Costamare Inc. Reports Results for the Third Quarter and Nine-Month
Period Ended September 30, 2013
ATHENS, GREECE--(Marketwired - Oct 23, 2013) - Costamare
Inc. ("Costamare" or the "Company") (NYSE: CMRE) today reported
unaudited financial results for the third quarter and nine months
ended September 30, 2013.
- Voyage revenues of $110.1 million and $301.7 million for the
three and the nine months ended September 30, 2013,
respectively.
- Voyage revenues adjusted on a cash basis of $114.1 million and
$312.4 million for the three and the nine months ended September
30, 2013, respectively.
- Adjusted EBITDA of $77.9 million and $206.7 million for the
three and the nine months ended September 30, 2013,
respectively.
- Net income of $20.9 million and $76.2 million for the three and
the nine months ended September 30, 2013, respectively.
- Net income available to common stockholders of $20.4 million or
$0.27 per share and $75.7 million or $1.01 per share for the three
and the nine months ended September 30, 2013, respectively.
- Adjusted Net income available to common stockholders of $28.7
million or $0.38 per share and $78.4 million or $1.05 per share for
the three and nine months ended September 30, 2013,
respectively.
See "Financial Summary"
and "Non-GAAP Measures" below for additional detail.
Business
Developments
- On August 5 and September 2, 2013, the Company took
delivery of the 8,827 TEU newbuild containership vessels
Valiant and Valence, respectively, which
were both built by Sungdong Shipbuilding and Marine Engineering
in South Korea. Upon delivery, both vessels commenced their
long term charters with members of the Evergreen Group
("Evergreen").
- In July 2013, pursuant to the Framework Agreement with
York Capital Management ("York"), jointly-owned entities
entered into two shipbuilding contracts for the construction
of two container vessels of about 9,000 TEU capacity, subject
to upgrade, to be delivered by the end of 2015. The Company
agreed to participate in each of the newbuilding contracts
by investing 49% of the share capital in the jointly-owned
entities.
- The Company sold the 1993-built, 3,883 TEU containership
MSC Antwerp, for demolition for a sale price of approximately
$7.8 million. The vessel was delivered to its buyers on
September 9, 2013. The sale of the MSC Antwerp resulted in a
book loss of $5.9 million.
Preferred Share
Offering
- On August 6, 2013, the Company completed a public offering
of 2.0 million shares of its 7.625% Series B Cumulative
Redeemable Perpetual Preferred Stock (the "Series B Preferred
Stock"). The gross proceeds from the offering before
the underwriting discount and other offering expenses were
$50.0 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 October 1, 2013, the Company declared a cash dividend
of $0.3654 per share on its 7.625% Series B Preferred Stock
for the period from August 6, 2013 to October 14, 2013. The
dividend was paid on October 15, 2013 to all Series B
Preferred Stock holders of record as of October 11, 2013. This
was the first cash dividend on its Series B Preferred Stock
that the Company has declared since the commencement
of trading of its Series B Preferred Stock on the New York
Stock Exchange.
- On October 8, 2013, the Company declared a common stock
dividend for the third quarter ended September 30, 2013, of $0.27
per share, payable on November 6, 2013 to stockholders of record at
the close of trading of the Company's common stock on the New York
Stock Exchange on October 23, 2013. This will be the Company's
twelfth consecutive quarterly common stock dividend since its
common stock commenced trading on the New York Stock Exchange.
Mr. Gregory Zikos,
Chief Financial Officer of Costamare Inc., commented:
"During the third quarter of the year, the Company delivered
positive results.
In accordance with our newbuilding program, we accepted delivery
of the fifth and sixth 9,000 TEU newbuild containership vessels out
of a series of ten. Both vessels commenced their charters. This
addition to the fleet, together with the newbuildings already
delivered and the remaining four vessels currently on order and
subject to charters, will contribute in excess of $1.3 billion of
contracted revenues throughout the duration of their charters.
Regarding new transactions, together with our partners, York
Capital, we ordered two vessels with a capacity of 9,000 TEU,
subject to upgrade, to be delivered by the end of 2015. We are
participating in each of the two contracts with a 49% stake.
Despite continuing challenging market conditions, 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 October 1 and on October 8 we declared a dividend of
$ 0.3654 per share on the 7.625% Series B Redeemable Perpetual
Preferred Stock and $ 0.27 per share on the Company's common stock
respectively. Consistent with our dividend policy, we continue to
offer an attractive dividend, which we consider to be sustainable
based on the size of our contracted cash flows, the quality of our
charterers and the prudent management of our balance
sheet."
|
Financial Summary |
|
|
|
|
|
|
|
|
|
|
|
Nine-month period ended September 30, |
|
Three-month period ended September 30, |
(Expressed in thousands of U.S. dollars, except share and per share
data): |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
|
$ |
290,962 |
|
$ |
301,700 |
|
$ |
94,886 |
|
$ |
110,134 |
Accrued charter revenue (1) |
|
$ |
3,909 |
|
$ |
10,673 |
|
$ |
2,924 |
|
$ |
4,039 |
Voyage revenue adjusted on a cash basis (2) |
|
$ |
294,871 |
|
$ |
312,373 |
|
$ |
97,810 |
|
$ |
114,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (3) |
|
$ |
190,587 |
|
$ |
206,722 |
|
$ |
62,475 |
|
$ |
77,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income available to common stockholders (3) |
|
$ |
67,721 |
|
$ |
78,369 |
|
$ |
20,947 |
|
$ |
28,734 |
Weighted Average number of shares |
|
|
65,582,847 |
|
|
74,800,000 |
|
|
67,800,000 |
|
|
74,800,000 |
Adjusted Earnings per share (3) |
|
$ |
1.03 |
|
$ |
1.05 |
|
$ |
0.31 |
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA (3) |
|
$ |
181,064 |
|
$ |
204,003 |
|
$ |
54,045 |
|
$ |
69,495 |
Net
Income |
|
$ |
58,198 |
|
$ |
76,235 |
|
$ |
12,517 |
|
$ |
20,944 |
Net
Income available to common stockholders |
|
$ |
58,198 |
|
$ |
75,650 |
|
$ |
12,517 |
|
$ |
20,359 |
Weighted Average number of shares |
|
|
65,582,847 |
|
|
74,800,000 |
|
|
67,800,000 |
|
|
74,800,000 |
Earnings per share |
|
$ |
0.89 |
|
$ |
1.01 |
|
$ |
0.18 |
|
$ |
0.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
nine-month and three-month periods ended September 30, 2013 and
September 30, 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine-month period ended September 30, |
