36 |
METHONI |
Maersk |
2003 |
6,724 |
46,500 |
August 2026 |
37 |
PORTO CHELI |
Maersk |
2001 |
6,712 |
30,075 |
June 2026 |
38 |
ZIM TAMPA |
ZIM |
2000 |
6,648 |
45,000 |
July 2025 |
39 |
ZIM VIETNAM |
ZIM |
2003 |
6,644 |
53,000 |
October 2025 |
40 |
ZIM AMERICA |
ZIM |
2003 |
6,644 |
53,000 |
October 2025 |
41 |
ARIES |
(*) |
2004 |
6,492 |
58,500 |
March 2026 |
42 |
ARGUS |
(*) |
2004 |
6,492 |
58,500 |
April 2026 |
43 |
PORTO KAGIO |
Maersk |
2002 |
5,908 |
28,822 |
June 2026 |
44 |
GLEN CANYON |
ZIM |
2006 |
5,642 |
62,500 |
June 2025 |
45 |
PORTO GERMENO |
Maersk |
2002 |
5,570 |
28,822 |
June 2026 |
46 |
LEONIDIO |
Maersk |
2014 |
4,957 |
14,200 |
December 2024(10) |
47 |
KYPARISSIA |
Maersk |
2014 |
4,957 |
14,200 |
November 2024(10) |
48 |
MEGALOPOLIS |
Maersk |
2013 |
4,957 |
13,500 |
July 2025(11) |
49 |
MARATHOPOLIS |
Maersk |
2013 |
4,957 |
13,500 |
July 2025(11) |
50 |
GIALOVA |
(*) |
2009 |
4,578 |
(*) |
March 2026(12) |
51 |
DYROS |
Maersk |
2008 |
4,578 |
17,500 |
February 2025 |
52 |
NORFOLK |
(*) |
2009 |
4,259 |
(*) |
March 2025 |
53 |
VULPECULA |
ZIM |
2010 |
4,258 |
Please refer to note 13 |
May 2028(13) |
54 |
VOLANS |
Hapag Lloyd |
2010 |
4,258 |
21,750 |
June 2024 |
55 |
VIRGO |
Maersk |
2009 |
4,258 |
21,500 |
March 2025 |
56 |
VELA |
ZIM |
2009 |
4,258 |
Please refer to note 14 |
April 2028(14) |
57 |
ANDROUSA |
(*) |
2010 |
4,256 |
(*) |
March 2026 |
58 |
NEOKASTRO |
CMA CGM |
2011 |
4,178 |
39,000 |
February 2027 |
59 |
ULSAN |
Maersk |
2002 |
4,132 |
34,730 |
January 2026 |
60 |
POLAR BRASIL (i) |
Maersk |
2018 |
3,800 |
19,700 |
January 2025(15) |
61 |
LAKONIA |
COSCO |
2004 |
2,586 |
26,500 |
March 2025 |
62 |
SCORPIUS |
Hapag Lloyd |
2007 |
2,572 |
17,750 |
February 2026(16) |
63 |
ETOILE |
(*) |
2005 |
2,556 |
(*) |
June 2026 |
64 |
AREOPOLIS |
COSCO |
2000 |
2,474 |
26,500 |
April 2025 |
65 |
ARKADIA |
Swire Shipping |
2001 |
1,550 |
13,000 |
March 2025 |
66 |
MICHIGAN |
(*) |
2008 |
1,300 |
(*) |
October 2025 |
67 |
TRADER |
(*)/(*) |
2008 |
1,300 |
(*)/(*) |
October 2026(17) |
68 |
LUEBECK |
(*) |
2001 |
1,078 |
(*) |
April 2026 |
(1) |
Daily charter rates are gross, unless stated otherwise. Amounts set
out for current daily charter rate are the amounts contained in the
charter contracts. |
(2) |
Charter terms and expiration dates are based on the earliest date
charters (unless otherwise noted) could expire. |
(3) |
Cape Artemisio is currently chartered to Hapag Lloyd at a daily
rate of $36,650 until March 12, 2025, at the earliest. Upon
redelivery of the vessel from Hapag Lloyd, the vessel will commence
a new charter with a leading liner company for a period of 60 to 64
months at an undisclosed rate. |
(4) |
Valor is currently chartered to Hapag Lloyd at a daily rate of
$32,400 until April 3, 2025, at the earliest. Upon redelivery of
the vessel from Hapag Lloyd, the vessel will commence a new charter
with a leading liner company for a period of 60 to 64 months at an
undisclosed rate. |
(5) |
Value is currently chartered to Hapag Lloyd at a daily rate of
$32,400 until April 25, 2025, at the earliest. Upon redelivery of
the vessel from Hapag Lloyd, the vessel will commence a new charter
with a leading liner company for a period of 60 to 64 months at an
undisclosed rate. |
(6) |
Valiant is currently chartered to Hapag Lloyd at a daily rate of
$32,400 until June 5, 2025, at the earliest. Upon redelivery of the
vessel from Hapag Lloyd, the vessel will commence a new charter
with a leading liner company for a period of 60 to 64 months at an
undisclosed rate. |
(7) |
Valence is currently chartered to Hapag Lloyd at a daily rate of
$32,400 until July 3, 2025, at the earliest. Upon redelivery of the
vessel from Hapag Lloyd, the vessel will commence a new charter
with a leading liner company for a period of 60 to 64 months at an
undisclosed rate. |
(8) |
Vantage is currently chartered to Hapag Lloyd at a daily rate of
$32,400 until September 8, 2025, at the earliest. Upon redelivery
of the vessel from Hapag Lloyd, the vessel will commence a new
