Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today
reported unaudited financial results for the fourth quarter (“Q4
2021”) and year ended December 31, 2021.
I. RECORD
PROFITABILITY FOR Q4 2021 AND YEAR ENDED 2021
- Year end Net Income
available to common stockholders of $404.1 million ($3.28 per
share).
- Q4 2021 Net Income
available to common stockholders of $153.4 million ($1.24 per
share).
- Year end Adjusted
Net Income available to common stockholders1 of $289.9 million
($2.36 per share).
- Q4 2021 Adjusted
Net Income available to common stockholders1 of $112.1 million
($0.91 per share).
- Year end liquidity
of $552 million2.
_____________________1 Adjusted Net Income available to common
stockholders and respective per share figures are non-GAAP measures
and should not be used in isolation or as substitutes for
Costamare’s financial results presented in accordance with U.S.
generally accepted accounting principles (“GAAP”). For the
definition and reconciliation of these measures to the most
directly comparable financial measure calculated and presented in
accordance with GAAP, please refer to Exhibit I.2 Including our
share of cash amounting to $5.5 million held in companies co-owned
with York Capital Management Advisors LLC (“York”) and $193.3
million of undrawn funds from our two hunting license facilities
(adjusted for the $56.7 million already drawn in 2022).
II. SPECIAL
DIVIDEND
- The Company has
decided to declare a special dividend of $0.50 per common share.
The special dividend will be in addition to the regular first
quarter 2022 dividend and will be paid at the same time as, and
using the same record date as, the regular first quarter 2022
dividend.
III. SALE AND
PURCHASE ACTIVITY
Vessels Disposals
- Agreement for the
sale with forward delivery of the below two containerships (average
age 21 years):
- c/v Maersk
Kalamata, 2003-built, 6,644 TEU capacity
(latest expected date for the conclusion of the sale in Q1
2023).
- c/v Sealand
Washington, 2000-built, 6,648 TEU
capacity (latest expected date for the conclusion of the sale in Q1
2023).
Total gross sale proceeds are estimated to be
$150 million, resulting in an estimated capital
gain of $95 million.
- Agreement for the
sale with forward delivery of the below three containerships
(average age 22 years):
- c/v Sealand
Michigan, 2000-built, 6,648 TEU capacity
(latest expected date for the conclusion of the sale in Q4
2022).
- c/v Sealand
Illinois, 2000-built, 6,648 TEU capacity
(latest expected date for the conclusion of the sale in Q4
2022).
- c/v
York, 2000-built, 6,648 TEU
capacity (latest expected date for the conclusion of the sale in Q4
2022).
Total gross sale proceeds are estimated to be
$183 million, resulting in an estimated capital
gain of $109 million.
- Agreement for the
sale of the 1997-built, 2,458 TEU containership
Messini. The sale is expected to be concluded in
Q1 2022 and will result in an estimated capital gain of
$17.8 million.
- Conclusion of the
sale of the 2002-built, 4,992 TEU containership
ZIM New York, which resulted in a capital gain of
approximately $14.0 million.
- Total estimated
capital gains from vessel disposals of $235.8
million.
Vessels Acquisitions
- Accepted delivery
of the 2008-built, 4,578 TEU containership Dyros
(ex. Co Kobe), which commenced its time charter with Maersk for a
period of between 24.5 to 27.5 months. The vessel
acquisition price was $20.0 million.
- Accepted delivery
of another 11 dry bulk vessels (total delivered
fleet of 45 vessels), with one additional vessel expected to be
delivered in Q1 2022.
IV. NEW CHARTER
ARRANGEMENTS3
- Entered into a
total of 35 chartering agreements for our containerships with
contracted revenues of $1.4 billion in the aggregate since the
beginning of 2021, bringing our contracted revenues to a total of
$3.4 billion with a weighted average remaining time charter
duration of 4.2 years4.
- Selected fixtures
of the Company’s containerships since last quarter are shown below:
- Charter on a
forward basis with latest delivery to the charterer in Q4
2023, three 1996-built vessels ranging between 7,400 to
8,000 TEU capacity, for a minimum fixed period of 36 months at a
daily rate of $41,500 each. More specifically:
- c/v
Kure of 7,403 TEU capacity and
latest delivery to its new charterers in August 2023.
- c/v Maersk
Kleven of 8,044 TEU capacity and latest
delivery to its new charterers in October 2023.
- c/v Maersk
Kotka of 8,044 TEU capacity and latest
delivery to its new charterers in October 2023.
- Charter on a
forward basis with latest delivery to the charterer in Q4
2022, two 2003-built vessels of 6,500 TEUs for a minimum
fixed period of 36 months at a daily rate of $53,000 each. More
specifically:
- c/v Maersk
Kolkata of 6,644 TEU capacity and latest
delivery to its new charterers in October 2022.
- c/v Maersk
Kingston of 6,644 TEU capacity and latest
delivery to its new charterers in October 2022.
- Charter on a
forward basis with latest delivery to the charterer in Q2
2023, two 2009/2010-built vessels of 4,250 TEUs for a
minimum fixed period of 60 months at an average daily rate of
$43,250 each. More specifically:
- c/v
Vela of 4,258 TEU capacity,
latest delivery to its new charterers in April 2023 and at a daily
charter rate for the first year of employment at $99,000.
- c/v
Vulpecula of 4,258 TEU capacity,
latest delivery to its new charterers in May 2023 and at a daily
charter rate for the first year of employment at $99,000.
Total contracted revenues from the above seven
fixtures amount to $410 million extending over the
next six years5._____________________3 Please refer to Fleet List
tables for additional information on vessels employment details.4
As of March 9, 2022. Total contracted revenues and remaining time
charter duration include our share in entities co-owned with York
and exclude contracted revenues and time charter duration
attributable to our contracted eight newbuilding containerships.5
Assuming the vessels commence their new charters from the latest
redelivery dates of their current charterparty agreements.
V. NEW DEBT
FINANCING AND CAPITAL STRUCTURE
- New financing
agreements / amendments to existing financing agreements since last
quarter in excess of $430 million. More
specifically:
- In December 2021,
we signed a loan agreement with a leading European financial
institution for an amount of up to $55 million for the purposes of
refinancing the then existing indebtedness of five dry bulk
carriers. The new facility has a tenor of five years, and will
mature in January 2027.
- In December 2021,
we signed a loan agreement with a leading European financial
institution for an amount of up to $43.5 million for the purposes
of refinancing the then existing indebtedness of four dry bulk
carriers. The new facility has a tenor of five years, and will
mature in December 2026.
- In December 2021,
we signed a hunting license loan agreement with a European
financial institution for an amount of up to $100 million for the
purposes of financing the acquisition cost of dry bulk vessels. The
availability period of this facility expires in December 2022, an
amount of $56.7 million has already been drawn and the facility has
a maximum tenor of 5 to 6 years following the expiration of the
availability period.
- In December 2021,
we extended the availability period of the $150 million hunting
license loan facility agreement, originally signed in September
2021. The new availability period expires in June 2022.
- In January 2022, we
signed a loan agreement with a leading European financial
institution for an amount of up to $85 million for the purposes of
refinancing the then existing indebtedness of five containerships
and for general corporate purposes. The new facility has a tenor of
four years and will mature in January 2026.
VI. SHARE
REPURCHASE PROGRAM AND DIVIDEND ANNOUNCEMENTS
- On November 30,
2021, we approved a share repurchase program of up to a maximum
$150 million of our common shares and up to a maximum $150 million
of our preferred shares. The timing of repurchases and the exact
number of shares to be purchased will be determined by the
Company’s management, in its discretion.
- On January 3, 2022,
we declared a dividend for the quarter ended December 31, 2021, of
$0.115 per share on our common stock, which was paid on February 7,
2022, to stockholders of record of common stock as of January 20,
2022.
- On January 3, 2022,
we declared a dividend of $0.476563 per share on our Series B
Preferred Stock, of $0.531250 per share on our Series C Preferred
Stock, of $0.546875 per share on our Series D Preferred Stock and
of $0.554688 per share on our Series E Preferred Stock, which were
all paid on January 18, 2022 to holders of record as of January 14,
2022.
Mr. Gregory Zikos, Chief Financial
Officer of Costamare Inc., commented:
“2021 has been a record year for Costamare. With
a fleet of 123 vessels, including 46 dry bulk ships, the Company
generated Net Income of above $400 million. As of the end of the
year, liquidity stood at $550 million.
On the containerships side, market conditions
remained firm with strong demand and logistical disruptions
continuing to impact the sector. We chartered a total of 35
secondhand vessels during the year, which added incremental
contracted revenues of $1.4 billion. Total contracted revenues
amount to $3.4 billion with a weighted average remaining time
charter duration of about 4 years.
We have covered substantially all of our
containership open days for 2022 and are in the process of
arranging employment for the vessels coming off charter next year.
At the same time, we agreed to dispose of some older tonnage with
forward, year-end deliveries at prices that reflect today’s tight
market environment.
Regarding our expansion into the dry bulk
shipping business, we entered a market with favorable supply and
demand dynamics underpinned by a historically low orderbook. Our
dry bulk fleet is currently trading in the spot market generating
healthy returns, on the back of timely acquisitions.
In light of the above, the Company has decided
to declare a special dividend of $0.50 per common share. While
rewarding our shareholders as a result of increased cash flows and
profitability, the payment of that dividend is not expected in any
way to affect our capacity to continue growing opportunistically in
a volatile market environment.”
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Financial Summary |
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Year ended December 31, |
|
|
Three-month period ended December 31, |
|
| (Expressed in thousands of
U.S. dollars, except share and per share data) |
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
2021 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Voyage revenue
|
|
$ |
460,319 |
|
|
$ |
793,639 |
|
|
$ |
119,143 |
|
$ |
283,918 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accrued charter revenue
(1) |
|
$ |
21,250 |
|
|
$ |
(11,303 |
) |
|
$ |
5,308 |
|
$ |
(14,473 |
) |
| Amortization of Time-charter
assumed |
|
$ |
192 |
|
|
$ |
(424 |
) |
|
$ |
48 |
|
$ |
39 |
|
| Voyage revenue adjusted on a
cash basis (2) |
|
$ |
481,761 |
|
|
$ |
781,912 |
|
|
$ |
124,499 |
|
$ |
269,484 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Net Income available
to common stockholders (3) |
|
$ |
123,671 |
|
|
$ |
289,873 |
|
|
$ |
32,666 |
|
$ |
112,070 |
|
| Weighted Average number of
shares |
|
|
120,696,130 |
|
|
|
123,070,730 |
|
|
|
121,817,769 |
|
|
123,737,763 |
|
| Adjusted Earnings per share
(3) |
|
$ |
1.02 |
|
|
$ |
2.36 |
|
|
$ |
0.27 |
|
$ |
0.91 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
|
$ |
8,877 |
|
|
$ |
435,121 |
|
|
$ |
27,075 |
|
$ |
161,154 |
|
| Net Income / (Loss) available
to common stockholders |
|
$ |
(21,586 |
) |
|
$ |
404,053 |
|
|
$ |
19,308 |
|
$ |
153,387 |
|
| Weighted Average number of
shares |
|
|
120,696,130 |
|
|
|
123,070,730 |
|
|
|
121,817,769 |
|
|
123,737,763 |
|
| Earnings / (Losses) per
share |
|
$ |
(0.18 |
) |
|
$ |
3.28 |
|
|
$ |
0.16 |
|
$ |
1.24 |
|
(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. The reverse is true for charters with
descending rates.(2) Voyage revenue adjusted on a cash basis
represents Voyage revenue after adjusting for non-cash “Accrued
charter revenue” recorded under charters with escalating charter
rates. However, Voyage revenue adjusted on a cash basis is not a
recognized measurement under U.S. GAAP. We believe that the
presentation of Voyage revenue adjusted on a cash basis is useful
to investors because it presents the charter revenue for the
relevant period based on the then current daily charter rates. The
increases or decreases in daily charter rates under our charter
party agreements are described in the notes to the “Fleet List”
tables below.(3) Adjusted Net Income available to common
stockholders and Adjusted Earnings per Share are non-GAAP measures.