|
|
Three-month period ended September 30, |
|
(Expressed in thousands of U.S. dollars, except share and per share
data) |
|
2012 |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
|
|
|
Net
Income |
|
$ |
58,198 |
|
$ |
76,235 |
|
|
$ |
12,517 |
|
|
$ |
20,944 |
|
Distributed earnings allocated to Preferred Stock |
|
|
- |
|
|
(585 |
) |
|
|
- |
|
|
|
(585 |
) |
Net
Income available to common stockholders |
|
|
58,198 |
|
|
75,650 |
|
|
|
12,517 |
|
|
|
20,359 |
|
Accrued charter revenue |
|
|
3,909 |
|
|
10,673 |
|
|
|
2,924 |
|
|
|
4,039 |
|
(Gain)/ Loss on sale/disposal of vessels |
|
|
4,296 |
|
|
(518 |
) |
|
|
5,599 |
|
|
|
5,942 |
|
Realized (Gain)/ Loss on Euro/USD forward contracts |
|
|
997 |
|
|
(615 |
) |
|
|
265 |
|
|
|
(245 |
) |
(Gain)/ Loss on derivative instruments |
|
|
321 |
|
|
(6,821 |
) |
|
|
(358 |
) |
|
|
(1,361 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net income available to common stockholders |
|
$ |
67,721 |
|
$ |
78,369 |
|
|
$ |
20,947 |
|
|
$ |
28,734 |
|
Adjusted Earnings per Share |
|
$ |
1.03 |
|
$ |
1.05 |
|
|
$ |
0.31 |
|
|
$ |
0.38 |
|
Weighted average number of shares |
|
|
65,582,847 |
|
|
74,800,000 |
|
|
|
67,800,000 |
|
|
|
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 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine-month period ended September 30, |
|
|
Three-month period ended September 30, |
|
(Expressed in thousands of U.S. dollars) |
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
58,198 |
|
|
$ |
76,235 |
|
|
$ |
12,517 |
|
|
$ |
20,944 |
|
Interest and finance costs |
|
|
57,840 |
|
|
|
56,923 |
|
|
|
19,603 |
|
|
|
22,815 |
|
Interest income |
|
|
(1,173 |
) |
|
|
(448 |
) |
|
|
(457 |
) |
|
|
(39 |
) |
Depreciation |
|
|
60,182 |
|
|
|
65,158 |
|
|
|
20,301 |
|
|
|
23,669 |
|
Amortization of dry-docking and special survey costs |
|
|
6,017 |
|
|
|
6,135 |
|
|
|
2,081 |
|
|
|
2,106 |
|
EBITDA |
|
|
181,064 |
|
|
|
204,003 |
|
|
|
54,045 |
|
|
|
69,495 |
|
Accrued charter revenue |
|
|
3,909 |
|
|
|
10,673 |
|
|
|
2,924 |
|
|
|
4,039 |
|
(Gain)/ Loss on sale/disposal of vessels |
|
|
4,296 |
|
|
|
(518 |
) |
|
|
5,599 |
|
|
|
5,942 |
|
Realized (Gain)/ Loss on Euro/USD forward contracts |
|
|
997 |
|
|
|
(615 |
) |
|
|
265 |
|
|
|
(245 |
) |
Gain/ (Loss) on derivative instruments |
|
|
321 |
|
|
|
(6,821 |
) |
|
|
(358 |
) |
|
|
(1,361 |
) |
Adjusted EBITDA |
|
$ |
190,587 |
|
|
$ |
206,722 |
|
|
$ |
62,475 |
|
|
$ |
77,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
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 September 30, 2013 compared to the
three-month period ended September 30, 2012
During the three-month periods ended September 30, 2013 and
2012, we had an average of 51.0 and 47.1 vessels, respectively, in
our fleet. In the three-month period ended September 30, 2013, we
accepted delivery of the newbuild vessels Valiant and
Valence with an aggregate TEU capacity of 17,654, the
secondhand vessel X-Press Padma with a TEU capacity of
1,645, which was acquired pursuant to the Framework Agreement with
York, and we sold the vessel MSC Antwerp, with a TEU
capacity of 3,883. Furthermore, pursuant to the Framework Agreement
with York, we signed shipbuilding contracts with a shipyard for the
construction of two container vessels of about 9,000 TEU capacity,
subject to upgrade. In the three-month period ended September 30,
2012, we accepted delivery of the secondhand vessels Stadt
Luebeck and Messini with an aggregate TEU capacity of
3,536, and we sold the secondhand vessel Horizon for scrap
with a TEU capacity of 1,068. In the three-month periods ended
September 30, 2013 and 2012, our fleet ownership days totaled 4,696
and 4,337 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. dollars, except
percentages) |
|
Three-month period ended September 30, |
|
|
|
|
|
|
|
2012 |
|
|
2013 |
|
|
Change |
|
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
|
$ |
94.9 |
|
|
$ |
110.1 |
|
|
$ |
15.2 |
|
|
16.0 |
% |
Voyage expenses |
|
|
(1.7 |
) |
|
|
(0.6 |
) |
|
|
(1.1 |
) |
|
(64.7 |
%) |
Voyage expenses - related parties |
|
|
(0.7 |
) |
|
|
(0.8 |
) |
|
|
0.1 |
|
|
14.3 |
% |
Vessels operating expenses |
|
|
(28.3 |
) |
|
|
(29.6 |
) |
|
|
1.3 |
|
|
4.6 |
% |
General and administrative expenses |
|
|
(1.0 |
) |
|
|
(1.0 |
) |
|
|
- |
|
|
- |
|
Management fees - related parties |
|
|
(3.8 |
) |
|
|
(4.3 |
) |
|
|
0.5 |
|
|
13.2 |
% |
Amortization of dry-docking and special survey costs |
|
|
(2.1 |
) |
|
|
(2.1 |
) |
|
|
- |
|
|
- |
|
Depreciation |
|
|
(20.3 |
) |
|
|
(23.7 |
) |
|
|
3.4 |
|
|
16.7 |
% |
Loss
on sale/disposal of vessels |
|
|
(5.6 |
) |
|
|
(5.9 |
) |
|
|
0.3 |
|
|
5.4 |
% |
Foreign exchange losses |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
- |
|
|
- |
|
Interest income |
|
|
0.4 |
|
|
|
- |
|
|
|
(0.4 |
) |
|
(100.0 |
%) |
Interest and finance costs |
|
|
(19.6 |
) |
|
|
(22.8 |
) |
|
|
3.2 |
|
|
16.3 |
% |
Equity gain on investments |
|
|
- |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
100.0 |
% |
Gain
on derivative instruments |
|
|
0.4 |
|
|
|
1.4 |
|
|
|
1.0 |
|
|
250.0 |
% |
Net
Income |
|
$ |
12.5 |
|
|
$ |
20.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. dollars, except
percentages) |
|
Three-month period ended September 30, |
|
|
|
|
|
2012 |
|
2013 |
|
Change |
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
|
$ |
94.9 |
|
$ |
110.1 |
|
$ |
15.2 |
|
16.0 |
% |
Accrued charter revenue |
|
|
2.9 |
|
|
4.0 |
|
|
1.1 |
|
37.9 |
% |
Voyage revenue adjusted on a cash basis |
|
$ |
97.8 |
|
$ |
114.1 |
|
$ |
16.3 |
|
16.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fleet operational data |
Three-month period ended September 30, |
|
|
|
|
2012 |
2013 |
Change |
|
Percentage Change |
|
|
|
|
|
|
|
|
Average number of vessels |
47.1 |
51.0 |
3.9 |
|
8.3 |
% |
Ownership days |
4,337 |
4,696 |
359 |
|
8.3 |
% |
Number of vessels under dry-docking |
4 |
2 |
(2 |
) |
|
|
|
|
|
|
|
|
|
Voyage Revenue
Voyage revenue increased by 16.0%, or $15.2 million, to $110.1
million during the three-month period ended September 30, 2013,
from $94.9 million during the three-month period ended September
30, 2012. This increase is mainly due to (i) revenue earned by the
newbuild vessels delivered to us during the nine month period ended
September 30, 2013; partly offset by (ii) decreased charter rates
in certain of our vessels during the three-month period ended
September 30, 2013, compared to the three-month period ended
September 30, 2012, and (iii) revenues not earned by vessels which
were sold for scrap during the nine month period ended September
30, 2013.
