Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today
reported unaudited financial results for the fourth quarter (“Q4
2022”) and year ended December 31, 2022.
I. RECORD PROFITABILITY FOR YEAR
ENDED 2022
- 2022 Net Income available to common
stockholders of $523.9 million ($4.26 per share) vs $404.1 million
($3.28 per share) in 2021.
- 2022 Adjusted Net Income available
to common stockholders1 of $405.3 million ($3.30 per share) vs
$289.9 million ($2.36 per share) in 2021.
- Q4 2022 Net Income available to
common stockholders of $186.7 million ($1.53 per share) vs $153.4
million ($1.24 per share) in Q4 2021.
- Q4 2022 Adjusted Net Income
available to common stockholders1 of $74.8 million ($0.61 per
share) vs $112.1 million ($0.91 per share) in Q4 2021.
- 2022 Year-end liquidity of $973.2
million2 vs $552.3 million3 in 2021 Year-end.
II. DRY BULK OPERATING
PLATFORM
- Setup of a new venture under
Costamare Bulkers Inc. (“CBI”), which is fully consolidated with
the Company.
- CBI will charter-in/out dry bulk
vessels, enter into contracts of affreightment, forward freight
agreements and may also utilize hedging solutions.
- CBI has currently fixed a fleet of
14 Newcastlemax/Capesize bulk carriers and a fleet of 9
Kamsarmax/Panamax bulk carriers.
III.
NEW DEBT FINANCING
- New financing agreements totaling approximately $558 million in
aggregate and extension of maturity of a bilateral loan facility.
More specifically:
- Refinancing of existing
indebtedness of 10 containerships, secured by long term contracted
cash flows:
- Bilateral loan facility for a total amount of approximately
$323 million.
- Loan proceeds used for prepayment of existing indebtedness and
general corporate purposes.
- Seven year tenor.
- Significant improvement of funding cost, and extension of
maturity for eight out of the ten refinanced vessels.
- Refinancing of existing
indebtedness of two containerships, secured by long term contracted
cash flows:
- Bilateral loan facility for a total amount of $85 million.
- Loan proceeds used for prepayment of existing indebtedness and
general corporate purposes.
- Eight year tenor.
- Five year extension of original loan maturity for the two
refinanced vessels.
- Refinancing of existing
indebtedness of nine dry bulk carriers:
- Bilateral hunting license loan facility for a total amount of
$120 million.
- Approximately $83 million drawn for the refinancing of the
original indebtedness.
- Six year tenor.
- Refinancing of existing
indebtedness of three dry bulk carriers:
- Bilateral loan facility for a total amount of $30 million.
- Loan proceeds of $30 million used for prepayment of existing
indebtedness.
- Six year tenor.
- Extension of the original maturity
until Q1 2029, of a bilateral loan facility (outstanding
indebtedness of approximately $127 million) secured by two
containerships with long term contracted cash flows.
______________________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 $4.5 million held by
vessel owning-companies set-up pursuant to the Framework Deed dated
May 15, 2013, as amended and restated from time to time (the
“Framework Deed”), between the Company and York Capital Management
Global Advisors LLC and an affiliated fund (collectively, “York”),
short term investments in U.S. Treasury Bills amounting to $120.0
million and $37.1 million of available undrawn funds from one
hunting license facility as of December 31, 2022.3 Including our
share of cash amounting to $5.5 million held by vessel
owning-companies set-up pursuant to the Framework Deed and $193.3
million of available undrawn funds from two hunting license
facilities (adjusted for the $56.7 million drawn between January 1,
2022 and March 9, 2022 (date of Q4 2021 earnings release)).
IV.
OWNED FLEET CHARTER UPDATE - FULLY EMPLOYED
CONTAINERSHIP FLEET4 FOR THE YEAR
AHEAD
- 96% and 85% of the containership
fleet5 fixed for 2023 and 2024, respectively.
- Contracted revenues for the
containership fleet of approximately $3.2 billion with a
TEU-weighted duration of 4.2 years6.
- Entered into a total of 38
chartering agreements for the owned dry bulk fleet since Q3 2022
earnings release.
V.
SALE AND PURCHASE ACTIVITY
- Conclusion of the sale of the
2003-built, 6,644 TEU capacity containership, Maersk Kalamata in
January 2023, resulting in an estimated capital gain of $48.5
million in Q1 2023.
VI.
DIVIDEND ANNOUNCEMENTS
- On January 3, 2023, the Company
declared a dividend of $0.115 per share on the common stock, which
was paid on February 7, 2023, to holders of record of common stock
as of January 20, 2023.
- On January 3, 2023, the Company
declared a dividend of $0.476563 per share on the Series B
Preferred Stock, $0.531250 per share on the Series C Preferred
Stock, $0.546875 per share on the Series D Preferred Stock and
$0.554688 per share on the Series E Preferred Stock, which were all
paid on January 17, 2023 to holders of record as of January 13,
2023.
- Available funds remaining under the
share repurchase program of approximately $90 million for common
shares and $150 million for preferred shares.
______________________4 Please refer to the
Containership Fleet List table for additional information on vessel
employment details for our containership fleet.5 Calculated on a
TEU basis, including vessels owned by vessel owning-companies
set-up pursuant to the Framework Deed, and excluding one vessel
that we have agreed to sell.6 As of February 8, 2023. Total
contracted revenues and TEU-weighted remaining time charter
duration include our ownership percentage for four vessels owned
pursuant to the Framework Deed.
Mr. Gregory Zikos, Chief Financial
Officer of Costamare Inc., commented:
“2022 has been a record year for Costamare. With
a fleet of 117 vessels, including 45 dry bulk ships, the Company
generated Net Income of above $523 million. As of the end of the
year liquidity stood at around $970 million.
On the containerships side, 2022 was a unique
year with the first half drawing upon favorable market conditions
with strong demand and logistical disruptions continuing to impact
the sector, while during the second half charter rates and asset
values normalized as a result of reduced cargo demand and the
return of capacity previously tied up by congestion.
We chartered a total of 16 secondhand
containerships during the year, which added incremental contracted
revenues of more than $550 million. Total contracted revenues
amount to $3.2 billion with a weighted average remaining time
charter duration of about 4.2 years.
We are above 95% covered for 2023 and we have
proactively arranged long term employment on a forward basis for a
number of containerships coming off charter between 2023 and 2025.
At the same time, we are in the process of disposing of some older
tonnage at prices fixed during a tight market environment.
On the dry bulk side, the new dry bulk operating
platform previously announced commenced operations during the
quarter. With an equity commitment of up to $200 million our goal
is to grow the business on a prudent basis realizing healthy
returns for our shareholders.
On the back of our increased liquidity and
container charter coverage, we are actively pursuing new investment
opportunities in the shipping sector that have the potential to
provide enhanced returns at acceptable risk levels.”
|
Financial Summary |
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Year ended December 31, |
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Three-month period ended December 31, |
(Expressed in thousands of
U.S. dollars, except share and per share data) |
|
|
2021 |
|
|
|
2022 |
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|
|
2021 |
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|
|
2022 |
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Voyage revenue |
|
$ |
793,639 |
|
|
$ |
1,113,859 |
|
|
$ |
283,918 |
|
|
$ |
265,431 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Accrued charter revenue
(1) |
|
$ |
(11,303 |
) |
|
$ |
(2,631 |
) |
|
$ |
(14,473 |
) |
|
$ |
(3,413 |
) |
Amortization of time-charter
assumed |
|
$ |
(424 |
) |
|
$ |
198 |
|
|
$ |
39 |
|
|
$ |
50 |
|
Voyage revenue adjusted on a
cash basis (2) |
|
$ |
781,912 |
|
|
$ |
1,111,426 |
|
|
$ |
269,484 |
|
|
$ |
262,068 |
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Adjusted Net Income available
to common stockholders (3) |
|
$ |
289,873 |
|
|
$ |
405,274 |
|
|
$ |
112,070 |
|
|
$ |
74,837 |
|
Weighted Average number of
shares |
|
|
123,070,730 |
|
|
|
122,964,358 |
|
|
|
123,737,763 |
|
|
|
121,983,112 |
|
Adjusted Earnings per share
(3) |
|
$ |
2.36 |
|
|
$ |
3.30 |
|
|
$ |
0.91 |
|
|
$ |
0.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
435,121 |
|
|
$ |
554,692 |
|
|
$ |
161,154 |
|
|
$ |
194,176 |
|
Net Income available to common
stockholders |
|
$ |
404,053 |
|
|
$ |
523,887 |
|
|
$ |
153,387 |
|
|
$ |
186,672 |
|
Weighted Average number of
shares |
|
|
123,070,730 |
|
|
|
122,964,358 |
|
|
|
123,737,763 |
|
|
|
121,983,112 |
|
Earnings per share |
|
$ |
3.28 |
|
|
$ |
4.26 |
|
|
$ |
1.24 |
|
|
$ |
1.53 |
|
(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 of our fleet 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 and Adjusted Earnings per Share.
