Costamare Inc. reported unaudited monetary outcomes for the primary quarter ended March 31, 2022 (“Q1 2022”).
I. RECORD PROFITABILITY IN A FIRST QUARTER SINCE NYSE LISTING
Q1 2022 Internet Revenue obtainable to widespread stockholders of $115.4 million ($0.93 per share) vs $60.5 million ($0.49 per share) in Q1 2021.
Q1 2022 Adjusted Internet Revenue obtainable to widespread stockholders1 of $104.5 million ($0.84 per share) vs $38.0 million ($0.31 per share) in Q1 2021.
Q1 2022 liquidity of $644 million2 vs $240 million in Q1 2021.
II. NEW CHARTER ARRANGEMENTS3 AND FULLY EMPLOYED CONTAINERSHIP FLEET FOR THE YEAR AHEAD
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Containership fleet totally employed for the rest of 2022.
Greater than 90% of the containership fleet4 is mounted for 2023.
Entered into a complete of 49 chartering agreements for the dry bulk fleet for the reason that starting of 2022. Chosen fixtures are proven beneath:
Constitution of the 2012-built, 63,227 DWT dry bulk vessel Damon at a day by day charge of $35,000 for a interval of roughly one month.
Constitution of the 2010-built, 58,018 DWT dry bulk vessel Norma at a day by day charge of $45,000 for a interval of roughly 70 days.
Constitution of the 2010-built, 56,729 DWT dry bulk vessel Libra at a day by day charge of $37,000 for a interval between 50 and 120 days.
Constitution of the 2010-built, 32,527 DWT dry bulk vessel Cetus at a day by day charge of $24,000 for a interval of roughly one month.
III. SALE AND PURCHASE ACTIVITY
Supply of the 2010-built 58,018 DWT dry bulk vessel Norma (ex. Magda).
Settlement for the sale of the 2009-built, 57,334 DWT dry bulk vessel Thunder. The sale is anticipated to be concluded in Q2 2022 and can end in an estimated capital acquire of $3.6 million.
Conclusion of the sale and supply of the 1997-built, 2,458 TEU containership Messini, which resulted in a capital acquire of $17.8 million.
IV. NEW DEBT FINANCING
New financing agreements for an quantity of $160.5 million. Extra particularly:
In April 2022, we signed a looking license mortgage settlement with a European monetary establishment for an quantity of as much as $120 million for the needs of financing the acquisition price of dry bulk vessels. The supply interval of this facility expires in Q2 2023, an quantity of $10.8 million has already been drawn down and the ability has a most tenor of 5 years following the expiration of the provision interval.
In April 2022, we signed a mortgage settlement with a number one European monetary establishment for an quantity of $40.5 million for the needs of refinancing the present indebtedness of 4 dry bulk vessels. The brand new facility has a tenor of 4 years, and can mature in April 2026.
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V. DIVIDEND ANNOUNCEMENTS
On April 1, 2022, we declared a particular dividend of $0.50 per share on our widespread inventory and a dividend for the quarter ended March 31, 2022, of $0.115 per share on our widespread inventory, each of that are attributable to be paid on Might 5, 2022, to stockholders of file of widespread inventory as of April 19, 2022.
On April 1, 2022, we declared a dividend of $0.476563 per share on our Sequence B Most popular Inventory, $0.531250 per share on our Sequence C Most popular Inventory, $0.546875 per share on our Sequence D Most popular Inventory and $0.554688 per share on our Sequence E Most popular Inventory, which had been all paid on April 18, 2022 to holders of file as of April 14, 2022.
Mr. Gregory Zikos, Chief Monetary Officer of Costamare Inc., commented:
“Throughout the quarter the Firm delivered sturdy outcomes; revenues greater than doubled to approx. $270 million and Internet Revenue reached $115 million, in comparison with $60 million for a similar interval of final 12 months. As of quarter finish, liquidity stood at $640 million.
Fundamentals and robust constitution charges for the container market stay unchanged; a commercially totally employed container fleet with no vessels obtainable on quick discover. Congestion reveals no indicators of easing, whereas latest occasions are in reality contributing to additional will increase.
In such an opportune market atmosphere we’ve got lined all of our containership open days for 2022 and we’ve got ca. 95% protection for 2023. Contracted revenues for the containership fleet within the water quantity to $3.3 billion with a remaining time constitution length of 4.1 years.
On the dry bulk facet, the market continues to be sturdy with smaller ships incomes a premium to the bigger ones, additionally benefiting from container spillover. Provide and demand dynamics stay wholesome underpinned by a traditionally low orderbook.”
Supply: Costamare Inc.