Refer to the reconciliation of Net Income to Adjusted Net
Income.
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, 2021 and 2020. 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 endedDecember
31, |
| (Expressed in thousands of
U.S. dollars, except share and per share data) |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
8,877 |
|
$ |
435,121 |
|
$ |
27,075 |
|
$ |
161,154 |
|
| Earnings allocated to
Preferred Stock |
|
(31,082 |
) |
|
(31,068 |
) |
|
(7,767 |
) |
|
(7,767 |
) |
| Gain on retirement of
Preferred Stock |
|
619 |
|
|
- |
|
|
- |
|
|
- |
|
| Net Income / (Loss)
available to common stockholders |
|
(21,586 |
) |
|
404,053 |
|
|
19,308 |
|
|
153,387 |
|
| Accrued charter revenue |
|
21,250 |
|
|
(11,303 |
) |
|
5,308 |
|
|
(14,473 |
) |
| General and administrative
expenses - non-cash component |
|
3,655 |
|
|
7,414 |
|
|
1,239 |
|
|
1,891 |
|
| Amortization of Time charter
assumed |
|
192 |
|
|
(424 |
) |
|
48 |
|
|
39 |
|
| Realized (gain) / loss on
Euro/USD forward contracts (1) |
|
(488 |
) |
|
460 |
|
|
- |
|
|
434 |
|
| Vessels’ impairment loss |
|
31,577 |
|
|
- |
|
|
- |
|
|
- |
|
| (Gain) / loss on sale /
disposal of vessels, net |
|
79,120 |
|
|
(45,894 |
) |
|
(499 |
) |
|
(27,819 |
) |
| Non-recurring, non-cash
write-off of loan deferred financing costs |
|
521 |
|
|
964 |
|
|
43 |
|
|
601 |
|
| Loss on vessels held for
sale |
|
7,665 |
|
|
- |
|
|
7,665 |
|
|
- |
|
| Gain on sale of vessel by a
jointly owned company with York included in equity gain on
investments |
|
- |
|
|
(5,726 |
) |
|
- |
|
|
- |
|
| Swap’s breakage costs |
|
6 |
|
|
- |
|
|
- |
|
|
- |
|
| (Gain) / Loss on derivative
instruments, excluding interest accrued and realized on non-hedging
derivative instruments |
|
1,759 |
|
|
1,246 |
|
|
(446 |
) |
|
27 |
|
| Gain on sale of equity
securities |
|
- |
|
|
(60,161 |
) |
|
- |
|
|
(2,017 |
) |
| Other non-recurring, non-cash
items |
|
- |
|
|
(756 |
) |
|
- |
|
|
- |
|
| Adjusted Net Income
available to common stockholders |
$ |
123,671 |
|
$ |
289,873 |
|
$ |
32,666 |
|
$ |
112,070 |
|
| Adjusted Earnings per
Share |
$ |
1.02 |
|
$ |
2.36 |
|
$ |
0.27 |
|
$ |
0.91 |
|
| Weighted average number of
shares |
|
120,696,130 |
|
|
123,070,730 |
|
|
121,817,769 |
|
|
123,737,763 |
|
Adjusted Net Income available to common
stockholders and Adjusted Earnings per Share represent Net Income
after earnings allocated to preferred stock and gain on retirement
of preferred stock, but before non-cash “Accrued charter revenue”
recorded under charters with escalating or descending charter
rates, realized (gain)/loss on Euro/USD forward contracts, vessels’
impairment loss, (gain)/loss on sale / disposal of vessels, net,
loss on vessels held for sale, gain on sale / disposal of vessel by
a jointly owned company with York included in equity gain on
investments, gain on sale of equity securities, swap’s breakage
costs, non-recurring, non-cash write-off of loan deferred financing
costs, general and administrative expenses - non-cash component,
non-cash changes in fair value of derivatives and other
non-recurring, non-cash items. “Accrued charter revenue” is
attributed to the timing difference between the revenue recognition
and the cash collection. However, Adjusted Net Income available to
common stockholders and Adjusted Earnings per Share are not
recognized measurements under U.S. GAAP. We believe that the
presentation of Adjusted Net Income available to common
stockholders and Adjusted Earnings per Share are useful to
investors because they are frequently used by securities analysts,
investors and other interested parties in the evaluation of
companies in our industry. We also believe that Adjusted Net Income
available to common stockholders and Adjusted Earnings per Share
are useful in evaluating our ability to service additional debt and
make capital expenditures. In addition, we believe that Adjusted
Net Income available to common stockholders and Adjusted Earnings
per Share are useful in evaluating our operating performance and
liquidity position compared to that of other companies in our
industry because the calculation of Adjusted Net Income available
to common stockholders and Adjusted Earnings per Share generally
eliminates the effects of the accounting effects of capital
expenditures and acquisitions, certain hedging instruments and
other accounting treatments, items which may vary for different
companies for reasons unrelated to overall operating performance
and liquidity. In evaluating Adjusted Net Income available to
common stockholders and Adjusted Earnings per Share, you should be
aware that in the future we may incur expenses that are the same as
or similar to some of the adjustments in this presentation. Our
presentation of Adjusted Net Income available to common
stockholders and Adjusted Earnings per Share should not be
construed as an inference that our future results will be
unaffected by unusual or non-recurring items.
(1) Items to consider for comparability include
gains and charges. Gains positively impacting Net Income available
to common stockholders are reflected as deductions to Adjusted Net
Income available to common stockholders. Charges negatively
impacting Net Income available to common stockholders are reflected
as increases to Adjusted Net Income available to common
stockholders.
Results of Operations
Three-month period ended December 31,
2021 compared to the three-month period ended December 31,
2020
During the three-month periods ended December
31, 2021 and 2020, we had an average of 108.1 and 60.3 vessels,
respectively, in our fleet.
In the three-month period ended December 31,
2021, we sold the container vessels ZIM Shanghai and ZIM New York,
with an aggregate TEU capacity of 9,984. Furthermore, during the
three-month period ended December 31, 2021, we accepted delivery of
13 secondhand dry bulk vessels (Equity, Cetus (ex. Charm), Curacao,
Rose, Bermondi, Titan I, Orion, Greneta, Merchia, Damon, Pythias,
Egyptian Mike and Phoenix) with an aggregate DWT of 811,567.
In the three-month period ended December 31,
2020, we accepted delivery of the secondhand container vessel
Neokastro with a TEU capacity of 4,178 and we sold the container
vessel Singapore Express with a TEU capacity of 4,890.
In the three-month periods ended December 31,
2021 and 2020, our fleet ownership days totaled 9,942 and 5,552
days, respectively. Ownership days are one of the primary drivers
of voyage revenue and vessels’ operating expenses and represent the
aggregate number of days in a period during which each vessel in
our fleet is owned.
Consolidated Financial Results and
vessels’ operational data
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Three-month period |
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(Expressed in millions of U.S. dollars, |
|
ended December 31, |
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Percentage |
|
|
except percentages) |
|
2020 |
|
|
|
2021 |
|
|
|
Change |
|
|
Change |
|
|
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|
|
Voyage revenue |
$ |
119.1 |
|
|
$ |
283.9 |
|
|
$ |
164.8 |
|
|
138.4 |
% |
|
Voyage expenses |
|
(1.0 |
) |
|
|
(5.8 |
) |
|
|
4.8 |
|
|
n.m. |
|
|
Voyage expenses – related parties |
|
(1.8 |
) |
|
|
(3.7 |
) |
|
|
1.9 |
|
|
105.6 |
% |
|
Vessels’ operating expenses |
|
(32.0 |
) |
|
|
(60.6 |
) |
|
|
28.6 |
|
|
89.4 |
% |
|
General and administrative expenses |
|
(2.1 |
) |
|
|
(3.4 |
) |
|
|
1.3 |
|
|
61.9 |
% |
|
Management fees – related parties |
|
(5.6 |
) |
|
|
(9.7 |
) |
|
|
4.1 |
|
|
73.2 |
% |
|
General and administrative expenses - non-cash component |
|
(1.2 |
) |
|
|
(1.9 |
) |
|
|
0.7 |
|
|
58.3 |
% |
|
Amortization of dry-docking and special survey costs |
|
(2.3 |
) |
|
|
(2.9 |
) |
|
|
0.6 |
|
|
26.1 |
% |
|
Depreciation |
|
(27.1 |
) |
|
|
(40.9 |
) |
|
|
13.8 |
|
|
50.9 |
% |
|
Gain on sale / disposal of vessels |
|
0.5 |
|
|
|
27.8 |
|
|
|
27.3 |
|
|
n.m. |
|
|
Loss on vessels held for sale |
|
(7.7 |
) |
|
|
- |
|
|
|
(7.7 |
) |
|
n.m. |
|
|
Foreign exchange losses |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
- |
|
|
- |
|
|
Interest income |
|
0.4 |
|
|
|
- |
|
|
|
(0.4 |
) |
|
n.m. |
|
|
Interest and finance costs |
|
(17.2 |
) |
|
|
(25.3 |
) |
|
|
8.1 |
|
|
47.1 |
% |
|
Gain on sale of equity securities |
|
- |
|
|
|
2.0 |
|
|
|
2.0 |
|
|
n.m. |
|
|
Income from equity method investments |
|
4.0 |
|
|
|
0.8 |
|
|
|
(3.2 |
) |
|
(80.0 |
%) |
|
Other |
|
0.7 |
|
|
|
1.0 |
|
|
|
0.3 |
|
|
42.9 |
% |
|
Gain / (loss) on derivative instruments |
|
0.5 |
|
|
|
- |
|
|
|
(0.5 |
) |
|
n.m. |
|
|
Net Income |
$ |
27.1 |
|
|
$ |
161.2 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month period |
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. dollars, |
|
ended December 31, |
|
|
|
|
|
Percentage |
|
|
except percentages) |
|
2020 |
|
|
|
2021 |
|
|
|
Change |
|
|
Change |
|
|
Voyage revenue |
$ |
119.1 |
|
|
$ |
283.9 |
|
|
$ |
164.8 |
|
|
138.4 |
% |
|
Accrued charter revenue |
|
5.3 |
|
|
|
(14.5 |
) |
|
|
(19.8 |
) |
|
n.m. |
|
|
Amortization of time charter assumed |
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Voyage revenue adjusted on a cash basis (1) |
$ |
124.4 |
|
|
$ |
269.4 |
|
|
$ |
145 |
|
|
116.6 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels’ operational data |
|
Three-month period |
|
|
|
|
|
|
|
|
|
|
ended December 31, |
|
|
|
|
|
Percentage |
|
| |
|
2020 |
|
|
|
2021 |
|
|
|
Change |
|
|
Change |
|
|
Average number of vessels |
|
60.3 |
|
|
|
108.1 |
|
|
|
47.8 |
|
|
79.3 |
% |
|
Ownership days |
|
5,552 |
|
|
|
9,942 |
|
|
|
4,390 |
|
|
79.1 |
% |
|
Number of vessels under dry-docking |
|
2 |
|
|
|
2 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segmental Financial Summary
|
|
|
Three-month period ended December 31, 2021 |
|
|
|
Container vessels |
Dry bulk vessels |
Other |
Total |
|
|
|
|
|
|
|
|
Voyage revenue |
|
$ |
203.2 |
|
$ |
80.7 |
|
$ |
- |
$ |
283.9 |
|
|
Voyage expenses |
|
|
(1.7 |
) |
|
(4.1 |
) |
|
- |
|
(5.8 |
) |
|
Voyage expenses – related parties |
|
|
(2.7 |
) |
|
(1.0 |
) |
|
- |
|
(3.7 |
) |
|
Vessels’ operating expenses |
|
|
(41.2 |
) |
|
(19.4 |
) |
|
- |
|
(60.6 |
) |
|
General and administrative expenses |
|
|
(2.3 |
) |
|
(1.1 |
) |
|
- |
|
(3.4 |
) |
|
Management fees – related parties |
|
|
(6.6 |
) |
|
(3.1 |
) |
|
- |
|
(9.7 |
) |
|
General and administrative expenses - non-cash component |
|
|
(1.3 |
) |
|
(0.6 |
) |
|
- |
|
(1.9 |
) |
|
Amortization of dry-docking and special survey costs |
|
|
(2.8 |
) |
|
(0.1 |
) |
|
- |
|
(2.9 |
) |
|
Depreciation |
|
|
(33.4 |
) |
|
(7.5 |
) |
|
- |
|
(40.9 |
) |
|
Gain on sale / disposal of vessels |
|
|
27.8 |
|
|
- |
|
|
- |
|
27.8 |
|
|
Foreign exchange losses |
|
|
(0.1 |
) |
|
- |
|
|
- |
|
(0.1 |
) |
|
Interest and finance costs |
|
|
(22.5 |
) |
|
(2.8 |
) |
|
- |
|
(25.3 |
) |
|
Gain on sale of equity securities |
|
|
- |
|
|
- |
|
|
2.0 |
|
2.0 |
|
|
Income from equity method investments |
|
|
- |
|
|
- |
|
|
0.8 |
|
0.8 |
|
|
Other |
|
|
0.8 |
|
|
0.2 |
|
|
- |
|
1.0 |
|
|
Net Income |
|
$ |
117.2 |
|
$ |
41.2 |
|
$ |
2.8 |
$ |
161.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Voyage revenue adjusted on a cash basis is
not a recognized measurement under U.S. generally accepted
accounting principles (“GAAP”). Refer to “Consolidated Financial
Results and vessels’ operational data” above for the reconciliation
of Voyage revenue adjusted on a cash basis.