Voyage revenue adjusted on a cash basis (which eliminates
non-cash "Accrued charter revenue"), increased by 16.7%, or $16.3
million, to $114.1 million during the three-month period ended
September 30, 2013, from $97.8 million during the three-month
period ended September 30, 2012. This increase is mainly due to (i)
revenue earned by the newbuild vessels delivered to us during the
nine month period ended September 30, 2013; partly offset by (ii)
decreased charter rates in certain of our vessels during the
three-month period ended September 30, 2013, compared to the
three-month period ended September 30, 2012, and (iii) revenues not
earned by vessels which were sold for scrap during the nine month
period ended September 30, 2013.
Voyage Expenses
Voyage expenses decreased by 64.7% or $1.1 million, to $0.6
million during the three-month period ended September 30, 2013,
from $1.7 million during the three-month period ended September 30,
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
September 30, 2013, compared to the three month period ended
September 30, 2012, is 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 $0.8 million
during the three month period ended September 30, 2013 and in the
amount of $0.7 million during the three-month period ended
September 30, 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 4.6%, or $1.3 million, to
$29.6 million during the three-month period ended September 30,
2013, from $28.3 million during the three-month period ended
September 30, 2012. The increase was partly attributable to the
increased ownership days of our fleet during the three-month period
ended September 30, 2013 compared to the three-month period ended
September 30, 2012.
General and Administrative Expenses
General and administrative expenses were $1.0 million during the
three-month period ended September 30, 2013 and for the three-month
period ended September 30, 2012. General and administrative
expenses for the three-month periods ended September 30, 2013 and
2012, include $0.25 million, respectively, 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 13.2%, or $0.5
million, to $4.3 million during the three-month period ended
September 30, 2013, from $3.8 million during the three-month period
ended September 30, 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 September 30, 2013, compared to the three month period ended
September 30, 2012.
Amortization of Dry-docking and Special Survey
Costs
Amortization of deferred dry-docking and special survey costs
was $2.1 million for the three-month period ended September 30,
2013 and $2.1 million for the three-month period ended September
30, 2012. During the three-month periods ended September 30, 2013
and 2012, two vessels and four vessels, respectively, underwent
their special survey. During the three-month period ended September
30, 2013, three vessels (one of which was in process as at June 30,
2013) completed their respective works. During the three-month
period ended September 30, 2012, four vessels completed their
respective works.
Depreciation
Depreciation expense increased by 16.7%, or $3.4 million, to
$23.7 million during the three-month period ended September 30,
2013, from $20.3 million during the three-month period ended
September 30, 2012. The increase was mainly attributable to the
depreciation expense charged for the six newbuilding vessels
delivered to us during the nine month period ended September 30,
2013, partly offset by the depreciation expense not charged for the
vessels sold for scrap during the nine month period ended September
30, 2013.
Loss on Sale/Disposal of Vessels
During the three-month period ended September 30, 2013, we
recorded a loss of $5.9 million from the sale of one vessel. During
the three-month period ended September 30, 2012, we recorded a net
loss of $5.6 million from the sale of the vessel Horizon
(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 Losses
Foreign exchange losses were $0.1 million during the three-month
period ended September 30, 2013 and $0.1 million during the
three-month period ended September 30, 2012.
Interest Income
Interest income decreased by 100.0% or $0.4 million, to nil
during the three-month period ended September 30, 2013, from $0.4
million during the three month period ended September 30, 2012. The
decrease is mainly attributable to the decreased average cash
balance during the three month period ended September 30, 2013,
compared to the three month period ended September 30, 2012.
Interest and Finance Costs
Interest and finance costs increased by 16.3%, or $3.2 million,
to $22.8 million during the three-month period ended September 30,
2013, from $19.6 million during the three-month period ended
September 30, 2012. The increase is mainly attributable to the
increased interest expense charged to the consolidated income
statement in relation with the loan facilities of the six newbuild
vessels which were delivered to us during the nine month period
ended September 30, 2013.
Equity Gain on Investments
The equity gain on investments of $0.3 million represents our
share of the net earnings of five jointly owned ship-owning
companies acquired pursuant to the Framework Agreement with York.
We hold 49% of the capital stock of each ship-owning company.
Gain on Derivative Instruments
The fair value of our 27 interest rate derivative instruments
which were outstanding as of September 30, 2013, equates to the
amount that would be paid by us or to us should those instruments
be terminated. As of September 30, 2013, the fair value of these 27
interest rate derivative instruments in aggregate amounted to a
liability of $114.7 million. Twenty-six of the 27 interest rate
derivative instruments that were outstanding as at September 30,
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 September
30, 2013, a net gain of $1.8 million has been included in "OCI" and
a gain of $1.4 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
September 30, 2013.
