Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today
reported unaudited financial results for the fourth quarter and
year ended December 31, 2019.
- Net Income increased by 82% to $35.9 million for the three
months ended December 31, 2019 (“Q4 2019”) compared to $19.7
million for the three months ended December 31, 2018 (“Q4 2018”).
Earnings per Share available to common stockholders increased by
118% to $0.24 in Q4 2019 compared to $0.11 in Q4 2018.
- Adjusted Net Income available to common stockholders(1)
increased by 189% to $38.4 million in Q4 2019 compared to $13.3
million in Q4 2018. Adjusted Earnings per Share(1) available to
common stockholders increased by 167% to $0.32 in Q4 2019 compared
to $0.12 in Q4 2018.
- Voyage Revenues increased by 17% to $124.5 million in Q4 2019
compared to $106.2 million in Q4 2018.
- Continued its fleet renewal. More specifically, the Company:
- Acquired the below four containerships:
- Vela (2009-built, 4,258 TEU capacity)
- JPO Virgo (2009-built, 4,258 TEU capacity)
- Vulpecula (2010-built, 4,258 TEU capacity)
- Volans (2010-built, 4,258 TEU capacity)
- Sold the below four containerships:
- Sierra II (1991-built, 2,023 TEU capacity)
- Namibia II (1991-built, 2,023 TEU capacity)
- Reunion (1992-built, 2,024 TEU capacity)
- Neapolis (2000-built, 1,645 TEU capacity) / Sale is expected to
be concluded in January 2020
- Arranged financing agreements for four 2017-built, 11,010 TEU
capacity containerships with leading European and U.S. financial
institutions for an aggregate amount of up to $265 million.
- Declared dividend of $0.10 per share on its common stock and
dividends on all four classes of its preferred stock.
(1) Adjusted Net Income available to common
stockholders and Adjusted Earnings per Share 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.
New Business Developments
A. Fleet
Renewal
- Vessel Acquisitions
- In December 2019, we acquired three 4,258 TEU capacity sister
containerships (2010-built Vulpecula, 2010-built Volans and
2009-built Vela).
- In January 2020, we acquired the 2009-built, 4,258 TEU capacity
containership JPO Virgo.
- We acquired all four vessels using cash in hand and we are
currently in advanced discussions with a leading European financial
institution for their financing.
II. Vessel Disposals
- In October 2019, we sold the 1991-built, 2,023 TEU capacity
containership Sierra II.
- In November 2019, we sold the 1992-built, 2,024 TEU capacity
containership Reunion.
- In December 2019, we sold the 1991-built, 2,023 TEU capacity
containership Namibia II.
- In January 2020, we agreed to sell the 2000-built, 1,645 TEU
containership Neapolis. The sale is expected to be concluded by the
end of January 2020.
B. New
Financing Agreements
- We have entered into four separate loan agreements with leading
European and U.S. financial institutions for a total amount of up
to $265 million. The loan proceeds have been used for the
refinancing of the existing indebtedness of four 2017-built, 11,010
TEU containerships (acquired under our JV with York Capital
Management) and for general corporate purposes. The new facilities
will be repayable over 5 years.
C. Dividend
announcements
- On January 3, 2020, we declared a dividend for the quarter
ended December 31, 2019, of $0.10 per share on our common stock,
payable on February 5, 2020, to stockholders of record of common
stock as of January 21, 2020.
- On January 3, 2020, we declared a dividend of $0.476563 per
share on our Series B Preferred Stock, a dividend of $0.531250 per
share on our Series C Preferred Stock, a dividend of $0.546875 per
share on our Series D Preferred Stock and a dividend of $0.554688
per share on our Series E Preferred Stock, which were all paid on
January 15, 2020 to holders of record as of January 14, 2020.
Mr. Gregory Zikos, Chief Financial
Officer of Costamare Inc., commented:
“During the fourth quarter and the year, net
income and earnings per share increased substantially boosted by
higher charter rates and the addition of new ships.
As part of our fleet renewal program, we
acquired four panamax vessels with an average age of about 11 years
during the quarter and disposed of an equal number of ships with an
average age of 27 years.
During the year larger vessels enjoyed a rising
charter market and today there is limited supply available in the
post -panamax sizes.
We have 18 post -panamax ships coming off
charter over the next twelve months, which positions us favorably,
should market momentum continue.”
|
Financial Summary |
|
|
|
|
Year ended December 31, |
|
Three-month period ended December 31, |
(Expressed in thousands of
U.S. dollars, except share and per share data): |
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
|
$ |
380,397 |
|
|
$ |
478,109 |
|
|
$ |
106,153 |
|
|
$ |
124,468 |
Accrued charter revenue
(1) |
|
$ |
(7,294 |
) |
|
$ |
3,893 |
|
|
$ |
(2,263 |
) |
|
$ |
4,008 |
Amortization of Time-charter
assumed |
|
$ |
26 |
|
|
$ |
191 |
|
|
$ |
26 |
|
|
$ |
48 |
Voyage revenue adjusted on a
cash basis (2) |
|
$ |
373,129 |
|
|
$ |
482,193 |
|
|
$ |
103,916 |
|
|
$ |
128,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income available
to common stockholders (3) |
|
$ |
46,857 |
|
|
$ |
105,082 |
|
|
$ |
13,259 |
|
|
$ |
38,382 |
Weighted Average number of
shares |
|
|
110,395,134 |
|
|
|
115,747,452 |
|
|
|
111,951,107 |
|
|
|
118,724,718 |
Adjusted Earnings per share
(3) |
|
$ |
0.42 |
|
|
$ |
0.91 |
|
|
$ |
0.12 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
67,239 |
|
|
$ |
98,999 |
|
|
$ |
19,732 |
|
|
$ |
35,887 |
Net Income available to common
stockholders |
|
$ |
36,736 |
|
|
$ |
67,730 |
|
|
$ |
11,915 |
|
|
$ |
28,070 |
Weighted Average number of
shares |
|
|
110,395,134 |
|
|
|
115,747,452 |
|
|
|
111,951,107 |
|
|
|
118,724,718 |
Earnings per share |
|
$ |
0.33 |
|
|
$ |
0.59 |
|
|
$ |
0.11 |
|
|
$ |
0.24 |
(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 (“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 available to common stockholders and Adjusted Earnings per
Share are non-GAAP measures. Refer to the reconciliation of Net
Income to Adjusted Net Income.
