Press Release, dated January 26, 2017: Costamare Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2016
|
|
Financial Report for the Fourth Quarter and Year Ended December 31, 2016
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COSTAMARE INC.
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||
By:
|
/s/ Gregory G. Zikos | |
Name:
|
Gregory G. Zikos
|
|
Title:
|
Chief Financial Officer
|
·
|
Voyage revenues adjusted on a cash basis of $107.3 million and $460.5 million for the three-months and the year ended December 31, 2016, respectively.
|
·
|
Adjusted Net income available to common stockholders of $23.0 million or $0.28 per share and $115.1 million or $1.49 per share for the three-months and the year ended December 31, 2016, respectively.
|
A.
|
New charter agreements
|
·
|
The Company entered into the following charter arrangements:
|
o
|
Agreed to extend the charter of the 2000-built, 4,890 TEU containerships
Oakland Express, Singapore Express and Halifax Express with Hapag- Lloyd at a daily rate of $5,500 starting from December 1, 2016. The duration of the extension shall be for a period of 7 to 13 months for two of the vessels and 3 to 13 months for the other vessel at the charterers' option. |
o
|
Agreed to charter the 1998-built, 3,842 TEU containership Itea to ACL, for consecutive round voyages for a period expiring at the charterers' option during the period from March 17, 2017 through April 21, 2017, at a daily rate of $6,000.
|
o
|
Agreed to extend the charter of the 2004-built, 2,586 TEU containership Lakonia with Evergreen for a period of 4 to 10 months, starting from February 4, 2017, at a daily rate of $5,800.
|
o
|
Agreed to charter the 1999-built, 2,526 TEU containership Elafonisos to MSC for a period expiring at the charterers' option during the period from December 17, 2016 to April 2, 2017, starting from December 2, 2016, at a daily rate of $5,100.
|
o
|
Agreed to extend the charter of the 1991-built, 2,020 TEU containership MSC Pylos with MSC for a period of 11 to 13 months, starting from February 15, 2017, at a daily rate of $6,000.
|
o
|
Agreed to charter the 1996-built, 1,504 TEU containership Prosper to Sea Consortium for a period of 1 to 4 months starting from December 28, 2016, at a daily rate of $6,215.
|
B.
|
New Financing Transactions
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·
|
In December 2016, we finalized the refinancing of a credit facility secured with the 2006-built, 9,469TEU containership Cosco Guangzhou, which was originally expiring in 2018. The new $32 million facility entered into with a European financial institution, will be payable in variable installments over five years starting from 2017.
|
C.
|
Follow-on Offering
|
·
|
On November 29, 2016, the Company completed a follow-on public offering of 12.0 million shares of its common stock at $6.00 per share, upsized from an initial 11.0 million shares. The gross proceeds from the offering before the underwriting discount and other offering expenses were approximately $72.0 million. Members of the Konstantakopoulos family, who in aggregate own a majority of the common stock of the Company, purchased $10.0 million of shares in the offering. We plan to use the net proceeds of this offering for capital expenditures, including vessel acquisitions, and for other general corporate purposes, which may include repayments of indebtedness.
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D.
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Dividend announcements
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·
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On January 3, 2017, we declared a dividend for the quarter ended December 31, 2016 of $0.10 per share on our common stock, payable on February 6, 2017, to stockholders of record on January 23, 2017.
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·
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On January 3, 2017, we declared a dividend of $0.476563 per share on our Series B Preferred Stock, a dividend of $0.531250 per share on our Series C Preferred Stock and a dividend of $0.546875 per share on our Series D Preferred Stock which were all paid on January 17, 2017 to holders of record on January 13, 2017.