Cash Flows
Three-month periods ended September 30, 2013 and
2012
|
|
|
|
|
|
|
Condensed cash flows |
|
Three-month period ended September 30, |
|
(Expressed in millions of U.S. dollars) |
|
2012 |
|
|
2013 |
|
Net
Cash Provided by Operating Activities |
|
$ |
39.4 |
|
|
$ |
50.8 |
|
Net
Cash Used in Investing Activities |
|
$ |
(55.3 |
) |
|
$ |
(148.2 |
) |
Net
Cash Provided by (Used in) Financing Activities |
|
$ |
(8.6 |
) |
|
$ |
105.4 |
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the
three-month period ended September 30, 2013, increased by $11.4
million to $50.8 million, compared to $39.4 million for the
three-month period ended September 30, 2012. The increase was
primarily attributable to increased cash from operations of $16.4
million due to cash generated from the charters of the six newbuild
vessels delivered to us during the nine month period ended
September 30, 2013 and to decreased dry-docking payments of $2.5
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 $3.3 million and increased payments for interest
(including swap payments) of $4.3 million.
Net Cash Used in Investing Activities
Net cash used in investing activities was $ 148.2 million in the
three-month period ended September 30, 2013, which consisted of (a)
$158.4 million advance payments for the construction and purchase
of three newbuild vessels, (b) $4.3 million in payments for the
acquisition of one secondhand vessel, (c) $8.8 million in payments,
pursuant to the Framework Agreement with York, to hold a 49% equity
interest in jointly-owned companies, (d) $7.2 million net proceeds
we received from the sale for scrap of MSC Antwerp and (e)
$16.0 million received, pursuant to the Framework Agreement with
York, for York's 51% equity interest in the ship-owning companies
which own 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 $55.3 million in the
three-month period ended September 30, 2012, which consisted of (a)
$39.9 million advance payments for the construction and purchase of
four newbuild vessels, (b) $18.8 million in payments for the
acquisition of two secondhand vessels and (c) $3.4 million we
received from the sale of one vessel.
Net Cash Provided By (Used In) Financing Activities
Net cash provided by financing activities was $105.4 million in
the three-month period ended September 30, 2013, which mainly
consisted of (a) $46.3 million of indebtedness that we repaid, (b)
$126.0 million we drew down from three of our credit facilities (c)
$20.2 million we paid for dividends to our stockholders for the
second quarter of 2013 and (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.
Net cash used in financing activities was $8.6 million in the
three month period ended September 30, 2012, which mainly consists
of (a) $39.1 million of indebtedness that we repaid, (b) $41.9
million we drew down from three of our credit facilities, (c) $18.3
million we paid for dividends to our stockholders for the second
quarter of the year 2012
Results of Operations
Nine-month period ended September 30, 2013 compared to the
nine-month period ended September 30, 2012
During the nine month periods ended September 30, 2013 and 2012,
we had an average of 49.0 and 46.7 vessels, respectively, in our
fleet. In the nine-month period ended September 30, 2013, we
accepted delivery of the newbuild vessels MSC Athens,
MSC Athos, Valor, Value,
Valiant and Valence with an aggregate TEU
capacity of 52,962, the secondhand vessel Venetiko with a TEU
capacity of 5,928, the secondhand vessels Petalidi,
Ensenada Express and X-Press Padma, which were
acquired pursuant to the Framework Agreement with York, with an
aggregate TEU capacity of 8,383, and we sold three vessels MSC
Washington, MSC Austria and MSC Antwerp with an
aggregate TEU capacity of 11,343. Furthermore, pursuant to the
Framework Agreement with York, we signed shipbuilding contracts
with a shipyard for the construction of two container vessels of
about 9,000 TEU, subject to upgrade. In the nine-month period
ended September 30, 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 nine-month periods ended September 30,
2013 and 2012, our fleet ownership days totaled 13,373 and 12,789
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. dollars, except
percentages) |
|
Nine-month period ended September 30, |
|
|
|
|
|
|
|
2012 |
|
|
2013 |
|
|
Change |
|
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
|
$ |
291.0 |
|
|
|
301.7 |
|
|
$ |
10.7 |
|
|
3.7 |
% |
Voyage expenses |
|
|
(4.0 |
) |
|
|
(2.5 |
) |
|
|
(1.5 |
) |
|
(37.5 |
%) |
Voyage expenses - related parties |
|
|
(2.2 |
) |
|
|
(2.3 |
) |
|
|
0.1 |
|
|
4.5 |
% |
Vessels operating expenses |
|
|
(84.7 |
) |
|
|
(85.9 |
) |
|
|
1.2 |
|
|
1.4 |
% |
General and administrative expenses |
|
|
(3.1 |
) |
|
|
(3.3 |
) |
|
|
0.2 |
|
|
6.5 |
% |
Management fees - related parties |
|
|
(11.4 |
) |
|
|
(12.3 |
) |
|
|
0.9 |
|
|
7.9 |
% |
Amortization of dry-docking and special survey costs |
|
|
(6.0 |
) |
|
|
(6.1 |
) |
|
|
0.1 |
|
|
1.7 |
% |
Depreciation |
|
|
(60.2 |
) |
|
|
(65.2 |
) |
|
|
5.0 |
|
|
8.3 |
% |
Gain/
(Loss) on sale/disposal of vessels |
|
|
(4.3 |
) |
|
|
0.5 |
|
|
|
4.8 |
|
|
111.6 |
% |
Foreign exchange gains |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
- |
|
|
- |
|
Interest income |
|
|
1.1 |
|
|
|
0.4 |
|
|
|
(0.7 |
) |
|
(63.6 |
%) |
Interest and finance costs |
|
|
(57.8 |
) |
|
|
(56.9 |
) |
|
|
(0.9 |
) |
|
(1.6 |
%) |
Equity gain on investments |
|
|
- |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
100.0 |
% |
Other |
|
|
(0.1 |
) |
|
|
0.8 |
|
|
|
0.9 |
|
|
900.0 |
% |
Gain/
(loss) on derivative instruments |
|
|
(0.3 |
) |
|
|
6.8 |
|
|
|
7.1 |
|
|
2,366.7 |
% |
Net
Income |
|
$ |
58.2 |
|
|
$ |
76.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. dollars, except
percentages) |
|
Nine-month period ended September 30, |
|
|
|
|
|
|
|
2012 |
|
|
2013 |
|
|
Change |
|
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
|
$ |
291.0 |
|
|
$ |
301.7 |
|
|
$ |
10.7 |
|
|
3.7 |
% |
Accrued charter revenue |
|
|
3.9 |
|
|
|
10.7 |
|
|
|
6.8 |
|
|
174.4 |
% |
Voyage revenue adjusted on a cash basis |
|
$ |
294.9 |
|
|
$ |
312.4 |
|
|
$ |
17.5 |
|
|
5.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fleet operational data |
|
Nine-month period ended September 30, |
|
|
|
|
|
2012 |
|
2013 |
|
Change |
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
|
Average number of vessels |
|
46.7 |
|
49.0 |
|
2.3 |
|
4.9 |
% |
Ownership days |
|
12,789 |
|
13,373 |
|
584 |
|
4.6 |
% |
Number of vessels under dry-docking |
|
6 |
|
7 |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage Revenue
Voyage revenue increased by 3.7%, or $10.7 million, to $301.7
million during the nine-month period ended September 30, 2013, from
$291.0 million during the nine-month period ended September 30,
2012. The increase in Voyage revenue is mainly due to (i) the
revenue earned by the six newbuild vessels delivered to us during
the nine month period ended September 30, 2013; partly offset (ii)
by decreased charter rates in certain of our vessels during the
nine-month period ended September 30, 2013, compared to the
nine-month period ended September 30, 2012, and (iii) revenues not
earned by vessels which were sold for scrap during the nine month
period ended September 30, 2013.
