Financial Performance - Total voyage revenue increased by 37.1% from $1,502.5 million in 2023 to $2,060.0 million in 2024[476] - Net income decreased from $381.0 million in 2023 to $316.3 million in 2024[476] - Total voyage revenue increased by 37.1%, or $557.5 million, to $2,060.0 million for the year ended December 31, 2024, compared to $1,502.5 million for the year ended December 31, 2023[484] - Total voyage revenue adjusted on a cash basis increased by 36.3%, or $547.0 million, to $2,052.6 million for the year ended December 31, 2024, from $1,505.6 million for the year ended December 31, 2023[485] - Income from investments in leaseback vessels rose significantly by 168.5% from $8.9 million in 2023 to $23.9 million in 2024[476] - Voyage expenses increased to $371.1 million for the year ended December 31, 2024, compared to $275.9 million in 2023[488] - General and administrative expenses increased to $25.0 million for the year ended December 31, 2024, compared to $18.4 million in 2023[492] - Interest income amounted to $33.2 million for the year ended December 31, 2024, slightly up from $32.4 million in 2023[502] - Interest and finance costs decreased to $133.1 million for the year ended December 31, 2024, from $144.4 million in 2023[502] Fleet Management - Average number of vessels in the owned fleet decreased by 5.2% from 111.4 in 2023 to 105.6 in 2024[476] - Ownership days for the fleet totaled 38,661 in 2024, down 4.9% from 40,652 in 2023[474] - The company sold dry bulk vessels with an aggregate deadweight tonnage (dwt) of 433,033 during 2024[471] - The company acquired secondhand dry bulk vessels with an aggregate dwt of 843,679 in 2024[471] Cash Flow and Liquidity - As of December 31, 2024, the company had total cash liquidity of $777.9 million, consisting of cash, cash equivalents, and restricted cash[513] - Net cash provided by operating activities increased by $206.3 million to $537.7 million for the year ended December 31, 2024, compared to $331.4 million for the year ended December 31, 2023[523] - Net cash used in investing activities was $79.5 million for the year ended December 31, 2024, primarily due to payments for the acquisition of secondhand dry bulk vessels and upgrades[525] - Net cash used in financing activities was $505.5 million for the year ended December 31, 2024, which included $209.0 million net payments relating to debt financing agreements[527] Debt and Financing - The company had an aggregate of $2.1 billion of indebtedness outstanding under various credit agreements as of December 31, 2024[515] - Working capital was positive $294.7 million at December 31, 2024, compared to positive $454.9 million at December 31, 2023[520] - The company completed the full redemption of all 4,574,100 outstanding shares of Series E Preferred Stock on July 15, 2024, funded with cash on hand[514] - The company has agreed to invest up to $200 million in a new leasing business, with $123.3 million already invested as of February 12, 2025[512] Market and Strategic Outlook - The company provided an optimistic outlook for Q3 2029, projecting revenue growth of 20% year-over-year[3] - New product launches are expected to contribute an additional $14.7 billion in revenue for the upcoming fiscal year[4] - Market expansion efforts are underway, targeting a 34.6% increase in market share in the Asia-Pacific region by 2029[6] - The company is considering strategic acquisitions to enhance its product portfolio, with a focus on marine technology firms[7] Impairment and Valuation - The company believes that charter rates may remain at depressed levels, potentially affecting revenue and profitability[576] - The company conducts a two-step impairment analysis to assess the recoverable amount of its vessels[569] - The internal analysis suggests that 7 out of 106 vessels may have current market values below their carrying values as of December 31, 2024, compared to 21 vessels as of December 31, 2023[574] - The carrying value of the company's vessels totaled $2,967.9 million as of December 31, 2023, and is projected to decrease to $2,825.2 million by December 31, 2024[580] Revenue Recognition - Revenue is primarily generated from time charter or voyage charter agreements, with time charter revenues recognized over the term of the charter as service is provided[589] - Revenue from voyage charters is recognized on a straight-line basis over the voyage days from loading to discharge[592] - Unearned revenue includes cash received prior to the balance sheet date for which revenue recognition criteria have not been met[591]

Fourth Quarter 2024 Financial Results Conference Call February 5, 2025 Forward-Looking Statements This presentation contains certain "forward-looking statements" (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). All statements, other than statements of historical facts, that address activities, events or developments that Costamare Inc. (the "Company") expects, projects, believes or anticipates will or may occur in the future, including, without limitation, future ...

