CMRE - Earnings call transcript Q4 2024

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Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Inc. Conference Call on the Fourth Quarter 2024 Financial Results.

We have with us 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 conference you recorded [Operator advise this is XXXX. Instructions] I must X, that being February today, Wednesday, contains to this like you forward-looking call would statements. We remind conference that to read forward-looking the Please take a Slide of which statements. the #X contains presentation, moment moment. pause one We'll Mr. Thank you. I today, the to your floor will over now speaker pass Zikos. Please go ahead, sir.

Gregory Zikos

Thank good ladies gentlemen. and morning, and you,

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

of the the a idle could EUR around building at million The building repaying fixed the $XXX the and Suez and redeeming rate demand Good Cape year absorbed incremental Series release crisis of bond however, the dynamics. during 'XX. XXXX much the tonnage, million together Our new fleet preferred liquidity new the the stands low of gradually via Sea combined with commercial capacity Hope start of the current liners route, XXX during after to supply also containership and potentially stock of the These at distort diversions route. Should, Red cargo longer capacity. led remained E $XXX to sector, million. In strong diversions, return demand, with

contracted on and average XX% chartered revenues for XXXX about XX% we amount basis quarter, time XXXX, with to X.X $X.X forward revenues $XXX Total charter an to a years. close of of remaining this about During years and containerships employment duration fleet time at stands XX of duration billion contracted charter a X.X estimated million. The with respectively. containership and

in on China and quarter with oversupply. of of market, and dropped pressures note. The along resulted XXXX last easing tonnage the demand less lowest a in bulk their soft rates levels dry the the have ton-mile market charter similarly On have grain steel started XXXX congestion, during to

as as today Panamax XX our of and while charter-in agreed size, on agreements. the one Handysize acquisition Ultramax fleet one vessels the the ship, also strategy sell average Capesize of to owned we are ships, X concluded vessel. CBI during index-linked one its manages per we disposal majority renew well of and which a increase fleet the quarter have the As to of

As mentioned highly and trading the activities. in to view long-term sector, the we a and we platform commitment the vessel-owning past, complementary the have as

regards with the Finally, platform to commitments exceeding total Maritime million. and healthy to with pipeline, continues Neptune a Leasing, investments grow $XXX having

million share. the share. $X.XX was Slide you income or to now can our million income above slide Moving see Adjusted presentation. per On annual per results. or $XXX $X.XX around $XXX net X, was Net

stands liquidity million. Slide $XXX X. Our above

on the side, $XXX XX revenues we On around contracted chartered chartering have containerships with million. a forward of basis incremental

'XX billion XX% $X.X days revenue for with of contracted while X.X our duration and years. are Our revenues a for 'XX, fixed remaining TEU-weighted are XX%

XXXX-built rates. chartered notice, we As period at X have healthy you will for vessels

Slide X. Turning to

Regarding and sell X dry concluded our and of Handysize X X bulk activity, concluded ship bulk of we X. we S&P the the Ultramax X have vessel. Slide acquisition X vessels. sale have agreed Capesize dry parallel, In Panamax to and Ultramax

circa of improved $XXX with extension and costs vessels of own. funding XX financings bulk We the million, maturities. dry new for amount with currently us finances to concluded The total provide of respect have a XX we

around in X, majority $XXX $XXX hunting being with of have bulk X. we regarding secured XX already on a the invested fleet of addition, vessels acquisition On financing leasing the In platform, vessels. Slide we the we new period CBI, million. Slide license agreements. dry million for index-linked of have chartered our of have

a above Our the liquidity gives liquidity $XXX grow This starts opportunities on healthy us the ability to million. to for look basis. company

market Suez in firm the see you on trends forward quarter book of the in and idle X.X%. And capacity the rates can 'XX order market and the affect Canal questions our starts injection now. can XXXX. rerouting via Red at fleet remain bulk XX, total around and along market The rates of dry levels you. questions. at can at that, levels. QX around the the current markets. finally, Thank their containership spot can continued at the We low recent we Charter with building into Sea Charter remains first The we X. The of Slide dynamics. decline have from now take XX% take presentation, may, Slide to extended however, Moving fleet. With conclude new

Operator

question [Operator of from Ben Stifel. comes today first Nolan Instructions] Our

Benjamin Nolan

moment, maybe given contribution at from as contribution where CBI? couple is about as remain the sort we sense as can the of or market the bulk questions soft over the the sort forward curve market of forward, the any should maybe of all, to would And -- year? you course look what really. as of would wanted I that where it give is, really in to the more from imagine dry of then was ask is the sense given to at you first any -- what a be CBI the like And of in quarter the the profit moment sort it's fourth importantly, business

Gregory Zikos

couple A of things. Yes.