Voyage Revenue
Voyage revenue increased by 138.4%, or $164.8
million, to $283.9 million during the three-month period ended
December 31, 2021, from $119.1 million during the three-month
period ended December 31, 2020. The increase is mainly attributable
to (i) revenue earned by one container vessel acquired during the
three-month period ended December 31, 2020, as well as to the 16
container vessels and 41 dry bulk vessels acquired during the year
ended December 31, 2021 and (ii) increased charter rates in certain
of our container vessels, partly off-set by revenue not earned by
five container vessels sold during the year ended December 31,
2021.
Voyage revenue adjusted on a cash basis (which
eliminates non-cash “Accrued charter revenue”) increased by 116.6%,
or $145.0 million, to $269.4 million during the three-month period
ended December 31, 2021, from $124.4 million during the three-month
period ended December 31, 2020. Accrued charter revenue for the
three-month periods ended December 31, 2021 and 2020 was a negative
amount of $14.5 million and a positive amount of $5.3 million,
respectively.
Voyage Expenses
Voyage expenses were $5.8 million and $1.0
million for the three-month periods ended December 31, 2021 and
2020, respectively. Voyage expenses mainly include (i) off-hire
expenses of our vessels, primarily related to fuel consumption and
(ii) third party commissions.
Voyage Expenses – related parties
Voyage expenses – related parties were $3.7
million and $1.8 million for the three-month periods ended December
31, 2021 and 2020, respectively. Voyage expenses – related parties
represent (i) fees of 1.25%, in the aggregate, on voyage revenues
charged by a related manager and a service provider and (ii)
charter brokerage fees (in respect of our container vessels)
payable to two related charter brokerage companies for an amount of
approximately $0.4 million and $0.3 million, in the aggregate, for
the three-month periods ended December 31, 2021 and 2020,
respectively.
Vessels’ Operating Expenses
Vessels’ operating expenses, which also include
the realized gain/(loss) under derivative contracts entered into in
relation to foreign currency exposure, were $60.6 million and $32.0
million during the three-month periods ended December 31, 2021 and
2020, respectively. Daily vessels’ operating expenses were $6,103
and $5,774 for the three-month periods ended December 31, 2021 and
2020, respectively. The increase in the daily operating expenses
during the quarter ended December 31, 2021 is mainly attributable
to increased one-time predelivery expenses for the acquisition of
dry bulk vessels and increased crew costs related to COVID-19
pandemic measures. 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 $3.4
million and $2.1 million during the three-month periods ended
December 31, 2021 and 2020, respectively, and both include $0.63
million paid to a related manager.
Management Fees – related parties
Management fees paid to our related party
managers were $9.7 million and $5.6 million during the three-month
periods ended December 31, 2021 and 2020, respectively.
General and Administrative Expenses - non-cash
component
General and administrative expenses - non-cash
component for the three-month period ended December 31, 2021
amounted to $1.9 million, representing the value of the shares
issued to a related party manager on December 30, 2021. General and
administrative expenses - non-cash component for the three-month
period ended December 31, 2020 amounted to $1.2 million,
representing the value of the shares issued to a related party
manager on December 30, 2020.
Amortization of Dry-Docking and Special
Survey
Amortization of deferred dry-docking and special
survey costs was $2.9 million and $2.3 million during the
three-month periods ended December 31, 2021 and 2020, respectively.
During the three-month period ended December 31, 2021, one vessel
underwent and completed her dry-docking and special survey and one
vessel was in the process of completing her dry-docking and special
survey. During the three-month period ended December 31, 2020, two
vessels underwent and completed their dry-docking and special
survey.
Depreciation
Depreciation expense for the three-month periods
ended December 31, 2021 and 2020 was $40.9 million and $27.1
million, respectively.
Gain on Sale / Disposal of Vessels
During the three-month period ended December 31,
2021, we recorded a gain of $27.8 million from the sale of the
container vessels ZIM Shanghai and ZIM New York, which were
classified as vessels held for sale at September 30, 2021
(initially classified as vessel held for sale as of June 30, 2021).
During the three-month period ended December 31, 2020, we recorded
a gain of $0.5 million from the sale of the vessel Singapore
Express, which was classified as vessel held for sale at June 30,
2020 and September 30, 2020.
Loss on Vessels Held for Sale
During the three-month period ended December 31,
2021, the container vessels Messini, Sealand Illinois, Sealand
Michigan and York were classified as vessels held for sale. No loss
on vessels held for sale was recorded during the fourth quarter of
2021, since each vessel’s estimated fair value less costs to sell
exceeded each vessel’s carrying value. During the three-month
period ended December 31, 2020, the container vessel Halifax
Express was classified as vessel held for sale and we recorded a
loss on vessel held for sale of $7.7 million, which resulted
from its estimated fair value measurement less costs to sell,
during the period.
Interest Income
Interest income amounted to nil and $0.4 million
for the three-month periods ended December 31, 2021 and 2020,
respectively.
Interest and Finance Costs
Interest and finance costs were $25.3 million
and $17.2 million during the three-month periods ended December 31,
2021 and 2020, respectively. The increase is mainly attributable to
the increased average loan balances during the three-month period
ended December 31, 2021 compared to the three-month period ended
December 31, 2020, partly off-set by decreased financing cost
during the three-month period ended December 31, 2021 compared to
the three-month period ended December 31, 2020.
Gain on Sale of Equity Securities
Gain on sale of equity securities of $2.0
million for the three-month period ended December 31, 2021,
represents the difference between the aggregate sale price of
1,221,800 ordinary shares of ZIM as compared to their carrying
value as at September 30, 2021. ZIM completed its initial public
offering and listing on the New York Stock Exchange of its ordinary
shares on January 27, 2021.
Income from Equity Method Investments
During the three-month period ended December 31,
2021, we recorded an income from equity method investments of $0.8
million representing our share of the income in jointly owned
companies pursuant to the Framework Deed dated May 15, 2013, as
amended and restated (the “Framework Deed”), with York Capital
Management Advisors LLC (“York”). As of December 31, 2021, six
companies are jointly owned with York (of which, four companies
currently own container vessels). During the three-month period
ended December 31, 2020, we recorded an income from equity method
investments of $4.0 million relating to investments under the
Framework Deed. As of December 31, 2020, 13 companies were jointly
owned with York (of which, ten companies owned container vessels).
The decreased income from equity method investments in the fourth
quarter of 2021 compared to the fourth quarter of 2020 is mainly
attributable to the decreased number of container vessels jointly
owned with York during the fourth quarter of 2021 compared to the
fourth quarter of 2020; partly off-set by the increased
profitability of certain jointly owned vessels during the fourth
quarter of 2021 compared to the fourth quarter of 2020.
Gain / (loss) on Derivative Instruments
As of December 31, 2021, ten interest rate
derivative instruments and two cross currency rate swaps were
outstanding and their fair value, in aggregate, amounted to a
liability of $10.9 million. The change in the fair value of our
interest rate derivative instruments and cross currency swaps that
qualified for hedge accounting is recorded in “Other Comprehensive
Income” (“OCI”) and reclassified into earnings in the same period
or periods during which the hedged transaction affects earnings.
For the three-month period ended December 31, 2021, a gain of $5.2
million has been included in OCI and a loss of $0.1 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 December 31, 2021.
Cash Flows
Three-month periods ended December 31, 2021 and
2020
| Condensed cash
flows |
|
Three-month period ended December 31, |
|
(Expressed in millions of U.S. dollars) |
|
|
2020 |
|
|
|
2021 |
|
| Net Cash Provided by Operating
Activities |
|
$ |
68.4 |
|
|
$ |
165.4 |
|
| Net Cash Used in Investing
Activities |
|
$ |
(14.7 |
) |
|
$ |
(110.2 |
) |
| Net Cash Used in Financing
Activities |
|
$ |
(49.2 |
) |
|
$ |
- |
|
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities
for the three-month period ended December 31, 2021, increased by
$97.0 million to $165.4 million, from $68.4 million for the
three-month period ended December 31, 2020. The increase is mainly
attributable to increased cash from operations of $145.0 million,
partly off-set by the 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 $2.3 million, by the increased payments for interest
(including swap payments) of $5.9 million during the three-month
period ended December 31, 2021 compared to the three-month period
ended December 31, 2020 and by the increased dry-docking and
special survey costs of $0.1 million during the three-month period
ended December 31, 2021 compared to the three-month period ended
December 31, 2020.
Net Cash Used in Investing
Activities
Net cash used in investing activities was $110.2
million in the three-month period ended December 31, 2021, which
mainly consisted of (i) payments for the acquisition of six
secondhand dry bulk vessels, (ii) settlement payments for the
delivery of seven secondhand dry bulk vessels, (iii) settlement
payment for one secondhand container vessel which was delivered in
January 2022, (iv) advance payment for the acquisition of one
secondhand dry bulk vessel, which was delivered in January 2022,
and (v) payments for upgrades for certain of our container and dry
bulk vessels; partly off-set by proceeds we received from (i) the
sale of two container vessels and (ii) the sale of 1,221,800
ordinary shares of ZIM that we owned.
Net cash used in investing activities was $14.7
million in the three-month period ended December 31, 2020, which
mainly consisted of payments for upgrades for certain of our
container vessels and payments for the acquisition of one
secondhand container vessel; partly off-set by proceeds we received
from the sale of one container vessel and by return of capital we
received from three entities jointly-owned with York pursuant to
the Framework Deed.
