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Costamare reports first quarter net income of $13.6 million

30 Απριλίου 2019.

konstantakopoul2Costamare Inc. reported unaudited financial results for the first quarter ended March 31, 2019.

Adjusted Net Income available to common stockholders(1) of $13.6 million or $0.12 per share for the three-months ended March 31, 2019.

Declared dividend of $0.10 per share on its common stock and dividends on all four classes of its preferred stock.

Chartered in total 10 vessels over the quarter, with rates for Post-Panamax containerships (above 5,500 TEUs) posting substantial increases compared to their prior fixtures.

Fully repaid the outstanding loan on the 1997-built, 7,403 TEU container vessel Kokura increasing the number of unencumbered vessels to seven.

Agreed to install scrubbers on five Post Panamax container vessels of 14,424 TEU capacity each.

Sold for demolition the 2004-built, 4,992 TEU container vessel Piraeus and the 1991-built, 2,020 TEU container vessel MSC Pylos.

(1) Adjusted Net Income available to common stockholders is a non-GAAP measure and should not be used in isolation or as a substitute for Costamare’s financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of this measure to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I.

New Business Developments

A. New charter agreements

The Company has chartered in total 10 vessels over the quarter. More specifically, the Company:

I. Vessels above 5,500 TEUs capacity (Post – Panamax)

– Agreed to charter the 2017-built, 11,010 TEU containership Cape Tainaro with ZIM for a period of 10 to 12.5 months at charterers’ option, starting from May 1, 2019, at a daily rate of $39,500. The daily rate of the previous fixture was $28,250.

– Agreed to charter the 2010-built, 8,531 TEU containership Navarino with Evergreen for a period starting from March 21, 2019 and expiring at charterers’ option during the period from February 14, 2020 to March 14, 2020, at a daily rate of $21,900. The daily rate of the previous fixture was $17,400.

– Agreed to extend the charter of the 2000-built, 6,648 TEU containership Maersk Kobe with Maersk for a period starting from May 15, 2019 and expiring at charterers’ option during the period from April 1, 2020 to June 30, 2020, at a daily rate of $17,000. The daily rate of the previous fixture was $16,000.

– Agreed to charter the 1997-built, 7,403 TEU containership Kokura with Maersk for a period of 50 to 75 days at charterers’ option, starting from February 7, 2019, at a daily rate of $12,000 and subsequently agreed to extend the charter with the same charterer for a period starting from April 15, 2019 and expiring at charterers’ option during the period from February 15, 2020 to May 1, 2020, at a daily rate of $17,050. The daily rate of the previous fixture was $11,000.

– Agreed to extend the charter of the 2001-built, 5,576 TEU containership Ensenada with ONE for a period starting from April 20, 2019 and expiring at charterers’ option during the period from September 1, 2019 to October 30, 2019, at a daily rate of $14,250. The daily rate of the previous fixture was $9,150.

II. Vessels below 5,500 TEUs capacity

– Agreed to extend the charter of the 1997-built, 2,458 TEU containership Messini with Evergreen for a period of 4 to 7 months at charterers’ option, starting from February 3, 2019, at a daily rate of $8,100.

– Agreed to extend the charter of the 2000-built, 2,474 TEU containership Areopolis with Evergreen for a period of 4 to 7 months at charterers’ option, starting from February 21, 2019, at a daily rate of $8,100.

– Agreed to extend the charter of the 2005-built, 2,556 TEU containership CMA CGM L’Etoile with CMA CGM for a period of 1 to 3 months at charterers’ option, starting from March 22, 2019, at a daily rate of $10,550.

– Agreed to charter the 2004-built, 2,586 TEU containership Lakonia with Evergreen for a period of 1 to 3 months at charterers’ option, starting from March 16, 2019, at a daily rate of $7,950.

– Agreed to extend the charter of the 1995-built, 1,162 TEU containership Zagora with MSC for a period of 11 to 13 months at charterers’ option, starting from June 1, 2019, at a daily rate of $6,500.

B. Vessel disposals

In March 2019, we sold for demolition the 2004-built, 4,992 TEU container vessel Piraeus and the 1991-built, 2,020 TEU container vessel MSC Pylos.

C. Dividend announcements

On April 1, 2019, we declared a dividend for the quarter ended March 31, 2019, of $0.10 per share on our common stock, payable on May 8, 2019, to stockholders of record of common stock as of April 22, 2019.

On April 1, 2019, 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 April 15, 2019 to holders of record as of April 12, 2019.

Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:

“During the first quarter of the year the Company delivered solid results.

The larger vessels continue to benefit from strong fundamentals with low supply and strong demand.

The number of idle ships has fallen across all vessel segments as liner companies launch new services.

We have been active during the quarter and we have chartered in total 10 ships, benefiting from a rising market in the larger asset classes.

We have 15 post panamax ships opening over the next year which positions us favorably, should market momentum continue.”

Source: Costamare

 

 

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