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-months and the years ended
December 31, 2022 and 2021. 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
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|
Year ended December 31, |
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|
Three-month period ended December
31, |
(Expressed in thousands of U.S. dollars, except share and per share
data) |
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
435,121 |
|
|
$ |
554,692 |
|
|
$ |
161,154 |
|
|
$ |
194,176 |
|
Earnings allocated to Preferred Stock |
|
(31,068 |
) |
|
|
(31,068 |
) |
|
|
(7,767 |
) |
|
|
(7,767 |
) |
Non-Controlling Interest |
|
- |
|
|
|
263 |
|
|
|
- |
|
|
|
263 |
|
Net Income available to common stockholders |
|
404,053 |
|
|
|
523,887 |
|
|
|
153,387 |
|
|
|
186,672 |
|
Accrued charter revenue |
|
(11,303 |
) |
|
|
(2,631 |
) |
|
|
(14,473 |
) |
|
|
(3,413 |
) |
General and administrative expenses - non-cash component |
|
7,414 |
|
|
|
7,089 |
|
|
|
1,891 |
|
|
|
1,388 |
|
Amortization of Time charter assumed |
|
(424 |
) |
|
|
198 |
|
|
|
39 |
|
|
|
50 |
|
Realized loss on Euro/USD forward contracts |
|
460 |
|
|
|
2,323 |
|
|
|
434 |
|
|
|
517 |
|
Gain on sale of vessels, net |
|
(45,894 |
) |
|
|
(126,336 |
) |
|
|
(27,819 |
) |
|
|
(105,086 |
) |
Vessels’ impairment loss |
|
- |
|
|
|
1,691 |
|
|
|
- |
|
|
|
1,691 |
|
Non-recurring, non-cash write-off of loan deferred financing
costs |
|
964 |
|
|
|
3,309 |
|
|
|
601 |
|
|
|
914 |
|
Gain on sale / disposal of vessel by a jointly owned company with
York included in equity gain on investments |
|
(5,726 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
(Gain) / loss on derivative instruments, excluding interest accrued
and realized on non-hedging derivative instruments (1) |
|
1,246 |
|
|
|
(2,698 |
) |
|
|
27 |
|
|
|
(5,332 |
) |
Non-recurring payments for loan cancellation fees |
|
- |
|
|
|
1,032 |
|
|
|
- |
|
|
|
26 |
|
Gain on sale of equity securities |
|
(60,161 |
) |
|
|
- |
|
|
|
(2,017 |
) |
|
|
- |
|
Other non-cash items |
|
(756 |
) |
|
|
(2,590 |
) |
|
|
- |
|
|
|
(2,590 |
) |
Adjusted Net Income available to common
stockholders |
$ |
289,873 |
|
|
$ |
405,274 |
|
|
$ |
112,070 |
|
|
$ |
74,837 |
|
Adjusted Earnings per Share |
$ |
2.36 |
|
|
$ |
3.30 |
|
|
$ |
0.91 |
|
|
$ |
0.61 |
|
Weighted average number of
shares |
|
123,070,730 |
|
|
|
122,964,358 |
|
|
|
123,737,763 |
|
|
|
121,983,112 |
|
Adjusted Net Income available to common
stockholders and Adjusted Earnings per Share represent Net Income
after earnings allocated to preferred stock and Non-Controlling
Interest, but before non-cash “Accrued charter revenue” recorded
under charters with escalating or descending charter rates,
amortization of time-charter assumed, realized loss on Euro/USD
forward contracts, gain on sale of vessels, net, vessels’
impairment loss, gain on sale of equity securities, non-recurring,
non-cash write-off of loan deferred financing costs, non-recurring
payments for loan cancellation fees, gain on sale / disposal of
vessel by a jointly owned company with York included in equity gain
on investments, general and administrative expenses - non-cash
component, non-cash changes in fair value of derivatives and other
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,
2022 compared to the three-month period ended December 31,
2021
During the three-month periods ended December
31, 2022 and 2021, we had an average of 114.7 and 108.1 vessels,
respectively, in our fleet.
During the three-month period ended December 31,
2022, we sold the container vessels Sealand Michigan, Sealand
Illinois and York with an aggregate TEU capacity of 19,944.
Furthermore, during the fourth quarter of 2022,
Costamare Bulkers Inc. (“CBI”) commenced operations. CBI
charters-in/out dry bulk vessels, enters into contracts of
affreightment, forward freight agreements and may also utilize
hedging solutions.
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, Curacao, Rose,
Bermondi, Titan I, Orion, Greneta, Merchia, Damon, Pythias, Hydrus
and Phoenix) with an aggregate DWT of 811,567.
In the three-month periods ended December 31,
2022 and 2021, our fleet ownership days totaled 10,552 and 9,942
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)
|
|
Three-month period ended December 31, |
|
|
|
|
(Expressed in millions of U.S. dollars, except
percentages) |
|
2021 |
|
|
2022 |
|
Change |
|
PercentageChange |
Voyage revenue |
$ |
283.9 |
|
|
$ |
265.4 |
|
|
$ |
(18.5 |
) |
|
(6.5 |
%) |
|
Voyage expenses |
|
(5.8 |
) |
|
|
(15.1 |
) |
|
|
9.3 |
|
|
160.3 |
% |
|
Voyage expenses – related parties |
|
(3.7 |
) |
|
|
(3.7 |
) |
|
|
- |
|
|
n.m. |
|
|
Vessels’ operating expenses |
|
(60.6 |
) |
|
|
(70.9 |
) |
|
|
10.3 |
|
|
17.0 |
% |
|
General and administrative expenses |
|
(3.4 |
) |
|
|
(3.1 |
) |
|
|
(0.3 |
) |
|
(8.8 |
%) |
|
Management and agency fees – related parties |
|
(9.7 |
) |
|
|
(13.9 |
) |
|
|
4.2 |
|
|
43.3 |
% |
|
General and administrative expenses - non-cash component |
|
(1.9 |
) |
|
|
(1.4 |
) |
|
|
(0.5 |
) |
|
(26.3 |
%) |
|
Amortization of dry-docking and special survey costs |
|
(2.9 |
) |
|
|
(4.0 |
) |
|
|
1.1 |
|
|
37.9 |
% |
|
Depreciation |
|
(40.9 |
) |
|
|
(41.7 |
) |
|
|
0.8 |
|
|
2.0 |
% |
|
Gain on sale of vessels, net |
|
27.8 |
|
|
|
105.1 |
|
|
|
77.3 |
|
|
n.m. |
|
|
Vessels’ impairment loss |
|
- |
|
|
|
(1.7 |
) |
|
|
1.7 |
|
|
n.m. |
|
|
Foreign exchange gains / (losses) |
|
(0.1 |
) |
|
|
2.7 |
|
|
|
2.8 |
|
|
n.m. |
|
|
Interest income |
|
- |
|
|
|
4.9 |
|
|
|
4.9 |
|
|
n.m. |
|
|
Interest and finance costs |
|
(25.3 |
) |
|
|
(35.8 |
) |
|
|
10.5 |
|
|
41.5 |
% |
|
Gain on sale of equity securities |
|
2.0 |
|
|
|
- |
|
|
|
(2.0 |
) |
|
n.m. |
|
|
Income from equity method investments |
|
0.8 |
|
|
|
0.7 |
|
|
|
(0.1 |
) |
|
(12.5 |
%) |
|
Other |
|
1.0 |
|
|
|
1.4 |
|
|
|
0.4 |
|
|
40.0 |
% |
|
Gain on derivative instruments |
|
- |
|
|
|
5.3 |
|
|
|
5.3 |
|
|
n.m. |
|
|
Net Income |
$ |
161.2 |
|
|
$ |
194.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
(Expressed in millions of U.S. dollars, except percentages) |
|
Three-month period ended December 31, |
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|
|
2021 |
|
|
2022 |
|
Change |
|
PercentageChange |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
$ |
283.9 |
|
|
$ |
265.4 |
|
|
$ |
(18.5 |
) |
|
(6.5 |
%) |
|
Accrued charter revenue |
|
(14.5 |
) |
|
|
(3.4 |
) |
|
|
11.1 |
|
|
76.6 |
% |
|
Amortization of time charter
assumed |
|
- |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
n.m. |
|
|
Voyage revenue adjusted on a
cash basis (1) |
$ |
269.4 |
|
|
$ |
262.1 |
|
|
$ |
(7.3 |
) |
|
(2.7 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels’ operational data |
|
Three-month period ended December 31, |
|
|
|
|
|
|
|
|
2021 |
|
|
2022 |
|
Change |
|
|
PercentageChange |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of vessels |
|
108.1 |
|
|
|
114.7 |
|
|
|
6.6 |
|
|
6.1 |
% |
|
Ownership days |
|
9,942 |
|
|
|
10,552 |
|
|
|
610 |
|
|
6.1 |
% |
|
Number of vessels under
dry-docking and special survey |
|
2 |
|
|
|
7 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segmental Financial Summary
Three-month period ended December 31, 2021 |
|
Container vessels |
Dry bulkvessels |
Other |
|
|
Total |
(Expressed in millions of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 of vessels, net |
|
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 |
|
|
|
|
|
|
Three-month period ended December 31, 2022 |
|
Container vessels |
Dry bulk vessels |
CBI |
Other |
Eliminations |
Total |
(Expressed in millions of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
$ |
205.6 |
|
$ |
59.4 |
|
$ |
0.4 |
|
$ |
- |
|
$ |
- |
|
$ |
265.4 |
|
Intersegment voyage revenue |
|
- |
|
|
0.8 |
|
|
- |
|
|
- |
|
|
(0.8 |
) |
|
- |
|
Voyage expenses |
|
(4.1 |
) |
|
(10.9 |
) |
|
(0.1 |
) |
|
- |
|
|
- |
|
|
(15.1 |
) |
Intersegment voyage expenses |
|
- |
|
|
- |
|
|
(0.8 |
) |
|
- |
|
|
0.8 |
|
|
- |
|
Voyage expenses – related parties |
|
(2.9 |
) |
|
(0.8 |
) |
|
- |
|
|
- |
|
|
- |
|
|
(3.7 |
) |
Vessels’ operating expenses |
|
(43.0 |
) |
|
(27.9 |
) |
|
- |
|
|
- |
|
|
- |
|
|
(70.9 |
) |
General and administrative expenses |
|
(1.8 |