Net Cash Used in Financing
Activities
Net cash used in financing activities was nil in
the three-month period ended December 31, 2021, which mainly
consisted of (a) $20.0 million net proceeds relating to our debt
financing agreements (including proceeds of $159.1 million we
received from our debt financing agreements), (b) $10.8 million we
paid for dividends to holders of our common stock for the third
quarter of 2021 and (c) $0.9 million we paid for dividends to
holders of our 7.625% Series B Cumulative Redeemable Perpetual
Preferred Stock (“Series B Preferred Stock”), $2.1 million we paid
for dividends to holders of our 8.500% Series C Cumulative
Redeemable Perpetual Preferred Stock (“Series C Preferred Stock”),
$2.2 million we paid for dividends to holders of our 8.75% Series D
Cumulative Redeemable Perpetual Preferred Stock (“Series D
Preferred Stock”) and $2.5 million we paid for dividends to holders
of our 8.875% Series E Cumulative Redeemable Perpetual Preferred
Stock (“Series E Preferred Stock”) for the period from July 15,
2021 to October 14, 2021.
Net cash used in financing activities was $49.2
million in the three-month period ended December 31, 2020, which
mainly consisted of (a) $32.0 million net payments relating to our
debt financing agreements, (b) $9.3 million we paid for dividends
to holders of our common stock for the third quarter of 2020 and
(c) $0.9 million we paid for dividends to holders of our Series B
Preferred Stock, $2.1 million we paid for dividends to holders of
our Series C Preferred Stock, $2.2 million we paid for dividends to
holders of our Series D Preferred Stock and $2.5 million we paid
for dividends to holders of our Series E Preferred Stock for the
period from July 15, 2020 to October 14, 2020.
Year ended December 31, 2021 compared to
the year ended December 31, 2020
During the years ended December 31, 2021 and
2020, we had an average of 83.6 and 60.0 vessels, respectively, in
our fleet.
In the year ended December 31, 2021, (i) we
accepted delivery of the newbuild container vessels YM Target and
YM Tiptop with an aggregate TEU capacity of 25,380, the secondhand
container vessels Aries, Argus, Glen Canyon, Androusa, Norfolk,
Porto Cheli, Porto Kagio, Porto Germeno, and Gialova with an
aggregate TEU capacity of 49,909; and we sold the container vessels
Halifax Express, Prosper, Venetiko, ZIM Shanghai and ZIM New York
with an aggregate TEU capacity of 22,306 and (ii) we acquired (a)
the 75% equity interest of York Capital Management in each of the
11,010 TEU container vessels Cape Kortia and Cape Sounio and (b)
the 51% equity interest of York in each of the 11,010 TEU container
vessels Cape Tainaro, Cape Artemisio and Cape Akritas and as a
result we obtained 100% of the equity interest in each of these
five vessels.
Furthermore, in the year ended December 31,
2021, we acquired all of the equity interest of sixteen companies
(which owned or had committed to acquire dry bulk vessels) owned by
entities affiliated with our Chairman and Chief Executive Officer,
Konstantinos Konstantakopoulos. We agreed to acquire these
companies from Mr. Konstantakopoulos at cost with no mark-up or
premium payable to Mr. Konstantakopoulos or his affiliated
entities. Mr. Konstantakopoulos did not receive a profit as a
result of the acquisition. The sixteen dry bulk vessels (Pegasus,
Builder, Adventure, Eracle, Peace, Sauvan, Pride, Alliance,
Manzanillo, Acuity, Seabird, Aeolian, Comity, Athena, Farmer and
Greneta) that were part of the acquisition had an aggregate DWT of
932,329 and were delivered to us during the year ended December 31,
2021. In addition, in the year ended December 31, 2021, we accepted
delivery of another twenty-seven secondhand dry bulk vessels
(Bernis, Verity, Dawn, Discovery, Clara, Serena, Merida, Progress,
Miner, Parity, Uruguay, Resource, Konstantinos, Taibo, Thunder,
Equity, Cetus (ex. Charm), Curacao, Rose, Bermondi, Titan I, Orion,
Merchia, Damon, Pythias, Egyptian Mike and Phoenix) with an
aggregate DWT of 1,388,422.
In the year ended December 31, 2020, we accepted
delivery of the newbuild container vessels YM Triumph, YM Truth and
YM Totality with an aggregate TEU capacity of 38,070 and the
secondhand container vessels Virgo, Scorpius and Neokastro with an
aggregate TEU capacity of 11,008; and we sold the container vessels
Neapolis, Kawasaki, Kokura, Zagora and Singapore Express with an
aggregate TEU capacity of 22,503.
In the year ended December 31, 2021 and 2020,
our fleet ownership days totaled 30,525 and 21,965 days,
respectively. Ownership days are one of the primary drivers of
voyage revenue and vessels’ operating expenses and represent the
aggregate number of days in a period during which each vessel in
our fleet is owned.
Consolidated Financial Results and
vessels’ operational data (1)
|
|
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. dollars, |
|
Year ended December, |
|
|
|
|
Percentage |
|
except percentages) |
|
2020 |
|
|
2021 |
|
|
Change |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
$ |
460.3 |
|
|
$ |
793.6 |
|
|
$ |
333.3 |
|
|
72.4 |
% |
|
Voyage expenses |
(7.4 |
) |
|
|
(13.3 |
) |
|
|
5.9 |
|
|
79.7 |
% |
|
Voyage expenses – related parties |
|
(6.5 |
) |
|
|
(11.1 |
) |
|
|
4.6 |
|
|
70.8 |
% |
|
Vessels’ operating expenses |
|
(117.1 |
) |
|
|
(180.0 |
) |
|
|
62.9 |
|
|
53.7 |
% |
|
General and administrative expenses |
|
(7.4 |
) |
|
|
(9.4 |
) |
|
|
2.0 |
|
|
27.0 |
% |
|
Management fees – related parties |
|
(21.6 |
) |
|
|
(29.6 |
) |
|
|
8.0 |
|
|
37.0 |
% |
|
General and administrative expenses - non-cash component |
|
(3.7 |
) |
|
|
(7.4 |
) |
|
|
3.7 |
|
|
100.0 |
% |
|
Amortization of dry-docking and special survey costs |
|
(9.0 |
) |
|
|
(10.4 |
) |
|
|
1.4 |
|
|
15.6 |
% |
|
Depreciation |
(108.7 |
) |
|
|
(137.0 |
) |
|
|
28.3 |
|
|
26.0 |
% |
|
Gain / (loss) on sale / disposal of vessels, net |
|
(79.1 |
) |
|
|
45.9 |
|
|
|
125.0 |
|
|
n.m. |
|
|
Loss on vessels held for sale |
|
(7.7 |
) |
|
|
- |
|
|
|
(7.7 |
) |
|
n.m. |
|
|
Vessels’ impairment loss |
|
(31.6 |
) |
|
|
- |
|
|
|
(31.6 |
) |
|
n.m. |
|
|
Foreign exchange gains / (losses) |
|
(0.3 |
) |
|
|
0.1 |
|
|
|
0.4 |
|
|
n.m. |
|
|
Interest income |
1.9 |
|
|
|
1.6 |
|
|
|
(0.3 |
) |
|
(15.8 |
%) |
|
Interest and finance costs |
|
(68.7 |
) |
|
|
(86.1 |
) |
|
|
17.4 |
|
|
25.3 |
% |
|
Swaps’ breakage cost |
|
- |
|
|
|
- |
|
|
|
- |
|
|
n.m. |
|
|
Gain on sale of equity securities |
|
- |
|
|
|
60.2 |
|
|
|
60.2 |
|
|
n.m. |
|
|
Income from equity method investments |
|
16.2 |
|
|
|
12.8 |
|
|
|
(3.4 |
) |
|
(21.0 |
%) |
|
Dividend income from investment in equity securities |
|
- |
|
|
|
1.8 |
|
|
|
1.8 |
|
|
n.m. |
|
|
Other |
|
1.2 |
|
|
|
4.6 |
|
|
|
3.4 |
|
|
n.m. |
|
|
Loss on derivative instruments |
|
(1.9 |
) |
|
|
(1.2 |
) |
|
|
(0.7 |
) |
|
(36.8 |
%) |
|
Net Income |
$ |
8.9 |
|
|
$ |
435.1 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. dollars, |
|
Year ended December 31, |
|
|
|
|
Percentage |
|
except percentages) |
|
2020 |
|
|
2021 |
|
|
Change |
|
Change |
|
Voyage revenue |
$ |
460.3 |
|
|
$ |
793.6 |
|
|
$ |
333.3 |
|
|
72.4 |
% |
|
Accrued charter revenue |
|
21.3 |
|
|
|
(11.3 |
) |
|
|
(32.6 |
) |
|
(153.1 |
%) |
|
Amortization of time charter assumed |
|
0.2 |
|
|
|
(0.4 |
) |
|
|
(0.6 |
) |
|
n.m. |
|
|
Voyage revenue adjusted on a cash basis (2) |
$ |
481.8 |
|
|
$ |
781.9 |
|
|
$ |
300.1 |
|
|
62.3 |
% |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Vessels’ operational
data |
|
Year ended December 31, |
|
|
|
|
Percentage |
| |
|
2020 |
|
|
2021 |
|
|
Change |
|
Change |
|
Average number of vessels |
|
60.0 |
|
|
|
83.6 |
|
|
|
23.6 |
|
|
39.3 |
% |
|
Ownership days |
21,965 |
|
|
|
30,525 |
|
|
|
8,560 |
|
|
39.0 |
% |
|
Number of vessels under dry-docking |
|
11 |
|
|
|
15 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segmental Financial Summary
(1)
|
|
|
|
|
Year ended December 31, 2021 |
|
|
Containervessels |
Dry bulkvessels |
Other |
Total |
|
Voyage revenue |
$ |
678.3 |
|
$ |
115.3 |
|
$ |
- |
$ |
793.6 |
|
|
Voyage expenses |
|
(7.1 |
) |
|
(6.2 |
) |
|
- |
|
(13.3 |
) |
|
Voyage expenses – related parties |
|
(9.6 |
) |
|
(1.5 |
) |
|
- |
|
(11.1 |
) |
|
Vessels’ operating expenses |
|
(151.5 |
) |
|
(28.5 |
) |
|
- |
|
(180.0 |
) |
|
General and administrative expenses |
|
(8.2 |
) |
|
(1.2 |
) |
|
- |
|
(9.4 |
) |
|
Management fees – related parties |
|
(24.9 |
) |
|
(4.7 |
) |
|
- |
|
(29.6 |
) |
|
General and administrative expenses – non-cash component |
|
(6.3 |
) |
|
(1.1 |
) |
|
- |
|
(7.4 |
) |
|
Amortization of dry-docking and special survey costs |
|
(10.3 |
) |
|
(0.1 |
) |
|
- |
|
(10.4 |
) |
|
Depreciation |
|
(125.8 |
) |
|
(11.2 |
) |
|
- |
|
(137.0 |
) |
|
Gain on sale / disposal of vessels, net |
|
45.9 |
|
|
- |
|
|
- |
|
45.9 |
|
|
Foreign exchange gains |
|
0.1 |
|
|
- |
|
|
- |
|
0.1 |
|
|
Interest income |
|
1.6 |
|
|
- |
|
|
- |
|
1.6 |
|
|
Interest and finance costs |
|
(81.9 |
) |
|
(4.2 |
) |
|
- |
|
(86.1 |
) |
|
Gain on sale of equity securities |
|
- |
|
|
- |
|
|
60.2 |
|
60.2 |
|
|
Income from equity method investments |
|
- |
|
|
- |
|
|
12.8 |
|
12.8 |
|
|
Dividend income from investment in equity securities |
|
- |
|
|
- |
|
|
1.8 |
|
1.8 |
|
|
Other |
|
4.3 |
|
|
0.3 |
|
|
- |
|
4.6 |
|
|
Loss on derivative instruments |
|
(1.1 |
) |
|
(0.1 |
) |
|
- |
|
(1.2 |
) |
|
Net Income |
$ |
303.5 |
|
$ |
56.8 |
|
$ |
74.8 |
$ |
435.1 |
|
|
|
|
|
|
|
|
(1) The results of dry bulk vessels are included
from June 14, 2021. Prior to that, our results were attributable to
container vessels only.(2) Voyage revenue adjusted on a cash basis
is not a recognized measurement under U.S. generally accepted
accounting principles (“GAAP”). Refer to “Consolidated Financial
Results and vessels’ operational data” above for the reconciliation
of Voyage revenue adjusted on a cash basis.