charter with a leading liner company for a period of 60 to 64
months at an undisclosed rate. |
(9) |
Navarino is currently chartered to MSC at a daily rate of $31,000
until March 1, 2025, at the earliest. Upon redelivery of the vessel
from MSC, the vessel will commence a new charter with a leading
liner company for a period of 48 to 52 months at an undisclosed
rate. |
(10) |
Charterer has the option to extend the current time charter for an
additional period of 12 to 24 months at a daily rate of
$17,000. |
(11) |
Charterer has the option to extend the current time charter for an
additional period of approximately 24 months at a daily rate of
$14,500. |
(12) |
Gialova is currently undergoing her special survey, following
which, it will commence a time charter with a leading liner company
at an undisclosed rate for a period of about 22 to 24 months. |
(13) |
Vulpecula is currently chartered to ZIM under a charterparty
agreement which commenced in May 2023. The tenor of the charter is
for a period of 60 to 64 months. For this charter, the daily rate
will be $99,000 for the first 12 month period, $91,250 for the
second 12 month period, $10,000 for the third 12 month period and
$8,000 for the remaining duration of the charter. |
(14) |
Vela is currently chartered to ZIM under a charterparty agreement
which commenced in April 2023. The tenor of the charter is for a
period of 60 to 64 months. For this charter, the daily rate will be
$99,000 for the first 12 month period, $91,250 for the second 12
month period, $10,000 for the third 12 month period and $8,000 for
the remaining duration of the charter. |
(15) |
Charterer has the option to extend the current time charter for
three additional one-year periods at a daily rate of $21,000. |
(16) |
Scorpius is currently chartered at a daily rate of $17,750 until
July 10, 2024. From this date and until the expiration of the
charter the new daily rate will be $16,500. |
(17) |
Trader is currently chartered at an undisclosed rate until October
1, 2024, at the earliest. Upon redelivery of the vessel from its
current charterer, the vessel will commence a new charter with a
leading liner company for a period of 24 to 26 months at an
undisclosed rate. |
|
|
(i) |
Denotes vessels subject to a sale and leaseback transaction. |
(*) |
Denotes charterer’s identity and/or current daily charter rates
and/or charter expiration dates, which are treated as
confidential. |
Dry Bulk Vessel Fleet List
The tables below provide information, as of May
9, 2024 about our fleet of dry bulk vessels, including one vessel
that we have agreed to sell and two vessels we have agreed to
acquire.
|
Vessel Name |
Year Built |
Capacity (DWT) |
1 |
FRONTIER UNITY (tbr. FRONTIER)(i) |
2012 |
181,415 |
2 |
MIRACLE |
2011 |
180,643 |
3 |
LOWLANDS PROSPERITY (tbr. PROSPER)(i) |
2012 |
179,895 |
4 |
DORADO |
2011 |
179,842 |
5 |
ENNA |
2011 |
175,975 |
6 |
AEOLIAN |
2012 |
83,478 |
7 |
GRENETA |
2010 |
82,166 |
8 |
HYDRUS |
2011 |
81,601 |
9 |
PHOENIX |
2012 |
81,569 |
10 |
BUILDER |
2012 |
81,541 |
11 |
FARMER |
2012 |
81,541 |
12 |
SAUVAN |
2010 |
79,700 |
13 |
ROSE |
2008 |
76,619 |
14 |
MERCHIA |
2015 |
63,800 |
15 |
SEABIRD |
2016 |
63,553 |
16 |
DAWN |
2018 |
63,530 |
17 |
ORION |
2015 |
63,473 |
18 |
DAMON |
2012 |
63,227 |
19 |
ARYA |
2013 |
61,424 |
20 |
TITAN I |
2009 |
58,090 |
21 |
ERACLE |
2012 |
58,018 |
22 |
PYTHIAS |
2010 |
58,018 |
23 |
NORMA |
2010 |
58,018 |
24 |
ORACLE |
2009 |
57,970 |
25 |
CURACAO |
2011 |
57,937 |
26 |
URUGUAY |
2011 |
57,937 |
27 |
ATHENA |
2012 |
57,809 |
28 |
SERENA |
2010 |
57,266 |
29 |
LIBRA |
2010 |
56,729 |
30 |
CLARA |
2008 |
56,557 |
31 |
BERMONDI |
2009 |
55,469 |
32 |
VERITY |
2012 |
37,163 |
33 |
PARITY |
2012 |
37,152 |
34 |
ACUITY |
2011 |
37,149 |
35 |
EQUITY |
2013 |
37,071 |
36 |
DISCOVERY |
2012 |
37,019 |
37 |
BERNIS |
2011 |
34,627 |
38 |
ADVENTURE(ii) |
2011 |
33,755 |
39 |
RESOURCE |
2010 |
31,776 |
(i) Denotes vessel that we have agreed to
acquire. (ii)
Denotes vessel that we have agreed to sell.