) |
|
(1.0 |
) |
|
(0.3 |
) |
|
- |
|
|
- |
|
|
(3.1 |
) |
Management and agency fees – related parties |
|
(6.9 |
) |
|
(4.2 |
) |
|
(2.8 |
) |
|
- |
|
|
- |
|
|
(13.9 |
) |
General and administrative expenses - non-cash component |
|
(0.8 |
) |
|
(0.6 |
) |
|
- |
|
|
- |
|
|
- |
|
|
(1.4 |
) |
Amortization of dry-docking and special survey costs |
|
(3.3 |
) |
|
(0.7 |
) |
|
- |
|
|
- |
|
|
- |
|
|
(4.0 |
) |
Depreciation |
|
(31.7 |
) |
|
(10.0 |
) |
|
- |
|
|
- |
|
|
- |
|
|
(41.7 |
) |
Gain on sale of vessels, net |
|
105.1 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
105.1 |
|
Vessels’ impairment loss |
|
- |
|
|
(1.7 |
) |
|
- |
|
|
- |
|
|
- |
|
|
(1.7 |
) |
Foreign exchange gains |
|
1.6 |
|
|
1.1 |
|
|
- |
|
|
- |
|
|
- |
|
|
2.7 |
|
Interest income |
|
3.0 |
|
|
1.9 |
|
|
- |
|
|
- |
|
|
- |
|
|
4.9 |
|
Interest and finance costs |
|
(28.9 |
) |
|
(6.9 |
) |
|
- |
|
|
- |
|
|
- |
|
|
(35.8 |
) |
Income from equity method investments |
|
- |
|
|
- |
|
|
- |
|
|
0.7 |
|
|
- |
|
|
0.7 |
|
Other |
|
1.1 |
|
|
0.3 |
|
|
- |
|
|
- |
|
|
- |
|
|
1.4 |
|
Gain on derivative instruments |
|
3.2 |
|
|
2.0 |
|
|
0.1 |
|
|
- |
|
|
- |
|
|
5.3 |
|
Net Income / (Loss) |
$ |
196.2 |
|
$ |
0.8 |
|
$ |
(3.5 |
) |
$ |
0.7 |
|
$ |
- |
|
$ |
194.2 |
|
(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 decreased by 6.5%, or $18.5
million, to $265.4 million during the three-month period ended
December 31, 2022, from $283.9 million during the three-month
period ended December 31, 2021. The decrease is mainly attributable
to (i) decreased charter rates in certain of our dry-bulk vessels,
(ii) revenue not earned by four container vessels and one dry bulk
vessel sold during the year ended December 31, 2022, and two
container vessels sold during the fourth quarter of 2021, and (iii)
increased off-hire days in the fourth quarter of 2022 compared to
the fourth quarter of 2021; partly off-set by increased charter
rates in certain of our container vessels and revenue earned by 12
dry-bulk vessels acquired during the fourth quarter of 2021 as well
as by revenue earned by three dry-bulk vessels and one container
vessel acquired during the first quarter of 2022.
Voyage revenue adjusted on a cash basis (which
eliminates non-cash “Accrued charter revenue”) decreased by 2.7%,
or $7.3 million, to $262.1 million during the three-month period
ended December 31, 2022, from $269.4 million during the three-month
period ended December 31, 2021. Accrued charter revenue for the
three-months period ended December 31, 2022 and December 31, 2021
was a negative amount of $3.4 million and $14.5 million,
respectively.
Voyage Expenses
Voyage expenses were $15.1 million and $5.8
million for the three-month periods ended December 31, 2022 and
2021, respectively. Voyage expenses increased, period over period,
partially due to the increased size of our fleet and mainly include
(i) fuel consumption mainly related to our dry bulk vessels, (ii)
third party commissions, (iii) port expenses and (iv) canal
tolls.
Voyage Expenses – related parties
Voyage expenses – related parties were $3.7
million in each of the three-month periods ended December 31, 2022
and 2021. 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
$0.4 million, in the aggregate, for the three-month periods ended
December 31, 2022 and 2021, 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 $70.9 million and $60.6
million during the three-month periods ended December 31, 2022 and
2021, respectively. Daily vessels’ operating expenses were $6,719
and $6,103 for the three-month periods ended December 31, 2022 and
2021, respectively. Daily operating expenses are calculated as
vessels’ operating expenses for the period over the ownership days
of the period.
General and Administrative Expenses
General and administrative expenses were $3.1
million and $3.4 million during the three-month periods ended
December 31, 2022 and 2021, respectively, and include amounts of
$0.67 million and $0.63 million, respectively, that were paid to a
related manager.
Management and Agency Fees – related parties
Management fees charged by our related party
managers were $11.1 million and $9.7 million during the three-month
periods ended December 31, 2022 and 2021, respectively.
Furthermore, during the fourth quarter of 2022 agency fees of $2.8
million, in aggregate, charged by three related agents in
connection with the operations of CBI.
General and Administrative Expenses - non-cash
component
General and administrative expenses - non-cash
component for the three-month period ended December 31, 2022
amounted to $1.4 million, representing the value of the shares
issued to a related party manager on December 30, 2022. 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.
Amortization of Dry-Docking and Special Survey
Costs
Amortization of deferred dry-docking and special
survey costs was $4.0 million and $2.9 million during the
three-month periods ended December 31, 2022 and 2021, respectively.
During the three-month period ended December 31, 2022, two vessels
underwent and completed their dry-docking and special survey and
five vessels were in the process of completing their dry-docking
and special survey. 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.
Depreciation
Depreciation expense for the three-month periods
ended December 31, 2022 and 2021 was $41.7 million and $40.9
million, respectively.
Gain on Sale of Vessels, net
During the three-month period ended December 31,
2022, we recorded a gain of $105.1 million from the sale of the
container vessels Sealand Michigan, Sealand Illinois and York,
which were classified as vessels held for sale as of September 30,
2022 (initially classified as vessels held for sale as of December
31, 2021). 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).
Vessels’ Impairment Loss
During the three-month period ended December 31,
2022, we recorded an impairment loss in relation to four of our dry
bulk vessels in the amount of $1.7 million, in the aggregate.
During the three-month period ended December 31, 2021, no
impairment loss was recorded.
Vessels Held for Sale
As of December 31, 2022, the container vessels
Sealand Washington and Maersk Kalamata (initially classified as
vessels held for sale during the first quarter of 2022) continue to
be classified as vessels held for sale. No loss on vessels held for
sale was recorded during the fourth quarter of 2022, since each
vessel’s fair value less cost to sell, exceeded each vessel’s
carrying value. 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.
Interest Income
Interest income amounted to $4.9 million and nil
for the three-month periods ended December 31, 2022 and 2021,
respectively.
Interest and Finance Costs
Interest and finance costs were $35.8 million
and $25.3 million during the three-month periods ended December 31,
2022 and 2021, respectively. The increase is mainly attributable to
the increased average loan balances and increased financing costs
during the three-month period ended December 31, 2022 compared to
the three-month period ended December 31, 2021.
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.
Income from Equity Method Investments
Income from equity method investments for the
three-month period ended December 31, 2022 was $0.7 million ($0.8
million for the three-month period ended December 31, 2021)
representing our share of the income in jointly owned companies set
up pursuant to the Framework Deed. As of December 31, 2022 and
December 31, 2021 five and six companies, respectively, were
jointly owned pursuant to the Framework Deed out of which four and
four companies, respectively, owned container vessels.
Gain on Derivative Instruments
As of December 31, 2022, we hold 28 interest
rate derivatives and two cross currency rate swaps, all of which
qualify for hedge accounting. As a result, the change in the fair
value of each instrument is recorded in “Other Comprehensive
Income” (“OCI”). As of December 31, 2022, the fair value of these
instruments, in aggregate, amounted to a net asset of $44.9
million. During the three-month period ended December 31, 2022, a
loss of $1.3 million has been included in OCI and a gain of $0.1
million has been included in Gain on Derivative Instruments.