Voyage revenue adjusted on a cash basis (which eliminates
non-cash "Accrued charter revenue"), increased by 5.9%, or $17.5
million, to $312.4 million during the nine-month period ended
September 30, 2013, from $294.9 million during the nine-month
period ended September 30, 2012. The increase is attributable to
the cash revenue earned by the six newbuild vessels delivered to us
during the nine month period ended September 30, 2013; partly
offset by cash revenue not earned from vessels disposed during the
nine month period ended September 30, 2013.
Voyage Expenses
Voyage expenses decreased by 37.5%, or $1.5 million, to $2.5
million during the nine-month period ended September 30, 2013, from
$4.0 million during the nine-month period ended September 30, 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 nine
month period ended September 30, 2013, compared to the nine month
period ended September 30, 2012.
Voyage Expenses - related parties
Voyage expenses - related parties increased by 4.5% or $0.1 to
$2.3 million during the nine-month period ended September 30, 2013,
from $2.2 million during the nine-month period ended September 30,
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 1.4% or $1.2 million to
$85.9 million during the nine-month period ended September 30,
2013, from $84.7 million during the nine-month period ended
September 30, 2012. The increase was mainly attributable to the
increased ownership days of our fleet during the nine-month period
ended September 30, 2013 compared to the nine-month period ended
September 30, 2012.
General and Administrative Expenses
General and administrative expenses increased by 6.5%, or $0.2
million, to $3.3 million during the nine-month period ended
September 30, 2013, from $3.1 million during the nine-month period
ended September 30, 2012. Furthermore, General and
administrative expenses for the nine-month periods ended September
30, 2013 and September 30, 2012, include $0.75 million,
respectively, 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 7.9%, or $0.9
million, to $12.3 million during the nine-month period ended
September 30, 2013, from $11.4 million during the nine-month period
ended September 30, 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 nine month period
ended September 30, 2013, compared to the nine month period ended
September 30, 2012.
Amortization of Dry-docking and Special Survey
Costs
Amortization of deferred dry-docking and special survey costs
for the nine-month periods ended September 30, 2013 and 2012, was
$6.1 million and $6.0 million, respectively. During the nine-month
periods ended September 30, 2013 and 2012, seven vessels and six
vessels, respectively, underwent their special surveys.
Depreciation
Depreciation expense increased by 8.3%, or $5.0 million, to
$65.2 million during the nine-month period ended September 30,
2013, from $60.2 million during the nine-month period ended
September 30, 2012. The increase was primarily attributable to the
depreciation expense charged for the six newbuild vessels delivered
to us during the nine month period ended September 30, 2013.
Gain/ (Loss) on Sale/Disposal of Vessels
During the nine-month period ended September 30, 2013, we
recorded a net gain of $0.5 million from the sale of three vessels.
During the nine-month period ended September 30, 2012, we recorded
a net loss of $4.3 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 $0.2 million and $0.2 million
during the nine-month periods ended September 30, 2013 and 2012,
respectively.
Interest Income
During the nine-month period ended September 30, 2013, interest
income decreased by 63.6%, or $0.7 million, to $0.4 million from
$1.1 million during the nine-month period ended September 30,
2012.
Interest and Finance Costs
Interest and finance costs decreased by 1.6%, or $0.9 million,
to $56.9 million during the nine-month period ended September 30,
2013, from $57.8 million during the nine-month period ended
September 30, 2012. The decrease is 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 six newbuild
vessels which were delivered to us during the nine month period
ended September 30, 2013.
Equity Gain on Investments
The equity gain on investments of $0.3 million represents our
share of the net earnings of five jointly owned ship-owning
companies acquired pursuant to the Framework Agreement with York.
We hold 49% of the capital stock of each ship-owning company.
Gain/ (Loss) on Derivative Instruments
The fair value of our 27 interest rate derivative instruments
which were outstanding as of September 30, 2013, equates to the
amount that would be paid by us or to us should those instruments
be terminated. As of September 30, 2013, the fair value of these 27
interest rate derivative instruments in aggregate amounted to a
liability of $114.7 million. Twenty-six of the 27 interest rate
derivative instruments that were outstanding as at September 30,
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 nine-month period ended September 30,
2013, a gain of $59.1 million has been included in "OCI" and a gain
of $7.0 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 nine-month period ended September 30,
2013.
Cash Flows
Nine-month periods ended September 30, 2013 and
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed cash flows |
|
Nine-month periods ended September 30, |
|
(Expressed in millions of U.S. dollars) |
|
2012 |
|
|
2013 |
|
Net
Cash Provided by Operating Activities |
|
$ |
123.4 |
|
|
$ |
128.9 |
|
Net
Cash Used in Investing Activities |
|
$ |
(162.0 |
) |
|
$ |
(513.1 |
) |
Net
Cash Provided by Financing Activities |
|
$ |
157.7 |
|
|
$ |
237.3 |
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the
nine-month period ended September 30, 2013, increased by $5.5
million to $128.9 million, compared to $123.4 million for the
nine-month period ended September 30, 2012. The increase was
primarily attributable to increased cash from operations of $17.5
million due to cash generated from the charters of the six newbuild
vessels delivered to us during the nine month period ended
September 30, 2013 and to decreased dry-docking payments of $2.7
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 $15.0 million and increased payments for interest
(including swap payments) of $2.8 million.
Net Cash Used in Investing Activities
Net cash used in investing activities was $513.1 million in the
nine-month period ended September 30, 2013, which consisted
primarily of (a) $482.4 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) $8.8 million in payments, pursuant to the Framework Agreement
with York, to hold a 49% 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 with 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 $162.0 million in the
nine-month period ended September 30, 2012, which primarily
consisted of (a) $109.0 million advance payments for the
construction and purchase of seven newbuild vessels, (b) $73.7
million in payments for the acquisition of five secondhand vessels,
and (c) $20.8 million we received from the sale of four
vessels.
