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Costamare announces results and the acquisition of 37 bulk carriers

29 Ιουλίου 2021.

konstantakopoulos21Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) reported unaudited financial results for the second quarter (“Q2 2021”) and six-months ended June 30, 2021.

I. PROFITABILITY

 

• Q2 2021 Net Income available to common stockholders of $82.8 million.

• Q2 2021 Earnings per Share of $0.67.

• Q2 2021 Adjusted Net Income available to common stockholders(1) of $58.3 million.

• Q2 2021 Adjusted Earnings per Share(1) of $0.47.

 

II. SALE AND PURCHASE ACTIVITY

 

• Agreed to acquire an additional 21 dry bulk vessels.

• Total fleet of 37 committed dry bulk vessels, 14 of which have been delivered.

• Delivered the 1996-built, 1,504 TEU containership Prosperto her new owners. The sale resulted in a capital gain of $1.7 million.

 

III. NEW CHARTER ARRANGEMENTS

 

• 10 new or extended container vessel charters since last quarter including the forward fixture of the two 2006-built, 9,469 TEU vessels Cosco Guangzhou and Cosco Ningbo for 3 years at a daily rate of $72,700, with estimated delivery to the new charterer in between the second and third quarters of 2022. The current daily rate for these vessels is $30,900.

• 7 new dry bulk vessel charters. 

 

IV. NEW DEBT FINANCING AND CAPITAL STRUCTURE

 

• New agreements for the financing of containerships since last quarter for an aggregate amount of $261.6 million.

• New agreements for the financing of dry bulk vessels since last quarter for an aggregate amount of $389 million including two hunting license bank facilities totaling $245 million.

• New commitment in the form of a hunting license facility for the financing of the acquisition of
dry bulk vessels for an aggregate amount of $150 million with a European financial institution,
which is subject to documentation.

• Liquidity of $353.8 million as of the end of Q2 2021 (including our share of cash amounting to
$4.9 million held in companies co-owned with York Capital), which coupled with the $210.8
million of undrawn funds from the two recently signed hunting license bank facilities amounts
to $564.6 million.

(1) Adjusted Net Income available to common stockholders and respective per share figures are nonGAAP measures and should not be used in isolation or as substitutes for Costamare’s financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I.

 

NEW BUSINESS DEVELOPMENTS

A. New charter agreements

 

• The Company has chartered in total 10 containerships since our previous quarterly earnings
release. More specifically, the Company agreed to:

- Charter the 2006-built, 9,469 TEU containerships Cosco Guangzhou and Cosco Ningbo for a period of 36 to 39 months at charterers’ option, commencing between the second and third quarters of 2022, each at a daily rate of $72,700. Current daily rate is $30,900.

- Charter the 2003-built, 6,724 TEU containership MSC Methoni with Maersk for a period of 56 to 60 months at charterers’ option, commencing between September 2021 and December 2021, at a daily rate of $46,500. Current daily rate is $29,000.

- Charter the 2011-built, 4,178 TEU containership Neokastro with CMA CGM for a period of 60 to 63 months, commencing in the first quarter of 2022, at a daily rate of $39,000. Current daily rate is $24,000.

- Charter the 2001-built, 6,712 TEU containership Porto Cheli with Maersk for a period of 60 to 64 months at charterers’ option, starting from June 9, 2021, at a daily rate of $30,075.

- Charter the 2002-built, 5,908 TEU containership Porto Kagio with Maersk for a period of 60 to 64 months at charterers’ option, starting from June 9, 2021, at a daily rate of $28,822.

- Charter the 2002-built, 5,570 TEU containership Porto Germeno with Maersk for a period of 60 to 64 months at charterers’ option, starting from June 29, 2021, at a daily rate of
$28,822.

- Extend the charter of the 2002-built, 4,132 TEU containership Ulsan with Maersk for a period starting from October 1, 2021 and expiring at charterers’ option during the period from January 20, 2026 to May 20, 2026, at a daily rate of $34,730. Current daily rate is $12,000.