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-month periods and years ended
December 31, 2019 and 2018. 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
|
|
Year ended December 31, |
|
Three-month period ended December
31, |
(Expressed in thousands of U.S. dollars, except share and per share
data) |
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
67,239 |
|
$ |
98,999 |
|
$ |
19,732 |
|
$ |
35,887 |
|
Earnings allocated to
Preferred Stock |
|
(30,503 |
) |
|
(31,269 |
) |
|
(7,817 |
) |
|
(7,817 |
) |
Net Income available
to common stockholders |
|
36,736 |
|
|
67,730 |
|
|
11,915 |
|
|
28,070 |
|
Accrued charter revenue |
|
(7,294 |
) |
|
3,893 |
|
|
(2,263 |
) |
|
4,008 |
|
General and administrative
expenses – non-cash component |
|
3,755 |
|
|
3,879 |
|
|
657 |
|
|
1,426 |
|
Non-recurring, non-cash
write-off of loan deferred financing costs |
|
- |
|
|
1,253 |
|
|
- |
|
|
126 |
|
Amortization of prepaid lease
rentals, net |
|
8,150 |
|
|
- |
|
|
2,055 |
|
|
- |
|
Amortization of Time charter
assumed |
|
26 |
|
|
191 |
|
|
26 |
|
|
48 |
|
Realized loss on Euro/USD
forward contracts (1) |
|
97 |
|
|
553 |
|
|
- |
|
|
186 |
|
Vessels’ impairment loss |
|
- |
|
|
3,042 |
|
|
- |
|
|
- |
|
Loss on sale / disposal of
vessels |
|
3,071 |
|
|
19,589 |
|
|
291 |
|
|
689 |
|
Swaps’ breakage costs |
|
1,234 |
|
|
16 |
|
|
- |
|
|
- |
|
Non-recurring, voyage
expenses, tank cleaning costs in order to comply with the global
sulphur cap of 0.5% m/m in anticipation of the entry into force on
January 1, 2020 of the relevant MARPOL Annex VI regulations |
|
- |
|
|
1,524 |
|
|
- |
|
|
1,524 |
|
Loss on vessels held for
sale |
|
101 |
|
|
2,495 |
|
|
101 |
|
|
2,495 |
|
Loss on sale / disposal of
vessel by a jointly owned company with York included in equity gain
on investments |
|
707 |
|
|
38 |
|
|
43 |
|
|
- |
|
Non-recurring, voyage expenses
tank cleaning costs in order to comply with the global sulphur cap
of 0.5% m/m in anticipation of the entry into force on January 1,
2020 of the relevant MARPOL Annex VI regulations incurred by
jointly owned companies with York |
|
- |
|
|
92 |
|
|
- |
|
|
92 |
|
Non-recurring, non-cash
write-off of loan deferred financing costs by jointly owned
companies with York |
|
- |
|
|
136 |
|
|
- |
|
|
136 |
|
Loss on asset held for sale by
a jointly owned company with York included in equity gain on
investments |
|
112 |
|
|
- |
|
|
112 |
|
|
- |
|
(Gain) / loss on derivative
instruments, excluding interest accrued and realized on non-hedging
derivative instruments (1) |
|
162 |
|
|
651 |
|
|
322 |
|
|
(418 |
) |
Adjusted Net Income
available to common stockholders |
$ |
46,857 |
|
$ |
105,082 |
|
$ |
13,259 |
|
$ |
38,382 |
|
Adjusted Earnings per
Share |
$ |
0.42 |
|
$ |
0.91 |
|
$ |
0.12 |
|
$ |
0.32 |
|
Weighted average number of
shares |
|
110,395,134 |
|
|
115,747,452 |
|
|
111,951,107 |
|
|
118,724,718 |
|
Adjusted Net Income available to common
stockholders and Adjusted Earnings per Share represent Net Income
after earnings allocated to preferred stock, but before non-cash
“Accrued charter revenue” recorded under charters with escalating
charter rates, realized loss on Euro/USD forward contracts,
vessels’ impairment loss, loss on sale / disposal of vessels,
swaps’ breakage costs, loss on vessels held for sale, loss on sale
/ disposal of vessel by a jointly owned company with York included
in equity gain on investments, (gain) / loss on asset held for sale
by a jointly owned company with York included in equity gain on
investments, non-cash general and administrative expenses and
non-cash other items, non-recurring, voyage expenses, tank cleaning
costs in order to comply with the global sulphur cap of 0.5% m/m in
anticipation of the entry into force on January 1, 2020 of the
relevant MARPOL Annex VI regulations, non-recurring, voyage
expenses tank cleaning costs in order to comply with the global
sulphur cap of 0.5% m/m in anticipation of the entry into force on
January 1, 2020 of the relevant MARPOL Annex VI regulations
incurred by jointly owned companies with York, non-recurring,
non-cash write-off of loan deferred financing costs, non-recurring,
non-cash write-off of loan deferred financing costs by jointly
owned companies with York, amortization of prepaid lease rentals,
net, amortization of Time charter assumed 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 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 December 31,
2019 compared to the three-month period ended December 31,
2018
During the three-month periods ended December
31, 2019 and 2018, we had an average of 59.2 and 59.8 vessels,
respectively, in our fleet. In the three-month period ended
December 31, 2019, we accepted delivery of the secondhand
containerships Vulpecula, Volans, and Vela with an aggregate TEU
capacity of 12,774 and we sold Sierra II, Reunion and Namibia II
with an aggregate TEU capacity of 6,070. In the three-month period
ended December 31, 2018, we acquired the 60% equity interest of
York Capital Management in each of the 14,000 TEU container vessels
Triton, Titan, Talos, Taurus and Theseus and as a result we
obtained 100% of the equity interest in each of these five vessels.
In the three-month period ended December 31, 2018, we sold the
3,842 TEU container vessel MSC Koroni. In the three-month periods
ended December 31, 2019 and 2018, our fleet ownership days totaled
5,447 and 5,505 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.
(Expressed in millions of U.S. dollars, |
|
|
Three-month period ended December 31, |
|
|
|
|
|
Percentage |
|
except percentages) |
|
|
2018 |
|
|
|
2019 |
|
|
|
Change |
|
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
|
$ |
106.2 |
|
|
$ |
124.5 |
|
|
$ |
18.3 |
|
|
17.2 |
% |
Voyage expenses |
|
|
(1.0 |
) |
|
|
(2.1 |
) |
|
|
1.1 |
|
|
110.0 |
% |
Voyage expenses – related
parties |
|
|
(0.9 |
) |
|
|
(1.7 |
) |
|
|
0.8 |
|
|
88.9 |
% |
Vessels’ operating
expenses |
|
|
(30.3 |
) |
|
|
(28.8 |
) |
|
|
(1.5 |
) |
|
(5.0 |
%) |
General and administrative
expenses |
|
|
(1.3 |
) |
|
|
(1.4 |
) |
|
|
0.1 |
|
|
7.7 |
% |
Management fees – related
parties |
|
|
(5.0 |
) |
|
|
(5.2 |
) |
|
|
0.2 |
|
|
4.0 |
% |
General and administrative
expenses - non-cash component |
|
|
(0.7 |
) |
|
|
(1.4 |
) |
|
|
0.7 |
|
|
100.0 |
% |
Amortization of dry-docking
and special survey costs |
|
|
(2.1 |
) |
|
|
(2.2 |
) |
|
|
0.1 |
|
|
4.8 |
% |
Depreciation |
|
|
(26.5 |
) |
|
|
(28.4 |
) |
|
|
1.9 |
|
|
7.2 |
% |
Amortization of prepaid lease
rentals, net |
|
|
(2.1 |
) |
|
|
- |
|
|
|
(2.1 |
) |
|
n.m. |
|
Loss on sale / disposal of
vessels |
|
|
(0.3 |
) |
|
|
(0.7 |
) |
|
|
0.4 |
|
|
133.3 |
% |
Loss on vessels held for
sale |
|
|
(0.1 |
) |
|
|
(2.5 |
) |
|
|
2.4 |
|
|
n.m. |
|
Interest income |
|
|
0.8 |
|
|
|
0.8 |
|
|
|
- |
|
|
- |
|
Interest and finance
costs |
|
|
(19.7 |
) |
|
|
(19.7 |
) |
|
|
- |
|
|
- |
|
Equity gain on
investments |
|
|
2.9 |
|
|
|
4.0 |
|
|
|
1.1 |
|
|
37.9 |
% |
Other |
|
|
0.1 |
|
|
|
0.3 |
|
|
|
0.2 |
|
|
n.m. |
|
Gain / (Loss) on derivative
instruments |
|
|
(0.3 |
) |
|
|
0.4 |
|
|
|
0.7 |
|
|
n.m. |
|
Net
Income |
|
$ |
19.7 |
|
|
$ |
35.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. dollars, |
|
|
Three-month period ended December 31, |
|
|
|
|
|
Percentage |
|
except percentages) |
|
|
2018 |
|
|
|
2019 |
|
|
Change |
|
|
Change |
|
Voyage revenue |
|
$ |
106.2 |
|
|
$ |
124.5 |
|
$ |
18.3 |
|
|
17.2 |
% |
Accrued charter revenue |
|
|
(2.3 |
) |
|
|
4.0 |
|
|
6.3 |
|
|
n.m. |
|
Amortization of Time-charter
assumed |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
Voyage revenue adjusted on a
cash basis (1) |
|
$ |
103.9 |
|
|
$ |
128.5 |
|
$ |
24.6 |
|
|
23.7 |
% |
|
|
|
|
|
|
|
|
|
Vessels’
operational data |
|
Three-month period ended December 31, |
|
|
|
|
Percentage |
|
|
|
2018 |
|
2019 |
|
Change |
|
|
Change |
|
Average
number of vessels |
|
59.8 |
|
59.2 |
|
(0.6 |
) |
|
(1.0 |
%) |
Ownership days |
|
5,505 |
|
5,447 |
|
(58 |
) |
|
(1.1 |
%) |
Number
of vessels under dry-docking |
|
2 |
|
- |
|
(2 |
) |
|
|
(1) Voyage revenue adjusted on a cash basis is
not a recognized measurement under U.S. generally accepted
accounting principles ("GAAP"). Refer to “Financial Summary” above
for the reconciliation of Voyage revenue adjusted on a cash
basis.
