Financial Data and Key Metrics Changes - The company generated adjusted net income of approximately 82millioninQ42024,withtotalnetincomeexceeding290 million or 2.44persharefortheyear[4][10]−Liquiditystandsataround940 million after repaying a fixed-rate bond of €100 million and redeeming Series E preferred stock of 115million[4][10]−Totalcontractedrevenuesamountto2.4 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 330million[6][11]−ThedrybulkmarketsawcharterratesdroptotheirlowestlevelsinQ42024,continuinginto2025duetooversupplyandreduceddemand[7][15]−ThecompanyacquiredoneCapesizeandtwoUltramaxvesselswhiledisposingofoneHandysizeshipandagreeingtosellonePanamaxvessel[8][12]MarketDataandKeyMetricsChanges−Thecommercialidlefleetremainedlowduring2024andearly2025,withcharterratesinthecontainershipmarketremainingfirmdespitepotentialfuturedistortionsinsupplyanddemanddynamics[5][15]−Thedrybulkmarketisexperiencingadeclineincharterrates,withtheorderbookstartingataround11500 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)2025-02-05 18:56