|
|
Year ended
December 31,
|
Three-month period ended
December 31,
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||||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share data):
|
2015
|
2016
|
2015
|
2016
|
||||||||||||
Voyage revenue
|
$
|
490,378
|
$
|
468,189
|
$
|
122,276
|
$
|
110,134
|
||||||||
Accrued charter revenue (1)
|
$
|
2,618
|
$
|
(7,730
|
)
|
$
|
589
|
$
|
(2,836
|
)
|
||||||
Voyage revenue adjusted on a cash basis (2)
|
$
|
492,996
|
$
|
460,459
|
$
|
122,865
|
$
|
107,298
|
||||||||
|
||||||||||||||||
Adjusted Net Income available to common stockholders (3)
|
$
|
130,351
|
$
|
115,120
|
$
|
32,772
|
$
|
23,039
|
||||||||
Weighted Average number of shares
|
75,027,474
|
77,243,252
|
75,250,426
|
81,498,030
|
||||||||||||
Adjusted Earnings per share (3)
|
$
|
1.74
|
$
|
1.49
|
$
|
0.44
|
$
|
0.28
|
||||||||
|
||||||||||||||||
Net Income / (Loss)
|
$
|
143,764
|
$
|
81,702
|
$
|
38,328
|
$
|
(11,008
|
)
|
|||||||
Net Income / (Loss) available to common stockholders
|
$
|
125,861
|
$
|
60,639
|
$
|
33,062
|
$
|
(16,274
|
)
|
|||||||
Weighted Average number of shares
|
75,027,474
|
77,243,252
|
75,250,426
|
81,498,030
|
||||||||||||
Earnings / (Loss) per share
|
$
|
1.68
|
$
|
0.79
|
$
|
0.44
|
$
|
(0.20
|
)
|
|
Year ended
December 31,
|
Three-month period ended
December 31,
|
||||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share data)
|
2015
|
2016
|
2015
|
2016
|
||||||||||||
Net Income / (Loss)
|
$
|
143,764
|
$
|
81,702
|
$
|
38,328
|
$
|
(11,008
|
)
|
|||||||
Earnings allocated to Preferred Stock
|
(17,903
|
)
|
(21,063
|
)
|
(5,266
|
)
|
(5,266
|
)
|
||||||||
Net Income / (Loss) available to common stockholders
|
125,861
|
60,639
|
33,062
|
(16,274
|
)
|
|||||||||||
Accrued charter revenue
|
2,618
|
(7,730
|
)
|
589
|
(2,836
|
)
|
||||||||||
Loss / (Gain) on sale / disposal of vessels
|
(1,688
|
)
|
4,440
|
(1,688
|
)
|
-
|
||||||||||
Loss on asset held for sale
|
-
|
37,161
|
-
|
37,161
|
||||||||||||
Swaps breakage cost
|
-
|
9,701
|
-
|
297
|
||||||||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
|
587
|
-
|
2
|
-
|
||||||||||||
Non-cash general and administrative expenses and non-cash other items
|
8,623
|
8,951
|
1,404
|
4,837
|
||||||||||||
Non-recurring, non-cash write-off of loan deferred financing costs
|
-
|
586
|
-
|
-
-
|
||||||||||||
Write-off costs related to the withdrawal of Costamare Partners LP registration statement
|
3,326
|
-
|
3,326
|
-
|
||||||||||||
Amortization of prepaid lease rentals
|
4,982
|
6,779
|
1,256
|
2,200
|
||||||||||||
Realized Loss / (Gain) on Euro/USD forward contracts (1)
|
2,898
|
(898
|
)
|
169
|
-
|
|||||||||||
Gain on derivative instruments, excluding interest accrued and realized on non-hedging derivative instruments (1)
|
(16,856
|
)
|
(4,509
|
)
|
(5,348
|
)
|
(2,346
|
)
|
||||||||
Adjusted Net income available to common stockholders