Voyage Revenue
Voyage revenue increased by 17.2%, or $18.3
million, to $124.5 million during the three-month period ended
December 31, 2019, from $106.2 million during the three-month
period ended December 31, 2018. The increase is mainly attributable
to revenue earned by (i) five vessels acquired during the fourth
quarter of 2018 and two vessels acquired during the fourth quarter
of 2019 , (ii) increased charter rates for certain of our vessels
during the fourth quarter of 2019 compared to the fourth quarter of
2018 and (iii) decreased off-hire days for certain of our vessels
during the fourth quarter of 2019 compared to the fourth quarter of
2018, partly off-set by revenue not earned by five vessels sold
during the year ended December 31, 2019.
Voyage revenue adjusted on a cash basis (which
eliminates non-cash “Accrued charter revenue”), increased by 23.7%,
or $24.6 million, to $128.5 million during the three-month period
ended December 31, 2019, from $103.9 million during the three-month
period ended December 31, 2018. Accrued charter revenue for the
three-month periods ended December 31, 2019 was a positive amount
of $4.0 million and for the three-month period ended December 31,
2018 was a negative amount of $2.3 million.
Voyage Expenses
Voyage expenses were $2.1 million and $1.0
million for the three-month periods ended December 31, 2019 and
2018, respectively. Voyage expenses mainly include (i) off-hire
expenses of our vessels, primarily related to fuel consumption and
(ii) third party commissions. Voyage expenses for the three month
period ended December 31, 2019 include a cost of $1.5 million
relating to our vessels’ tank cleaning in order to comply with the
global sulphur cap of 0.5% m/m in anticipation of the entry into
force on January 1, 2020 of the relevant MARPOL Annex VI
regulations.
Voyage Expenses – related parties
Voyage expenses – related parties were $1.7
million and $0.9 million for the three-month periods ended December
31, 2019 and 2018, respectively. Voyage expenses – related parties
represent (i) fees of 1.25%1 in the aggregate on voyage revenues
charged by related managers and (ii) charter brokerage fees payable
to a related charter brokerage company.
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 $28.8 million and
$30.3 million during the three-month periods ended December 31,
2019 and 2018, respectively. Daily vessels’ operating expenses were
$5,283 and $5,512 for the three-month periods ended December 31,
2019 and 2018, 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 $1.4
million and $1.3 million during the three-month periods ended
December 31, 2019 and 2018, respectively, and both include $0.63
million paid to a related manager.
Management Fees – related parties
Management fees paid to our related managers
were $5.2 million and $5.0 million during the three-month periods
ended December 31, 2019 and 2018, respectively.
General and administrative expenses – non-cash component
General and administrative expenses – non-cash
component for the three-month period ended December 31, 2019
amounted to $1.4 million, representing the value of the shares
issued to a related manager on December 30, 2019. General and
administrative expenses – non-cash component for the three-month
period ended December 31, 2018, amounted to $0.7 million,
representing the value of the shares issued to a related manager on
December 31, 2018.
Amortization of dry-docking and special survey
Amortization of deferred dry-docking and special
survey costs was $2.2 million and $2.1 million during the
three-month periods ended December 31, 2019 and 2018, respectively.
During the three-month period ended December 31, 2018, two vessels
underwent and completed their special survey and two were in
process of completing their special survey. During the three-month
period ended December 31, 2019, no vessel underwent any special
survey.
Depreciation
Depreciation expense for the three-month period
ended December 31, 2019 and 2018 was $28.4 million and $26.5
million, respectively.
Amortization of Prepaid Lease Rentals, net
Amortization of prepaid lease rentals, net for
the three-month periods ended December 31, 2019 and 2018 was nil
and $2.1 million, respectively.
Loss on sale / disposal of vessels
During the three-month period ended December 31,
2019, we sold the vessels Sierra II, Reunion and Namibia II and we
recorded a loss of $0.7 million, in aggregate. As at September 30,
2019, the vessels Reunion and Sierra II were classified as assets
held for sale. During the three-month period ended December
31, 2018, we sold the 3,842 TEU container vessel MSC Koroni and we
recorded a loss of $0.3 million.
Loss on vessels held for sale
During the three-month period ended December 31,
2019, we recorded a loss on vessels held for sale of
$2.5 million, representing the expected loss from the sale of
two of our vessels during the next twelve-month period. During the
three-month period ended December 31, 2018, we recorded a loss on
vessel held for sale of $0.1 million, representing the
expected loss from the sale of one of our vessels during the next
twelve-month period.
Interest Income
Interest income amounted to $0.8 million and
$0.8 million for each of the three-month periods ended December 31,
2019 and 2018.
Interest and Finance Costs
Interest and finance costs were $19.7 million
for each of the three-month periods ended December 31, 2019 and
2018.
Equity Gain on Investments
During the three-month period ended December 31,
2019, we recorded an equity gain on investments of $4.0 million
representing our share of the gain in jointly owned companies
pursuant to the Framework Deed dated May 15, 2013, as amended and
restated (the “Framework Deed”), with York Capital Management
Global Advisors LLC and an affiliated fund (collectively, together
with the funds it manages or advises, “York”). Since November 12,
2018, we have held 100% of the equity interest in five previously
jointly owned companies with York, and as of that date these five
companies are consolidated in our consolidated financial
statements. As of December 31, 2019, 13 companies are jointly-owned
with York (of which, 10 companies currently own vessels). During
the three-month period ended December 31, 2018, we recorded an
equity gain on investments of $2.9 million also relating to
investments under the Framework Deed.
Gain / (Loss) on Derivative Instruments
The fair value of our four interest rate
derivative instruments which were outstanding as of December 31,
2019 equates to the amount that would be paid by us or to us should
those instruments be terminated. As of December 31, 2019, the fair
value of these four interest rate derivative instruments in
aggregate amounted to a net asset of $0.4 million. The effective
portion of the change in the fair value of the interest rate
derivative instruments that qualified for hedge accounting is
recorded in “Other Comprehensive Income” (“OCI”) while the
ineffective portion is recorded in the consolidated statements of
income. The change in the fair value of the interest rate
derivative instruments that did not qualify for hedge accounting is
recorded in the consolidated statement of income. For the
three-month period ended December 31, 2019, a gain of $0.4 million
has been included in OCI, resulting from the fair market value
change of the interest rate derivative instruments during the
three-month period ended December 31, 2019.
___________________________________1 0.75% until
June 30, 2019
Cash Flows
Three-month periods ended December 31, 2019 and
2018
Condensed cash
flows |
|
Three-month period ended December 31, |
(Expressed in millions of U.S. dollars) |
|
|
2018 |
|
|
|
2019 |
|
Net Cash Provided by Operating
Activities |
|
$ |
35.0 |
|
|
$ |
76.8 |
|
Net Cash Provided by / (Used
in) Investing Activities |
|
$ |
0.9 |
|
|
$ |
(17.8 |
) |
Net Cash Used in Financing
Activities |
|
$ |
(24.2 |
) |
|
$ |
(67.3 |
) |
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities
for the three-month period ended December 31, 2019, increased by
$41.8 million to $76.8 million, from $35.0 million for the
three-month period ended December 31, 2018. The increase is mainly
attributable to the increased cash from operations of $24.6
million, 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) of
$12.7 million, the decreased special survey costs of $3.9 million
and the decreased payments for interest (including swap payments)
of $0.2 million during the three-month period ended December 31,
2019 compared to the three-month period ended December 31,
2018.
