CMRE - Earnings call transcript Q3 2024

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Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Inc. Conference Call on the Third Quarter 2024 financial results.

We have with us today Mr. Gregory Zikos, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. presentation a a session. be will followed question-and-answer by There [Operator Instructions]

go you Mr. you I now We to is remind to call read that presentation, a being will of contains Please advise Zikos. forward-looking would this speaker ahead, statements. contains your recorded to Slide XXXX. conference I moment sir. X, the floor this must forward-looking pass take And conference Please the November today. like today, the #X that which Friday, statements.

Gregory Zikos

Thank and you, gentlemen. good morning, and ladies

the year, During million. the generated net third $XX about company quarter of the income of

As is vessel of the liquidity diversions split greater. sizes, which between $X fully in still above have The the is X%. as billion. can the supply where fleet larger In quarter vessels end, remain as smaller of be availability do we market containership limited tonnage The sector, of considered was employed.

is evolve charter of demand, unable bigger meet the same As at tonnage pool to to levels. continue rates

During amount are expected with certain the XX% and Total agreements about incremental XXX% revenues contracted fleet stands new generate remaining $XXX duration revenues billion, at 'XX, containerships levels. X.X of The charter years. XXXX employment quarter, contracted of and at The to to charter containership healthy $X.X for we million. the respectively. chartered time

are the at manage which on fleet the of CBI disposal X owned acquire and ship of vessels a its to chartering average decrease On the Ultramax the and agreements. dry to we with and ships, bulk XX side, we agreed are smaller fleet Capesize strategy renew size. now the progressing index-linked same XXXX with the our quarter, built progressing while time In XXXX-built XXXX of tonnage. majority

highly commitment to activities. view sector, complementary trading have as platform the vessel a we owning at the We and long-term the

healthy of to million for the commitments the shipping back about grow with funding $XXX of Finally, Neptune on committed total pipeline. XX platform reflecting Maritime a leasing, to with continues assets, funding regards

now see quarter On results. Slide X, million income per Moving can for presentation. the $XX.X $XX to was or net you per quarter $X.XX third was income $X.XX Adjusted or our million slide share. the Net share.

Our billion. $X liquidity over stands at

Turning to Slide X.

Regarding we the the to of Ultramax acquire vessels have of chartering ships. and X we In X have bulk dry $XXX Capesize containerships activity, we contracted One and our parallel, revenues side, have Slide sale X ship. sell incremental with million. agreed agreed on X, S&P concluded chartered X Supramax Handysize above to

revenues a than fixed years. target earnings 'XX the we XX% in Our contracted release. Slide TEU-weighted XXX% our $X.X billion XX entered having revenue batches agreements our duration chartering into days more for with of remaining and bulk our dry are since X. continue are 'XX market, X.X all last to while for spot parallel, In

at arrangements, prepay we financing our hand Regarding on with million will unsecured cash by $XXX bonds issued fully participation. Costamare

we leverage. refinance maturities. to of addition, increase our fleet is costs of dry agreed bulk an have improvement with This In deal funding extension coupled and without in

Finally, financing million acquisitions. for have vessel we $XX available of roughly

X. Slide

of the healthy for majority being have grow On XX continues CBI, with we leasing Regarding our fleet has $XXX to platform, NML funding a around the ships period invested vessels index-linked XX have and on chartered million. with very committed we agreements. already pipeline.

to On a company This look billion. can containership in at basis. of of despite X. idle the though the the in Slide evolve low in continue fleet The market us the charter the X.X%. larger rates rates. levels on continued segments, opportunities firm levels, exceeding you recent gives Slide especially The this remains box remains decrease capacity threat injection of very $X grow On the liquidity at to our healthy to see newbuilding slide, principal market. X, for ability the

XX. Slide Moving to final the

can we recent trends can at the Megan, fleet. now. markets. presentation, questions. XX.X% Thank take in that, questions see of the now The book you. we we take market order total our dry can With stands and the dry You conclude spot bulk forward and bulk can

Operator

And Omar Nokta of [Operator question your Jefferies. from comes the first Instructions] line with

Omar Nokta

update. Greg, thanks for the

Just a of a from side. -- from questions couple my questions just of yes, couple

on think first the Just that EUR I early. the Greek Greek the redeemed bond, bonds, it's million you XXX

interest were relatively I wondering, Just know those cost. much lower

early I want drove what of a the And get just bonds. redemption sense of so those to

Gregory Zikos

Yes, yes.

which And at was on originally like You're was are this earlier, a relatively is a reason competitive Pillar ] reason, unsecured that separate cost. meaning participation, being that of The right. subsidiary implications Yes, tax some terms X.X% year. are Union do with preparing for like we was this Costamare maturing bond issued which [ this bond European next a an because ours. have to year there X basis, and by

had and elder. reasons tax some For it redeem to for implications, legal we

was we However, it I think you priced. did was for of to terms said, use rightly it -- as in X funds close years. those pricing, competitively And