|
Consolidated Statements of Income |
|
|
|
|
Three-months ended March 31, |
(Expressed in thousands of U.S. dollars, except share and per share
amounts) |
|
|
2023 |
|
|
2024 |
|
|
|
|
(Unaudited) |
REVENUES: |
|
|
|
|
|
Voyage revenue |
|
$ |
248,769 |
|
$ |
470,172 |
|
Income from investments in
leaseback vessels |
|
|
- |
|
|
5,258 |
|
Total
revenues |
|
$ |
248,769 |
|
$ |
475,430 |
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
Voyage expenses |
|
|
(31,631 |
) |
|
(95,357 |
) |
Charter-in hire expenses |
|
|
(12,405 |
) |
|
(144,349 |
) |
Voyage expenses – related
parties |
|
|
(3,211 |
) |
|
(3,634 |
) |
Vessels’ operating
expenses |
|
|
(67,674 |
) |
|
(59,657 |
) |
General and administrative
expenses |
|
|
(4,366 |
) |
|
(5,193 |
) |
Management and agency fees –
related parties |
|
|
(15,190 |
) |
|
(14,647 |
) |
General and administrative
expenses – non-cash component |
|
|
(1,408 |
) |
|
(1,698 |
) |
Amortization of dry-docking
and special survey costs |
|
|
(4,701 |
) |
|
(5,612 |
) |
Depreciation |
|
|
(41,144 |
) |
|
(40,501 |
) |
Gain on sale of vessels,
net |
|
|
89,068 |
|
|
993 |
|
Loss on vessel held for
sale |
|
|
(2,350 |
) |
|
- |
|
Foreign exchange gains /
(losses) |
|
|
1,269 |
|
|
(2,378 |
) |
Operating
income |
|
$ |
155,026 |
|
$ |
103,397 |
|
|
|
|
|
|
|
OTHER
EXPENSES: |
|
|
|
|
|
Interest income |
|
$ |
6,722 |
|
$ |
8,313 |
|
Interest and finance
costs |
|
|
(36,880 |
) |
|
(32,950 |
) |
Income / (loss) from equity
method investments |
|
|
(1,361 |
) |
|
40 |
|
Other |
|
|
2,566 |
|
|
534 |
|
Gain on derivative
instruments |
|
|
22,791 |
|
|
23,338 |
|
Total other
expenses |
|
$ |
(6,162 |
) |
$ |
(725 |
) |
Net
Income |
|
$ |
148,864 |
|
$ |
102,672 |
|
Earnings allocated to
Preferred Stock |
|
|
(7,595 |
) |
|
(7,681 |
) |
Net (gain) / loss attributable
to the non-controlling interest |
|
|
291 |
|
|
(811 |
) |
Net Income available
to common stockholders |
|
$ |
141,560 |
|
$ |
94,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share,
basic and diluted |
|
$ |
1.16 |
|
$ |
0.79 |
|
Weighted average number of
shares, basic and diluted |
|
|
122,531,273 |
|
|
118,628,891 |
|
|
COSTAMARE INC.Consolidated Balance
Sheets |
|
(Expressed in thousands of U.S. dollars) |
|
As of December 31, 2023 |
|
As of March 31, 2024 |
ASSETS |
|
(Audited) |
|
(Unaudited) |
CURRENT
ASSETS: |
|
|
|
|
Cash and cash equivalents |
$ |
745,544 |
|
$ |
832,195 |
|
Restricted cash |
|
10,645 |
|
|
68,822 |
|
Margin deposits |
|
13,748 |
|
|
2,215 |
|
Short-term investments |
|
17,492 |
|
|
17,719 |
|
Investment in leaseback vessels, current |
|
27,362 |
|
|
29,162 |
|
Net
investment in sales type lease (Vessels), current |
|
22,620 |
|
|
29,048 |
|
Accounts receivable |
|
50,684 |
|
|
60,564 |
|
Inventories |
|
61,266 |
|
|
65,551 |
|
Due from related parties |
|
4,119 |
|
|
2,694 |
|
Fair value of derivatives |
|
33,310 |
|
|
52,710 |
|
Insurance claims
receivable |
|
18,458 |
|
|
17,242 |
|
Vessels held for sale |
|
40,307 |
|
|
9,486 |
|
Time-charter assumed |
|