Net Cash Provided by / (Used in) Investing
Activities
Net cash used in investing activities was $17.8
million in the three-month period ended December 31, 2019, which
mainly consisted of advance payments for upgrades for certain of
our vessels, payments for the acquisition of three secondhand
vessels, advance payment for the acquisition of one vessel, which
was delivered in January 2020, dividend distributions we received
from two entities jointly -owned with York pursuant to the
Framework Deed and proceeds we received from the sale of three
vessels.
Net cash provided by investing activities was
$0.9 million in the three-month period ended December 31, 2018,
which mainly consisted of proceeds we received from the sale of one
vessel, net payments for the acquisition of the 60% equity interest
in five companies previously jointly owned with York pursuant to
the Framework Deed and payments for capitalized expenses for
certain of our vessels.
Net Cash Used in Financing Activities
Net cash used in financing activities was $67.3
million in the three-month period ended December 31, 2019, which
mainly consisted of (a) $52.6 million of payments relating to our
debt financing agreements, (b) $7.0 million we paid for dividends
to holders of our common stock for the third quarter of 2019 and
(c) $1.0 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 $2.6 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 July 15, 2019 to October 14, 2019.
Net cash used in financing activities was $24.2
million in the three-month period ended December 31, 2018, which
mainly consisted of (a) $9.0 million net payments relating to our
debt financing agreements, (b) $6.6 million we paid for dividends
to holders of our common stock for the third quarter of 2018 and
(c) $1.0 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 $2.6 million we paid
for dividends to holders of our Series E Preferred Stock for the
period from July 15, 2018 to October 14, 2018.
Year ended December 31, 2019 compared to
the year ended December 31, 2018
During the years ended December 31, 2019 and
2018, we had an average of 60.3 and 55.8 vessels, respectively, in
our fleet. In the year ended December 31, 2019, we accepted
delivery of the secondhand containerships Vulpecula, Volans and
Vela with an aggregate TEU capacity of 12,774 and we sold the
vessels Sierra II, Reunion, Namibia II, MSC Pylos and Piraeus with
an aggregate TEU capacity of 13,082. In the year ended December 31,
2018, (i) we acquired the 60% equity interest of York Capital
Management in each of the 14,000 TEU container vessels Triton,
Titan, Talos, Taurus and Theseus and, as a result, we obtained 100%
of the equity interest in each of these five vessels, (ii) we
accepted delivery of the secondhand containerships Michigan,
Trader, Megalopolis, Marathopolis, Maersk Kleven and Maersk Kotka
with an aggregate capacity of 28,602 TEU and (iii) we sold the
container vessels Itea and MSC Koroni with an aggregate capacity of
7,684 TEU. In the years ended December 31, 2019 and 2018, our fleet
ownership days totaled 22,002 and 20,359 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.
(Expressed in millions of U.S. dollars, |
|
Year ended December 31, |
|
|
|
|
Percentage |
|
except percentages) |
|
2018 |
|
2019 |
|
Change |
|
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
$ |
380.4 |
|
$ |
478.1 |
|
$ |
97.7 |
|
|
25.7 |
% |
Voyage expenses |
|
(5.8 |
) |
|
(5.3 |
) |
|
(0.5 |
) |
|
(8.6 |
%) |
Voyage expenses – related
parties |
|
(3.2 |
) |
|
(5.3 |
) |
|
2.1 |
|
|
65.6 |
% |
Vessels’ operating
expenses |
|
(110.6 |
) |
|
(116.1 |
) |
|
5.5 |
|
|
5.0 |
% |
General and administrative
expenses |
|
(5.4 |
) |
|
(5.6 |
) |
|
0.2 |
|
|
3.7 |
% |
Management fees – related
parties |
|
(19.5 |
) |
|
(21.3 |
) |
|
1.8 |
|
|
9.2 |
% |
General and administrative
expenses - non-cash component |
|
(3.8 |
) |
|
(3.9 |
) |
|
0.1 |
|
|
2.6 |
% |
Amortization of dry-docking
and special survey costs |
|
(7.3 |
) |
|
(8.9 |
) |
|
1.6 |
|
|
21.9 |
% |
Depreciation |
|
(96.3 |
) |
|
(113.5 |
) |
|
17.2 |
|
|
17.9 |
% |
Amortization of prepaid lease
rentals, net |
|
(8.2 |
) |
|
- |
|
|
(8.2 |
) |
|
n.m. |
|
Loss on sale / disposal of
vessels |
|
(3.1 |
) |
|
(19.6 |
) |
|
16.5 |
|
|
n.m. |
|
Loss on vessels held for
sale |
|
(0.1 |
) |
|
(2.5 |
) |
|
2.4 |
|
|
n.m. |
|
Vessels’ impairment loss |
|
- |
|
|
(3.0 |
) |
|
3.0 |
|
|
n.m. |
|
Foreign exchange losses |
|
(0.1 |
) |
|
- |
|
|
(0.1 |
) |
|
n.m. |
|
Interest income |
|
3.5 |
|
|
3.3 |
|
|
(0.2 |
) |
|
(5.7 |
%) |
Interest and finance
costs |
|
(64.0 |
) |
|
(89.0 |
) |
|
25.0 |
|
|
39.1 |
% |
Swaps’ breakage costs |
|
(1.2 |
) |
|
- |
|
|
(1.2 |
) |
|
n.m. |
|
Equity gain on
investments |
|
12.1 |
|
|
11.4 |
|
|
(0.7 |
) |
|
(5.8 |
%) |
Other |
|
0.4 |
|
|
0.8 |
|
|
0.4 |
|
|
100.0 |
% |
Loss on derivative
instruments |
|
(0.6 |
) |
|
(0.6 |
) |
|
- |
|
|
- |
|
Net
Income |
$ |
67.2 |
|
$ |
99.0 |
|
|
|
|
(Expressed in millions of U.S. dollars, |
|
|
Year ended December 31, |
|
|
|
|
|
Percentage |
|
except percentages) |
|
|
2018 |
|
|
2019 |
|
|
Change |
|
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
|
$ |
380.4 |
|
|
$ |
478.1 |
|
$ |
97.7 |
|
|
25.7 |
% |
Accrued charter revenue |
|
|
(7.3 |
) |
|
|
3.9 |
|
|
11.2 |
|
|
n.m. |
|
Amortization of Time-charter
assumed |
|
|
- |
|
|
|
0.2 |
|
|
0.2 |
|
|
n.m. |
|
Voyage revenue adjusted on a
cash basis (1) |
|
$ |
373.1 |
|
|
$ |
482.2 |
|
$ |
109.1 |
|
|
29.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
|
|
Percentage |
|
Vessels’ operational data |
|
|
2018 |
|
|
2019 |
|
|
Change |
|
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
number of vessels |
|
|
55.8 |
|
|
|
60.3 |
|
|
4.5 |
|
|
8.1 |
% |
Ownership days |
|
|
20,359 |
|
|
|
22,002 |
|
|
1,643 |
|
|
8.1 |
% |
Number
of vessels under dry-docking |
|
|
17 |
|
|
|
6 |
|
|
(11 |
) |
|
|
|
(1) Voyage revenue adjusted on a cash basis is
not a recognized measurement under U.S. generally accepted
accounting principles ("GAAP"). Refer to “Financial Summary” above
for the reconciliation of Voyage revenue adjusted on a cash
basis.
Voyage Revenue
Voyage revenue increased by 25.7%, or $97.7
million, to $478.1 million during the year ended December 31, 2019,
from $380.4 million during the year ended December 31, 2018. The
increase is mainly attributable to revenue earned by (i) ten
vessels acquired during the year ended December 31, 2018 and two
vessels acquired during the fourth quarter of 2019, (ii) decreased
off-hire days for certain of our vessels during the year ended
December 31, 2019 compared to the year ended December 31, 2018 and
(iii) increased charter rates for certain of our vessels during the
year ended December 31, 2019, partly offset by revenue not earned
by two vessels sold during 2018 and five vessels sold during
2019.
Voyage revenue adjusted on a cash basis (which
eliminates non-cash “Accrued charter revenue”), increased by 29.2%,
or $109.1 million, to $482.2 million during the year ended December
31, 2019, from $373.1 million during the year ended December 31,
2018. Accrued charter revenue for the year ended December 31, 2019
and 2018 was a positive amount of $3.9 million and a negative
amount of $7.3 million, respectively.