|
$
|
130,351
|
$
|
115,120
|
$
|
32,772
|
$
|
23,039
|
||||||||
Adjusted Earnings per Share
|
$
|
1.74
|
$
|
1.49
|
$
|
0.44
|
$
|
0.28
|
||||||||
Weighted average number of shares
|
75,027,474
|
77,243,252
|
75,250,426
|
81,498,030
|
Three-month period
ended December 31,
|
||||||||||||||||
(Expressed in millions of U.S. dollars,
except percentages)
|
2015
|
2016
|
Change
|
Percentage
Change
|
||||||||||||
Voyage revenue
|
$
|
122.3
|
$
|
110.1
|
$
|
(12.2
|
)
|
(10.0
|
%)
|
|||||||
Voyage expenses
|
(0.9
|
)
|
(0.4
|
)
|
(0.5
|
)
|
(55.6
|
%)
|
||||||||
Voyage expenses – related parties
|
(0.9
|
)
|
(0.8
|
)
|
(0.1
|
)
|
(11.1
|
%)
|
||||||||
Vessels' operating expenses
|
(28.6
|
)
|
(26.1
|
)
|
(2.5
|
)
|
(8.7
|
%)
|
||||||||
General and administrative expenses
|
(4.7
|
)
|
(1.5
|
)
|
(3.2
|
)
|
(68.1
|
%)
|
||||||||
Management fees – related parties
|
(4.3
|
)
|
(4.2
|
)
|
(0.1
|
)
|
(2.3
|
%)
|
||||||||
Non-cash general and administrative expenses and non-cash other items
|
(1.4
|
)
|
(4.8
|
)
|
3.4
|
242.9
|
%
|
|||||||||
Amortization of dry-docking and special survey costs
|
(2.0
|
)
|
(2.0
|
)
|
-
|
-
|
||||||||||
Depreciation
|
(25.6
|
)
|
(25.2
|
)
|
(0.4
|
)
|
(1.6
|
%)
|
||||||||
Amortization of prepaid lease rentals
|
(1.3
|
)
|
(2.2
|
)
|
0.9
|
69.2
|
%
|
|||||||||
Gain on sale / disposal of vessels
|
1.7
|
-
|
(1.7
|
)
|
(100.0
|
%)
|
||||||||||
Loss on asset held for sale
|
-
|
(37.2
|
)
|
37.2
|
100.0
|
%
|
||||||||||
Foreign exchange losses
|
(0.1
|
)
|
-
|
(0.1
|
)
|
(100.0
|
%)
|
|||||||||
Interest income
|
0.3
|
0.5
|
0.2
|
66.7
|
%
|
|||||||||||
Interest and finance costs
|
(18.5
|
)
|
(17.7
|
)
|
(0.8
|
)
|
(4.3
|
%)
|
||||||||
Swaps breakage cost
|
-
|
(0.3
|
)
|
0.3
|
100.0
|
%
|
||||||||||
Equity gain / (loss) on investments
|
(0.6
|
)
|
0.4
|
1.0
|
166.7
|
%
|
||||||||||
Gain on derivative instruments
|
2.9
|
0.4
|
(2.5
|
)
|
(86.2
|
%)
|
||||||||||
Net Income / (Loss)
|
$
|
38.3
|
$
|
(11.0
|
)
|
Three-month period
ended December 31,
|
||||||||||||||||
(Expressed in millions of U.S. dollars,
except percentages)
|
2015
|
2016
|
Change
|
Percentage
Change
|
||||||||||||
Voyage revenue
|
$
|
122.3
|
$
|
110.1
|
$
|
(12.2
|
)
|
(10.0
|
%)
|
|||||||
Accrued charter revenue
|
0.6
|
(2.8
|
)
|
(3.4
|
)
|
(566.7
|
%)
|
|||||||||
Voyage revenue adjusted on a cash basis
|
$
|
122.9
|
$
|
107.3
|
$
|
(15.6
|
)
|
(12.7
|
%)
|
Three-month period
ended December 31,
|
||||||||||||||||
Vessels operational data
|
2015
|
2016
|
Change
|
Percentage
Change
|
||||||||||||
Average number of vessels
|
54.6
|
53.0
|
(1.6
|
)
|
(2.9
|
%)
|
||||||||||
Ownership days
|
5,023
|
4,876
|
(147
|
)
|
(2.9
|
%)
|
||||||||||
Number of vessels under dry-docking
|
3
|
-
|
(3
|
)
|
Condensed cash flows
|
Three-month period ended
December 31,
|
|||||||
(Expressed in millions of U.S. dollars)