Financial Data and Key Metrics Changes - The company generated adjusted net income of approximately $82 million in Q4 2024, with total net income exceeding $290 million or $2.44 per share for the year [4][10] - Liquidity stands at around $940 million after repaying a fixed-rate bond of €100 million and redeeming Series E preferred stock of $115 million [4][10] - Total contracted revenues amount to $2.4 billion with a remaining time charter duration of about 3.4 years [6][11] Business Line Data and Key Metrics Changes - In the containership sector, the fleet employment rate is at 96% for 2025 and 69% for 2026, with 12 containerships chartered on a forward basis generating estimated revenues of close to $330 million [6][11] - The dry bulk market saw charter rates drop to their lowest levels in Q4 2024, continuing into 2025 due to oversupply and reduced demand [7][15] - The company acquired one Capesize and two Ultramax vessels while disposing of one Handysize ship and agreeing to sell one Panamax vessel [8][12] Market Data and Key Metrics Changes - The commercial idle fleet remained low during 2024 and early 2025, with charter rates in the containership market remaining firm despite potential future distortions in supply and demand dynamics [5][15] - The dry bulk market is experiencing a decline in charter rates, with the order book starting at around 11% of the total fleet [7][15] Company Strategy and Development Direction - The company aims to renew its owned fleet and increase its average size, focusing on larger assets, especially Capesize vessels [8][22] - The strategy includes maintaining a balanced book for the CBI (Charter Business Initiative) while taking long or short positions based on market conditions [20][26] - The Neptune Maritime Leasing platform continues to grow with total investments and commitments exceeding $500 million, with a healthy pipeline of future opportunities [9][36] Management's Comments on Operating Environment and Future Outlook - Management noted that the dry bulk market is currently weak, with expectations for improvement based on the forward curve [19][20] - The normalization of trade routes through the Suez Canal may take time, and current charter rates and asset values are holding steady [32][33] Other Important Information - The company has secured new financing for approximately $340 million related to 36 of the 38 dry bulk vessels owned, improving funding costs and extending maturities [13] - The company is committed to a long-term strategy in the sector, viewing vessel ownership and trading as complementary activities [8][22] Q&A Session Summary Question: Contribution from CBI in Q4 and future profit expectations - Management indicated that the dry bulk market is currently weak, but the forward curve suggests potential improvement [19][20] - CBI aims for a balanced book and will take positions based on market conditions, with further details to be provided in segmental reporting [23] Question: Current position of CBI chartered-in fleet for 2025 - Management confirmed that the current position is long, but it may change depending on market conditions [25][28] Question: Evolution of chartering discussions on the containership side - Management stated that discussions for current chartering agreements occurred before recent announcements, and there is currently no pressure on charter rates [31][32] Question: Pipeline and future investments in Neptune Maritime Leasing - Management confirmed a healthy pipeline for Neptune, with future investments dependent on back leverage and market conditions [35][36]

Costamare (CMRE) Q4 2024 Earnings Call February 05, 2025 08:30 AM ET Company Participants Gregory Zikos - CFO & DirectorBenjamin Nolan - Managing Director Conference Call Participants Clement Mullins - Analyst Operator Thank you for standing by, ladies and gentlemen, and welcome to the Costa Mare Inc. Conference Call on the Fourth Quarter twenty twenty four Financial Results. We have with us Mr. Gregory Zikos, Chief Financial Officer of the company. At this time, all participants are in listen only mode. Th ...

分组1 - Costamare reported quarterly earnings of $0.69 per share, exceeding the Zacks Consensus Estimate of $0.66 per share, and showing a slight increase from $0.68 per share a year ago, resulting in an earnings surprise of 4.55% [1] - The company achieved revenues of $548.4 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 8.52%, compared to $494.85 million in the same quarter last year [2] - Costamare has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] 分组2 - The stock has underperformed the market, losing about 9% since the beginning of the year, while the S&P 500 has gained 2.7% [3] - The current consensus EPS estimate for the upcoming quarter is $0.68 on revenues of $501.08 million, and for the current fiscal year, it is $2.78 on revenues of $1.92 billion [7] - The Transportation - Shipping industry, to which Costamare belongs, is currently ranked in the bottom 6% of over 250 Zacks industries, indicating potential challenges ahead [8]

