Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported
unaudited financial results for the second quarter (“Q2 2024”) and six-months ended June 30, 2024.
- PROFITABILITY AND LIQUIDITY
- Q2 2024 Net Income available to common stockholders of $91.3 million ($0.77 per share).
- Q2 2024 Adjusted Net Income available to common stockholders1 of $91.4 million ($0.77 per
share).
- Q2 2024 liquidity of $1,118.3 million2
.
- FULL REDEMPTION OF 8.875% SERIES E CUMULATIVE REDEEMABLE
PERPETUAL PREFERRED STOCK
- Full redemption with cash on hand on July 15, 2024.
- Annual cash flow savings of ca. $10.1 million.
III. OWNED FLEET CHARTER UPDATE3
– NEW CHARTER ARRANGEMENTS AND
FULLY EMPLOYED CONTAINERSHIP FLEET FOR THE YEAR AHEAD
- 100% and 88% of the containership fleet4
fixed for 2024 and 2025, respectively.
- Contracted revenues for the containership fleet of approximately $2.4 billion with a TEU-weighted
duration of 3.5 years5
.
- New fixtures for seven containerships, six of them on a forward basis, for a period ranging from
24 to 36 months and with incremental contracted revenues of $224 million.
- Entered into more than 25 chartering agreements for our owned dry bulk fleet since Q1 2024
earnings release.
- SALE AND PURCHASE ACTIVITY
Vessel Disposals
- Conclusion of the sale of the 2011-built, 33,755 DWT capacity dry bulk vessel, Adventure.
– Net sale proceeds after debt repayment amounted to $7.1 million.
- Agreement for the sale of the 2009-built, 58,018 DWT capacity dry bulk vessel, Oracle (expected
conclusion of the sale within Q3 2024).
– Estimated net sale proceeds after debt prepayment of $4.0 million.
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 $0.1 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 $10.8 million, short term investments in U.S. Treasury Bills amounting to $18.0
million and $115.8 million of available undrawn funds from two hunting license facilities as of June 30, 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 July 30, 2024.
2
Vessel Acquisitions
- Conclusion of the acquisition of the 2012-built, 179,895 DWT capacity dry bulk vessel, Prosper
(ex. Lowlands Prosperity).
- Conclusion of the acquisition of the 2012-built, 181,415 DWT capacity dry bulk vessel, Frontier
(ex. Frontier Unity).
- NEW DEBT FINANCING
- Refinancing of existing indebtedness of three dry bulk vessels with one European financial
institution. More specifically:
- Total amount of approximately $15.8 million.
- Loan proceeds towards prepayment of existing indebtedness.
- Tenor of five years.
- Improvement of funding cost and extension of maturity for all three refinanced vessels.
- DRY BULK OPERATING PLATFORM
- Costamare Bulkers Inc. (“CBI”) has currently fixed a fleet of 54 dry bulk vessels on period
charters, consisting of:
32 Newcastlemax/ Capesize vessels.
22 Kamsarmax vessels.
- Majority of the fixed fleet is on index linked charter-in agreements, consisting of:
23 charters for Newcastlemax/ Capesize vessels that are index linked.
10 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.
VII. 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 25 shipping assets as of the date of this press release, for
a total amount of approximately $285 million, on the back of what we believe is a healthy pipeline.