405 |
|
|
199 |
|
Accrued charter revenue |
|
9,752 |
|
|
9,587 |
|
Prepayments and other |
|
61,949 |
|
|
58,664 |
|
Total current
assets |
$ |
1,117,661 |
|
$ |
1,255,858 |
|
FIXED ASSETS,
NET: |
|
|
|
|
Vessels and advances, net |
|
3,446,797 |
|
|
3,392,376 |
|
Total fixed assets,
net |
$ |
3,446,797 |
|
$ |
3,392,376 |
|
NON-CURRENT
ASSETS: |
|
|
|
|
Equity method investments |
$ |
552 |
|
$ |
592 |
|
Investment in leaseback
vessels, non-current |
|
191,674 |
|
|
203,429 |
|
Deferred charges, net |
|
72,801 |
|
|
71,720 |
|
Finance leases, right-of-use
assets (Vessels) |
|
39,211 |
|
|
38,864 |
|
Net investment in sales type
lease (Vessels), non-current |
|
19,482 |
|
|
8,877 |
|
Operating leases, right-of-use
assets |
|
284,398 |
|
|
261,853 |
|
Accounts receivable,
non-current |
|
5,586 |
|
|
5,161 |
|
Restricted cash |
|
69,015 |
|
|
68,810 |
|
Fair value of derivatives,
non-current |
|
28,639 |
|
|
33,909 |
|
Accrued charter revenue,
non-current |
|
10,937 |
|
|
8,651 |
|
Time-charter assumed,
non-current |
|
269 |
|
|
220 |
|
Total
assets |
$ |
5,287,022 |
|
$ |
5,350,320 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
Current portion of long-term
debt |
$ |
347,027 |
|
$ |
337,050 |
|
Finance lease liability |
|
2,684 |
|
|
2,711 |
|
Operating lease liabilities,
current portion |
|
160,993 |
|
|
162,491 |
|
Accounts payable |
|
46,769 |
|
|
60,564 |
|
Due to related parties |
|
3,172 |
|
|
2,484 |
|
Accrued liabilities |
|
39,521 |
|
|
33,104 |
|
Unearned revenue |
|
52,177 |
|
|
45,480 |
|
Fair value of derivatives |
|
3,050 |
|
|
3,778 |
|
Other current liabilities |
|
7,377 |
|
|
8,196 |
|
Total current
liabilities |
$ |
662,770 |
|
$ |
655,858 |
|
NON-CURRENT
LIABILITIES |
|
|
|
|
Long-term debt, net of current
portion |
$ |
1,999,193 |
|
$ |
1,998,597 |
|
Finance lease liability, net
of current portion |
|
23,877 |
|
|
23,195 |
|
Operating lease liabilities,
non-current portion |
|
114,063 |
|
|
90,351 |
|
Fair value of derivatives, net
of current portion |
|
11,194 |
|
|
11,752 |
|
Unearned revenue, net of
current portion |
|
27,352 |
|
|
24,828 |
|
Other non-current
liabilities |
|
9,184 |
|
|
14,002 |
|
Total non-current
liabilities |
$ |
2,184,863 |
|
$ |
2,162,725 |
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
Temporary equity –
Redeemable non-controlling interest in subsidiary |
$ |
629 |
|
$ |
604 |
|
STOCKHOLDERS’
EQUITY: |
|
|
|
|
Preferred stock |
$ |
- |
|
$ |
- |
|
Common stock |
|
13 |
|
|
13 |
|
Treasury stock |
|
(120,095 |
) |
|
(120,095 |
) |
Additional paid-in
capital |
|
1,435,294 |
|
|
1,440,679 |
|
Retained earnings |
|
1,045,932 |
|
|
1,126,413 |
|
Accumulated other
comprehensive income |
|
21,387 |
|
|
26,815 |
|
Total Costamare Inc.
stockholders’ equity |
$ |
2,382,531 |
|
$ |
2,473,825 |
|
Non-controlling interest |
|
56,229 |
|
|
57,308 |
|
Total stockholders’
equity |
|
2,438,760 |
|
|
2,531,133 |
|
Total liabilities and
stockholders’ equity |
$ |
5,287,022 |
|
$ |
5,350,320 |
|
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