Costamare(CMRE) Globenewswire·2025-02-05 10:59Profitability 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]