CMRE - Earnings call transcript Q1 2022

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Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Inc. Conference Call on the First Quarter 2022 Financial Results.

We have with us Mr. Gregory Zikos, Chief Financial Officer of the company. [Operator Instructions] I must advise you that this conference is being recorded today, Thursday, May 5, 2022. remind this to forward-looking call like statements. would you conference that contains We moment number read presentation, take to Please a Slide the statements. which forward-looking X contains the of speaker the And now floor today, Mr. over I pass to will your Zikos. Please sir. go ahead,

Gregory Zikos

gentlemen. Thank ladies you, morning, and good and

quarter, to strong results. the last the period $XX to million than Revenues reached income year. delivered and of million, for $XXX net company $XXX the more doubled During approximately million compared same

all rates have $XXX As with days container to XXXX, for $X.X recent of remaining contributing short the further amount of fact, duration charter our In end no billion XX% opportune Fundamental about containership quarter water while of full no a lead to X.X such are, Contracted an shows containership signs and on fleet the for covered at remained market revenues contained we million. to for with increases. have environment, XXXX. coverage Commercially stood available the unchanged. notice. for market Congestion in events charter in easing, open strong time liquidity employed years. we vessels

On to from dry by larger a with sharing smaller also bulk premium order book. remains low be historically market and side, ship to the continues benefiting demand Supply container strong underpinned spillover. ones, dynamics the the healthy,

was which Moving was $X.XX per or now million income results, QX million see the or was to Adjusted Net $XXX quarter the share. slide first best income presentation. our On $XXX can Slide X, share. $X.XX our you around net since per listing.

million. $XXX over million up to year-over-year than is liquidity $XXX more Our

next the to Moving slide.

spot locking over $X.X we're for XXX% X our bulk of revenue At the about the slide, see billion fixed. dry in For XX% And for days revenues some containership can next you are XXXX, the bottom fixtures years. fleet. next contracted year, in covered, our

Slide to Turning X.

bulk and vessel the fleet be and sold to continue in dry dry bulk took on active solid profit. Norma our of We last purchase sale for market. a We delivery

We On capital Messini of the liquidity an for $XX around million. X, also Slide can arrangements. our sale see a concluded financing on the you and gain of update

facilities During million. for over QX, X concluded we new $XXX

We $XX sheet and million and to we dry strong license Bank. the time, loan the market remains in handing balance leading lows million a refinance additional a with bulk executed February, market market another have At that [tracker] of leverage the seasonal firepower low. book million over vessels Slide us maintain its liquidity for gives $XXX continue concluded well. dry around has with $XXX perform order X. European and The to to at value-based from XX%. The bulk containership of continues rebounded same

by We also dividend long continue payment of track sponsor special record today's a strong uninterrupted dividend to support. have posted and a

next Moving on the to slide.

see detail more In our down, our already to in adjusted snapshot. development at can of leverage liquidity you and quarter vessels XX%. during our net X, slide, XX% up our about mentioned, income best at $X.XX average first next leverage QX, was We [going can XXX share, trends upwards, around trend quarter public]. continues Looking a again, XXXX had our as per Slide level you see on of in first year-over-year, modest while the is an our

is following can containership also Charter the arrogate noncash items. see above continue Slide the consideration on charter market. some [fix] gains and asset averages. into take while from average high, you duration other accounting disposals of figures to adjusted well historical rates remain Our noncash On items time information the revenues, XX,

to XX. Turning Slide

remain fully commercial can quarter, that seasonally containership healthy the You rates first while is have fleet do see box weak during the employed. declined they while

sizes of in slide, Slide XX, lows year-over-year February rebounded bulk own for from up we market dry the where On rates vessels their have the are seasonal we the last in discussing and XX% are April. rates

Finally, least now to we the reduce can at take fleet the which questions growth Thank you. our X%, expected below now. presentation, take to X questions. we at and remains X next can slightly years. Operator, for is book order This concludes

Operator

with first the And question Instructions] is from [Operator Chris Citi. Wetherbee

Eli Winski

Eli Chris. start Maybe on for just we can liquidity.

plans liquidity stepped liquidity of your X.X%. investment What are up, goes down So leverage forward? to with of you some continue guys see the this that growth going

Gregory Zikos

things. try capital Look, more on allocation of make do it's lot has prices the we countercyclical, generic market that the conditions asset we assuming sense. question. feel to to a Depending with be This that and

We will continue expanding our fleet base.

