Core Viewpoint - Costamare Inc. is set to spin off its dry bulk business into a new entity, Costamare Bulkers, with an Analyst and Investor Day scheduled for April 9, 2025, to discuss the new company's operations and strategic outlook [1][2][3]. Group 1: Spin-Off Details - The spin-off will create a standalone company, Costamare Bulkers, which will manage Costamare Inc.'s dry bulk vessels and the CBI operating platform [1][3]. - The board of Costamare Inc. believes that the separation will unlock inherent value and provide unique growth prospects for both companies [3][4]. - The shares of Costamare Bulkers are expected to be listed on the New York Stock Exchange, with the spin-off targeted for completion within the current calendar year, pending regulatory approvals [4]. Group 2: Management and Presentation - The Analyst and Investor Day will feature discussions led by Gregory Zikos, who serves as both CEO and CFO of Costamare Inc., along with other key executives [1][2][7]. - The agenda will cover Costamare Bulkers' core business, investment highlights, and strategic outlook, followed by a Q&A session [2]. Group 3: Company Overview - Costamare Inc. is a prominent owner and provider of containerships and dry bulk vessels, with a fleet of 68 owned containerships and 38 owned dry bulk vessels [5]. - The total capacity of the containership fleet is approximately 513,000 TEU, while the dry bulk vessels have a total capacity of about 3,016,000 DWT [5].

In the latest trading session, Costamare (CMRE) closed at $10.25, marking a +0.89% move from the previous day. The stock's performance was behind the S&P 500's daily gain of 1.77%. Elsewhere, the Dow saw an upswing of 1.42%, while the tech-heavy Nasdaq appreciated by 2.28%.The shipping company's stock has dropped by 2.96% in the past month, exceeding the Transportation sector's loss of 3.93% and the S&P 500's loss of 5.73%.Analysts and investors alike will be keeping a close eye on the performance of Costam ...

Group 1: Company Performance - Costamare (CMRE) closed at $10.45, marking a +1.55% move from the prior day, outperforming the S&P 500's daily loss of 1.07% [1] - The company's shares have decreased by 3.38% over the last month, which is better than the Transportation sector's loss of 7.7% and the S&P 500's loss of 7.03% [1] Group 2: Earnings Forecast - Costamare is forecasted to report an EPS of $0.48, reflecting a 23.81% decrease from the same quarter last year, with a projected revenue of $412.67 million, down 13.2% from the equivalent quarter last year [2] - For the full year, analysts expect earnings of $2.52 per share and revenue of $1.74 billion, indicating changes of -8.7% and -16.58% respectively from last year [3] Group 3: Analyst Estimates and Rankings - Recent modifications to analyst estimates for Costamare indicate the changing nature of near-term business trends, with positive alterations signifying analyst optimism regarding the company's business and profitability [4] - The Zacks Rank system, which assesses estimate changes, currently ranks Costamare as 3 (Hold), with the Zacks Consensus EPS estimate remaining unchanged over the last 30 days [6] Group 4: Valuation Metrics - Costamare holds a Forward P/E ratio of 4.09, which is a discount compared to its industry's average Forward P/E of 9.33 [7] - The Transportation - Shipping industry, to which Costamare belongs, ranks in the bottom 18% of all industries, with a current Zacks Industry Rank of 206 [7]

Core Viewpoint - Costamare Inc. plans to spin off its dry bulk business into a separate entity, Costamare Bulkers Holdings Limited, to unlock value and provide distinct growth opportunities for both companies [1][7]. Group 1: Spin-off Details - The spin-off will create two publicly traded companies, with Costamare Bulkers Holdings Limited expected to be listed on the New York Stock Exchange [2]. - The separation is targeted for completion within the current calendar year, pending regulatory approvals and board approval [2][3]. - The spin-off is anticipated to be executed through a pro rata distribution of shares to existing Costamare Inc. shareholders [3]. Group 2: Strategic Benefits - The spin-off aims to enhance financial flexibility for both companies, allowing them to focus on their respective markets: container shipping for Costamare Inc. and dry bulk shipping for Costamare Bulkers Holdings Limited [7]. - Each company will have tailored capital allocation strategies and balance sheets, driving operational efficiency and value creation [7]. - The separation will provide distinct investment opportunities for different investor bases, allowing for more focused management and growth strategies [7]. Group 3: Company Overview - Costamare Inc. is a leading owner and provider of containerships and dry bulk vessels, with a fleet of 68 containerships and 38 dry bulk vessels [5]. - The company has a total capacity of approximately 513,000 TEU for containerships and 3,016,000 DWT for dry bulk vessels [5]. - Costamare Inc. has a 51-year history in the international shipping industry and engages in various shipping-related activities, including leasing and chartering [5].