Voyage Revenue
Voyage revenue increased by 72.4%, or $333.3
million, to $793.6 million during the year ended December 31, 2021,
from $460.3 million during the year ended December 31, 2020. The
increase is mainly attributable to (i) revenue earned by six
container vessels acquired during the year ended December 31, 2020
as well as by revenue earned by 16 container vessels and 41 dry
bulk vessels acquired during the year ended December 31, 2021, and
(ii) increased charter rates in certain of our container vessels
during the year ended December 31, 2021 compared to the year ended
December 31, 2020, partly off-set by revenue not earned by five
container vessels sold during the year ended December 31, 2020 and
five container vessels sold during the year ended December 31,
2021.
Voyage revenue adjusted on a cash basis (which
eliminates non-cash “Accrued charter revenue”), increased by 62.3%,
or $300.1 million, to $781.9 million during the year ended December
31, 2021, from $481.8 million during the year ended December 31,
2020. Accrued charter revenue for the years ended December 31, 2021
and 2020 was a negative amount of $11.3 million and a positive
amount of $21.3 million, respectively.
Voyage Expenses
Voyage expenses were $13.3 million and $7.4
million for the years ended December 31, 2021 and 2020,
respectively. Voyage expenses mainly include (i) off-hire expenses
of our vessels, primarily related to fuel consumption and (ii)
third party commissions.
Voyage Expenses – related parties
Voyage expenses – related parties were $11.1
million and $6.5 million for the years ended December 31, 2021 and
2020, respectively. Voyage expenses – related parties represent (i)
fees of 1.25% in the aggregate on voyage revenues charged by a
related manager and a service provider and (ii) charter brokerage
fees (in respect of our container vessels) payable to two related
charter brokerage companies for an amount of approximately $1.3
million and $0.8 million, in the aggregate, for the years ended
December 31, 2021 and 2020, respectively.
Vessels’ Operating Expenses
Vessels’ operating expenses, which also include
the realized gain/(loss) under derivative contracts entered into in
relation to foreign currency exposure, were $180.0 million and
$117.1 million during the years ended December 31, 2021 and 2020,
respectively. Daily vessels’ operating expenses were $5,896 and
$5,329 for the years ended December 31, 2021 and 2020,
respectively. The increase in the daily operating expenses during
the year ended December 31, 2021 is mainly attributable to
increased one-time predelivery expenses for the acquisition of dry
bulk vessels and increased crew costs related to COVID-19 pandemic
measures. 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 $9.4
million and $7.4 million during the years ended December 31, 2021
and 2020, respectively, and both include $2.5 million paid to a
related manager.
Management Fees – related parties
Management fees paid to our related party
managers were $29.6 million and $21.6 million during the years
ended December 31, 2021 and 2020, respectively.
General and Administrative Expenses – non-cash
component
General and administrative expenses – non-cash
component for the year ended December 31, 2021 amounted to $7.4
million, representing the value of the shares issued to a related
party manager on March 31, 2021, June 30, 2021, September 30, 2021
and December 30, 2021. General and administrative expenses –
non-cash component for the year ended December 31, 2020 amounted to
$3.7 million, representing the value of the shares issued to a
related party manager on March 30, 2020, June 30, 2020, September
30, 2020 and December 30, 2020.
Amortization of Dry-Docking and Special
Survey
Amortization of deferred dry-docking and special
survey costs was $10.4 million and $9.0 million during the year
ended December 31, 2021 and 2020, respectively. During the year
ended December 31, 2021, 14 vessels underwent and completed their
dry-docking and special survey and one vessel was in the process of
completing her dry-docking and special survey. During the year
ended December 31, 2020, 11 vessels underwent and completed their
dry-docking and special survey.
Depreciation
Depreciation expense for the year ended December
31, 2021 and 2020 was $137.0 million and $108.7 million,
respectively.
Gain / (loss) on Sale / Disposal of Vessels,
net
During the year ended December 31, 2021, we
recorded a net gain of $45.9 million from the sale of the container
vessels Prosper (asset held for sale at March 31, 2021), Halifax
Express (asset held for sale at December 31, 2020), Venetiko (asset
held for sale at March 31, 2021 and June 30, 2021), ZIM Shanghai
(asset held for sale as at June 30, 2021 and September 30, 2021)
and ZIM New York (asset held for sale as at June 30, 2021 and
September 30, 2021). During the year ended December 31, 2020, we
recorded an aggregate net loss of $79.1 million from the sale of
the container vessels Neapolis, Kawasaki, Kokura, Zagora and
Singapore Express. Neapolis and Zagora were classified as assets
held for sale at December 31, 2019.
Loss on Vessels Held for Sale
During the year ended December 31, 2021, the
container vessels Messini, Sealand Illinois, Sealand Michigan and
York were classified as vessels held for sale. No loss on vessels
held for sale was recorded since each vessel’s estimated fair value
less costs to sell exceeded each vessel’s carrying value. During
the year ended December 31, 2020, the container vessel Halifax
Express was classified as vessel held for sale and we recorded a
loss on vessel held for sale of $7.7 million, which resulted
from its estimated fair value measurement less costs to sell,
during the year.
Vessels’ Impairment Loss
During the year ended December 31, 2021 no
impairment loss was recorded. During the year ended December 31,
2020, we recorded an impairment loss in relation to five of our
container vessels in the amount of $31.6 million, in the
aggregate.
Interest Income
Interest income amounted to $1.6 million and
$1.9 million for the years ended December 31, 2021 and 2020,
respectively.
Interest and Finance Costs
Interest and finance costs were $86.1 million
and $68.7 million during the years ended December 31, 2021 and
2020, respectively. The increase is mainly attributable to the
increased average loan balances during the year ended December 31,
2021 compared to the year ended December 31, 2020, partly off-set
by the decreased financing cost during the year ended December 31,
2021 compared to the year ended December 31, 2020.
Swaps’ Breakage Costs
During the year ended December 31, 2020, we
terminated two interest rate derivative instruments that qualified
for hedge accounting and we paid the counterparties breakage costs
in the amount of $0.006 million in the aggregate.
Gain on Sale of Equity Securities / Dividend
Income from Investment in Equity Securities
The gain on sale of equity securities of $60.2
million for the year period ended December 31, 2021, represents the
difference between the aggregate sale price of 1,221,800 ordinary
shares of ZIM as compared to the book value of these shares as of
December 31, 2020. ZIM completed its initial public offering and
listing on the New York Stock Exchange of its ordinary shares on
January 27, 2021. Furthermore, in the year ended December 31, 2021,
we received a dividend from ZIM in the amount of $1.8 million.
Income from Equity Method Investments
During the year ended December 31, 2021, we
recorded an income from equity method investments of $12.8 million
representing our share of the income in jointly owned companies
pursuant to the Framework Deed, with York. Since late March 2021,
we have held 100% of the equity interest in five previously jointly
owned companies with York, and since then these five companies are
consolidated in our consolidated financial statements. As of
December 31, 2021, six companies are jointly owned with York (of
which, four companies currently own container vessels). During the
year ended December 31, 2020, we recorded an income from equity
method investments of $16.2 million relating to investments under
the Framework Deed. As of December 31, 2020, 13 companies were
jointly owned with York (of which, ten companies owned container
vessels). The decreased income from equity method investments in
2021 compared to 2020 is mainly attributable to the decreased
number of container vessels jointly owned with York during 2021
compared to 2020; partly off-set by the increased profitability of
certain jointly owned with York container vessels during 2021
compared to 2020 and to the gain on sale of one jointly owned with
York container vessel which was sold in the third quarter of
2021.
Loss on Derivative Instruments
As of December 31, 2021, ten interest rate
derivative instruments and two cross currency rate swaps were
outstanding and their fair value, in aggregate, as at that date
were a liability of $10.9 million. The change in the fair value of
our interest rate derivative instruments and cross currency swaps
that qualified for hedge accounting is recorded in OCI and
reclassified into earnings in the same period or periods during
which the hedged transaction affects earnings. For the year ended
December 31, 2021, a gain of $5.7 million has been included in OCI
and a loss of $0.4 million has been included in 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, 2021.
Cash Flows
Years ended December 31, 2021 and 2020
| Condensed cash
flows |
|
Years ended December 31, |
|
(Expressed in millions of U.S. dollars) |
|
|
2020 |
|
|
|
2021 |
|
| Net Cash Provided by Operating
Activities |
|
$ |
274.3 |
|
|
$ |
466.5 |
|
| Net Cash Used in Investing
Activities |
|
$ |
(36.4 |
) |
|
$ |
(787.5 |
) |
| Net Cash Provided by / (Used
in) Financing Activities |
|
$ |
(241.9 |
) |
|
$ |
482.6 |
|
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities
for the year ended December 31, 2021, increased by $192.2 million
to $466.5 million, from $274.3 million for year ended December 31,
2020. The increase is mainly attributable to increased cash from
operations of $300.2 million, partly off-set by the 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 $1.3 million, by the
increased payments for interest (including swap payments) of $11.8
million during the year ended December 31, 2021 compared to the
year ended December 31, 2020 and by the increased dry-docking and
special survey costs of $3.4 million during the year ended December
31, 2021 compared to the year ended December 31, 2020.
Net Cash Used in Investing
Activities
Net cash used in investing activities was $787.5
million in the year ended December 31, 2021, which mainly consisted
of (i) net payments for the acquisition of the 75% equity interest
in two companies and of the 51% equity interest in three companies,
previously jointly owned with York pursuant to the Framework Deed,
(ii) payments for the delivery of two newbuild container vessels,
(iii) settlement payments for the acquisition of three secondhand
container vessels, (iv) payments for the acquisition of six
secondhand container vessels and 41 dry bulk vessels, (v) payment
for the acquisition of one secondhand container vessel which was
delivered in January 2022, (vi) advance payments for the
acquisition of one secondhand dry bulk vessel, which was delivered
in January 2022 (vii) payments for the acquisition of the equity
interest of sixteen companies (which owned or had committed to
acquire dry bulk vessels) owned by our Chairman and Chief Executive
Officer, Konstantinos Konstantakopoulos in accordance with the
Share and Purchase agreement dated June 14, 2021 (agreed to acquire
the equity interest of these companies at cost with no mark-up or
premium payable to Mr. Konstantakopoulos or his affiliated
entities) and (viii) payments for upgrades for certain of our
container and dry bulk vessels; partly off-set by proceeds we
received from (i) the sale of 1,221,800 ordinary shares of ZIM that
we owned, (ii) the sale of five container vessels and (iii) return
of capital we received from one entity jointly -owned with York
pursuant to the Framework Deed.
Net cash used in investing activities was $36.4
million in the year ended December 31, 2020, which mainly consisted
of payments for upgrades for certain of our container vessels and
payments for the delivery of three newbuild container vessels and
three secondhand container vessels; partly off-set by proceeds we
received from the sale of five of our container vessels and by
return of capital we received from ten entities jointly-owned with
York pursuant to the Framework Deed.