|
2015
|
2016
|
||||||
Net Cash Provided by Operating Activities
|
$
|
65.1
|
$
|
57.0
|
||||
Net Cash Used in Investing Activities
|
$
|
(14.7
|
)
|
$
|
(3.2
|
)
|
||
Net Cash Provided by / (Used in) Financing Activities
|
$
|
(84.9
|
)
|
$
|
4.4
|
Year ended
December 31,
|
||||||||||||||||
(Expressed in millions of U.S. dollars,
except percentages)
|
2015
|
2016
|
Change
|
Percentage
Change
|
||||||||||||
Voyage revenue
|
$
|
490.4
|
$
|
468.2
|
$
|
(22.2
|
)
|
(4.5
|
%)
|
|||||||
Voyage expenses
|
(2.8
|
)
|
(1.9
|
)
|
(0.9
|
)
|
(32.1
|
%)
|
||||||||
Voyage expenses – related parties
|
(3.7
|
)
|
(3.5
|
)
|
(0.2
|
)
|
(5.4
|
%)
|
||||||||
Vessels' operating expenses
|
(117.2
|
)
|
(105.8
|
)
|
(11.4
|
)
|
(9.7
|
%)
|
||||||||
General and administrative expenses
|
(8.8
|
)
|
(5.8
|
)
|
(3.0
|
)
|
(34.1
|
%)
|
||||||||
Management fees – related parties
|
(18.9
|
)
|
(18.6
|
)
|
(0.3
|
)
|
(1.6
|
%)
|
||||||||
Non-cash general and administrative expenses and non-cash other items
|
(8.6
|
)
|
(9.0
|
)
|
0.4
|
4.7
|
%
|
|||||||||
Amortization of dry-docking and special survey costs
|
(7.4
|
)
|
(7.9
|
)
|
0.5
|
6.8
|
%
|
|||||||||
Depreciation
|
(101.6
|
)
|
(100.9
|
)
|
(0.7
|
)
|
(0.7
|
%)
|
||||||||
Amortization of prepaid lease rentals
|
(5.0
|
)
|
(6.8
|
)
|
1.8
|
36.0
|
%
|
|||||||||
Gain / (Loss) on sale / disposal of vessels
|
1.7
|
(4.4
|
)
|
6.1
|
358.8
|
%
|
||||||||||
Loss on asset held for sale
|
-
|
(37.2
|
)
|
37.2
|
100.0
|
%
|
||||||||||
Foreign exchange losses
|
(0.1
|
)
|
(0.4
|
)
|
0.3
|
300.0
|
%
|
|||||||||
Interest income
|
1.3
|
1.7
|
0.4
|
30.8
|
%
|
|||||||||||
Interest and finance costs
|
(79.6
|
)
|
(72.8
|
)
|
(6.8
|
)
|
(8.5
|
%)
|
||||||||
Swaps breakage cost
|
-
|
(9.7
|
)
|
9.7
|
100.0
|
%
|
||||||||||
Equity loss on investments
|
(0.5
|
)
|
(0.1
|
)
|
0.4
|
80.0
|
%
|
|||||||||
Other
|
0.4
|
0.6
|
0.2
|
50.0
|
%
|
|||||||||||
Gain / (Loss) on derivative instruments
|
4.2
|
(4.0
|
)
|
(8.2
|
)
|
(195.2
|
%)
|
|||||||||
Net Income
|
$
|
143.8
|
$
|
81.7
|
||||||||||||
Year ended December 31,
|
||||||||||||||||
(Expressed in millions of U.S. dollars,
except percentages)
|
2015
|
2016
|
Change
|
Percentage
Change
|
||||||||||||
Voyage revenue
|
$
|
490.4
|
$
|
468.2
|
$
|
(22.2
|
)
|
(4.5
|
%)
|
|||||||
Accrued charter revenue
|
2.6
|
(7.7
|
)
|
(10.3
|
)
|
(396.2
|
%)
|
|||||||||
Voyage revenue adjusted on a cash basis
|
$
|
493.0
|
$
|
460.5
|
$
|
(32.5
|
)
|
(6.6
|
%)
|
|||||||
Vessels operational data
|
Year ended December 31,
|
Percentage
Change
|
||||||||||||||
2015
|
2016
|
Change
|
||||||||||||||
Average number of vessels
|
54.9
|
53.6
|
(1.3
|
)
|
(2.4
|
%)
|
||||||||||
Ownership days
|
20,038
|
19,616
|
(422
|
)
|
(2.1
|
%)
|
||||||||||
Number of vessels under dry-docking
|
10
|
6
|
(4
|
)
|
Condensed cash flows
|
Year ended December 31,
|
|||||||