Financial Reporting - Costamare Inc. announced the availability of its Annual Report on Form 20-F for the year ended December 31, 2024[4] - The report was filed under the Securities Exchange Act of 1934, indicating compliance with regulatory requirements[6] Company Information - The company is headquartered in Monaco, reflecting its international presence[2]

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 [3] - The company operates a fleet of 68 containerships with a total capacity of approximately 513,000 TEU and 38 dry bulk vessels with a total capacity of approximately 3,016,000 DWT [3] - Costamare also has a dry bulk operating platform that charters in/out dry bulk vessels and engages in lease financing [3] Financial Reporting - The company has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission [1] - The Annual Report includes the company's complete 2024 audited financial statements and is accessible on the company's website [1][2] Investor Relations - Stockholders can request a hard copy of the Annual Report free of charge by contacting the company's investor relations manager [2] - The company's common stock and preferred stocks trade on the New York Stock Exchange under various symbols [3]

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]

Financial Data and Key Metrics Changes - The company generated adjusted net income of approximately $82 million in Q4 2024 [3] - Total liquidity stands at around $940 million after repaying a fixed-rate bond of $100 million and redeeming Series EBITDA stock of $115 million [3][9] - Annual net income was above $290 million, with adjusted net income around $330 million [5][6] Business Line Data and Key Metrics Changes - In the container ship sector, the company charted 12 containerships with an average time charter duration of about 2.5 years, resulting in estimated contracted revenues of close to $330 million [4][6] - The contingency fleet employment stands at 96% for 2025 and 69% for 2026, with total contracted revenues amounting to $2.4 billion and a remaining time charter duration of about 3.4 years [4][6] - Charter rates in the dry bulk market dropped to their lowest levels in 2024 during the last quarter, continuing into 2025 [4][11] Market Data and Key Metrics Changes - The idle fleet remains low at around 0.6%, while the order book starts at approximately 11% of the total fleet [10][11] - The easing of congestion and pressures in the China steel market have resulted in tonnage oversupply in the dry bulk sector [4] Company Strategy and Development Direction - The company aims to renew its owned fleet and increase its average size, having acquired one Capesize and two Ultramax vessels while disposing of one Handysize and agreeing to sell one Panamax vessel [4][5] - The company views vessel owning and trading as complementary activities and maintains a long-term commitment to the sector [5] Management's Comments on Operating Environment and Future Outlook - Management noted that the current dry bulk market is weak, with expectations for a better market in the future based on the forward curve [14][15] - The company plans to maintain a balanced book in its CBI operations, taking long or short positions based on market conditions [16][20] Other Important Information - The company has secured financing of approximately $340 million for 36 of the 38 dry bulk vessels it currently owns, improving funding costs and extending maturities [8] - The Neptune maritime leasing platform continues to grow, with total investments and commitments exceeding $500 million [5][9] Q&A Session Summary Question: Contribution from CBI in Q4 and future profit expectations - Management indicated that the contribution from CBI would be detailed in upcoming segmental reporting, and the dry bulk market's current softness may affect future contributions [13][17][18] Question: Chartering discussions on container ships and effects on rates - Management stated that discussions for the 12 chartering agreements occurred before recent announcements, and currently, there is no pressure on charter rates [23][24][25] Question: Pipeline and future investments in Neptune maritime leasing - Management confirmed a healthy pipeline for Neptune, with future investments dependent on the leverage received and the attractiveness of potential transactions [26][28]