Net Cash Provided By Financing Activities
Net cash provided by financing activities was $237.3 million in
the nine-month period ended September 30, 2013, which mainly
consisted of (a) $120.5 million of indebtedness that we repaid, (b)
$ 377.8 million we drew down from four of our credit facilities,
(c) $60.6 million we paid for dividends to our stockholders for the
fourth quarter of the year ended December 31, 2012, and the first
and second quarters of 2013 and (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.
Net cash provided by financing activities was $157.7 million in
the nine-month period ended September 30, 2012, which mainly
consisted of (a) $129.3 million of indebtedness that we repaid, (b)
$241.2 million we drew down from five of our credit facilities, (c)
$52.9 million, we paid for dividends to our stockholders for the
fourth quarter of the year ended December 31, 2011, and the first
and second quarters of 2012 and (d) $100.6 million net proceeds we
received from our follow-on offering in March 2012, net of
underwriting discounts and expenses incurred in the offering.
Liquidity and Capital Expenditures
Cash and cash equivalents
As of September 30, 2013, we had a total cash liquidity of $
175.1 million, consisting of cash, cash equivalents and restricted
cash.
Debt-free vessels
As of October 23, 2013, the following vessels were free of
debt.
Unencumbered Vessels in the
water(*) |
(refer to fleet list on page 18 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 two
newbuild vessels ordered pursuant to the Framework Agreement with
York, which are also free of debt.
Capital commitments
As of October 23, 2013, we had outstanding commitments relating
to our contracted newbuilds aggregating approximately $200.0
million payable in installments until the vessels are
delivered.
Conference Call details:
On Thursday, October 24, 2013 at 8:30 a.m., EDT, 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 November
25, 2013. 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: 10035479.
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 38 years
of history in the international shipping industry and a fleet of 60
containerships, with a total capacity in excess of 350,000 TEU,
including six newbuild containerships on order. Five of our
containerships, including two newbuilds, have been acquired
pursuant to the Framework Agreement with York Capital Management
LLC by vessel-owning joint venture entities in which we hold a 49%
equity interest. The Company's common stock and Series B
Preferred Stock trade on the New York Stock Exchange under the
symbols "CMRE" and "CMRE PR B", 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 October
23, 2013, about our fleet of 60 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 ATHENS |
|
MSC |
|
2013 |
|
8,827 |
|
10 years |
|
42,000 |
|
January 2023 |
42,000 |
7 |
|
MSC ATHOS |
|
MSC |
|
2013 |
|
8,827 |
|
10 years |
|
42,000 |
|
February 2023 |
42,000 |
8 |
|
VALOR |
|
Evergreen |
|
2013 |
|
8,827 |
|
7 years (i) |
|
41,700 |
|
April 2020 (i) |
41,700 |
9 |
|
VALUE |
|
Evergreen |
|
2013 |
|
8,827 |
|
7 years (i) |
|
41,700 |
|
April 2020(i) |
41,700 |
10 |
|
VALIANT |
|
Evergreen |
|
2013 |
|
8,827 |
|
7 years (i) |
|
41,700 |
|
June 2020(i) |
41,700 |
11 |
|
VALENCE |
|
Evergreen |
|
2013 |
|
8,827 |
|
7 years (i) |
|
41,700 |
|
July 2020(i) |
41,700 |
12 |
|
NAVARINO |
|
|
|
2010 |
|
8,531 |
|
|
|
|
|
|
|
13 |
|
MAERSK KAWASAKI (ii) |
|
A.P. Moller-Maersk |
|
1997 |
|
7,403 |
|
10 years |
|
37,000 |
|
December 2017 |
37,000 |
14 |
|
MAERSK KURE(ii) |
|
A.P. Moller-Maersk |
|
1996 |
|
7,403 |
|
10 years |
|
37,000 |
|
December 2017 |
37,000 |
15 |
|
MAERSK KOKURA(ii) |
|
A.P. Moller-Maersk |
|
1997 |
|
7,403 |
|
10 years |
|
37,000 |
|
February 2018 |
37,000 |
16 |
|
MSC METHONI |
|
MSC |
|
2003 |
|
6,724 |
|
10 years |
|
29,000 |
|
September 2021 |
29,000 |
17 |
|
SEALAND NEW YORK |
|
A.P. Moller-Maersk |
|
2000 |
|
6,648 |
|
11 years |
|
30,375 (3) |
|
March 2018 |
26,627 |
18 |
|
MAERSK KOBE |
|
A.P. Moller-Maersk |
|
2000 |
|
6,648 |
|
11 years |
|
38,179 (4) |
|
May 2018 |
27,929 |
19 |
|
SEALAND WASHINGTON |
|
A.P. Moller-Maersk |
|
2000 |
|
6,648 |
|
11 years |
|
30,375 (5) |
|
June 2018 |
26,864 |
20 |
|
SEALAND MICHIGAN |
|
A.P. Moller-Maersk |
|
2000 |
|
6,648 |
|
11 years |
|
25,375 (6) |
|
August 2018 |
25,951 |
21 |
|
SEALAND ILLINOIS |
|
A.P. Moller-Maersk |
|
2000 |
|
6,648 |
|
11 years |
|
30,375 (7) |
|
October 2018 |
27,602 |
22 |
|
MAERSK KOLKATA |
|
A.P. Moller-Maersk |
|
2003 |
|
6,644 |
|
11 years |
|
38,865 (8) |
|
November 2019 |
30,346 |
23 |
|
MAERSK KINGSTON |
|
A.P. Moller-Maersk |
|
2003 |
|
6,644 |
|
11 years |
|
38,461 (9) |
|
February 2020 |
30,993 |
24 |
|
MAERSK KALAMATA |
|
A.P. Moller-Maersk |
|
2003 |
|
6,644 |
|
11 years |
|
38,418 (10) |
|
April 2020 |
31,115 |
25 |
|
VENETIKO (iii) |
|
PIL |
|
2003 |
|
5,928 |
|
1.0 year |
|