- Charter the 2001-built, 1,550 TEU containership Arkadia with China Navigation for a period of 22 to 24 months at charterers’ option, starting from July 5, 2021, at a daily rate of $21,500. Previous daily rate was $8,650.

- Extend the charter of the 2001-built, 1,078 TEU containership Luebeck with MSC for a period starting from March 19, 2022 for a period of 24 to 26 months at charterers’ option, at a daily rate of $15,000. Current daily rate is $7,750.

• The Company has chartered in total 7 dry bulk vessels. More specifically, the Company has:

- Chartered the 2012-built, 81,500 dwt dry bulk vessel Builder for a period expiring between
October 7, 2021 and January 5, 2022 at charterers’ option, at a daily rate of $25,000.

- Chartered the 2011-built, 56,700 dwt dry bulk vessel Pegasus for a period expiring between September 25, 2021 and December 9, 2021 at charterers’ option, at a daily rate of $26,150.

- Chartered the 2012-built, 58,000 dwt dry bulk vessel Eracle for a period expiring between October 11, 2021 and December 25, 2021 at charterers’ option, at a daily rate of $30,000.

- Chartered the 2010-built, 79,700 dwt dry bulk vessel Sauvan for a period expiring between
October 17, 2021 and December 31, 2021 at charterers’ option, at a daily rate of $30,250.

- Chartered the 2011-built, 34,600 dwt dry bulk vessel Bernis for a period expiring between
November 17, 2021 and January 31, 2022 at charterers’ option, at a daily rate of $25,250.

- Chartered the 2006-built, 55,700 dwt dry bulk vessel Peace for a period expiring between
September 12, 2021 and September 17, 2021 at charterers’ option, at a daily rate of
$28,000.

- Chartered the 2006-built, 55,700 dwt dry bulk vessel Pride for a period expiring around the end of August 2021, at a daily rate of $31,000.

 

B. Dry Bulk Vessels Acquisitions

 

• Since our previous quarterly earnings release, we have taken delivery of the following 14 dry
bulk vessels:

- m/v Builder, 2012-built, 81,500 dwt.
- m/v Sauvan, 2010-built, 79,700 dwt.
- m/v Seabird, 2016-built, 63,600 dwt.
- m/v Dawn, 2018-built, 63,500 dwt.
- m/v Eracle, 2012-built, 58,000 dwt.
- m/v Pegasus, 2011-built, 56,700 dwt.
- m/v Peace, 2006-built, 55,700 dwt.
- m/v Pride, 2006-built, 55,700 dwt.
- m/v Interlink Verity, 2012-built, 37,200 dwt.
- m/v Acuity, 2011-built, 37,100 dwt.
- m/v Bernis, 2011-built, 34,600 dwt.
- m/v Manzanillo, 2010-built, 34,400 dwt.
- m/v Alliance, 2012-built, 33,800 dwt.
- m/v Adventure, 2011-built, 33,800 dwt.

 

• Furthermore, we have agreed to acquire the following 23 dry bulk vessels until the end of 2021:

 

- m/v Spring Aeolian (tbr. Aeolian), 2012-built, 83,500 dwt.
- m/v Jaigarh (tbr. Greneta), 2010-built, 82,200 dwt.
- m/v Pedhoulas Farmer (tbr. Farmer), 2012-built, 81,500 dwt.
- m/v Imperial Rose (tbr. Rose), 2008-built, 76,600 dwt.
- m/v Darya Lakshmi (tbr. Bermondi), 2009-built, 55,500 dwt.
- m/v Bulk Titan (tbr. Titan), 2009-built, 58,100 dwt.
- m/v Star Athena (tbr. Athena), 2012-built, 58,000 dwt.
- m/v Bulk Curacao (tbr. Curacao), 2011-built, 57,900 dwt.
- m/v Bulk Uruguay (tbr. Uruguay), 2011-built, 57,900 dwt.
- m/v Viet Thuan 56-01 (tbr. Thunder), 2009-built, 57,300 dwt.
- m/v Serene Susannah (tbr. Serena), 2010-built, 57,300 dwt.
- m/v Atlantic Merida (tbr. Merida), 2012-built, 56,700 dwt.
- m/v Lara (tbr. Clara), 2008-built, 56,600 dwt.
- m/v Interlink Comity (tbr. Comity), 2010-built, 37,300 dwt.
- m/v Interlink Parity (tbr. Parity), 2012-built, 37,200 dwt.
- m/v Interlink Equity (tbr. Equity), 2013-built, 37,100 dwt.
- m/v N Discovery (tbr. Discovery), 2012-built, 37,000 dwt.
- m/v Jia Tai (tbr. Taibo), 2011-built, 35,100 dwt.
- m/v MS Charm (tbr. Charm), 2010-built, 32,500 dwt.
- m/v Atlantic Progress (tbr. Progress), 2011-built, 32,400 dwt.
- m/v Ming Yuan (tbr. Miner), 2010-built, 32,300 dwt.
- m/v Konstantinos M (tbr. Konstantinos), 2012-built, 32,200 dwt.
- m/v Great Resource (tbr. Resource), 2010-built, 31,800 dwt.