Voyage Expenses
Voyage expenses were $5.3 million and $5.8
million for the years ended December 31, 2019 and 2018,
respectively. Voyage expenses mainly include (i) off-hire expenses
of our vessels, primarily related to fuel consumption and (ii)
third party commissions. Voyage expenses for the year ended
December 31, 2019, include a cost of $1.5 million relating to our
vessels’ tank cleaning in order to comply with the global sulphur
cap of 0.5% m/m in anticipation of the entry into force on January
1, 2020 of the relevant MARPOL Annex VI regulations.
Voyage Expenses – related parties
Voyage expenses – related parties were $5.3
million and $3.2 million for the years ended December 31, 2019 and
2018, respectively. Voyage expenses – related parties represent (i)
fees of 1.25%2 in the aggregate on voyage revenues charged by
related managers and (ii) charter brokerage fees payable to a
related charter brokerage company.
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 $116.1 million and
$110.6 million during the years ended December 31, 2019 and 2018,
respectively. Daily vessels’ operating expenses were $5,277 and
$5,431 for the years ended December 31, 2019 and 2018,
respectively. Daily vessels’ 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 $5.6
million and $5.4 million during the years ended December 31, 2019
and 2018, respectively, and both include $2.5 million which is part
of the annual fee paid to a related manager.
Management Fees – related parties
Management fees paid to our managers were $21.3
million and $19.5 million during the years ended December 31, 2019
and 2018, respectively.
General and administrative expenses – non-cash
component
General and administrative expenses – non-cash
component for the year ended December 31, 2019 amounted to $3.9
million representing the value of the shares issued to a related
manager on March 29, 2019, June 28, 2019, September 30, 2019 and
December 30, 2019. General and administrative expenses – non-cash
component for the year ended December 31, 2018 amounted to $3.8
million representing the value of the shares issued to a related
manager on March 30, 2018, June 29, 2018, September 28, 2018 and
December 31, 2018.
Amortization of Dry-docking and Special Survey
Costs
Amortization of deferred dry-docking and special
survey costs was $8.9 million and $7.3 million during the years
ended December 31, 2019 and 2018, respectively. During the year
December 31, 2019, six vessels underwent and completed their
special survey. During the year ended December 31, 2018, 17 vessels
underwent and completed their special survey.
Depreciation
Depreciation expense for the year ended December
31, 2019 and 2018, was $113.5 million and $96.3 million,
respectively. The increase was partly attributable to the increased
average number of vessels during the year ended December 31, 2019
compared to the year ended December 31, 2018.
Amortization of Prepaid Lease Rentals, net
Amortization of prepaid lease rentals, net for
the years ended December 31, 2019 and 2018 was nil and $8.2
million, respectively.
Loss on sale / disposal of vessels
During the year ended December 31, 2019, we
recorded an aggregate loss of $19.6 million from the sale of the
container vessels Piraeus, MSC Pylos, Reunion, Sierra II and
Namibia II. MSC Pylos was classified as asset held for sale as at
December 31, 2018. During the year ended December 31, 2018, we
recorded a loss of $2.2 million from the sale of the vessel MSC
Koroni and $0.9 million from the sale of the vessel Itea, which was
classified as Asset held for sale as at December 31, 2017.
Loss on vessels held for sale
During the year ended December 31, 2019, we
recorded a loss on vessels held for sale of $2.5 million
representing the expected loss from the sale of two of our vessels
during the next twelve-month period. During the year ended December
31, 2018, we recorded a loss on vessel held for sale of
$0.1 million, representing the expected loss from the sale of
one of our vessels during the next twelve-month period.
Vessels’ impairment loss
During the year ended December 31, 2019, we
recorded an impairment loss in relation to two of our vessels in
the amount of $3.0 million, in the aggregate. During the year ended
December 31, 2018, no impairment loss was recorded.
Interest Income
Interest income amounted to $3.3 million and
$3.5 million for the years ended December 31, 2019 and 2018,
respectively.
Interest and Finance Costs
Interest and finance costs were $89.0 million
and $64.0 million during the years ended December 31, 2019 and
2018, respectively. The increase is mainly attributable to the
increased average loan balance during the year ended December 31,
2019 compared to the year ended December 31, 2018.
Swaps Breakage Cost
During the year ended December 31, 2019, we
terminated eight interest rate derivative instruments that
qualified for hedge accounting and three that did not qualify for
hedge accounting and we paid the counterparties breakage costs, net
in the amount of $0.016 million in the aggregate. During the year
ended December 31, 2018, we terminated three interest rate
derivative instruments that qualify for hedge accounting and we
paid the counterparties breakage costs of $1.2 million.
Equity Gain on Investments
During the year ended December 31, 2019, we
recorded an equity gain on investments of $11.4 million
representing our share of the net gain in jointly-owned companies
pursuant to the Framework Deed. Since November 12, 2018, we have
held 100% of the equity interest in five previously jointly-owned
companies with York, and as of that date these five companies are
consolidated in our consolidated financial statements. As of
December 31, 2019, 13 companies are jointly-owned with York (of
which, 10 companies currently own vessels). During the year ended
December 31, 2018, we recorded an equity gain on investments of
$12.1 million also relating to investments under the Framework
Deed.
Loss on Derivative Instruments
The fair value of our four interest rate
derivative instruments which were outstanding as of December 31,
2019 equates to the amount that would be paid by us or to us should
those instruments be terminated. As of December 31, 2019, the fair
value of these four interest rate derivative instruments in
aggregate amounted to a net asset of $0.4 million. The effective
portion of the change in the fair value of the interest rate
derivative instruments that qualified for hedge accounting is
recorded in “Other Comprehensive Income” (“OCI”) while the
ineffective portion is recorded in the consolidated statements of
income. The change in the fair value of the interest rate
derivative instruments that did not qualify for hedge accounting is
recorded in the consolidated statement of income. For the year
ended December 31, 2019, a net loss of $5.8 million has been
included in OCI and a net loss of $0.7 million has been included in
Gain / (Loss) on derivative instruments in the consolidated
statement of income, resulting from the fair market value change of
the interest rate derivative instruments during the year ended
December 31, 2019.
_________________________2 0.75% up to June
30, 2019
Cash FlowsYears ended December 31, 2019
and 2018
Condensed cash
flows |
|
Years ended December 31, |
(Expressed in millions of U.S. dollars) |
|
|
2018 |
|
|
|
2019 |
|
Net Cash Provided by Operating
Activities |
|
$ |
140.8 |
|
|
$ |
250.4 |
|
Net Cash Used in Investing
Activities |
|
$ |
(112.6 |
) |
|
$ |
(8.9 |
) |
Net Cash Used in Financing
Activities |
|
$ |
(80.5 |
) |
|
$ |
(212.2 |
) |
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities
for the year ended December 31, 2019 increased by $109.6 million to
$250.4 million, compared to $140.8 million for the year ended
December 31, 2018. The increase is mainly attributable to the
increased cash from operations of $109.1 million, 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) of $20.4 million and the
decreased special survey costs of $12.3 million during the year
ended December 31, 2019 compared to the year ended December 31,
2018, partly off-set by increased payments for interest (including
swap payments) during the year of $19.3 million.
Net Cash Used in Investing
Activities
Net cash used in investing activities was $8.9
million in the year ended December 31, 2019, which mainly consisted
of advance payments for upgrades for certain of our vessels,
payments for the acquisition of three secondhand vessels, advance
payment for the acquisition of one vessel, which was delivered in
January 2020, dividend distribution we received from 11 entities
jointly -owned with York pursuant to the Framework Deed and
proceeds we received from the sale of five vessels.
Net cash used in investing activities was $112.6
million in the year ended December 31, 2018, which mainly consisted
of net payments relating to the acquisition of six secondhand
vessels and five newbuild vessels, net payments for the acquisition
of the 60% equity interest in five companies previously jointly
owned with York pursuant to the Framework Deed, payments for
capital injection into certain entities pursuant to the Framework
Deed (net of dividend distributions we received) and proceeds we
received from the sale of two vessels.