14,500 |
|
March 2014 |
14,500 |
26 |
|
ENSENADA EXPRESS(*) |
|
Hapag Lloyd |
|
2001 |
|
5,576 |
|
2.0 years |
|
19,000 |
|
May 2015 |
19,000 |
27 |
|
MSC ROMANOS |
|
MSC |
|
2003 |
|
5,050 |
|
5.3 years |
|
28,000 |
|
November 2016 |
28,000 |
28 |
|
ZIM NEW YORK |
|
ZIM |
|
2002 |
|
4,992 |
|
13 years |
|
23,150 (11) |
|
September 2015 |
23,150 |
29 |
|
ZIM SHANGHAI |
|
ZIM |
|
2002 |
|
4,992 |
|
13 years |
|
23,150 (11) |
|
September 2015 |
23,150 |
30 |
|
ZIM PIRAEUS (iv) |
|
ZIM |
|
2004 |
|
4,992 |
|
10 years |
|
22,150 (12) |
|
September 2015 |
24,463 |
31 |
|
OAKLAND EXPRESS |
|
Hapag Lloyd |
|
2000 |
|
4,890 |
|
8 years |
|
30,500 |
|
September 2016 |
30,500 |
32 |
|
HALIFAX EXPRESS |
|
Hapag Lloyd |
|
2000 |
|
4,890 |
|
8 years |
|
30,500 |
|
October 2016 |
30,500 |
33 |
|
SINGAPORE EXPRESS |
|
Hapag Lloyd |
|
2000 |
|
4,890 |
|
8 years |
|
30,500 |
|
July 2016 |
30,500 |
34 |
|
MSC MANDRAKI |
|
MSC |
|
1988 |
|
4,828 |
|
7.8 years |
|
20,000 |
|
August 2017 |
20,000 |
35 |
|
MSC MYKONOS |
|
MSC |
|
1988 |
|
4,828 |
|
8.2 years |
|
20,000 |
|
September 2017 |
20,000 |
36 |
|
MSC ULSAN |
|
MSC |
|
2002 |
|
4,132 |
|
5.3 years |
|
16,500 |
|
March 2017 |
16,500 |
37 |
|
MSC KYOTO |
|
MSC |
|
1981 |
|
3,876 |
|
9.5 years |
|
13,500 (13) |
|
September 2018 |
13,500 |
38 |
|
KORONI |
|
Evergreen |
|
1998 |
|
3,842 |
|
2 years |
|
11,500 |
|
April 2014 |
11,500 |
39 |
|
KYPARISSIA |
|
Evergreen |
|
1998 |
|
3,842 |
|
2 years |
|
11,500 |
|
May 2014 |
11,500 |
40 |
|
KARMEN |
|
Sea Consortium |
|
1991 |
|
3,351 |
|
1.7 years |
|
6,750 |
|
November 2013 |
6,750 |
41 |
|
MARINA |
|
Evergreen |
|
1992 |
|
3,351 |
|
1.8 years |
|
7,000 |
|
February 2014 |
7,000 |
42 |
|
KONSTANTINA |
|
Evergreen |
|
1992 |
|
3,351 |
|
1.0 year |
|
7,550 |
|
October 2013 |
7,550 |
43 |
|
AKRITAS |
|
Hapag Lloyd |
|
1987 |
|
3,152 |
|
4 years |
|
12,500 |
|
August 2014 |
12,500 |
44 |
|
MSC CHALLENGER |
|
MSC |
|
1986 |
|
2,633 |
|
4.8 years |
|
10,000 |
|
July 2015 |
10,000 |
45 |
|
MESSINI |
|
Evergreen |
|
1997 |
|
2,458 |
|
1.5 years |
|
8,100 |
|
February 2014 |
8,100 |
46 |
|
MSC REUNION(v) |
|
MSC |
|
1992 |
|
2,024 |
|
6 years |
|
11,500 |
|
June 2014 |
11,500 |
47 |
|
MSC NAMIBIA II(v) |
|
MSC |
|
1991 |
|
2,023 |
|
6.8 years |
|
11,500 |
|
July 2014 |
11,500 |
48 |
|
MSC SIERRA II(v) |
|
MSC |
|
1991 |
|
2,023 |
|
5.7 years |
|
11,500 |
|
June 2014 |
11,500 |
49 |
|
MSC PYLOS(v) |
|
MSC |
|
1991 |
|
2,020 |
|
3 years |
|
11,500 |
|
January 2014 |
11,500 |
50 |
|
X-PRESS PADMA(*) |
|
Sea Consortium |
|
1998 |
|
1,645 |
|
2.0 years |
|
7,650 (14) |
|
June 2015 |
7,965 |
51 |
|
PROSPER |
|
COSCO |
|
1996 |
|
1,504 |
|
1.0 year |
|
7,350 |
|
March 2014 |
7,350 |
52 |
|
ZAGORA |
|
MSC |
|
1995 |
|
1,162 |
|
3.7 years |
|
5,700 |
|
April 2015 |
5,700 |
53 |
|
PETALIDI (*) |
|
CMA CGM |
|
1994 |
|
1,162 |
|
1.0 years |
|
6,300 |
|
June 2014 |
6,300 |
54 |
|
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) |
|
Capacity (TEU)(16) |
1 |
|
Hull S4024 |
|
Sungdong Shipbuilding |
|
Evergreen |
|
November 2013 |
|
8,827 |
2 |
|
H1068A |
|
Jiangnan Changxing |
|
MSC |
|
December 2013 |
|
9,403 |
3 |
|
H1069A |
|
Jiangnan Changxing |
|
MSC |
|
January 2014 |
|
9,403 |
4 |
|
H1070A |
|
Jiangnan Changxing |
|
MSC |
|
March 2014 |
|
9,403 |
5 |
|
NCP0113(*) |
|
Hanjin Subic Bay |
|
|
|
4th Quarter 2015 |
|
9,000(17) |
6 |
|
NCP0114(*) |
|
Hanjin Subic Bay |
|
|
|
4th Quarter 2015 |
|
9,000(17) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 October 23,
2013 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 have 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. |
(12) |
This charter rate changes on May 9, 2014 to
$15,000 per day until the earliest redelivery date. We have 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. |
(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. |
(16) |
Based on updated vessel specifications. |
(17) |
Subject to upgrade. |
|
|
|
|
(i) |
Assumes exercise of Owners unilateral
options to extend the charter of these vessels for two one year
periods. |
(ii) |
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. |
(iii) |
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. |
(iv) |
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. |
(v) |
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 a 49% equity
interest in each of the vessel-owning entities. |
|
|
|
|
|
|
COSTAMARE INC. |
|
Consolidated Statements of Income |
|
|
|
|
|
Nine-months ended September 30, |
|
|
Three-months ended September 30, |
|
(Expressed in thousands of U.S. dollars, except share and per share
amounts) |
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
|
$ |
290,962 |
|
|
$ |
301,700 |
|
|
$ |
94,886 |
|
|
$ |
110,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
|
(3,990 |
) |
|
|
(2,520 |
) |
|
|
(1,707 |
) |
|
|
(643 |
) |
Voyage expenses - related parties |
|
|
(2,161 |
) |
|
|
(2,283 |
) |
|
|
(709 |