in as dry transactions containerships. we recently haven't And you've the have done noticed being, in we time also, any posed the However, for vessels. bulk

subject mentioned, a to market we commercial I bank we as course, access debt. conditions, liquidity, have Of to have

license, a feel very mentioned. that at have are may justified, the expanding we sense. the should we prices hunting also fleet that We as continue well And feel prices we makes

in on and paying leverage, previous that, if which have from quarters, we buyback are you we is are utilized, dry spot low. the market, XX%. today's debt more vessels, a And trading, a apart they back have below share bulk Now in of can be generally program authorized XX% which which a that the leverage

not will be optimal So it to whether further bank debt. sure reduce I'm commercial

they not either it's repayment today. is optimal but So option, be an to conditions might justify the will X it assuming that see going the be share market also And expansion, buyback. debt

Eli Winski

sense. makes That

going a of X back Coast flow to does that West ball, seat? does rates into 'XX? United cadence are have guess in to over of you East high, your the how is the saying that that that your out crystal States, but and understanding and don't and Shanghai more the of what right now to look like you the I congestion the view So of expectations? the through be Asia they're guys from last what relate Understandably, but the rate year And on out

Gregory Zikos

we don't the Look, generally, market. it's predict

possibly is still don't West the concerns negotiations the cautious Coast the congestion up ball the it's generally, can at in we case. charter going year, and rates we some the for end cannot tell to crystal levels. labor fixtures be we you used of I that that you coming tell this U.S. now particularly have are that a Panamax There have. know right we of to in to We year's are You're market. compared in or hold that But the we the fixtures the the regarding less time very those

for Of factor is that available a ships are course, it there less delivery. [indiscernible]

I approach, makes be However, approach. a may and adopting they some which adopting side may charterers similar now their that from be some they sense owners also a wait-and-see feel

never simply we've levels. So which the I'm afraid I for larger we because predict market. But today, vessels reflect rates, especially cannot definitely more at than the latest historically that, fixtures are charter the you seen, tell the high

Operator

from [Operator question The Instructions] is next Nolan with Stifel. Ben

Ben Nolan

on is the Macalla for Rogers Congrats This on quarter. Ben.

side, some might chance would there's the able be container the X at that to you road? any were around provide reinstated the any color containership orders they On point be And if canceled? that down

Gregory Zikos

and this difficult. this afraid even is I'm I'm afraid more on -- make something comment predictions, that cannot is that I

have on. I'm something This think have afraid. the we those we -- working is have cannot more been ours, I are filing in of currently say than canceled. we a But that, I stated something that reasons

Ben Nolan

just squeeze the piggybacking makes That can capital of in bulk X off that allocation and dry I note. if assets some Sure. Kind sense. maybe more on maybe And plans.

on any you asset range? before be buying about for of to kind about cheaper thinking dry waiting what bit acceptably might how provide get maybe the cheaper prices an a more side. mentioned You bulk Could you’re insight maybe

Gregory Zikos

we quarter you depends has the vessels. Look, that advisers Panamax, we of vessel last from know, then, but second mainly mainly smaller a it’s bought on [the bulk difficult Since because of moved charter] our lot, as improved amount for as the buying of this] base that numbers and it vessels, have up date up. to [plan total, lot started deliver for dry put me and ships. market beginning in type the But XXXX, year, of And things. to XX specifications,

So a asset one mentioned wait-and-see to provide figures. in all one, we But seeing those specific countercyclical are acquisitions earlier, money. and all values. as cannot Today, today, approach. be by try we have I the they

course, do always opportunities. inspect We Of is there vessels.

active. But are we’re thinking is this that twice. We something

predictions. to sure whose So make All for containerships. I’m work, invested are want today we will something into much be we really put cannot going definitely find we’re is any make we’re course, but we pretty makes And asset The to sense. not that still to values equity today that be today assets same where would in it, make the to go for not going’ the expanding. saying going but that values the it's containership, saying for I’m I that sense, It’s of that. applies

sense. have would we I that difficult make been think feel to very find it the do

Operator

over back session. gentlemen, and would question-and-answer this Ladies for turn conference Mr. remarks. any I to our like the Zikos concludes closing to

Gregory Zikos

our in Costamare Thank your you today. quarterly to with We're looking again dialing for in forward Thank during results you. speaking next interest call. for and you

Operator

Thank That conclude you, participating. you today. does conference our Thank all for for sir.

You may now disconnect.

Costamare (CMRE) 7 May 222022 Q1 Earnings call transcript