Net Cash Provided by / (Used in)
Financing Activities
Net cash provided by financing activities was
$482.6 million in the year ended December 31, 2021, which mainly
consisted of (a) $570.0 million net proceeds relating to our debt
financing agreements (including proceeds we received (i) from the
issuance of €100.0 million unsecured bond on the Athens Exchange
and (ii) from our debt financing agreements of an amount of
$1,103.1 million), (b) $40.2 million we paid for dividends to
holders of our common stock for the fourth quarter of 2020, the
first quarter of 2021, the second quarter of 2021 and the third
quarter of 2021 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, $8.7 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 periods from October 15, 2020 to January
14, 2021, January 15, 2021 to April 14, 2021, April 15, 2021 to
July 14, 2021 and July 15, 2021 to October 14, 2021.
Net cash used in financing activities was $241.9
million in the year ended December 31, 2020, which mainly consisted
of (a) $165.1 million net payments relating to our debt financing
agreements, (b) $34.3 million we paid for dividends to holders of
our common stock for the fourth quarter of 2019, the first quarter
of 2020, the second quarter of 2020 and the third quarter of 2020
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, $8.7 million we paid for dividends to
holders of our 8.75% 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, 2019 to January 14, 2020, January 15,
2020 to April 14, 2020, April 15, 2020 to July 14, 2020 and July
15, 2020 to October 14, 2020.
Liquidity and Unencumbered Vessels
Cash and cash equivalents
As of December 31, 2021, we had Cash and cash
equivalents of $353.5 million, consisting of cash, cash equivalents
and restricted cash. Furthermore, as of December 31, 2021, we had
liquidity of $359.0 million (including our share of cash amounting
to $5.5 million held in companies co-owned with York), which
coupled with the $193.3 million of undrawn funds from our two
hunting license facilities (adjusted for the $56.7 million already
drawn in 2022), amounts to $552.3 million.
Debt-free vessels
As of March 9, 2022, the following vessels were free of
debt.
|
Unencumbered Vessels (Refer to fleet list for full
details) |
|
|
|
Vessel Name |
|
YearBuilt |
|
TEU Capacity |
|
|
Containerships |
|
|
|
|
|
| ETOILE |
|
2005 |
|
2,556 |
|
| MICHIGAN |
|
2008 |
|
1,300 |
|
| MESSINI |
|
1997 |
|
2,458 |
|
| MONEMVASIA (*) |
|
1998 |
|
2,472 |
|
| ARKADIA (*) |
|
2001 |
|
1,550 |
|
(*) Vessels acquired pursuant to the Framework Deed with
York.
Conference Call details:
On Thursday, March 10, 2022 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 March 17, 2022. 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:
4701527.
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
48 years of history in the international shipping industry and a
fleet of 85 containerships, with a total capacity of approximately
670,600 TEU (including eight newbuild vessels currently under
construction and six vessels that we have agreed to sell) and 46
dry bulk vessels with a total capacity of approximately 2,493,500
DWT (including one secondhand vessel that we have agreed to
acquire). Four of our containerships have been acquired pursuant to
the Framework Deed with York 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 the
Company’s Annual Report on Form 20-F (File No. 001-34934) under the
caption “Risk Factors” and the Company’s Results for the Second
Quarter and Six-Months Ended June 30, 2021 on Form 6-K (filed on
July 28, 2021 with the SEC) under the caption “Risk Factor
Update”.
Company Contacts:Gregory Zikos – Chief
Financial Officer Konstantinos Tsakalidis – Business
DevelopmentCostamare Inc., MonacoTel: (+377) 93 25 09 40
Email: ir@costamare.com
Containership Fleet List
The tables below provide additional information,
as of March 9, 2022, about our fleet of containerships, including
the vessels we have agreed to sell, the vessels under construction,
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 |
YM TRIUMPH(ii) |
Yang Ming |
2020 |
12,690 |
(*) |
May 2030 |
|
7 |
YM TRUTH(ii) |
Yang Ming |
2020 |
12,690 |
(*) |
May 2030 |
|
8 |
YM TOTALITY(ii) |
Yang Ming |
2020 |
12,690 |
(*) |
July 2030 |
|
9 |
YM TARGET(ii) |
Yang Ming |
2021 |
12,690 |
(*) |
November 2030 |
|
10 |
YM TIPTOP(ii) |
Yang Ming |
2021 |
12,690 |
(*) |
March 2031 |
|
11 |
CAPE AKRITAS |
MSC |
2016 |
11,010 |
33,000 |
August 2031 |
|
12 |
CAPE TAINARO |
MSC |
2017 |
11,010 |
33,000 |
April 2031 |
|
13 |
CAPE KORTIA |
MSC |
2017 |
11,010 |
33,000 |
August 2031 |
|
14 |
CAPE SOUNIO |
MSC |
2017 |
11,010 |
33,000 |
April 2031 |
|
15 |
CAPE ARTEMISIO |
Hapag Lloyd |
2017 |
11,010 |
36,650 |
March 2025 |
|
16 |
COSCO GUANGZHOU |
COSCO/(*) |
2006 |
9,469 |
30,900/72,700 |
April 2025(3) |
|
17 |
COSCO NINGBO |
COSCO/(*) |
2006 |
9,469 |
30,900/72,700 |
April 2025(3) |
|
18 |
YANTIAN |
COSCO |
2006 |
9,469 |
39,600 |
February 2024 |
|
19 |
COSCO HELLAS |
COSCO |
2006 |
9,469 |
39,600 |
February 2024 |
|
20 |
BEIJING |
COSCO |
2006 |
9,469 |
39,600 |
March 2024 |
|
21 |
MSC AZOV |
MSC |
2014 |
9,403 |
46,300 |
December 2026(4) |
|
22 |
MSC AMALFI |
MSC |
2014 |
9,403 |
46,300 |
March 2027(5) |
|
23 |
MSC AJACCIO |
MSC |
2014 |
9,403 |
46,300 |
February 2027(6) |
|
24 |
MSC ATHENS(ii) |
MSC |
2013 |
8,827 |
45,300 |
January 2026(7) |
|
25 |
MSC ATHOS(ii) |
MSC |
2013 |
8,827 |
45,300 |
February 2026(8) |
|
26 |
VALOR |
Hapag Lloyd |
2013 |
8,827 |
32,400 |
April 2025 |
|
27 |
VALUE |
Hapag Lloyd |
2013 |
8,827 |
32,400 |
April 2025 |
|
28 |
VALIANT |
Hapag Lloyd |
2013 |
8,827 |
32,400 |
June 2025 |
|
29 |
VALENCE |
Hapag Lloyd |
2013 |
8,827 |
32,400 |
July 2025 |
|
30 |
VANTAGE |
Hapag Lloyd |
2013 |
8,827 |
32,400 |
September 2025 |
|
31 |
NAVARINO |
MSC |
2010 |
8,531 |
31,000 |
January 2025 |
|
32 |
MAERSK KLEVEN |
Maersk/MSC |
1996 |
8,044 |
25,000/41,500 |
June 2026(9) |
|
33 |
MAERSK KOTKA |
Maersk/MSC |
1996 |
8,044 |
25,000/41,500 |
June 2026(9) |
|
34 |
MAERSK KOWLOON |
Maersk |
2005 |
7,471 |
18,500 |
August 2025(10) |
|
35 |
KURE |
COSCO/MSC |
1996 |
7,403 |
31,000/41,500 |
March 2026(11) |
|
36 |
METHONI |
Maersk |
2003 |
6,724 |
46,500 |
August 2026 |
|
37 |
PORTO CHELI |
Maersk |
2001 |
6,712 |
30,075 |
June 2026 |
|
38 |
YORK(iii) |
Maersk |
2000 |
6,648 |
21,250 |
November 2022(12) |
|
39 |
ZIM TAMPA (ex. KOBE) |
ZIM |
2000 |
6,648 |
45,000 |
July 2025 |
|
40 |
SEALAND WASHINGTON(iii) |
Maersk |
2000 |
6,648 |
25,000 |
March 2023 (13) |
|
41 |
SEALAND MICHIGAN(iii) |
Maersk |
2000 |
6,648 |
25,000 |
October 2022(13) |
|
42 |
SEALAND ILLINOIS(iii) |
Maersk |
2000 |
6,648 |
25,000 |
October 2022 (13) |
|
43 |
MAERSK KALAMATA(iii) |
Maersk |
2003 |
6,644 |
25,000 |
December 2022(13) |
|
44 |
MAERSK KOLKATA |
Maersk/ZIM |
2003 |
6,644 |
25,000/53,000 |
October 2025 (14) |
|
45 |
MAERSK KINGSTON |
Maersk/ZIM |
2003 |
6,644 |
25,000/53,000 |
October 2025 (14) |
|
46 |
ARIES |
ONE |
2004 |
6,492 |
(*) |
December 2022 |
|
47 |
ARGUS |
ONE |
2004 |
6,492 |
(*) |
January 2023 |
|
48 |
PORTO KAGIO |
Maersk |
2002 |
5,908 |
28,822 |
June 2026 |
|
49 |
GLEN CANYON |
ZIM |
2006 |
5,642 |
62,500 |
July 2025 |
|
50 |
PORTO GERMENO |
Maersk |
2002 |
5,570 |
28,822 |
June 2026 |
|
51 |
LEONIDIO(ii) |
Maersk |
2014 |
4,957 |
14,200 |
December 2024(15) |
|
52 |
KYPARISSIA(ii) |
Maersk |
2014 |
4,957 |
14,200 |
November 2024(15) |
|
53 |
MEGALOPOLIS |
Maersk |
2013 |
4,957 |
13,500 |
July 2025(16) |
|
54 |
MARATHOPOLIS |
Maersk |
2013 |
4,957 |
13,500 |
July 2025(16) |
|
55 |
OAKLAND |
Maersk |
2000 |
4,890 |
24,500 |
March 2023 |
|
56 |
GIALOVA |
ZIM |
2009 |
4,578 |
25,500 |
April 2024 |
|
57 |
DYROS |
Maersk |
2008 |
4,578 |
22,750 |
January 2024 |
|
58 |
NORFOLK |
Maersk |
2009 |
4,259 |
30,000 |
May 2023 |
|
59 |
VULPECULA |
OOCL/ZIM |
2010 |
4,258 |
22,700/43,250 (on average) |
February 2028(17) |
|
60 |
VOLANS |
ZIM |
2010 |
4,258 |
24,250 |
April 2024 |
|
61 |
VIRGO |
Maersk |
2009 |
4,258 |
30,200 |
February 2024 |
|
62 |
VELA |
OOCL/ZIM |
2009 |
4,258 |
22,700/43,250 (on average) |
January 2028(18) |
|
63 |
ANDROUSA |
Maersk |
2010 |
4,256 |
22,750 |
May 2023 |
|
64 |
NEOKASTRO |
CMA CGM |
2011 |
4,178 |
39,000 |
March 2027 |
|
65 |
ULSAN |
Maersk |
2002 |
4,132 |
34,730 |
January 2026 |
|
66 |
POLAR ARGENTINA(i)(ii) |
Maersk |
2018 |
3,800 |
19,700 |
October 2024 |
|
67 |
POLAR BRASIL(i)(ii) |
Maersk |
2018 |
3,800 |
19,700 |
January 2025 |
|
68 |
LAKONIA |
COSCO |
2004 |
2,586 |
26,500 |
March 2025(19) |
|
69 |
SCORPIUS |
Hapag Lloyd |
2007 |
2,572 |
17,750 |
January 2023 |
|
70 |
ETOILE |
(*) |
2005 |
2,556 |
(*) |
February 2023 |
|
71 |
AREOPOLIS |
COSCO |
2000 |
2,474 |
26,500 |
April 2025(20) |
|
72 |
MONEMVASIA(i) |
Maersk |
1998 |
2,472 |
9,250 |
November 2022(21) |
|
73 |
MESSINI(iii) |
(*) |
1997 |
2,458 |
18,000 |
March 2022 |
|
74 |
ARKADIA(i) |
Swire Shipping |
2001 |
1,550 |
21,500 |
May 2023 |
|
75 |
MICHIGAN |
MSC |
2008 |
1,300 |
18,700 |
September 2023 |
|
76 |
TRADER |
(*) |
2008 |
1,300 |
(*) |
October 2024 |
|
77 |
LUEBECK |
MSC |