 

C. New Financing Agreements

 

• In June 2021, we signed a loan facility agreement with a European financial institution for an
amount of $158.1 million, in order to refinance the existing indebtedness of 8 containerships and finance the acquisition of containerships Porto Kagio, Porto Cheli and Porto Germeno. The new facility will be repayable over 5 years.

• In June 2021, we signed a loan facility agreement with a leading European financial institution for an amount of $79 million, in order to finance the acquisition of containerships Androusa, Norfolk, CO Kobe (tbr. Dyros) and Cosco Fukuyama (tbr. Gialova). The new facility will be repayable over 4 years.

• In July 2021, we signed a revolving loan facility agreement with a leading US financial institution for an amount of $24.5 million. The new facility will be repayable over 1 year.

• In July 2021, we signed a loan facility agreement with a leading European financial institution
for an amount of $81.5 million, in order to finance the acquisition of 8 dry bulk vessels. The
facility will be repayable over 5 years.

• In July 2021, we signed a loan facility agreement with a leading European financial institution
for an amount of $62.5 million, in order to finance the acquisition of 8 dry bulk vessels. The
facility will be repayable over 5 years.

• In July 2021, we signed a hunting license loan facility agreement with a European financial
institution for an amount of up to $120 million for the purposes of financing the acquisition cost
of dry bulk vessels. The facility will be repayable over a period of 5 to 6 years.

• In July 2021, we signed a hunting license loan facility agreement with a European financial
institution for an amount of up to $125 million for the purposes of financing the acquisition cost
of dry bulk vessels. The facility will be repayable over a period of 5 years.

 

D. Dividend announcements

 

• On July 1, 2021, we declared a dividend for the quarter ended June 30, 2021, of $0.115 per
share on our common stock, which will be paid on August 5, 2021, to stockholders of record of
common stock as of July 20, 2021.

• On July 1, 2021, 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 July 15, 2021 to holders of record as of July 14, 2021.

Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented: “The container market rebound that began in the second half of last year has continued into the first half of this year, drawing strength from favorable supply and demand dynamics. Strong consumer demand, low inventory levels, and supply chain constraints have all contributed to record charter rates and longer charter durations. All our containerships chartered during the quarter have been fixed at increasingly high levels of hire. On the dry bulk side, we are pleased to report the acquisition of 21 additional vessels, since we first announced our entry into this sector. Our dry bulk fleet comprises of 37 vessels in total between 32,000 DWT and 85,000 DWT, with an average age of 10 years. Up to now, 14 ships have been delivered, with the rest of the fleet expected to be delivered by year-end. The dry bulk acquisitions result from our decision to invest in this liquid sector where supply is limited by a low orderbook and demand is being driven by increased infrastructure spending and commodity consumption. Supported by contracted revenues of US$ 3.3 billion and an average time charter duration of more than four years for our containership fleet, we have 15 containerships coming off charter over the next 18 months and 37 dry bulk vessels operating in the spot market, favorably positioning our company, should the currently strong market conditions continue.”

Source: Costamare Inc.

 

 

 

 

 

 

 

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