Monaco, November 1, 2023 – Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported unaudited financial results for the third quarter (“Q3 2023”) and nine-months ended September 30, 2023.
- PROFITABILITY AND LIQUIDITY
- Q3 2023 Net Income available to common stockholders of $53.3 million ($0.45 per share).
- Q3 2023 Adjusted Net Income available to common stockholders1 of $53.9 million ($0.46 per share).
- Q3 2023 liquidity of $996.9 million2
- SHARE REPURCHASE PROGRAM TO DATE
- Repurchase of 882,316 common shares, for a total consideration of $10 million, since our Q2 2023 earnings press release.
- Available funds remaining under the share repurchase program of $30 million for common shares and $150 million for preferred shares.
III. DRY BULK OPERATING PLATFORM
- Costamare Bulkers Inc. (“CBI”) has currently fixed a fleet of 59 dry bulk vessels on period charters, consisting of:
37 Newcastlemax/Capesize vessels
22 Kamsarmax/Panamax vessels
- All the chartered-in vessels have been delivered to CBI.
- Majority of the fixed fleet is on index linked charter-in agreements. More specifically:
34 Newcastlemax/Capesize vessels with an average tenor of 1.1 years.
14 Kamsarmax/Panamax vessels with an average tenor of 0.4 years.
- LEASE FINANCING PLATFORM
- Controlling interest in Neptune Maritime Leasing Limited (“NML”).
- Costamare equity investment of up to $200 million.
- Company’s current investment in NML of $73.7 million.
- Growing leasing platform, having funded 17 shipping assets, up to now, on the back of what we believe is a healthy pipeline.
- NEW DEBT FINANCING
- Financing of the acquisition of two dry bulk vessels through an existing hunting license facility with a European financial institution. Total amount drawn of approximately $27.5 million.
- New commitment in the form of a hunting license facility for the financing of the acquisition of containerships and dry bulk vessels for an aggregate amount of up to $60 million with a European financial institution, which is on a commitment status basis and subject to final documentation.
- Approximately $144.2 million available for the financing of future acquisitions for dry bulk and
container vessels until December 20253
- No meaningful debt maturities until 2026.
- OWNED FLEET CHARTER UPDATE – FULLY EMPLOYED CONTAINERSHIP FLEET4
- 100%, 87% and 73% of the containership fleet5
fixed for 2023, 2024 and 2025, respectively.
- Contracted revenues for the containership fleet of approximately $2.7 billion with a TEU-weightedduration of 3.7 years 6
.
- Entered into more than 50 chartering agreements for the owned dry bulk fleet since Q2 2023 earnings release.
VII. SALE AND PURCHASE ACTIVITY
Vessel Acquisitions
- Conclusion of:
the acquisition of the 2011-built, 175,975 DWT capacity dry bulk vessel, Enna, in August 2023.
the acquisition of the 2011-built, 179,842 DWT capacity dry bulk vessel, Dorado, in August 2023.
the acquisition of the 2013-built, 61,424 DWT capacity dry bulk vessel, Arya, in September 2023.
Vessel Disposals
- Conclusion of:
the sale of the 1998-built, 2,472 TEU capacity containership, Monemvasia, in August 2023. Prior to the conclusion of such sale, the Company owned 49% equity interest in the company owning this containership with the remaining equity interest being owned by York Capital.
the sale of the 2000-built 4,890 TEU capacity containership, Oakland, in October 2023.
- Agreement for the sale of the 2006-built, 55,709 DWT capacity dry bulk vessel, Peace. The sale is expected to be concluded in Q4 2023.
- Agreement for the sale of the 2006-built, 55,705 DWT capacity dry bulk vessel, Pride. The sale is expected to be concluded in Q4 2023.
VIII. DIVIDEND ANNOUNCEMENTS
- On October 2, 2023, the Company declared a dividend of $0.115 per share on the common stock,
which is payable on November 6, 2023, to holders of record of common stock as of October 20, 2023.
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