Furthermore, as of December 31, 2022, we hold
six Forward Freight Agreements (“FFAs”) and one Bunker Swap
agreement, none of which qualify for hedge accounting. As a result,
the change in the fair value of such instruments is recorded in the
consolidated statements of operations. As of December 31, 2022, the
fair value of these instruments, in aggregate, amounted to a net
asset of $0.1 million. During the three-month period ended December
31, 2022, a net gain of $0.1 million was included in Gain on
Derivative Instruments.
Cash FlowsThree-month periods ended
December 31, 2022 and 2021
Condensed cash
flows |
|
Three-month period ended December 31, |
(Expressed in millions of U.S. dollars) |
|
|
2021 |
|
|
|
2022 |
|
Net Cash Provided by Operating
Activities |
|
$ |
165.4 |
|
|
$ |
124.4 |
|
Net Cash Provided by / (Used
in) Investing Activities |
|
$ |
(110.2 |
) |
|
$ |
81.9 |
|
Net Cash Used in Financing
Activities |
|
$ |
- |
|
|
$ |
(110.6 |
) |
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities
for the three-month period ended December 31, 2022, decreased by
$41.0 million to $124.4 million, from $165.4 million for the
three-month period ended December 31, 2021. The decrease is mainly
attributable to the decreased cash from operations of $7.3 million,
by the increased payments for interest (including swap net
receipts) of $8.9 million during the three-month period ended
December 31, 2022 compared to the three-month period ended December
31, 2021, by the increased dry-docking and special survey costs of
$7.2 million during the three-month period ended December 31, 2022
compared to the three-month period ended December 31, 2021 and 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 $0.5
million.
Net Cash Provided by / (Used in)
Investing Activities
Net cash provided by investing activities was
$81.9 million in the three-month period ended December 31, 2022,
which mainly consisted of proceeds we received from (i) the sale of
three container vessels and (ii) the maturity of part of our
short-term investments in US Treasury Bills; partly off-set by
payments for the purchase of short-term investments in US Treasury
Bills and payments for upgrades for certain of our container and
dry bulk vessels.
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
Financing Activities
Net cash used in financing activities was $110.6
million in the three-month period ended December 31, 2022, which
mainly consisted of (a) $95.3 million net payments relating to our
debt financing agreements (including proceeds of $197.9 million we
received from three of our debt financing agreements), (b) $10.0
million we paid for dividends to holders of our common stock for
the third quarter of 2022 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, 2022 to October 14, 2022.
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 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, 2021 to October 14,
2021.
Year ended December 31, 2022 compared to
the year ended December 31, 2021
During the years ended December 31, 2022 and
2021, we had an average of 116.7 and 83.6 vessels, respectively, in
our fleet.
In the year ended December 31, 2022, we accepted
delivery of (i) the secondhand container vessel Dyros with a TEU
capacity of 4,578 and (ii) the secondhand dry bulk vessels Oracle,
Libra and Norma with an aggregate DWT of 172,717. Furthermore, in
the year ended December 31, 2022, we sold the container vessels
Messini, Sealand Michigan, Sealand Illinois and York with an
aggregate TEU capacity of 22,402, and the dry bulk vessel Thunder,
with DWT of 57,334.
Furthermore, during the fourth quarter of 2022,
CBI commenced operations. CBI charters-in/out dry bulk vessels,
enters into contracts of affreightment, forward freight agreements
and may also utilize hedging solutions.
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.
In addition, 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, Curacao, Rose, Bermondi, Titan I, Orion, Merchia,
Damon, Pythias, Hydrus and Phoenix) with an aggregate DWT of
1,388,422.
In the years ended December 31, 2022 and 2021,
our fleet ownership days totaled 42,595 and 30,525 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, except
percentages) |
|
Year ended December 31, |
|
|
|
|
|
|
|
|
2021 |
|
|
2022 |
|
|
Change |
|
|
PercentageChange |
Voyage revenue |
$ |
793.6 |
|
|
$ |
1,113.9 |
|
|
$ |
320.3 |
|
|
40.4 |
% |
Voyage expenses |
|
(13.3 |
) |
|
|
(49.1 |
) |
|
|
35.8 |
|
|
n.m. |
|
Voyage expenses – related parties |
|
(11.1 |
) |
|
|
(15.4 |
) |
|
|
4.3 |
|
|
38.7 |
% |
Vessels’ operating expenses |
|
(180.0 |
) |
|
|
(269.2 |
) |
|
|
89.2 |
|
|
49.6 |
% |
General and administrative expenses |
|
(9.4 |
) |
|
|
(12.4 |
) |
|
|
3.0 |
|
|
31.9 |
% |
Management and agency fees – related parties |
|
(29.6 |
) |
|
|
(46.7 |
) |
|
|
17.1 |
|
|
57.8 |
% |
General and administrative expenses – non-cash component |
|
(7.4 |
) |
|
|
(7.1 |
) |
|
|
(0.3 |
) |
|
(4.1 |
%) |
Amortization of dry-docking and special survey costs |
|
(10.4 |
) |
|
|
(13.5 |
) |
|
|
3.1 |
|
|
29.8 |
% |
Depreciation |
|
(137.0 |
) |
|
|
(166.0 |
) |
|
|
29.0 |
|
|
21.2 |
% |
Gain on sale of vessels, net |
|
45.9 |
|
|
|
126.3 |
|
|
|
80.4 |
|
|
175.2 |
% |
Vessels’ impairment loss |
|
- |
|
|
|
(1.7 |
) |
|
|
1.7 |
|
|
n.m. |
|
Foreign exchange gains |
|
0.1 |
|
|
|
3.2 |
|
|
|
3.1 |
|
|
n.m. |
|
Interest income |
|
1.6 |
|
|
|
5.9 |
|
|
|
4.3 |
|
|
n.m. |
|
Interest and finance costs |
|
(86.1 |
) |
|
|
(122.2 |
) |
|
|
36.1 |
|
|
41.9 |
% |
Gain on sale of equity securities |
|
60.2 |
|
|
|
- |
|
|
|
(60.2 |
) |
|
n.m. |
|
Income from equity method investments |
|
12.8 |
|
|
|
2.3 |
|
|
|
(10.5 |
) |
|
(82.0 |
%) |
Dividend income from investment in equity securities |
|
1.8 |
|
|
|
- |
|
|
|
(1.8 |
) |
|
n.m. |
|
Other |
|
4.6 |
|
|
|
3.7 |
|
|
|
(0.9 |
) |
|
(19.6 |
%) |
Gain / (loss) on
derivative instruments |
|
(1.2 |
) |
|
|
2.7 |
|
|
|
3.9 |
|
|
n.m. |
|
Net
Income |
$ |
435.1 |
|
|
$ |
554.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Expressed in millions of U.S. dollars, except percentages) |
|
Yearended December
31, |
|
|
|
|
|
|
|
|
2021 |
|
|
2022 |
|
|
|
Change |
|
|
PercentageChange |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage
revenue |
$ |
793.6 |
|
|
$ |
1,113.9 |
|
|
$ |
320.3 |
|
|
40.4 |
% |
Accrued charter
revenue |
|
(11.3 |
) |
|
|
(2.6 |
) |
|
|
8.7 |
|
|
77.0 |
% |
Amortization of
time charter assumed |
|
(0.4 |
) |
|
|
0.2 |
|
|
|
0.6 |
|
|
n.m. |
|
Voyage revenue
adjusted on a cash basis (1) |
$ |
781.9 |
|
|
$ |
1,111.5 |
|
|
$ |
329.6 |
|
|
42.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels’
operational data |
|
|
Yearended December
31, |
|
|
|
|
|
|
|
|
2021 |
|
|
2022 |
|
|
|
Change |
|
|
PercentageChange |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of vessels |
|
|
83.6 |
|
|
|
116.7 |
|
|
|
33.1 |
|
|
39.6 |
% |
Ownership days |
|
|
30,525 |
|
|
|
42,595 |
|
|
|
12,070 |
|
|
39.5 |
% |
Number of vessels under dry-docking and special survey |
|
|
15 |
|
|
|
23 |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segmental Financial Summary
Year ended December 31, 2021 |
(Expressed in millions of U.S. dollars) |
Container vessels |
|
Dry bulk vessels (2) |
|
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 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 |
|
|
Year ended December 31, 2022 |
(Expressed in millions of U.S. dollars) |
Container vessels |
|
Dry bulk vessels |
|
CBI |
|
Other |
Eliminations |
|
Total |
|
Voyage revenue |
$ |
797.4 |
|
$ |
316.1 |
|
$ |
0.4 |
|
$ |
- |
$ |
- |
|
$ |
1,113.9 |
|
Intersegment voyage revenue |
|
- |
|
|
0.8 |
|
|
- |
|
|
- |
|
(0.8 |
) |
|
- |
|
Voyage expenses |
|
(11.4 |
) |
|
(37.6 |
) |
|
(0.1 |
) |
|
- |
|
- |
|
|
(49.1 |
) |
Intersegment voyage expenses |
|
- |
|
|
- |
|
|
(0.8 |
) |
|
- |
|
0.8 |
|
|
- |
|
Voyage expenses – related parties |
|
(11.4 |
) |
|
(4.0 |
) |
|
- |
|
|
- |
|
- |
|
|
(15.4 |
) |
Vessels’ operating expenses |
|
(169.4 |
) |
|
(99.8 |
) |
|
- |
|
|
- |
|
- |
|
|
(269.2 |
) |
General and administrative expenses |
|
(7.7 |
) |
|
(4.4 |
) |
|
(0.3 |
) |
|
- |
|
- |
|
|
(12.4 |
) |
Management and agency fees– related parties |
|
(27.0 |
) |
|
(16.9 |
) |
|
(2.8 |
) |
|
- |
|
- |
|
|
(46.7 |
) |
General and administrative expenses - non-cash component |
|
(4.4 |
) |
|
(2.7 |
) |
|
- |
|
|