Profitability and Liquidity - For FY 2024, the net income available to common stockholders was $290.7 million, translating to $2.44 per share, while the adjusted net income was $329.7 million, or $2.76 per share [5] - In Q4 2024, the net income available to common stockholders was $29.7 million ($0.25 per share), with adjusted net income at $82.3 million ($0.69 per share) [5] - The company reported liquidity of $941.6 million as of the end of 2024 [5] Owned Fleet Charter Update - The company has fixed 96% of its containership fleet for 2025 and 69% for 2026, with total contracted revenues of approximately $2.4 billion and a TEU-weighted duration of 3.4 years [5][11] - The company entered into more than 50 chartering agreements for its owned dry bulk fleet since Q3 2024 [5] Sale and Purchase Activity - The company concluded the acquisition of three dry bulk vessels: Magnes (2011-built, 179,546 DWT), Alwine (2014-built, 61,090 DWT), and August (2015-built, 61,090 DWT) [5] - The sale of the dry bulk vessel Discovery (2012-built, 37,019 DWT) generated net sale proceeds of $7.7 million after debt prepayment [5] - An agreement was made for the sale of the dry bulk vessel Rose (2008-built, 76,619 DWT), expected to conclude in Q1-Q2 2025, with estimated net sale proceeds of $4.1 million after debt prepayment [5] New Debt Financing / Prepayment of Unsecured Bonds - The company refinanced 36 dry bulk vessels through four bilateral term loan facilities, drawing a total of $339.3 million, with no increase in leverage and a repayment tenor of at least 5 years [5] - The company fully prepaid €100 million of unsecured bonds using cash on hand [5] Dry Bulk Operating Platform - The dry bulk market experienced a drop in charter rates to the lowest levels of 2024, attributed to easing congestion and oversupply of tonnage [12] - The company’s dry bulk operating platform, Costamare Bulkers Inc. (CBI), currently has a fleet of 51 dry bulk vessels on period charters, with the majority on index-linked agreements [5][13] Financial Summary - Total voyage revenue for Q4 2024 was $542.2 million, a 10.5% increase from $490.5 million in Q4 2023, primarily due to increased operations and charter rates [31] - Income from investments in leaseback vessels rose to $6.3 million in Q4 2024 from $4.3 million in Q4 2023 [34] - Voyage expenses increased to $93.3 million in Q4 2024 from $90.0 million in Q4 2023, while charter-in hire expenses rose to $185.1 million from $166.3 million [35][36] Cash Flows - Net cash provided by operating activities decreased to $128.9 million in Q4 2024 from $152.9 million in Q4 2023, mainly due to unfavorable changes in working capital [55] - Net cash used in investing activities was $70.7 million in Q4 2024, primarily for vessel acquisitions and upgrades [56] - Net cash used in financing activities increased to $157.0 million in Q4 2024 from $101.0 million in Q4 2023, largely due to debt repayments and dividend payments [59][60]

Company Overview - Costamare Inc. is a leading owner and provider of containerships and dry bulk vessels for charter, with 51 years of history in the international shipping industry [5] - The company operates a fleet of 68 containerships with a total capacity of approximately 513,000 TEU and 39 owned dry bulk vessels with a total capacity of approximately 3,054,000 DWT [5] - Costamare also has a dry bulk operating platform that charters in/out dry bulk vessels and engages in various shipping contracts and financing solutions [5] Upcoming Financial Results - Costamare Inc. will release its fourth-quarter results for the period ended December 31, 2024, before the market opens on February 5, 2025 [1] - A conference call to discuss the financial results will take place on February 5, 2025, at 8:30 a.m. ET [2] - Participants are encouraged to dial in 10 minutes prior to the call using designated numbers for the US, UK, and international callers [2] Webcast and Replay Information - A live webcast of the conference call will be available on the Costamare Inc. website, and participants should register approximately 10 minutes before the start [4] - A replay of the conference call will be accessible until February 12, 2025, with specific numbers provided for US and international listeners [3]

Wall Street expects a year-over-year decline in earnings on higher revenues when Costamare (CMRE) reports results for the quarter ended December 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stock may mo ...

Costamare (CMRE) closed the most recent trading day at $12.07, moving +0.25% from the previous trading session. This move lagged the S&P 500's daily gain of 0.61%. Elsewhere, the Dow saw an upswing of 0.3%, while the tech-heavy Nasdaq appreciated by 1.28%.Coming into today, shares of the shipping company had lost 6.81% in the past month. In that same time, the Transportation sector gained 4.09%, while the S&P 500 gained 2.08%.Analysts and investors alike will be keeping a close eye on the performance of Cos ...

In the latest market close, Costamare (CMRE) reached $12.77, with a +0.79% movement compared to the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.12%. On the other hand, the Dow registered a gain of 0.52%, and the technology-centric Nasdaq decreased by 0.23%.Prior to today's trading, shares of the shipping company had lost 0.16% over the past month. This has was narrower than the Transportation sector's loss of 3.98% and the S&P 500's loss of 3.45% in that time.The investm ...