in pointing seen. 'XX. I let same be of weak QX QX to seasonality of some time, better this is mean, and is curve, it is it forward today. a start is forward. regarding to going built the It all, The where which weak First me the from market remains they 'XX, started the market At latter it there, the case there today. from for are

the the we ships However, long short the bulk long of of are CBI dry we XX take mean, own. also can positions. and vessels in I default by owning

it we have can time, So is either for take goal long, business forward, depending the circumstances. the long market. the aim activity in because take positions. We And when default, be big like by at will going except to where mentioned justify side. owning same Otherwise, of we short at have positions positions conditions this balanced a a on either the short -- level, circumstances. The be CBI can or my the volatile, some complementary CBI to commentary, or of to taking sort depending we very the view is -- view be we book, a CBI those conviction the it on aim a don't as as don't big we

be it's more However, to on balanced approach. going a

conditions, especially we the are with larger buying For seen at we dispose owning default, we the doing younger hopefully that is The whatever as depending mentioned, And are vessels, market may levels, on as tonnage. we you've are ships on the market have long, we from vessels, larger and vessels like of, are so. we smaller older continue we -- releasing ships by and goal do assets, Capes. focusing equity low selling

owned be contribution Now will the X-K. This information will relatively is fleet applies for of we I'm the afraid the you there dry and for same regarding to that the bulk the reporting have something wait in providing containers, CBI soon. our in and segmental some

you bear if So there, available with be that's me, with information full you. will if okay the

Benjamin Nolan

helpful. that's to chartered-in fleet you just for And No, neutral. clarify, roughly XXXX, -- the to expect net Yes. Okay. be the CBI

position of long short? there's So no currently, or -- there's no sort either

Gregory Zikos

without have to position close a have going position, course, more this Today, and positions we positions we but take to part we we positions ahead, a long book do to and them general, But a expect take be be a mentioned, that positions, book move balanced justify some balanced that our because then bets. have now. mean, And of of approach. conditions. It is No. are conviction We those wouldn't as I having, a forward, conditions could we depending business, those going the position. on may is And balanced shorter. first maintain in market on have those goal as

ago, forward, have was couple a approach, we would of CBI initiation more which years how makes to much going to expect at compared So sense. balanced a operating this

Benjamin Nolan

long And moment, position you short? had the said net a at or Okay. you it's

Gregory Zikos

mean, depending but for In the it's it's goes this but a I it for Panamaxs, -- Capes long, long mean, position a is long. moment, position, is and a it which period. for I

quarters. that work over something it's next cannot So the we on

Operator

Investor's Edge. Our next from Molins of Climent question comes Value

Climent Molins

about chartering Sea normalization the start discussions evolved the to containership as closer. by asking of side the wanted I the have over seems how past weeks few on Red

have in you seen the discussing effect to and have term. on durations announced rates plan do Some But not an when Red near liners Sea the return to potential they contracts?

Gregory Zikos

Yes. Thank question. you for the

we disclosed, took First now before XX discussions cease agreements chartering the have some months ago of the fire. all, the place announcement of

is something with deals, So conclude. this takes to time those it

discussed X So ago. X these were months to

bit to and charter now, we However, a don't is we I at it pressure coming in see to would premature, all. any rates, say, today, not are up where

take routes So -- through the Suez the time. the of Canal, some trade normalization it may and

back to fragile over X, what quarters later. and when to sit So sooner like are predict going we is going X situation. be I wait. the we cannot to a quite just It be it's next X, or will normality,

and time the the levels being, values similar to quarters at for levels saw ago. some months some So or we rates charter hold asset

Climent Molins

That's helpful. Neptune to also I about wanted Maritime ask Leasing.

past the the the Neptune Could you been the stable over has bit quarters? in coming few additional you pipeline over whether a quarters. investment and about Your talk company has plan investments

Gregory Zikos

is There Yes. pipeline. a

pipeline with a current close mean, to total total is it I billion. -- has financing total -- future it in commitments, said, $X.X I future As of with

be whether financial it back investment case-by-case function our to also of levels other from outflow Now we be Neptune, on going something a institutions, will is basis. to from leverage or the our and/or XXX% shareholders which with funding the equity with receiving, it's is a Neptune what cash of Neptune leverage back take

shareholders, under currently are back to but But well. willing leverage be to we any afraid more be this are if discussion. than additional not we as Neptune, with feel I going provide our is deals And pipeline. prediction a there as on additional much utilize returns I'm yet whenever with depends we going sense, cannot getting. putting equity. we're we're something transactions There about our will we consider committed, So equity to can how the optimize make to is And leverage, which that

Operator

I remarks. to for session. to Mr. back question-and-answer Zikos closing hand like things would over our concludes This any

Gregory Zikos

dialing call. in, you Thank all for today's in

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

Operator

has you today's for presentation. conference The concluded. now attending Thank

now disconnect. may You

Costamare (CMRE) 5 Feb 252024 Q4 Earnings call transcript