Omar Nokta

it. And about -- the there then dry there's happening just the level. personnel at CBI, business and the past, with this of Got Okay. been in changes we've bulk and just reports on talked but shipping circles

Cape in how Just the platform business, in that the about the that you back? how the wanted thinking general, general, looking you going pie? that forward? of But it to piece main I are dry platform? about And with trading are in you've scale are ownership actual still you just a clearly, Or to been acquisitions. Is about thinking ask investing bulk

Gregory Zikos

No, no, no.

all, you CBI. so This are wins. same a is A question We for couple for of reports the you of you're lot do us. support business First like question long-term asked recent people were asking. rightfully trade points. that of Lloyd's a thank right, because there And in

absolutely the absolutely activities. I to in As CBI they is mentioned opposite. bulk nothing commentary, of The there trading to the including as but do were the highly business, it side platform. thought they back the continue the affected platform complementary trading dry to together have intention owning reasons, consider quite with we for personnel our my And dry investing in no scale changes, bulk with various

ships plus by bulk close XX So XX today, dry CBI owned commercially manage vessels the to business.

we're going to which we X entity. close think is and X consider a quite operation, internally this business, substantial should to as I getting as So XXX business this be of ships

our So stay is goal to going there and forward, to continue investing.

Omar Nokta

All right. turn Okay. That's for me. it I'll over. it

Operator

comes next question Stifel. from Ben The the Nolan with of line

Pernille Buhl

giving Pernille is any dividend balance flow Ben, the charters higher This thoughts better on $X.XXX to from sheet, quarter? cash on and the moving time wanted per strengthening the for with ask I announced visibility some the

Gregory Zikos

Okay.

yes, and couple $X.XXX Now points. the rightly $X.XX year. A said, is as like, dividend like of per

Board of sort not authorized now of I'm on to the behalf this all, a decision, is of and speak First Board.

a can flexible We which dividend policy and revised. have is be

or we this the say dividend buybacks. one-off at quarter. I'm Of course, which the exclude done cannot right color the moment, used steadily definitely, In cannot we But we past, have past, in a that now. is per This of But afraid I of one-off dividend on something for me in the possibility share that. dividend also increasing any give have to is I past, not done the like payments both. And payments.

Probably increased done this buybacks preferred this the We also is dividend, buybacks. also have for we stock stock, the prefer and Board have for case and to something but now the is sort not the decide. of

Operator

line Edge. the question Climent next Value Molins of Investor's from with The comes

Climent Molins

I purchase sale but already to been your activity. wanted has covered, touch and Most upon

preference as you've a past while do wondering acquired current forward, the older what's pricing dry Over to going also building CapEx Capes Or And your tonnage. is? you secondly, on year, comfortable have on you I your some some exposure? And the shedding are view was asset side? continue

Gregory Zikos

Yes. I have mean traditionally been what X.X the doing or last all like we over year years.

been and opportunistically Capes of We smaller have buying tonnage. disposing

how we prices quite sell are for we and buy how the for newbuildings. and example, been let's have much today asset where we on Now take Capes, much careful like

consider high they capacity for are newbuilding those whether I curve put not order chartering asset and the Also in today's for a going we Cape. Capes vessels at the order represent which today of to FFA levels sure think forward. I'm bases would

bit So be they a may overpriced.

buy, we I it something if reason have and is feel we expensive. So wait. don't can We mean, to sit a

Our further. fleet is so it enough, grow is big no to need there

and asset Capes, hasn't market especially it where than today, So now. opportunity vessels of are more buying great as prices QX the we for rather a been considering have block

we're going more careful I to mean, be take So and go. it we as

Climent Molins

side, to still Or is a conservative That's taken basically very fairly flow containership the cash acquire you've modern too maybe existing to fleet any some renewal, on focusing assets. Is pricing from And tonnage? going forward, asset helpful. approach on generating high? there appetite

Gregory Zikos

been newbuilding from we I have delivered think don't next the haven't containership a any have commitments or asset newbuildings for prices today had -- Look, high newbuildings, year, like newbuildings perspective. we historical extremely we today and because

market. X-year are old X-, irrespective the like high, I the So of containers either are think newbuildings chartering tonnage prices today,

I we haven't risk. we excessive that residual And done is be reason would it. think So assuming value the this

course, of may Now at cautious. we the look market, opportunities. there We are extremely but be

Climent Molins

Makes the sense. quarter. And for congratulations

Operator

question-and-answer to for our over Mr. remarks. conference session. closing Zikos turn concludes the turn I like the back call would to This to any

Gregory Zikos

much Yes. interest in Costamare for for today. in Thank dialing your you very and

Thank We quarterly are results again you with next call. looking forward you. during to the speaking

Operator

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

You now disconnect. may

Costamare (CMRE) 1 Nov 242024 Q3 Earnings call transcript