Net Cash Used in Financing Activities
Net cash used in financing activities was $212.2
million in the year ended December 31, 2019, which mainly consisted
of (a) $149.6 million of net payments relating to our debt
financing agreements (including the prepayments following the sale
of five container vessels during the year ended December 31, 2019),
(b) $27.4 million we paid for dividends to holders of our common
stock for the fourth quarter of 2018, the first quarter of 2019,
the second quarter of 2019 and the third quarter of 2019 and (c)
$3.8 million we paid for dividends to holders of our Series B
Preferred Stock, $8.5 million we paid for dividends to holders of
our Series C Preferred Stock, $8.8 million we paid for dividends to
holders of our Series D Preferred Stock and $10.2 million we paid
for dividends to holders of our Series E Preferred Stock for the
period from October 15, 2018 to January 14, 2019, January 15, 2019
to April 14, 2019, April 15, 2019 to July 14, 2019 and July 15,
2019 to October 14, 2019.
Net cash used in financing activities was $80.5
million in the year ended December 31, 2018, which mainly consisted
of (a) $139.2 million net payments relating to our debt financing
agreements, (b) $111.2 million net proceeds we received from our
January 2018 public offering, of 4.6 million shares of our Series E
Preferred Stock, net of underwriting discounts and expenses
incurred in the offering, (c) $20.9 million we paid for dividends
to holders of our common stock for the fourth quarter of 2017, the
first quarter of 2018, the second quarter of 2018 and the third
quarter of 2018 and (d) $3.8 million we paid for dividends to
holders of our Series B Preferred Stock, $8.5 million we paid for
dividends to holders of our Series C Preferred Stock, $8.8 million
we paid for dividends to holders of our Series D Preferred Stock,
for the periods from October 15, 2017 to January 14, 2018, January
15, 2018 to April 14, 2018, April 15, 2018 to July 14, 2018 and
July 15, 2018 to October 14, 2018 and $7.2 million we paid for
dividends to holders of our Series E Preferred Stock, for the
period from January 30, 2018 to April 14, 2018, April 15, 2018 to
July 14, 2018 and July 15, 2018 to October 14, 2018.
Liquidity and Unencumbered Vessels
Cash and cash equivalents
As of December 31, 2019, we had a total cash
liquidity of $195.9 million, consisting of cash, cash equivalents
and restricted cash.
Debt-free vessels
As of January 28, 2020, the following vessels were free of
debt.
|
Unencumbered
Vessels (Refer to fleet list for full details) |
|
|
|
Year |
|
TEU |
Vessel Name |
|
Built |
|
Capacity |
ETOILE |
|
2005 |
|
2,556 |
VOLANS |
|
2010 |
|
4,258 |
VELA |
|
2009 |
|
4,258 |
VULPECULA |
|
2010 |
|
4,258 |
JPO
VIRGO |
|
2009 |
|
4,258 |
KOKURA |
|
1997 |
|
7,403 |
MICHIGAN |
|
2008 |
|
1,300 |
ENSENADA
(*) |
|
2001 |
|
5,576 |
MONEMVASIA
(*) |
|
1998 |
|
2,472 |
ARKADIA
(*) |
|
2001 |
|
1,550 |
(*) Vessels acquired pursuant to the Framework Deed with
York.
Conference Call details:
On Wednesday, January 29, 2020 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 February 5, 2020. 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:
10138768.
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 for charter. The Company has
46 years of history in the international shipping industry and a
fleet of 76 containerships, with a total capacity of approximately
549,000 TEU, including five newbuild containerships currently under
construction. Ten of our containerships have been acquired pursuant
to the Framework Deed with York Capital Management by vessel-owning
joint venture entities in which we hold a minority equity interest.
The Company’s common stock, Series B Preferred Stock, 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
Costamare Inc.’s most recent 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
DevelopmentCostamare Inc., Monaco Tel: (+377) 93 25 09 40Email:
ir@costamare.com
Fleet List
The table below provides additional information,
as of January 28, 2020, about our fleet of containerships,
including our newbuilds on order, the vessels acquired pursuant to
the Framework Deed 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(ii) |
Evergreen |
2016 |
14,424 |
(*) |
March 2026 |
2 |
TITAN(ii) |
Evergreen |
2016 |
14,424 |
(*) |
April 2026 |
3 |
TALOS(ii) |
Evergreen |
2016 |
14,424 |
(*) |
July 2026 |
4 |
TAURUS(ii) |
Evergreen |
2016 |
14,424 |
(*) |
August 2026 |
5 |
THESEUS(ii) |
Evergreen |
2016 |
14,424 |
(*) |
August 2026 |
6 |
CAPE AKRITAS(i) |
ZIM |
2016 |
11,010 |
43,250 |
August 2020 |
7 |
CAPE TAINARO(i) |
ZIM |
2017 |
11,010 |
39,500 |
March 2020 |
8 |
CAPE KORTIA(i) |
ZIM |
2017 |
11,010 |
43,250 |
September 2020 |
9 |
CAPE SOUNIO(i) |
ZIM |
2017 |
11,010 |
33,500 |
March 2020 |
10 |
CAPE ARTEMISIO(i) |
Hapag Lloyd |
2017 |
11,010 |
32,500 (net) |
March 2020 |
11 |
COSCO GUANGZHOU |
COSCO |
2006 |
9,469 |
28,900 |
April 2020 |
12 |
COSCO NINGBO |
COSCO |
2006 |
9,469 |
28,900 |
April 2020 |
13 |
COSCO YANTIAN |
COSCO |
2006 |
9,469 |
28,900 |
May 2020 |
14 |
COSCO BEIJING |
COSCO |
2006 |
9,469 |
28,900 |
May 2020 |
15 |
COSCO HELLAS |
COSCO |
2006 |
9,469 |
28,900 |
May 2020 |
16 |
MSC AZOV |
MSC |
2014 |
9,403 |
43,000 |
December 2026(3) |
17 |
MSC AMALFI |
MSC |
2014 |
9,403 |
43,000 |
March 2027(3) |
18 |
MSC AJACCIO |
MSC |
2014 |
9,403 |
46,300 |
February 2027(4) |
19 |
MSC ATHENS(ii) |
MSC |
2013 |
8,827 |
42,000 |
January 2026(5) |
20 |
MSC ATHOS(ii) |
MSC |
2013 |
8,827 |
42,000 |
February 2026(5) |
21 |
VALOR |
Evergreen/Hapag Lloyd |
2013 |
8,827 |
41,700/34,500 |
April 2023(6) |
22 |
VALUE |
Evergreen/Hapag Lloyd |
2013 |
8,827 |
41,700/34,500 |
April 2023(6) |
23 |
VALIANT |
Evergreen/Hapag Lloyd |
2013 |
8,827 |
41,700/34,500 |
June 2023(6) |
24 |
VALENCE |
Evergreen/Hapag Lloyd |
2013 |
8,827 |
41,700/34,500 |
July 2023(6) |
25 |
VANTAGE |
Evergreen/Hapag Lloyd |
2013 |
8,827 |
41,700/34,500 |
September 2023(6) |
26 |
NAVARINO |
Evergreen |
2010 |
8,531 |
21,900 |
February 2020 |
27 |