(Expressed in millions of U.S. dollars)
|
2015
|
2016
|
||||||
Net Cash Provided by Operating Activities
|
$
|
244.7
|
$
|
226.6
|
||||
Net Cash Used in Investing Activities
|
$
|
(43.0
|
)
|
$
|
(34.4
|
)
|
||
Net Cash Used in Financing Activities
|
$
|
(214.7
|
)
|
$
|
(127.4
|
)
|
Vessel Name
|
Year
Built |
TEU
Capacity |
||
NCP0152
|
2017
|
11,010
|
||
ELAFONISSOS
|
1999
|
2,526
|
||
MONEMVASIA
|
1998
|
2,472
|
||
ARKADIA
|
2001
|
1,550
|
Vessel Name
|
Charterer
|
Year Built
|
Capacity (TEU)
|
Current Daily Charter Rate
(U.S. dollars)
|
Expiration of Charter(1)
|
|
1
|
TRITON(*)(***)
|
Evergreen
|
2016
|
14,424
|
(****)
|
March 2026
|
2
|
TITAN(*)(***)
|
Evergreen
|
2016
|
14,424
|
(****)
|
April 2026
|
3
|
TALOS(*)(***)
|
Evergreen
|
2016
|
14,424
|
(****)
|
July 2026
|
4
|
TAURUS(*)(***)
|
Evergreen
|
2016
|
14,424
|
(****)
|
August 2026
|
5
|
THESEUS(*)(***)
|
Evergreen
|
2016
|
14,424
|
(****)
|
August 2026
|
6
|
CAPE AKRITAS(*)
|
2016
|
11,010
|
|||
7
|
COSCO GUANGZHOU
|
COSCO
|
2006
|
9,469
|
36,400
|
December 2017
|
8
|
COSCO NINGBO
|
COSCO
|
2006
|
9,469
|
36,400
|
January 2018
|
9
|
COSCO YANTIAN
|
COSCO
|
2006
|
9,469
|
36,400
|
February 2018
|
10
|
COSCO BEIJING
|
COSCO
|
2006
|
9,469
|
36,400
|
April 2018
|
11
|
COSCO HELLAS
|
COSCO
|
2006
|
9,469
|
37,519
|
May 2018
|
12
|
MSC AZOV(**)
|
MSC
|
2014
|
9,403
|
43,000
|
November 2023
|
13
|
MSC AJACCIO(**)
|
MSC
|
2014
|
9,403
|
43,000
|
February 2024
|
14
|
MSC AMALFI(**)
|
MSC
|
2014
|
9,403
|
43,000
|
March 2024
|
15
|
MSC ATHENS(**)
|
MSC
|
2013
|
8,827
|
42,000
|
January 2023
|
16
|
MSC ATHOS(**)
|
MSC
|
2013
|
8,827
|
42,000
|
February 2023
|
17
|
VALOR
|
Evergreen
|
2013
|
8,827
|
41,700
|
April 2020(i)
|
18
|
VALUE
|
Evergreen
|
2013
|
8,827
|
41,700
|
April 2020(i)
|
19
|
VALIANT
|
Evergreen
|
2013
|
8,827
|
41,700
|
June 2020(i)
|
20
|
VALENCE
|
Evergreen
|
2013
|
8,827
|
41,700
|
July 2020(i)
|
21
|
VANTAGE
|
Evergreen
|
2013
|
8,827
|
41,700
|
September 2020(i)
|
22
|
NAVARINO
|
PIL
|
2010
|
8,531
|
9,000
|
November 2017
|
23
|
MAERSK KAWASAKI(ii)
|
A.P. Moller-Maersk
|
1997
|
7,403
|
37,000
|
December 2017
|
24
|
MAERSK KURE(ii)
|
A.P. Moller-Maersk
|
1996
|
7,403
|
37,000
|
December 2017
|
25
|
MAERSK KOKURA(ii)
|
A.P. Moller-Maersk
|
1997
|
7,403
|
37,000
|
February 2018
|
26
|
MSC METHONI
|
MSC
|
2003
|
6,724
|
29,000
|
September 2021
|
27
|
SEALAND NEW YORK
|
A.P. Moller-Maersk
|
2000
|
6,648
|
26,100
|
March 2018
|
28
|
MAERSK KOBE
|
A.P. Moller-Maersk
|
2000
|
6,648
|
26,100
|
May 2018
|
29
|
SEALAND WASHINGTON
|
A.P. Moller-Maersk
|
2000
|
6,648
|
26,100
|
June 2018
|
30
|
SEALAND MICHIGAN
|
A.P. Moller-Maersk
|
2000
|
6,648
|
26,100
|
August 2018
|
31
|
SEALAND ILLINOIS
|
A.P. Moller-Maersk
|
2000
|
6,648
|
26,100
|
October 2018
|
32
|
MSC KOLKATA
|
A.P. Moller-Maersk
|
2003
|
6,644
|
26,100
|
November 2019
|
33
|
MSC KINGSTON
|