- |
|
- |
|
|
(7.1 |
) |
Amortization of dry-docking and special survey costs |
|
(11.8 |
) |
|
(1.7 |
) |
|
- |
|
|
- |
|
- |
|
|
(13.5 |
) |
Depreciation |
|
(126.3 |
) |
|
(39.7 |
) |
|
- |
|
|
- |
|
- |
|
|
(166.0 |
) |
Gain on sale of vessels, net |
|
122.8 |
|
|
3.5 |
|
|
- |
|
|
- |
|
- |
|
|
126.3 |
|
Vessels’ impairment loss |
|
- |
|
|
(1.7 |
) |
|
- |
|
|
- |
|
- |
|
|
(1.7 |
) |
Foreign exchange gains |
|
2.2 |
|
|
1.0 |
|
|
- |
|
|
- |
|
- |
|
|
3.2 |
|
Interest income |
|
3.6 |
|
|
2.3 |
|
|
- |
|
|
- |
|
- |
|
|
5.9 |
|
Interest and finance costs |
|
(101.9 |
) |
|
(20.3 |
) |
|
- |
|
|
- |
|
- |
|
|
(122.2 |
) |
Income from equity method investments |
|
- |
|
|
- |
|
|
- |
|
|
2.3 |
|
- |
|
|
2.3 |
|
Other |
|
2.3 |
|
|
1.4 |
|
|
- |
|
|
- |
|
- |
|
|
3.7 |
|
Gain on derivative instruments |
|
1.5 |
|
|
1.1 |
|
|
0.1 |
|
|
- |
|
- |
|
|
2.7 |
|
Net Income / (Loss) |
$ |
458.5 |
|
$ |
97.4 |
|
$ |
(3.5 |
) |
$ |
2.3 |
$ |
- |
|
$ |
554.7 |
|
(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.(2) The results of dry
bulk vessels are included from June 14, 2021. Prior to that, our
results were attributable to container vessels only.
Voyage Revenue
Voyage revenue increased by 40.4%, or $320.3
million, to $1,113.9 million during the year ended December 31,
2022, from $793.6 million during the year ended December 31, 2021.
The increase is mainly attributable to (i) revenue earned by one
container vessel and three dry bulk vessels acquired during the
first quarter of 2022, (ii) revenue earned by 16 container vessels
and 43 dry bulk vessels acquired during the year ended December 31,
2021 and (iii) increased charter rates in certain of our container
vessels during the year ended December 31, 2022 compared to the
year ended December 31, 2021; partly off-set (i) by revenue not
earned by four container vessels and one dry bulk vessel sold
during the year ended December 31, 2022, (ii) by revenue not earned
by five container vessels sold during the year ended December 31,
2021 and (iii) by decreased charter rates in certain of our dry
bulk vessels during the year ended December 31, 2022 compared to
the year ended December 31, 2021.
Voyage revenue adjusted on a cash basis (which
eliminates non-cash “Accrued charter revenue”), increased by 42.2%,
or $329.6 million, to $1,111.5 million during the year ended
December 31, 2022, from $781.9 million during the year ended
December 31, 2021. Accrued charter revenue for the years ended
December 31, 2022 and 2021 was a negative amount of $2.6 million
and $11.3 million, respectively.
Voyage Expenses
Voyage expenses were $49.1 million and $13.3
million for the years ended December 31, 2022 and 2021,
respectively. Voyage expenses increased year over year partially
due to the increased number of vessels in our fleet, and mainly
include (i) fuel consumption mainly related to our dry bulk
vessels, (ii) third party commissions, (iii) port expenses and (iv)
canal tolls.
Voyage Expenses – related parties
Voyage expenses – related parties were $15.4
million and $11.1 million for the years ended December 31, 2022 and
2021, 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 $1.5
million and $1.3 million, in the aggregate, for the years ended
December 31, 2022 and 2021, 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 $269.2 million and
$180.0 million during the years ended December 31, 2022 and 2021,
respectively. Daily vessels’ operating expenses were $6,321 and
$5,896 for the years ended December 31, 2022 and 2021,
respectively. The increase in the daily operating expenses during
the year ended December 31, 2022 is mainly attributable to
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 $12.4
million and $9.4 million during the years ended December 31, 2022
and 2021, respectively, and include $2.7 million and $2.5 million,
respectively, that were paid to a related manager.
Management and Agency Fees – related parties
Management fees charged by our related party
managers were $43.9 million and $29.6 million during the years
ended December 31, 2022 and 2021, respectively. Furthermore, during
the fourth quarter of 2022 agency fees of $2.8 million, in
aggregate, charged by three related agents in connection with the
operations of CBI.
General and Administrative Expenses – non-cash
component
General and administrative expenses – non-cash
component for the year ended December 31, 2022 amounted to $7.1
million, representing the value of the shares issued to a related
party manager on March 30, 2022, on June 30, 2022, on September 30,
2022 and on December 30, 2022. 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, on June 30, 2021, on
September 30, 2021 and on December 30, 2021.
Amortization of Dry-Docking and Special Survey
Costs
Amortization of deferred dry-docking and special
survey costs was $13.5 million and $10.4 million during the years
ended December 31, 2022 and 2021, respectively. During the year
ended December 31, 2022, 18 vessels underwent and completed their
dry-docking and special survey and five vessels were in the process
of completing their dry-docking and special survey. 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.
Depreciation
Depreciation expense for the years ended
December 31, 2022 and 2021 was $166.0 million and $137.0 million,
respectively.
Gain on Sale of Vessels, net
During the year ended December 31, 2022, we
recorded an aggregate gain of $126.3 million from the sale of the
container vessels Messini, Sealand Michigan, Sealand Illinois and
York (vessels classified as held for sale during the fourth quarter
of 2021) and the dry bulk vessel Thunder (vessel classified as held
for sale during the first quarter of 2022). 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).
Vessels’ Impairment Loss
During the year ended December 31, 2022, we
recorded an impairment loss in relation to four of our dry bulk
vessels in the amount of $1.7 million, in the aggregate. During the
year ended December 31, 2021, no impairment loss was recorded.
Vessels Held for Sale
During the year ended December 31, 2022, the
container vessels Sealand Washington and Maersk Kalamata were
classified as vessels held for sale. No loss on vessels held for
sale was recorded during the year ended December 31, 2022, since
each vessel’s fair value less cost to sell, exceeded each vessel’s
carrying value. 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.
Interest Income
Interest income amounted to $5.9 million and
$1.6 million for the years ended December 31, 2022 and 2021,
respectively.
Interest and Finance Costs
Interest and finance costs were $122.2 million
and $86.1 million during the years ended December 31, 2022 and
2021, respectively. The increase is mainly attributable to the
increased average loan balances and increased financing costs
during the year ended December 31, 2022 compared to the year ended
December 31, 2021.
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
Income from equity method investments for the
year ended December 31, 2022, was $2.3 million ($12.8 million for
the year ended December 31, 2021), representing our share of the
income in jointly owned companies set up pursuant to the Framework
Deed. As of December 31, 2022 and December 31, 2021 five and six
companies, respectively, were jointly owned pursuant to the
Framework Deed out of which four and four companies, respectively,
owned container vessels. The decreased income from equity method
investments in the year ended December 31, 2022 compared to the
year ended December 31, 2021 is mainly attributable to the recorded
capital gain on the sale of one jointly owned container vessel
during the third quarter of 2021 and to the decreased number of
container vessels jointly owned with York during 2022 compared to
2021.
Gain / (loss) on Derivative Instruments
As of December 31, 2022, we hold 28 interest
rate derivatives and two cross currency rate swaps, all of which
qualify for hedge accounting. As a result, the change in the fair
value of each instrument is recorded in “Other Comprehensive
Income” (“OCI”). As of December 31, 2022, the fair value of these
instruments, in aggregate, amounted to a net asset of $44.9
million. During the year ended December 31, 2022, a gain of $48.7
million has been included in OCI and a loss of $0.2 million has
been included in Gain / (loss) on Derivative Instruments.