MAERSK KLEVEN |
Maersk |
1996 |
8,044 |
17,500 |
April 2021 |
28 |
MAERSK KOTKA |
Maersk |
1996 |
8,044 |
17,500 |
April 2021 |
29 |
MAERSK KOWLOON |
Maersk |
2005 |
7,471 |
16,000 |
June 2022 |
30 |
MAERSK KAWASAKI |
Maersk |
1997 |
7,403 |
17,050 |
February 2020 |
31 |
KURE |
COSCO |
1996 |
7,403 |
21,500 |
April 2020 |
32 |
KOKURA |
Maersk |
1997 |
7,403 |
17,050 |
February 2020 |
33 |
MSC METHONI |
MSC |
2003 |
6,724 |
29,000 |
September 2021 |
34 |
YORK |
- |
2000 |
6,648 |
- |
Scheduled for Dry Dock |
35 |
MAERSK KOBE |
Maersk |
2000 |
6,648 |
17,000 |
April 2020 |
36 |
SEALAND WASHINGTON |
Maersk |
2000 |
6,648 |
(*) |
March 2022(7) |
37 |
SEALAND MICHIGAN |
Maersk |
2000 |
6,648 |
(*) |
March 2022(7) |
38 |
SEALAND ILLINOIS |
Maersk |
2000 |
6,648 |
(*) |
March 2022(7) |
39 |
MAERSK KOLKATA |
Maersk |
2003 |
6,644 |
(*) |
March 2022(7) |
40 |
MAERSK KINGSTON |
Maersk |
2003 |
6,644 |
26,100 |
March 2022(8) |
41 |
MAERSK KALAMATA |
Maersk |
2003 |
6,644 |
26,100 |
March 2022(8) |
42 |
VENETIKO |
Hapag Lloyd |
2003 |
5,928 |
20,000 |
August 2020 |
43 |
ENSENADA (i) |
ONE |
2001 |
5,576 |
21,000 |
May 2020 |
44 |
ZIM NEW YORK |
ZIM |
2002 |
4,992 |
12,430 |
October 2020(9) |
45 |
ZIM SHANGHAI |
ZIM |
2002 |
4,992 |
12,430 |
October 2020(9) |
46 |
LEONIDIO(ii) |
Maersk |
2014 |
4,957 |
14,200 |
December 2024 |
47 |
KYPARISSIA(ii) |
Maersk |
2014 |
4,957 |
14,200 |
November 2024 |
48 |
MEGALOPOLIS |
Maersk |
2013 |
4,957 |
(*) |
July 2025 |
49 |
MARATHOPOLIS |
Maersk |
2013 |
4.957 |
(*) |
July 2025 |
50 |
OAKLAND EXPRESS |
Hapag Lloyd |
2000 |
4,890 |
13,750 |
January 2021 |
51 |
HALIFAX EXPRESS |
Hapag Lloyd |
2000 |
4,890 |
10,000 |
October 2020 |
52 |
SINGAPORE EXPRESS |
Hapag Lloyd |
2000 |
4,890 |
10,000 |
July 2020 |
53 |
VULPECULA |
- |
2010 |
4,258 |
- |
- |
54 |
VOLANS |
Maersk |
2010 |
4,258 |
13,250 |
February 2020 |
55 |
JPO VIRGO |
CMA CGM |
2009 |
4,258 |
13,850 |
March 2020 |
56 |
VELA |
Hapag Lloyd |
2009 |
4,258 |
13,750 |
March 2020 |
57 |
ULSAN |
Maersk |
2002 |
4,132 |
12,000 |
June 2021 |
58 |
POLAR ARGENTINA(i)(ii) |
Maersk |
2018 |
3,800 |
19,700 |
October 2024 |
59 |
POLAR BRASIL(i)(ii) |
Maersk |
2018 |
3,800 |
19,700 |
January 2025 |
60 |
LAKONIA |
Evergreen |
2004 |
2,586 |
(*) |
March 2020 |
61 |
ETOILE |
- |
2005 |
2,556 |
- |
Scheduled for Dry Dock |
62 |
AREOPOLIS |
Evergreen |
2000 |
2,474 |
(*) |
March 2020 |
63 |
MONEMVASIA(i) |
Maersk |
1998 |
2,472 |
9,250 |
November 2021 |
64 |
MESSINI |
Evergreen |
1997 |
2,458 |
8,650 |
March 2020 |
65 |
NEAPOLIS |
- |
2000 |
1,645 |
- |
Vessel scheduled to be sold |
66 |
ARKADIA(i) |
Evergreen |
2001 |
1,550 |
9,450 |
February 2020 |
67 |
PROSPER |
Evergreen |
1996 |
1,504 |
7,100 |
February 2020 |
68 |
MICHIGAN |
MSC |
2008 |
1,300 |
6,650 |
September 2020 |
69 |
TRADER |
- |
2008 |
1,300 |
- |
- |
70 |
ZAGORA |
MSC |
1995 |
1,162 |
6,500 |
May 2020 |
71 |
LUEBECK |
MSC |
2001 |
1,078 |
6,200 |
January 2021 |
Newbuilds
|
Vessel Name |
Shipyard |
Capacity (TEU) |
Charterer |
Expected Delivery(10) |
1 |
YZJ2015-2057 |
Jiangsu YangzijiangShipbuilding Group |
12,690 |
Yang Ming |
Q2 2020 |
2 |
YZJ2015-2058 |
Jiangsu YangzijiangShipbuilding Group |
12,690 |
Yang Ming |
Q3 2020 |
3 |
YZJ2015-2059 |
Jiangsu YangzijiangShipbuilding Group |
12,690 |
Yang Ming |
Q3 2020 |
4 |
YZJ2015-2060 |
Jiangsu YangzijiangShipbuilding Group |
12,690 |
Yang Ming |
Q2 2021 |
5 |
YZJ2015-2061 |
Jiangsu YangzijiangShipbuilding Group |
12,690 |
Yang Ming |
Q2 2021 |
(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
could expire. |
(3) |
Following
scrubbers’ installation, the daily rate will be increased from the
current daily rate of $43,000 until the original earliest
redelivery dates of the vessels (December 2, 2023-MSC Azov and
March 16, 2024-MSC Amalfi). The charters will also be extended for
3 years. |
(4) |
This charter
rate will be earned by MSC Ajaccio until February 1, 2024. From the
aforementioned date until the expiry of the charter the daily rate
will be $35,300. |
(5) |
Following
scrubbers’ installation, the daily rate will be increased from the
current daily rate of $42,000 until the original earliest
redelivery dates of the vessels (January 29, 2023-MSC Athens and
February 24, 2023-MSC Athos). The charters will also be extended
for 3 years. |
(6) |
Upon
redelivery of each vessel from Evergreen between April 2020 and
January 2021, each vessel will commence a 3 year charter with Hapag
Lloyd at a daily rate of $34,500. Until then the daily charter rate
of each vessel will be $41,700. |
(7) |
The daily
rate for Sealand Washington, Sealand Michigan, Sealand Illinois and
Maersk Kolkata is a base rate, adjusted pursuant to the terms of a
profit/loss sharing mechanism based on market conditions until
expiry of the charter. |
(8) |
This charter
rate will be earned by Maersk Kingston and Maersk Kalamata until
February 28, 2020 and April 12, 2020, respectively. From the
aforementioned dates until expiry of the charter, the daily rate
for each vessel will be a base rate, adjusted pursuant to the terms
of a profit/loss sharing mechanism based on market conditions. |
(9) |
The amounts
in the table reflect the current charter terms, giving effect to
our agreement with ZIM under its 2014 restructuring plan. Based on
this agreement, we have been granted charter extensions and have
been issued equity securities representing 1.2% of ZIM’s equity and
approximately $8.2 million in interest bearing notes maturing in
2023. In May 2019, the Company exercised its option to extend the
charters of ZIM New York and ZIM Shanghai for a one year period at
market rate plus $1,100 per day per vessel while the notes remain
outstanding. The rate for this fifth optional year has been
determined at $12,430 per day. |
(10) |
Based on
latest shipyard construction schedule, subject to change. |
|
|
(i) |
Denotes
vessels acquired pursuant to the Framework Deed. The Company holds
an equity interest ranging between 25% and 49% in each of the
vessel-owning entities. |
(ii) |
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. |