2001 |
1,078 |
15,000 |
March 2024(22) |
Container Vessels under construction
|
|
Vessel |
Vessel Capacity (TEU) |
Estimated Delivery(23) |
Employment |
|
1 |
Newbuilding 1 |
12,690 |
Q3 2023 |
Long Term Employment upon delivery from shipyard |
|
2 |
Newbuilding 2 |
12,690 |
Q1 2024 |
Long Term Employment upon delivery from shipyard |
|
3 |
Newbuilding 3 |
12,690 |
Q1 2024 |
Long Term Employment upon delivery from shipyard |
|
4 |
Newbuilding 4 |
12,690 |
Q2 2024 |
Long Term Employment upon delivery from shipyard |
|
5 |
Newbuilding 5 |
15,000 |
Q1 2024 |
Long Term Employment upon delivery from shipyard |
|
6 |
Newbuilding 6 |
15,000 |
Q2 2024 |
Long Term Employment upon delivery from shipyard |
|
7 |
Newbuilding 7 |
15,000 |
Q2 2024 |
Long Term Employment upon delivery from shipyard |
|
8 |
Newbuilding 8 |
15,000 |
Q3 2024 |
Long Term Employment upon delivery from shipyard |
|
(1) |
Daily charter rates are gross, unless stated otherwise. Amounts set
out for current daily charter rate are the amounts contained in the
charter contracts. |
| (2) |
Charter terms and expiration
dates are based on the earliest date charters (unless otherwise
noted) could expire. |
| (3) |
Upon redelivery of each vessel
from COSCO between April 2022 and July 2022, each vessel
will commence a charter for a period of 36 to 39 months at a daily
rate of $72,700. Until then the daily charter rate of Cosco
Guangzhou and Cosco Ningbo will be $30,900. |
| (4) |
This charter rate will be
earned by MSC Azov until December 2, 2023. From the
aforementioned date until the expiry of the charter, the daily rate
will be $35,300. |
| (5) |
This charter rate will be
earned by MSC Amalfi until March 16, 2024. From the
aforementioned date until the expiry of the charter, the daily rate
will be $35,300. |
| (6) |
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. |
| (7) |
This charter rate will be
earned by MSC Athens until January 29, 2023. From the
aforementioned date until the expiry of the charter, the daily rate
will be $35,300. |
| (8) |
This charter rate will be
earned by MSC Athos until February 24, 2023. From the
aforementioned date until the expiry of the charter, the daily rate
will be $35,300. |
| (9) |
The current daily rate of each
of Maersk Kleven and Maersk Kotka is a base
rate of $17,000, adjusted pursuant to the terms of a 50:50
profit/loss sharing mechanism based on market conditions with a
minimum charter rate of $12,000 and a maximum charter rate of
$25,000. Upon redelivery of each vessel
from Maersk between June 2023 and October 2023, each
vessel will commence a new charter with MSC for a period
of 36 to 38 months at a fixed daily rate of $41,500. |
| (10) |
This charter rate will be
earned by Maersk Kowloon from June 12, 2022. Until then
the daily charter rate will be $16,000. |
| (11) |
Upon redelivery
of Kure from COSCO between March 2023 and July
2023, the vessel will commence a new charter with MSC for
a period of 36 to 38 months at a daily rate of $41,500. Until then
the daily charter rate will be $31,000. |
| (12) |
Expiration of charter
represents latest redelivery date. |
| (13) |
The daily rate
for Sealand Washington, Sealand Michigan, Sealand
Illinois and Maersk Kalamata is a base rate of
$16,000, adjusted pursuant to the terms of a 50:50 profit/loss
sharing mechanism based on market conditions with a minimum charter
rate of $12,000 and a maximum charter rate of $25,000. Expiration
dates of the charters of these vessels represent latest redelivery
dates. |
| (14) |
The current daily rate
for Maersk Kolkata and Maersk Kingston is a
base rate of $16,000, adjusted pursuant to the terms of a 50:50
profit/loss sharing mechanism based on market conditions with a
minimum charter rate of $12,000 and a maximum charter rate of
$25,000. Upon expiry of their current employment (estimated on the
latest redelivery date) the vessels will enter into a new charter
with ZIM for a period of 36 to 40 months at a daily rate
$53,000. |
| (15) |
Charterer has the option to
extend the current time charter for an additional period of 12 to
24 months at a daily rate of $17,000. |
| (16) |
Charterer has the option to
extend the current time charter for an additional period of
approximately 24 months at a daily rate of $14,500. |
| (17) |
The current daily rate
for Vulpecula is $22,700. Upon expiry of its current
employment (estimated on the earliest redelivery date) the vessel
will enter into a new charter with ZIM for a period of 60
to 64 months at a daily rate of $43,250, on average. For this new
charter, the daily rate will be $99,000 for the first 12 month
period, $91,250 for the second 12 month period, $10,000 for the
third 12 month period and $8,000 for the remaining duration of the
charter. |
| (18) |
The current daily rate
for Vela is $22,700. Upon expiry of its current
employment (estimated on the earliest redelivery date) the vessel
will enter into a new charter with ZIM for a period of 60
to 64 months at a daily rate of $43,250, on average. For this new
charter the daily rate will be $99,000 for the first 12 month
period, $91,250 for the second 12 month period, $10,000 for the
third 12 month period and $8,000 for the remaining duration of the
charter. |
| (19) |
This charter rate will be
earned by Lakonia from April 24, 2022. Until then the
daily charter rate will be $17,300. |
| (20) |
This charter rate will be
earned by Areopolis from May 3, 2022. Until then the
daily charter rate will be $17,300. |
| (21) |
Expiration of charter
represents latest redelivery date. |
| (22) |
This charter rate will be
earned by Luebeck from March 19, 2022. Until then the
daily charter rate will be $7,750. |
| (23) |
Based on latest shipyard
construction schedule, subject to change. |
| (i) |
Denotes vessels acquired
pursuant to the Framework Deed. The Company holds an equity
interest of 49% in each of the vessel-owning entities. |
| (ii) |
Denotes vessels subject to a
sale and leaseback transaction. |
| (iii) |
Denotes vessels that we have
agreed to sell. |
| (*) Denotes charterer’s identity and/or current
daily charter rates and/or charter expiration dates, which are
treated as confidential. |
| |
|
Dry Bulk Vessel Fleet List
The tables below provide additional information,
as of March 9, 2022, about our fleet of dry bulk vessels, including
one vessel that we have agreed to acquire.
|
|
Vessel Name |
Year Built |
Capacity (DWT) |
Current Daily Charter
Rate(1)
(U.S. dollars) |
Expiration of
Charter(2) |
|
1 |
AEOLIAN |
2012 |
83,478 |
26,000 / 100% Participation to the BPI_82 performance(3) |
June 2022 |
|
|
2 |
GRENETA |
2010 |
82,166 |
101% Participation to the BPI_82 performance(4) |
October 2022 |
|
|
3 |
EGYPTIAN MIKE |
2011 |
81,601 |
11,000 |
March 2022 |
|
|
4 |
PHOENIX |
2012 |
81,569 |
- |
In negotiations for employment |
|
|
5 |
BUILDER |
2012 |
81,541 |
100% Participation to the BPI_82 performance(4) |
September 2022 |
|
|
6 |
FARMER |
2012 |
81,541 |
101% Participation to the BPI_82 performance(4) (5) |
October 2022 |
|
|
7 |
SAUVAN |
2010 |
79,700 |
21,000(6) |
May 2022 |
|
|
8 |
ROSE |
2008 |
76,619 |
103% Participation to the BPI_82 performance(4) minus $1,336 |
August 2022 |
|
9 |
MERCHIA |
2015 |
63,800 |
129% participation to the BSI_58 performance(7)(8) |
November 2022 |
|
10 |
SEABIRD |
2016 |
63,553 |
111% participation to the BSI_58 performance(7) |
November 2022 |
|
11 |
DAWN |
2018 |
63,530 |
111% participation to the BSI_58performance(7) |
September 2022 |
|
12 |
ORION |
2015 |
63,473 |
111.25% participation to the BSI_58 performance(7) |
October 2022 |
|
13 |
DAMON |
2012 |
63,227 |
35,000 |
March 2022 |
|
14 |
TITAN I |
2009 |
58,090 |
101% participation to the BSI_58 performance(7) |
October 2022 |
|
15 |
ERACLE |
2012 |
58,018 |
31,500(9) |
May 2022 |
|
16 |
PYTHIAS |
2010 |
58,018 |
22,000 |
May 2022(10) |
|
17 |
ORACLE |
2009 |
57,970 |
16,500 |
March 2022 |
|
18 |
CURACAO |
2011 |
57,937 |
25,000 |
April 2022 |
|
19 |
URUGUAY |
2011 |
57,937 |
26,000 |
March 2022 |
|
20 |
ATHENA |
2012 |
57,809 |
30,500(11) |
April 2022 |
|
21 |
THUNDER |
2009 |
57,334 |
- |
In negotiations for employment |
|
22 |
SERENA |
2010 |
57,266 |
98.25% participation to the BSI_58 performance(7) |
May 2022 |
|
23 |
LIBRA |
2010 |
56,729 |
30,000 |
March 2022 |
|
24 |
PEGASUS |
2011 |
56,726 |
28,500 |
March 2022 |
|
25 |
MERIDA |
2012 |
56,670 |
105% participation to the BSI_58 performance(7) |
May 2022 |
|
26 |
CLARA |
2008 |
56,557 |
98% participation to the BSI_58 performance(7) |
September 2022 |
|
27 |
PEACE |
2006 |
55,709 |
98.5% participation to the BSI_58 performance(7) |
July 2022 |
|
28 |
PRIDE |
2006 |
55,705 |
97.25% participation to the BSI_58 performance(7) |
August 2022 |
|
29 |
BERMONDI |
2009 |
55,469 |
99% participation to the BSI_58 performance(7)(12) |
January 2023 |
|
30 |
COMITY |
2010 |
37,302 |
100% participation to the BHSI_38 performance(13) |
July 2022 |
|
31 |
VERITY |
2012 |
37,163 |
100% participation to the BHSI_38 performance(13) |
April 2022 |
|
32 |
PARITY |
2012 |
37,152 |
102% participation to the BHSI_38 performance(13) |