Furthermore, as of December 31, 2022, we hold
six FFAs and one Bunker Swap agreement, none of which qualify for
hedge accounting. As a result, the change in the fair value of such
instruments is recorded in the consolidated statements of
operations. As of December 31, 2022, the fair value of these
instruments, in aggregate, amounted to a net asset of $0.1 million
and a net gain of $0.1 million has been included in Gain / (loss)
on Derivative Instruments during the year ended December 31,
2022.
Cash Flows
Years ended December 31, 2022 and 2021
Condensed cash
flows |
|
Years ended December 31, |
(Expressed in millions of U.S. dollars) |
|
|
2021 |
|
|
|
2022 |
|
Net Cash Provided by Operating
Activities |
|
$ |
466.5 |
|
|
$ |
581.6 |
|
Net Cash Provided by / (Used
in) Investing Activities |
|
$ |
(787.5 |
) |
|
$ |
42.5 |
|
Net Cash Provided by / (Used
in) Financing Activities |
|
$ |
482.6 |
|
|
$ |
(166.1 |
) |
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities
for the year ended December 31, 2022, increased by $115.1 million
to $581.6 million, from $466.5 million for the year ended December
31, 2021. The increase is mainly attributable to increased cash
from operations of $329.6 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 $14.0 million,
by the increased payments for interest (including swap net
payments) of $24.7 million during the year ended December 31, 2022
compared to the year ended December 31, 2021 and by the increased
dry-docking and special survey costs of $19.4 million during the
year ended December 31, 2022 compared to the year ended December
31, 2021.
Net Cash Provided by / (Used in)
Investing Activities
Net cash provided by investing activities was
$42.5 million in the year ended December 31, 2022, which mainly
consisted of proceeds we received from (i) the sale of four
container vessels and one dry bulk vessel and (ii) the maturity of
part of our short-term investments in US Treasury Bills; partly
off-set by (i) payments for the acquisition of two secondhand dry
bulk vessels, (ii) settlement payment for the delivery of one
secondhand dry bulk vessel, (iii) payments for the purchase of
short-term investments in US Treasury Bills and (iv) payments for
upgrades for certain of our container and dry bulk vessels.
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 Provided by / (Used in)
Financing Activities
Net cash used in financing activities was $166.1
million in the year ended December 31, 2022, which mainly consisted
of (a) $30.0 million net proceeds relating to our debt financing
agreements (including proceeds of $1,014.3 million we received from
our debt financing agreements), (b) $60.1 million we paid for the
re-purchase of 4.7 million of our common shares, (c) $88.4 million
we paid for dividends to holders of our common stock for the fourth
quarter of 2021, the first quarter of 2022, the second quarter of
2022 and the third quarter of 2022 (including a special dividend
paid to holders of our common stock of $46.7 million for the first
quarter of 2022) and (d) $3.8 million we paid for dividends to
holders of our Series B Preferred Stock, $8.5 million we paid for
dividends to holders of our Series C Preferred Stock, $8.7 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, 2021 to January
14, 2022, January 15, 2022 to April 14, 2022, April 15, 2022 to
July 14, 2022 and July 15, 2022 to October 14, 2022.
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.
Liquidity and Unencumbered Vessels
Cash and cash equivalents
As of December 31, 2022, we had Cash and cash
equivalents (including restricted cash) of $811.6 million and
$120.0 million invested in short-dated US Treasury Bills
(Short-term investments). Furthermore, as of December 31, 2022, our
liquidity stood at $973.2 million including (a) our share of cash
amounting to $4.5 million held in joint venture companies set up
pursuant to the Framework Deed and (b) $37.1 million of available
undrawn funds from one hunting license facility.
Debt-free vessels
As of February 8, 2023, the following vessels were free of
debt.
|
|
|
Unencumbered Vessels (Refer to Fleet list for
full details) |
|
|
|
|
|
Vessel Name |
|
|
Year Built |
|
TEU Capacity |
|
|
Containerships |
|
|
|
|
|
|
|
KURE |
|
1996 |
|
|
7,403 |
|
|
MAERSK
KOWLOON |
|
2005 |
|
|
7,471 |
|
|
SEALAND
WASHINGTON |
|
2000 |
|
|
6,648 |
|
|
ETOILE |
|
2005 |
|
|
2,556 |
|
|
MICHIGAN |
|
2008 |
|
|
1,300 |
|
|
MONEMVASIA
(*) |
|
1998 |
|
|
2,472 |
|
|
ARKADIA (*) |
|
2001 |
|
|
1,550 |
|
|
(*) Vessels acquired pursuant to the Framework Deed.
Conference Call details:
On Wednesday, February 8, 2023 at 8:30 a.m. EST,
Costamare’s management team will hold a conference call to discuss
the financial results. Participants should dial into the call 10
minutes before the scheduled time using the following numbers:
1-844-887-9405 (from the US), 0808-238-9064 (from the UK) or
+1-412-317-9258 (from outside the US and the UK). Please quote
“Costamare”. A replay of the conference call will be available
until February 15, 2023. 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:
8914429.
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 and dry bulk vessels for
charter. The Company has 49 years of history in the international
shipping industry and a fleet of 72 containerships, with a total
capacity of approximately 531,000 TEU (including one vessel that we
have agreed to sell) and 45 dry bulk vessels with a total capacity
of approximately 2,436,000 DWT. The Company also has a dry bulk
operating platform which charters in/out dry bulk vessels, enters
into contracts of affreightment and utilizes hedging solutions.
Four of our containerships have been acquired pursuant to the
Framework Deed with York by vessel-owning joint venture companies
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”.
Company Contacts:
Gregory Zikos – Chief Financial Officer Konstantinos Tsakalidis
– Business Development
Costamare Inc., Monaco Tel: (+377) 93 25 09 40Email:
ir@costamare.com
Containership Fleet List
The table below provides additional information,
as of February 8, 2023, about our fleet of containerships,
including the vessel we have agreed to sell, 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 |
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 2030(3) |
16 |
ZIM SHANGHAI (ex. COSCO GUANGZHOU) |
ZIM |
2006 |
9,469 |
72,700 |
July 2025 |
17 |
ZIM YANTIAN (ex. COSCO NINGBO) |
ZIM |
2006 |
9,469 |
72,700 |
June 2025 |
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 |
MSC |
2013 |
8,827 |
35,300 |
January 2026 |
25 |
MSC ATHOS |
MSC |
2013 |
8,827 |
45,300 |
February 2026(7) |
26 |
VALOR |
Hapag Lloyd/(*) |
2013 |
8,827 |
32,400/(*) |
April 2030(8) |
27 |
VALUE |
Hapag Lloyd/(*) |
2013 |
8,827 |
32,400/(*) |
April 2030(9) |
28 |
VALIANT |
Hapag Lloyd/(*) |
2013 |
8,827 |
32,400/(*) |
June 2030(10) |
29 |
VALENCE |
Hapag Lloyd/(*) |
2013 |
8,827 |
32,400/(*) |
July 2030(11) |
30 |
VANTAGE |
Hapag Lloyd/(*) |
2013 |
8,827 |
32,400/(*) |
September 2030(12) |
31 |
NAVARINO |
MSC/(*) |
2010 |
8,531 |
31,000/(*) |
March 2029(13) |
32 |
MAERSK KLEVEN |
Maersk/MSC |
1996 |
8,044 |
25,000/41,500 |
June 2026(14) |
33 |
MAERSK KOTKA |
Maersk/MSC |
1996 |
8,044 |
25,000/41,500 |
June 2026(14) |
34 |
MAERSK KOWLOON |
Maersk |
2005 |
7,471 |
18,500 |
August 2025 |
35 |
KURE |
COSCO/MSC |
1996 |
7,403 |
31,000/41,500 |