|
|
COSTAMARE INC.Consolidated Statements of
Income |
|
|
|
|
Year ended December 31, |
|
|
Three-month period ended December
31, |
(Expressed in thousands of
U.S. dollars, except share and per share amounts) |
|
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
|
$ |
380,397 |
|
|
$ |
478,109 |
|
|
$ |
106,153 |
|
|
$ |
124,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
|
(5,847 |
) |
|
|
(5,291 |
) |
|
|
(953 |
) |
|
|
(2,111 |
) |
Voyage expenses – related
parties |
|
|
(3,201 |
) |
|
|
(5,282 |
) |
|
|
(861 |
) |
|
|
(1,672 |
) |
Vessels' operating
expenses |
|
|
(110,571 |
) |
|
|
(116,101 |
) |
|
|
(30,345 |
) |
|
|
(28,779 |
) |
General and administrative
expenses |
|
|
(5,408 |
) |
|
|
(5,551 |
) |
|
|
(1,328 |
) |
|
|
(1,436 |
) |
Management fees – related
parties |
|
|
(19,533 |
) |
|
|
(21,319 |
) |
|
|
(4,984 |
) |
|
|
(5,155 |
) |
General and administrative
expenses – non-cash component |
|
|
(3,755 |
) |
|
|
(3,879 |
) |
|
|
(657 |
) |
|
|
(1,426 |
) |
Amortization of dry-docking
and special survey costs |
|
|
(7,290 |
) |
|
|
(8,948 |
) |
|
|
(2,107 |
) |
|
|
(2,211 |
) |
Depreciation |
|
|
(96,261 |
) |
|
|
(113,462 |
) |
|
|
(26,495 |
) |
|
|
(28,381 |
) |
Amortization of prepaid lease
rentals, net |
|
|
(8,150 |
) |
|
|
- |
|
|
|
(2,055 |
) |
|
|
- |
|
Loss on sale / disposal of
vessels |
|
|
(3,071 |
) |
|
|
(19,589 |
) |
|
|
(291 |
) |
|
|
(689 |
) |
Loss on vessels held for
sale |
|
|
(101 |
) |
|
|
(2,495 |
) |
|
|
(101 |
) |
|
|
(2,495 |
) |
Vessels’ impairment loss |
|
|
- |
|
|
|
(3,042 |
) |
|
|
- |
|
|
|
- |
|
Foreign exchange gains /
(losses) |
|
|
(51 |
) |
|
|
(27 |
) |
|
|
(35 |
) |
|
|
1 |
|
Operating
income |
|
$ |
117,158 |
|
|
$ |
173,123 |
|
|
$ |
35,941 |
|
|
$ |
50,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
/ (EXPENSES): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
3,454 |
|
|
$ |
3,349 |
|
|
$ |
820 |
|
|
$ |
837 |
|
Interest and finance
costs |
|
|
(63,992 |
) |
|
|
(89,007 |
) |
|
|
(19,744 |
) |
|
|
(19,665 |
) |
Swaps’ breakage cost, net |
|
|
(1,234 |
) |
|
|
(16 |
) |
|
|
- |
|
|
|
- |
|
Equity gain on
investments |
|
|
12,051 |
|
|
|
11,369 |
|
|
|
2,937 |
|
|
|
3,960 |
|
Other |
|
|
350 |
|
|
|
784 |
|
|
|
119 |
|
|
|
223 |
|
Gain / (Loss) on derivative
instruments |
|
|
(548 |
) |
|
|
(603 |
) |
|
|
(341 |
) |
|
|
418 |
|
Total other
expenses |
|
$ |
(49,919 |
) |
|
$ |
(74,124 |
) |
|
$ |
(16,209 |
) |
|
$ |
(14,227 |
) |
Net
Income |
|
$ |
67,239 |
|
|
$ |
98,999 |
|
|
$ |
19,732 |
|
|
$ |
35,887 |
|
Earnings allocated to
Preferred Stock |
|
|
(30,503 |
) |
|
|
(31,269 |
) |
|
|
(7,817 |
) |
|
|
(7,817 |
) |
Net Income available
to common stockholders |
|
$ |
36,736 |
|
|
$ |
67,730 |
|
|
$ |
11,915 |
|
|
$ |
28,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share,
basic and diluted |
|
$ |
0.33 |
|
|
$ |
0.59 |
|
|
$ |
0.11 |
|
|
$ |
0.24 |
|
Weighted average number of
shares, basic and diluted |
|
|
110,395,134 |
|
|
|
115,747,452 |
|
|
|
111,951,107 |
|
|
|
118,724,718 |
|
|
COSTAMARE INC.Consolidated Balance Sheets |
|
|
|
As of December
31, |
|
|
As of December
31, |
(Expressed in thousands of U.S. dollars) |
|
2018 |
|
|
2019 |
ASSETS |
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
Cash and cash equivalents |
$ |
113,714 |
|
$ |
148,928 |
|
Restricted cash |
|
5,600 |
|
|
6,912 |
|
Accounts receivable |
|
5,625 |
|
|
7,397 |
|
Inventories |
|
11,020 |
|
|
10,546 |
|
Due from related parties |
|
4,681 |
|
|
7,576 |
|
Fair value of derivatives |
|
3,514 |
|
|
748 |
|
Insurance claims
receivable |
|
6,476 |
|
|
1,607 |
|
Prepaid lease rentals |
|
8,752 |
|
|
- |
|
Asset held for sale |
|
4,838 |
|
|
4,908 |
|
Time charter assumed |
|
190 |
|
|
192 |
|
Prepayments and other |
|
6,358 |
|
|
8,430 |
|
Total current
assets |
$ |
170,768 |
|
$ |
197,244 |
|
FIXED ASSETS,
NET: |
|
|
|
|
|
Right-of-use assets |
$ |
401,901 |
|
$ |
188,429 |
|
Vessels and advances, net |
|
2,206,786 |
|
|
2,431,830 |
|
Total fixed assets,
net |
$ |
2,608,687 |
|
$ |
2,620,259 |
|
NON-CURRENT
ASSETS: |
|
|
|
|
|
Equity method investments |
$ |
131,082 |
|
$ |
111,681 |
|
Prepaid lease rentals,
non-current |
|
34,167 |
|
|
- |
|
Deferred charges, net |
|
26,250 |
|
|
21,983 |
|
Accounts receivable,
non-current |
|
17,789 |
|
|
8,600 |
|
Restricted cash |
|
47,177 |
|
|
40,031 |
|
Fair value of derivatives,
non-current |
|
3,727 |
|
|
605 |
|
Time charter assumed,
non-current |
|
1,222 |
|
|
1,030 |
|
Other non-current assets |
|
9,942 |
|
|
10,525 |
|
Total
assets |
$ |
3,050,811 |
|
$ |
3,011,958 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
Current portion of long-term
debt |
$ |
149,162 |
|
$ |
210,745 |
|
Accounts payable |
|
8,586 |
|
|
6,215 |
|
Due to related parties |
|
196 |
|
|
473 |
|
Finance lease liabilities |
|
34,299 |
|
|
16,810 |
|
Accrued liabilities |
|
17,624 |
|
|
19,417 |
|
Unearned revenue |
|
12,432 |
|
|
10,387 |
|
Fair value of derivatives |
|
- |
|
|
397 |
|
Other current liabilities |
|
2,370 |
|
|
2,090 |
|
Total current
liabilities |
$ |
224,669 |
|
$ |
266,534 |
|
NON-CURRENT
LIABILITIES |
|
|
|
|
|
Long-term debt, net of current
portion |
$ |
1,159,244 |
|
$ |
1,206,405 |
|
Finance lease liabilities, net
of current portion |
|
305,033 |
|
|
119,925 |
|
Fair value of derivatives, net
of current portion |
|
- |
|
|
433 |
|
Unearned revenue, net of
current portion |
|
4,741 |
|
|
7,933 |
|
Total non-current
liabilities |
$ |
1,469,018 |
|
$ |
1,334,696 |
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
STOCKHOLDERS’
EQUITY: |
|
|
|
|
|
Preferred stock |
$ |
- |
|
$ |
- |
|
Common stock |
|
11 |
|
|
12 |
|
Additional paid-in
capital |
|
1,313,840 |
|
|
1,351,352 |
|
Retained earnings |
|
38,734 |
|
|
60,578 |
|
Accumulated other
comprehensive income / (loss) |
|
4,539 |
|
|
(1,214 |
) |
Total stockholders’
equity |
$ |
1,357,124 |
|
$ |
1,410,728 |
|
Total liabilities and
stockholders’ equity |
$ |
3,050,811 |
|
$ |
3,011,958 |
|
|
|
|
|
|
|
|
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