December 2022 |
|
33 |
ACUITY |
2011 |
37,149 |
102% participation to the BHSI_38 performance(13) |
December 2022 |
|
34 |
EQUITY |
2013 |
37,071 |
102% participation to the BHSI_38 performance(13) |
December 2022 |
|
35 |
DISCOVERY |
2012 |
37,019 |
16,250(14) |
March 2022 |
|
36 |
TAIBO |
2011 |
35,112 |
- |
Vessel in dry dock |
|
37 |
BERNIS |
2011 |
34,627 |
95.5% participation to the BHSI_38 performance(13} |
December 2022 |
|
38 |
MANZANILLO |
2010 |
34,426 |
18,500 |
March 2022 |
|
39 |
ADVENTURE |
2011 |
33,755 |
- |
In negotiations for employment |
|
40 |
ALLIANCE |
2012 |
33,751 |
14,350 |
March 2022 |
|
41 |
CETUS (ex. CHARM) |
2010 |
32,527 |
- |
In negotiations for employment |
|
42 |
PROGRESS |
2011 |
32,400 |
- |
In negotiations for employment |
|
43 |
MINER |
2010 |
32,300 |
16,000 |
April 2022 |
|
44 |
KONSTANTINOS |
2012 |
32,178 |
- |
In negotiations for employment |
|
45 |
RESOURCE |
2010 |
31,776 |
16,150 |
April 2022 |
Dry Bulk Vessels Agreed to be Acquired Within
2022
|
|
Vessel Name |
YearBuilt |
Capacity(DWT) |
Current DailyCharter
Rate(1)(U.S. dollars) |
Expiration
ofCharter(2) |
|
1 |
MAGDA (tbr. NORMA) |
2010 |
58,018 |
- |
- |
|
(1) |
Daily charter rates are gross, unless stated otherwise. |
| (2) |
Charter terms and expiration
dates are based on the earliest date charters (unless otherwise
noted) could expire. |
| (3) |
After April 20, 2022, the
gross daily charter rate of Aeolian will be linked to the
Baltic Panamax Index-82,500 dwt (“BPI_82”). For this
charter, Aeolian received a gross ballast bonus of
$600,000. |
| (4) |
Gross daily charter rate
linked to the BPI_82. |
| (5) |
For this
charter, Farmer received a gross ballast bonus of
$490,000. |
| (6) |
For this
charter, Sauvan received a gross ballast bonus of
$1,050,000. |
| (7) |
Gross daily charter rate
linked to the Baltic Exchange Supramax Index (“BSI_58’’). |
| (8) |
After May 1, 2022, the gross
daily charter rate of Merchia will be linked to the
BSI_58 performance with a participation rate of 113%. |
| (9) |
For every additional day after
May 5, 2022, the gross daily charter rate of Eracle will
be $34,000. |
| (10) |
Latest redelivery date. |
| (11) |
For every additional day after
April 29, 2022, the gross daily charter rate
of Athena will be $34,000. |
| (12) |
For this
charter, Bermondi received a gross ballast bonus of
$421,000. |
| (13) |
Gross daily charter rate
linked to the Baltic Exchange Handysize Index (“BHSI_38’’). |
| (14) |
For every additional day after
March 27, 2022, the gross daily charter rate
of Discovery will be $20,000. |
| |
|
|
Consolidated Statements of Income |
| |
| |
|
Year ended December 31, |
|
Three-months ended December 31, |
| (Expressed in thousands of
U.S. dollars, except share and per share amounts) |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
| |
|
|
|
|
|
|
|
|
| |
|
(Audited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
REVENUES: |
|
|
|
|
|
|
|
|
|
Voyage revenue |
$ |
460,319 |
|
$ |
793,639 |
|
$ |
119,143 |
|
$ |
283,918 |
|
| |
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
| Voyage expenses |
|
(7,372 |
) |
|
(13,311 |
) |
|
(989 |
) |
|
(5,831 |
) |
| Voyage expenses – related
parties |
|
(6,516 |
) |
|
(11,089 |
) |
|
(1,763 |
) |
|
(3,750 |
) |
| Vessels’ operating
expenses |
|
(117,054 |
) |
|
(179,981 |
) |
|
(32,055 |
) |
|
(60,665 |
) |
| General and administrative
expenses |
|
(7,360 |
) |
|
(9,405 |
) |
|
(2,059 |
) |
|
(3,445 |
) |
| Management fees – related
parties |
|
(21,616 |
) |
|
(29,621 |
) |
|
(5,593 |
) |
|
(9,682 |
) |
| General and administrative
expenses – non-cash component |
|
(3,655 |
) |
|
(7,414 |
) |
|
(1,239 |
) |
|
(1,891 |
) |
| Amortization of dry-docking
and special survey costs |
|
(9,056 |
) |
|
(10,433 |
) |
|
(2,291 |
) |
|
(2,869 |
) |
| Depreciation |
|
(108,700 |
) |
|
(136,958 |
) |
|
(27,082 |
) |
|
(40,948 |
) |
| Gain / (loss) on sale /
disposal of vessels, net |
|
(79,120 |
) |
|
45,894 |
|
|
499 |
|
|
27,819 |
|
| Loss on vessels held for
sale |
|
(7,665 |
) |
|
- |
|
|
(7,665 |
) |
|
- |
|
| Vessels’ impairment loss |
|
(31,577 |
) |
|
- |
|
|
- |
|
|
- |
|
| Foreign exchange gains /
(losses) |
|
(300 |
) |
|
29 |
|
|
(97 |
) |
|
(118 |
) |
| Operating
income |
$ |
60,328 |
|
$ |
441,350 |
|
$ |
38,809 |
|
$ |
182,538 |
|
| |
|
|
|
|
|
|
|
|
| OTHER INCOME /
(EXPENSES): |
|
|
|
|
|
|
|
|
| Interest income |
$ |
1,827 |
|
$ |
1,587 |
|
$ |
363 |
|
$ |
33 |
|
| Interest and finance
costs |
|
(68,702 |
) |
|
(86,047 |
) |
|
(17,250 |
) |
|
(25,254 |
) |
| Swaps’ breakage cost |
|
(6 |
) |
|
- |
|
|
- |
|
|
- |
|
| Income from equity method
investments |
|
16,195 |
|
|
12,859 |
|
|
3,994 |
|
|
854 |
|
| Gain on sale of equity
securities |
|
- |
|
|
60,161 |
|
|
- |
|
|
2,017 |
|
| Dividend income from
investment in equity securities |
|
- |
|
|
1,833 |
|
|
- |
|
|
- |
|
| Other |
|
1,181 |
|
|
4,624 |
|
|
713 |
|
|
993 |
|
| Gain / (loss) on derivative
instruments |
|
(1,946 |
) |
|
(1,246 |
) |
|
446 |
|
|
(27 |
) |
| Total other income /
(expenses) |
$ |
(51,451 |
) |
$ |
(6,229 |
) |
$ |
(11,734 |
) |
$ |
(21,384 |
) |
| Net
Income |
$ |
8,877 |
|
$ |
435,121 |
|
$ |
27,075 |
|
$ |
161,154 |
|
| Earnings allocated to
Preferred Stock |
|
(31,082 |
) |
|
(31,068 |
) |
|
(7,767 |
) |
|
(7,767 |
) |
| Gain on retirement of
Preferred Stock |
|
619 |
|
|
- |
|
|
- |
|
|
- |
|
| Net Income / (Loss)
available to common stockholders |
$ |
(21,586 |
) |
$ |
404,053 |
|
$ |
19,308 |
|
$ |
153,387 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Earnings / (Losses) per common
share, basic and diluted |
$ |
(0.18 |
) |
$ |
3.28 |
|
$ |
0.16 |
|
$ |
1.24 |
|
| Weighted average number of
shares, basic and diluted |
|
120,696,130 |
|
|
123,070,730 |
|
|
121,817,769 |
|
|
123,737,763 |
|
|
COSTAMARE INC.Consolidated Balance
Sheets |
| |
|
|
|
|
| |
|
As of December 31, |
|
As of December 31, |
| (Expressed in thousands of
U.S. dollars) |
|
2020 |
|
2021 |
| ASSETS |
|
(Audited) |
|
(Unaudited) |
| CURRENT
ASSETS: |
|
|
|
|
|
Cash and cash equivalents |
$ |
143,922 |
|
$ |
276,002 |
|
| Restricted cash |
|
4,998 |
|
|
8,856 |
|
| Accounts receivable |
|
8,249 |
|
|
20,978 |
|
| Inventories |
|
10,455 |
|
|
21,365 |
|
| Due from related parties |
|
1,623 |
|
|
- |
|
| Fair value of derivatives |
|
460 |
|
|
- |
|
| Insurance claims
receivable |
|
883 |
|
|
3,970 |
|
| Asset held for sale |
|
12,416 |
|
|
78,799 |
|
| Time charter assumed |
|
191 |
|
|
198 |
|
| Accrued charter revenue |
|
- |
|
|
7,361 |
|
| Prepayments and other |
|
8,853 |
|
|
8,595 |
|
| Total current
assets |
$ |
192,050 |
|
$ |
426,124 |
|
| FIXED ASSETS,
NET: |
|
|
|
|
| Right-of-use assets |
$ |
199,098 |
|
$ |
191,303 |
|
| Vessels and advances, net |
|
2,450,510 |
|
|
3,650,192 |
|
| Total fixed assets,
net |
$ |
2,649,608 |
|
$ |
3,841,495 |
|
| NON-CURRENT
ASSETS: |
|
|
|
|
| Equity method investments |
$ |
78,227 |
|
$ |
19,872 |
|
| Deferred charges, net |
|
27,682 |
|
|
31,859 |
|
| Accounts receivable,
non-current |
|
3,896 |
|
|
5,076 |
|
| Restricted cash |
|
42,976 |
|
|
68,670 |
|
| Fair value of derivatives,
non-current |
|
- |
|
|
3,429 |
|
| Accrued charter revenue,
non-current |
|
- |
|
|
8,183 |
|
| Time charter assumed,
non-current |
|
839 |
|
|
667 |
|
| Debt securities, held to
maturity (Net of allowance for credit losses of $569 as of December
31, 2020) |
|
6,813 |
|
|
- |
|
| Other non-current assets |
|
8,425 |
|
|
1,666 |
|
| Total
assets |
$ |
3,010,516 |
|
$ |
4,407,041 |
|
| LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
| CURRENT
LIABILITIES: |
|
|
|
|
| Current portion of long-term
debt |
$ |
147,137 |
|
$ |
272,365 |
|
| Accounts payable |
|
7,582 |
|
|
18,865 |
|
| Due to related parties |
|
432 |
|
|
1,694 |
|
| Finance lease liabilities |
|
16,495 |
|
|
16,676 |
|
| Accrued liabilities |
|
17,621 |
|
|
27,304 |
|
| Unearned revenue |
|
11,893 |
|
|
23,830 |
|
| Fair value of derivatives |
|
3,440 |
|
|
6,876 |
|
| Other current liabilities |
|
2,374 |
|
|
2,417 |
|
| Total current
liabilities |
$ |
206,974 |
|
$ |
370,027 |
|
| NON-CURRENT
LIABILITIES |
|
|
|
|
| Long-term debt, net of current
portion |
$ |
1,305,076 |
|
$ |
2,169,718 |
|
| Finance lease liabilities, net
of current portion |
|
116,366 |
|
|
99,689 |
|
| Fair value of derivatives, net
of current portion |
|
3,653 |
|
|
7,841 |
|
| Unearned revenue, net of
current portion |
|
29,627 |
|
|
33,867 |
|
| Total non-current
liabilities |
$ |
1,454,722 |
|
$ |
2,311,115 |
|
| COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
| STOCKHOLDERS’
EQUITY: |
|
|
|
|
| Preferred stock |
$ |
- |
|
$ |
- |
|
| Common stock |
|
12 |
|
|
12 |
|
| Additional paid-in
capital |
|
1,366,486 |
|
|
1,386,636 |
|
| Retained earnings /
(Accumulated deficit) |
|
(9,721 |
) |
|
341,482 |
|
| Accumulated other
comprehensive loss |
|
(7,957 |
) |
|
(2,231 |
) |
| Total stockholders’
equity |
$ |
1,348,820 |
|
$ |
1,725,899 |
|
| Total liabilities and
stockholders’ equity |
$ |
3,010,516 |
|
$ |
4,407,041 |
|
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