March 2026(15) |
36 |
METHONI |
Maersk |
2003 |
6,724 |
46,500 |
August 2026 |
37 |
PORTO CHELI |
Maersk |
2001 |
6,712 |
30,075 |
June 2026 |
38 |
ZIM TAMPA |
ZIM |
2000 |
6,648 |
45,000 |
July 2025 |
39 |
SEALAND WASHINGTON(iii) |
- |
2000 |
6,648 |
vessel agreed to be sold |
40 |
ZIM VIETNAM (ex. MAERSK KOLKATA) |
ZIM |
2003 |
6,644 |
53,000 |
October 2025 |
41 |
ZIM AMERICA (ex. MAERSK KINGSTON) |
ZIM |
2003 |
6,644 |
53,000 |
October 2025 |
42 |
ARIES |
(*)/(*) |
2004 |
6,492 |
(*)/58,500 |
March 2026(16) |
43 |
ARGUS |
(*)/(*) |
2004 |
6,492 |
(*)/58,500 |
April 2026(17) |
44 |
PORTO KAGIO |
Maersk |
2002 |
5,908 |
28,822 |
June 2026 |
45 |
GLEN CANYON |
ZIM |
2006 |
5,642 |
62,500 |
June 2025 |
46 |
PORTO GERMENO |
Maersk |
2002 |
5,570 |
28,822 |
June 2026 |
47 |
LEONIDIO |
Maersk |
2014 |
4,957 |
14,200 |
December 2024(18) |
48 |
KYPARISSIA |
Maersk |
2014 |
4,957 |
14,200 |
November 2024(18) |
49 |
MEGALOPOLIS |
Maersk |
2013 |
4,957 |
13,500 |
July 2025(19) |
50 |
MARATHOPOLIS |
Maersk |
2013 |
4,957 |
13,500 |
July 2025(19) |
51 |
OAKLAND |
CMA CGM |
2000 |
4,890 |
21,000 |
May 2023 |
52 |
GIALOVA |
ZIM |
2009 |
4,578 |
25,500 |
April 2024 |
53 |
DYROS |
Maersk |
2008 |
4,578 |
22,750 |
January 2024 |
54 |
NORFOLK |
Maersk |
2009 |
4,259 |
30,000 |
May 2023 |
55 |
VULPECULA |
OOCL/ZIM |
2010 |
4,258 |
22,700/43,250 (on average) |
March 2028(20) |
56 |
VOLANS |
ZIM |
2010 |
4,258 |
24,250 |
April 2024 |
57 |
VIRGO |
Maersk |
2009 |
4,258 |
30,200 |
February 2024 |
58 |
VELA |
OOCL/ZIM |
2009 |
4,258 |
22,700/43,250 (on average) |
March 2028(21) |
59 |
ANDROUSA |
Maersk |
2010 |
4,256 |
22,750 |
May 2023 |
60 |
NEOKASTRO |
CMA CGM |
2011 |
4,178 |
39,000 |
February 2027 |
61 |
ULSAN |
Maersk |
2002 |
4,132 |
34,730 |
January 2026 |
62 |
POLAR ARGENTINA(i)(ii) |
Maersk |
2018 |
3,800 |
19,700 |
October 2024(22) |
63 |
POLAR BRASIL(i)(ii) |
Maersk |
2018 |
3,800 |
19,700 |
January 2025(22) |
64 |
LAKONIA |
COSCO |
2004 |
2,586 |
26,500 |
March 2025 |
65 |
SCORPIUS |
Hapag Lloyd |
2007 |
2,572 |
17,750 |
June 2023 |
66 |
ETOILE |
(*)/(*) |
2005 |
2,556 |
(*)/(*) |
March 2026(23) |
67 |
AREOPOLIS |
COSCO |
2000 |
2,474 |
26,500 |
April 2025 |
68 |
MONEMVASIA(i) |
CMA CGM |
1998 |
2,472 |
17,300 |
April 2023 |
69 |
ARKADIA(i) |
Swire Shipping |
2001 |
1,550 |
21,500 |
May 2023 |
70 |
MICHIGAN |
MSC/(*) |
2008 |
1,300 |
18,700/(*) |
October 2025(24) |
71 |
TRADER |
(*)/(*) |
2008 |
1,300 |
(*)/(*) |
October 2026(25) |
72 |
LUEBECK |
MSC/(*) |
2001 |
1,078 |
15,000/(*) |
April 2026(26) |
(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) Cape Artemisio is currently chartered to
Hapag Lloyd at a daily rate of $36,650 until March 12, 2025, at the
earliest. Upon redelivery of the vessel from Hapag Lloyd the vessel
will commence a new charter with a leading liner company for a
period of 60 to 64 months at an undisclosed
rate.(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
Athos until February 24, 2023. From the aforementioned date until
the expiry of the charter, the daily rate will be
$35,300.(8) Valor is currently chartered to Hapag Lloyd
at a daily rate of $32,400 until April 3, 2025, at the earliest.
Upon redelivery of the vessel from Hapag Lloyd the vessel will
commence a new charter with a leading liner company for a period of
60 to 64 months at an undisclosed rate.(9) Value is
currently chartered to Hapag Lloyd at a daily rate of $32,400 until
April 25, 2025, at the earliest. Upon redelivery of the vessel from
Hapag Lloyd the vessel will commence a new charter with a leading
liner company for a period of 60 to 64 months at an undisclosed
rate.(10) Valiant is currently chartered to Hapag Lloyd
at a daily rate of $32,400 until June 5, 2025, at the earliest.
Upon redelivery of the vessel from Hapag Lloyd the vessel will
commence a new charter with a leading liner company for a period of
60 to 64 months at an undisclosed rate.(11) Valence is
currently chartered to Hapag Lloyd at a daily rate of $32,400 until
July 3, 2025, at the earliest. Upon redelivery of the vessel from
Hapag Lloyd the vessel will commence a new charter with a leading
liner company for a period of 60 to 64 months at an undisclosed
rate.(12) Vantage is currently chartered to Hapag Lloyd
at a daily rate of $32,400 until September 8, 2025, at the
earliest. Upon redelivery of the vessel from Hapag Lloyd the vessel
will commence a new charter with a leading liner company for a
period of 60 to 64 months at an undisclosed
rate.(13) Navarino is currently chartered to MSC at a
daily rate of $31,000 until March 1, 2025, at the earliest. Upon
redelivery of the vessel from MSC the vessel will commence a new
charter with a leading liner company for a period of 48 to 52
months at an undisclosed rate.(14) 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.(15) 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.(16) Vessel’s daily charter rate will be $58,500
from March 2023. Until then the vessel is chartered at an
undisclosed rate.(17) Vessel’s daily charter rate will
be $58,500 from April 2023. Until then the vessel is chartered at
an undisclosed rate.(18) 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.(19) 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.(20) Vulpecula is currently chartered to OOCL at
a daily rate of $22,700. Upon redelivery of the vessel from OOCL in
March 2023 (earliest estimated redelivery date per charterparty
terms) the vessel will commence 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.(21) Vela is currently chartered to OOCL at a
daily rate of $22,700. Upon redelivery of the vessel from OOCL in
March 2023 (earliest estimated redelivery date per charterparty
terms) the vessel will commence 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.(22) Charterer has the option to extend the current
time charter for three additional one-year periods at a daily rate
of $21,000.(23) Etoile is currently chartered at an
undisclosed rate until March 2023, at the earliest. Upon redelivery
of the vessel from its current charterer the vessel will commence a
new charter with a leading liner company for a period of 36 to 39
months at an undisclosed rate.(24) Michigan is currently
chartered to MSC at a daily rate of $18,700 until October 2023, at
the earliest. Upon redelivery of the vessel from MSC the vessel
will commence a new charter with a leading liner company for a
period of 24 to 26 months at an undisclosed
rate.(25) Trader is currently chartered at an
undisclosed rate until October 1, 2024, at the earliest. Upon
redelivery of the vessel from its current charterer the vessel will
commence a new charter with a leading liner company for a period of
24 to 26 months at an undisclosed rate.(26) Luebeck is
currently chartered to MSC at a daily rate of $15,000 until April
2024, at the earliest. Upon redelivery of the vessel from MSC the
vessel will commence a new charter with a leading liner company for
a period of 24 to 26 months at an undisclosed rate.
(i) Denotes vessels acquired pursuant to
the Framework Deed. The Company holds an equity interest of 49% in
each of the vessel-owning companies.(ii) Denotes vessels
subject to a sale and leaseback
transaction.(iii) Denotes vessel 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 table below provides information, as of
February 8, 2023, about our fleet of dry bulk vessels.