) |
|
|
(834 |
) |
Vessels' operating expenses |
|
|
(84,700 |
) |
|
|
(85,904 |
) |
|
|
(28,335 |
) |
|
|
(29,552 |
) |
General and administrative expenses |
|
|
(3,086 |
) |
|
|
(3,283 |
) |
|
|
(987 |
) |
|
|
(1,040 |
) |
Management fees - related parties |
|
|
(11,418 |
) |
|
|
(12,303 |
) |
|
|
(3,845 |
) |
|
|
(4,313 |
) |
Amortization of dry-docking and special survey costs |
|
|
(6,017 |
) |
|
|
(6,135 |
) |
|
|
(2,081 |
) |
|
|
(2,106 |
) |
Depreciation |
|
|
(60,182 |
) |
|
|
(65,158 |
) |
|
|
(20,301 |
) |
|
|
(23,669 |
) |
Gain/
(Loss) on sale/disposals of vessels |
|
|
(4,296 |
) |
|
|
518 |
|
|
|
(5,599 |
) |
|
|
(5,942 |
) |
Foreign exchange gains (losses) |
|
|
167 |
|
|
|
118 |
|
|
|
(25 |
) |
|
|
32 |
|
Operating income |
|
$ |
115,279 |
|
|
$ |
124,750 |
|
|
$ |
31,297 |
|
|
$ |
42,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSES): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
1,173 |
|
|
$ |
448 |
|
|
$ |
457 |
|
|
$ |
39 |
|
Interest and finance costs |
|
|
(57,840 |
) |
|
|
(56,923 |
) |
|
|
(19,603 |
) |
|
|
(22,815 |
) |
Equity gain on investments |
|
|
- |
|
|
|
295 |
|
|
|
- |
|
|
|
295 |
|
Other |
|
|
(93 |
) |
|
|
844 |
|
|
|
8 |
|
|
|
(3 |
) |
Gain/
(Loss) on derivative instruments |
|
|
(321 |
) |
|
|
6,821 |
|
|
|
358 |
|
|
|
1,361 |
|
Total
other income (expenses) |
|
$ |
(57,081 |
) |
|
$ |
(48,515 |
) |
|
$ |
(18,780 |
) |
|
$ |
(21,123 |
) |
Net
Income |
|
$ |
58,198 |
|
|
$ |
76,235 |
|
|
$ |
12,517 |
|
|
$ |
20,944 |
|
Distributed earnings allocated to Preferred Stock |
|
|
- |
|
|
|
(585 |
) |
|
|
- |
|
|
|
(585 |
) |
Net
Income available to common stockholders |
|
$ |
58,198 |
|
|
$ |
75,650 |
|
|
$ |
12,517 |
|
|
$ |
20,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share, basic and diluted |
|
$ |
0.89 |
|
|
$ |
1.01 |
|
|
$ |
0.18 |
|
|
$ |
0.27 |
|
Weighted average number of shares, basic and diluted |
|
|
65,582,847 |
|
|
|
74,800,000 |
|
|
|
67,800,000 |
|
|
|
74,800,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COSTAMARE INC. |
Consolidated Balance Sheets |
|
|
|
As of December 31, |
|
|
As of September 30, |
|
(Expressed in thousands of U.S. dollars) |
|
2012 |
|
|
2013 |
|
|
|
(Audited) |
|
|
(Unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash
and cash equivalents |
|
$ |
267,321 |
|
|
$ |
120,371 |
|
Restricted cash |
|
|
5,330 |
|
|
|
6,165 |
|
Accounts receivable |
|
|
2,237 |
|
|
|
11,840 |
|
Inventories |
|
|
9,398 |
|
|
|
13,318 |
|
Due
from related parties |
|
|
2,616 |
|
|
|
2,431 |
|
Fair
value of derivatives |
|
|
165 |
|
|
|
- |
|
Insurance claims receivable |
|
|
1,454 |
|
|
|
1,651 |
|
Accrued charter revenue |
|
|
5,100 |
|
|
|
5,028 |
|
Prepayments and other |
|
|
1,862 |
|
|
|
3,155 |
|
Vessels held for sale |
|
|
4,441 |
|
|
|
- |
|
Total
current assets |
|
$ |
299,924 |
|
|
$ |
163,959 |
|
FIXED
ASSETS, NET: |
|
|
|
|
|
|
|
|
Advances for vessels acquisitions |
|
$ |
339,552 |
|
|
$ |
231,134 |
|
Vessels, net |
|
|
1,582,345 |
|
|
|
2,113,826 |
|
Total
fixed assets, net |
|
$ |
1,921,897 |
|
|
$ |
2,344,960 |
|
NON-CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Investment in affiliates |
|
$ |
- |
|
|
$ |
23,470 |
|
Deferred charges, net |
|
|
34,099 |
|
|
|
31,457 |
|
Accounts receivable, non current |
|
|
- |
|
|
|
6,735 |
|
Restricted cash |
|
|
41,992 |
|
|
|
48,533 |
|
Accrued charter revenue |
|
|
13,422 |
|
|
|
9,555 |
|
Total
assets |
|
$ |
2,311,334 |
|
|
$ |
2,628,669 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Current portion of long-term debt |
|
$ |
162,169 |
|
|
$ |
201,532 |
|
Accounts payable |
|
|
5,882 |
|
|
|
7,675 |
|
Accrued liabilities |
|
|
9,292 |
|
|
|
14,326 |
|
Unearned revenue |
|
|
5,595 |
|
|
|
7,128 |
|
Fair
value of derivatives |
|
|
55,701 |
|
|
|
52,895 |
|
Other
current liabilities |
|
|
10,772 |
|
|
|
2,207 |
|
Total
current liabilities |
|
$ |
249,411 |
|
|
$ |
285,763 |
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Long-term debt, net of current portion |
|
$ |
1,399,720 |
|
|
$ |
1,617,751 |
|
Fair
value of derivatives, net of current portion |
|
|
125,110 |
|
|
|
61,808 |
|
Unearned revenue, net of current portion |
|
|
16,641 |
|
|
|
23,424 |
|
Total
non-current liabilities |
|
$ |
1,541,471 |
|
|
$ |
1,702,983 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
Common stock |
|
$ |
8 |
|
|
$ |
8 |
|
Additional paid-in capital |
|
|
714,100 |
|
|
|
762,142 |
|
Accumulated deficit |
|
|
(40,814 |
) |
|
|
(25,752 |
) |
Accumulated other comprehensive loss |
|
|
(152,842 |
) |
|
|
(96,475 |
) |
Total
stockholders' equity |
|
$ |
520,452 |
|
|
$ |
639,923 |
|
Total
liabilities and stockholders' equity |
|
$ |
2,311,334 |
|
|
$ |
2,628,669 |
|
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 Email: Email
Contact
Costamare (NYSE:CMRE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Costamare (NYSE:CMRE)
Historical Stock Chart
From Jul 2023 to Jul 2024