|
Vessel Name |
Year Built |
Capacity (DWT) |
1 |
AEOLIAN |
2012 |
83,478 |
2 |
GRENETA |
2010 |
82,166 |
3 |
HYDRUS |
2011 |
81,601 |
4 |
PHOENIX |
2012 |
81,569 |
5 |
BUILDER |
2012 |
81,541 |
6 |
FARMER |
2012 |
81,541 |
7 |
SAUVAN |
2010 |
79,700 |
8 |
ROSE |
2008 |
76,619 |
9 |
MERCHIA |
2015 |
63,800 |
10 |
SEABIRD |
2016 |
63,553 |
11 |
DAWN |
2018 |
63,530 |
12 |
ORION |
2015 |
63,473 |
13 |
DAMON |
2012 |
63,227 |
14 |
TITAN I |
2009 |
58,090 |
15 |
ERACLE |
2012 |
58,018 |
16 |
PYTHIAS |
2010 |
58,018 |
17 |
NORMA |
2010 |
58,018 |
18 |
ORACLE |
2009 |
57,970 |
19 |
CURACAO |
2011 |
57,937 |
20 |
URUGUAY |
2011 |
57,937 |
21 |
ATHENA |
2012 |
57,809 |
22 |
SERENA |
2010 |
57,266 |
23 |
LIBRA |
2010 |
56,729 |
24 |
PEGASUS |
2011 |
56,726 |
25 |
MERIDA |
2012 |
56,670 |
26 |
CLARA |
2008 |
56,557 |
27 |
PEACE |
2006 |
55,709 |
28 |
PRIDE |
2006 |
55,705 |
29 |
BERMONDI |
2009 |
55,469 |
30 |
COMITY |
2010 |
37,302 |
31 |
VERITY |
2012 |
37,163 |
32 |
PARITY |
2012 |
37,152 |
33 |
ACUITY |
2011 |
37,149 |
34 |
EQUITY |
2013 |
37,071 |
35 |
DISCOVERY |
2012 |
37,019 |
36 |
TAIBO |
2011 |
35,112 |
37 |
BERNIS |
2011 |
34,627 |
38 |
MANZANILLO |
2010 |
34,426 |
39 |
ADVENTURE |
2011 |
33,755 |
40 |
ALLIANCE |
2012 |
33,751 |
41 |
CETUS |
2010 |
32,527 |
42 |
PROGRESS |
2011 |
32,400 |
43 |
MINER |
2010 |
32,300 |
44 |
KONSTANTINOS |
2012 |
32,178 |
45 |
RESOURCE |
2010 |
31,776 |
|
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) |
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Audited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue |
$ |
793,639 |
|
|
$ |
1,113,859 |
|
|
$ |
283,918 |
|
|
$ |
265,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
(13,311 |
) |
|
|
(49,069 |
) |
|
|
(5,831 |
) |
|
|
(15,055 |
) |
Voyage expenses – related
parties |
|
(11,089 |
) |
|
|
(15,418 |
) |
|
|
(3,750 |
) |
|
|
(3,692 |
) |
Vessels’ operating
expenses |
|
(179,981 |
) |
|
|
(269,231 |
) |
|
|
(60,665 |
) |
|
|
(70,901 |
) |
General and administrative
expenses |
|
(9,405 |
) |
|
|
(12,440 |
) |
|
|
(3,445 |
) |
|
|
(3,150 |
) |
Management and agency fees –
related parties |
|
(29,621 |
) |
|
|
(46,735 |
) |
|
|
(9,682 |
) |
|
|
(13,867 |
) |
General and administrative
expenses – non-cash component |
|
(7,414 |
) |
|
|
(7,089 |
) |
|
|
(1,891 |
) |
|
|
(1,388 |
) |
Amortization of dry-docking
and special survey costs |
|
(10,433 |
) |
|
|
(13,486 |
) |
|
|
(2,869 |
) |
|
|
(4,027 |
) |
Depreciation |
|
(136,958 |
) |
|
|
(165,998 |
) |
|
|
(40,948 |
) |
|
|
(41,762 |
) |
Gain on sale of vessels,
net |
|
45,894 |
|
|
|
126,336 |
|
|
|
27,819 |
|
|
|
105,086 |
|
Vessels’ impairment loss |
|
- |
|
|
|
(1,691 |
) |
|
|
- |
|
|
|
(1,691 |
) |
Foreign exchange gains /
(losses) |
|
29 |
|
|
|
3,208 |
|
|
|
(118 |
) |
|
|
2,653 |
|
Operating
income |
$ |
441,350 |
|
|
$ |
662,246 |
|
|
$ |
182,538 |
|
|
$ |
217,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
1,587 |
|
|
$ |
5,956 |
|
|
$ |
33 |
|
|
$ |
4,863 |
|
Interest and finance
costs |
|
(86,047 |
) |
|
|
(122,233 |
) |
|
|
(25,254 |
) |
|
|
(35,789 |
) |
Income from equity method
investments |
|
12,859 |
|
|
|
2,296 |
|
|
|
854 |
|
|
|
703 |
|
Gain on sale of equity
securities |
|
60,161 |
|
|
|
- |
|
|
|
2,017 |
|
|
|
- |
|
Dividend income from
investment in equity securities |
|
1,833 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other |
|
4,624 |
|
|
|
3,729 |
|
|
|
993 |
|
|
|
1,430 |
|
Gain / (loss) on derivative
instruments |
|
(1,246 |
) |
|
|
2,698 |
|
|
|
(27 |
) |
|
|
5,332 |
|
Total other
expenses |
$ |
(6,229 |
) |
|
$ |
(107,554 |
) |
|
$ |
(21,384 |
) |
|
$ |
(23,461 |
) |
Net
Income |
$ |
435,121 |
|
|
$ |
554,692 |
|
|
$ |
161,154 |
|
|
$ |
194,176 |
|
Earnings allocated to
Preferred Stock |
|
(31,068 |
) |
|
|
(31,068 |
) |
|
|
(7,767 |
) |
|
|
(7,767 |
) |
Non-controlling interest |
|
- |
|
|
|
263 |
|
|
|
- |
|
|
|
263 |
|
Net Income available
to common stockholders |
$ |
404,053 |
|
|
$ |
523,887 |
|
|
$ |
153,387 |
|
|
$ |
186,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share,
basic and diluted |
$ |
3.28 |
|
|
$ |
4.26 |
|
|
$ |
1.24 |
|
|
$ |
1.53 |
|
Weighted average number of
shares, basic and diluted |
|
123,070,730 |
|
|
|
122,964,358 |
|
|
|
123,737,763 |
|
|
|
121,983,112 |
|
|
COSTAMARE
INC.Consolidated Balance Sheets |
|
(Expressed in thousands of U.S. dollars) |
|
As of December
31,
2021 |
|
As of December
31,
2022 |
ASSETS |
|
(Audited) |
|
(Unaudited) |
CURRENT
ASSETS: |
|
|
|
|
Cash and cash equivalents |
$ |
276,002 |
|
$ |
718,049 |
|
Restricted cash |
|
8,856 |
|
|
9,768 |
|
Short-term investments |
|
- |
|
|
120,014 |
|
Accounts receivable |
|
20,978 |
|
|
26,943 |
|
Inventories |
|
21,365 |
|
|
28,039 |
|
Due from related parties |
|
- |
|
|
3,838 |
|
Fair value of derivatives |
|
- |
|
|
25,660 |
|
Insurance claims
receivable |
|
3,970 |
|
|
5,410 |
|
Asset held for sale |
|
78,799 |
|
|
55,195 |
|
Time charter assumed |
|
198 |
|
|
199 |
|
Accrued charter revenue |
|
7,361 |
|
|
10,885 |
|
Prepayments and other |
|
8,595 |
|
|
10,622 |
|
Total current
assets |
$ |
426,124 |
|
$ |
1,014,622 |
|
FIXED ASSETS,
NET: |
|
|
|
|
Right-of-use assets |
$ |
191,303 |
|
$ |
- |
|
Vessels and advances, net |
|
3,650,192 |
|
|
3,666,861 |
|
Total fixed assets,
net |
$ |
3,841,495 |
|
$ |
3,666,861 |
|
NON-CURRENT
ASSETS: |
|
|
|
|
Equity method investments |
$ |
19,872 |
|
$ |
20,971 |
|
Deferred charges, net |
|
31,859 |
|
|
55,035 |
|
Accounts receivable,
non-current |
|
5,076 |
|
|
5,261 |
|
Restricted cash |
|
68,670 |
|
|
83,741 |
|
Fair value of derivatives,
non-current |
|
3,429 |
|
|
37,643 |
|
Accrued charter revenue,
non-current |
|
8,183 |
|
|
11,627 |
|
Time charter assumed,
non-current |
|
667 |
|
|
468 |
|
Other non-current assets |
|
1,666 |
|
|
- |
|
Total
assets |
$ |
4,407,041 |
|
$ |
4,896,229 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
Current portion of long-term
debt |
$ |
272,365 |
|
$ |
320,114 |
|
Accounts payable |
|
18,865 |
|
|
18,155 |
|
Due to related parties |
|
1,694 |
|
|
2,332 |
|
Finance lease liabilities |
|
16,676 |
|
|
- |
|
Accrued liabilities |
|
27,304 |
|
|
51,551 |
|
Unearned revenue |
|
23,830 |
|
|
25,227 |
|
Fair value of derivatives |
|
6,876 |
|
|
2,255 |
|
Other current liabilities |
|
2,417 |
|
|
3,456 |
|
Total current
liabilities |
$ |
370,027 |
|
$ |
423,090 |
|
NON-CURRENT
LIABILITIES |
|
|
|
|
Long-term debt, net of current
portion |
$ |
2,169,718 |
|
$ |
2,264,507 |
|
Finance lease liabilities, net
of current portion |
|
99,689 |
|
|
- |
|
Fair value of derivatives, net
of current portion |
|
7,841 |
|
|
13,655 |
|
Unearned revenue, net of
current portion |
|
33,867 |
|
|
34,540 |
|
Total non-current
liabilities |
$ |
2,311,115 |
|
$ |
2,312,702 |
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
Temporary equity |
$ |
- |
|
$ |
3,487 |
|
STOCKHOLDERS’
EQUITY: |
|
|
|
|
Preferred stock |
$ |
- |
|
$ |
- |
|
Common stock |
|
12 |
|
|
12 |
|
Treasury stock |
|
- |
|
|
(60,095 |
) |
Additional paid-in
capital |
|
1,386,636 |
|
|
1,423,954 |
|
Retained earnings |
|
341,482 |
|
|
746,658 |
|
Accumulated other
comprehensive income / (loss) |
|
(2,231 |
) |
|
46,421 |
|
Total stockholders’
equity |
$ |
1,725,899 |
|
$ |
2,156,950 |
|
Total liabilities and
stockholders’ equity |
$ |
4,407,041 |
|
$ |
4,896,229 |
|
Costamare (NYSE:CMRE)
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Costamare (NYSE:CMRE)
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