A.P. Moller-Maersk
|
2003
|
6,644
|
26,100
|
February 2020
|
34
|
MSC KALAMATA
|
A.P. Moller-Maersk
|
2003
|
6,644
|
26,100
|
April 2020
|
35
|
VENETIKO
|
2003
|
5,928
|
|||
36
|
ENSENADA EXPRESS(*)
|
2001
|
5,576
|
|||
37
|
ZIM NEW YORK
|
ZIM
|
2002
|
4,992
|
7,736
|
September 2017(3)
|
38
|
ZIM SHANGHAI
|
ZIM
|
2002
|
4,992
|
7,736
|
September 2017(3)
|
39
|
ZIM PIRAEUS
|
ZIM
|
2004
|
4,992
|
5,350
|
February 2017
|
40
|
OAKLAND EXPRESS
|
Hapag Lloyd
|
2000
|
4,890
|
5,500
|
March 2017-January 2018(4)
|
41
|
HALIFAX EXPRESS
|
Hapag Lloyd
|
2000
|
4,890
|
5,500
|
March 2017-January 2018(4)
|
Vessel Name
|
Charterer
|
Year Built
|
Capacity (TEU)
|
Current Daily Charter Rate
(U.S. dollars)
|
Expiration of Charter(1)
|
42
|
SINGAPORE EXPRESS
|
Hapag Lloyd
|
2000
|
4,890
|
5,500
|
March 2017-January 2018(4)
|
43
|
MSC MANDRAKI
|
MSC
|
1988
|
4,828
|
20,000
|
June 2017
|
44
|
MSC MYKONOS
|
MSC
|
1988
|
4,828
|
20,000
|
August 2017
|
45
|
MSC ULSAN
|
MSC
|
2002
|
4,132
|
16,500
|
March 2017
|
46
|
MSC KORONI
|
MSC
|
1998
|
3,842
|
13,500(5)
|
September 2018
|
47
|
ITEA
|
ACL
|
1998
|
3,842
|
6,000
|
February 2017
|
48
|
MARINA
|
Evergreen
|
1992
|
3,351
|
5,500
|
February 2017
|
49
|
LAKONIA
|
Evergreen
|
2004
|
2,586
|
8,600(6)
|
June 2017
|
50
|
ELAFONISOS(*)
|
MSC
|
1999
|
2,526
|
5,100
|
February 2017
|
51
|
AREOPOLIS
|
Evergreen
|
2000
|
2,474
|
5,950
|
March 2017
|
52
|
MONEMVASIA(*)
|
A.P. Moller-Maersk
|
1998
|
2,472
|
9,250
|
November 2021
|
53
|
MESSINI
|
Evergreen
|
1997
|
2,458
|
5,800
|
April 2017
|
54
|
MSC REUNION
|
MSC
|
1992
|
2,024
|
6,800
|
July 2017
|
55
|
MSC NAMIBIA II
|
MSC
|
1991
|
2,023
|
6,800
|
July 2017
|
56
|
MSC SIERRA II
|
MSC
|
1991
|
2,023
|
6,800
|
June 2017
|
57
|
MSC PYLOS
|
MSC
|
1991
|
2,020
|
6,300(7)
|
January 2018
|
58
|
PADMA(*)
|
Evergreen
|
1998
|
1,645
|
7,000
|
May 2017
|
59
|
NEAPOLIS
|
Evergreen
|
2000
|
1,645
|
6,900
|
February 2017
|
60
|
ARKADIA(*)
|
Evergreen
|
2001
|
1,550
|
10,600
|
August 2017
|
61
|
PROSPER
|
Sea Consortium
|
1996
|
1,504
|
6,215
|
February 2017
|
62
|
ZAGORA
|
MSC
|
1995
|
1,162
|
6,200
|
June 2017
|
63
|
PETALIDI(*)
|
CMA CGM
|
1994
|
1,162
|
6,950
|
June 2017
|
64
|
STADT LUEBECK
|
2001
|
1,078
|
Vessel Name
|
Shipyard
|
Capacity (TEU)
|
Charterer
|
Expected Delivery(2)
|
|
1
|
NCP0114(*)
|
Hanjin Subic Bay
|
11,010
|
Q1 2017
|
|
2
|
NCP0115(*)
|
Hanjin Subic Bay
|
11,010
|
Q1 2017
|
|
3
|
NCP0116(*)
|
Hanjin Subic Bay
|
11,010
|
Q1 2017
|
|
4
|
NCP0152(*)
|
Hanjin Subic Bay
|
11,010
|
Q2 2017
|
|
5
|
YZJ1206(*) (***)
|
Jiangsu New Yangzi
|
3,800
|
Hamburg Süd
|
Q1 2018
|
6
|
YZJ1207 (*) (***)
|
Jiangsu New Yangzi
|
3,800
|
Hamburg Süd
|
Q2 2018
|
(1)
|
Charter terms and expiration dates are based on the earliest date charters could expire. Amounts set out for current daily charter rate are the amounts contained in the charter contracts.
|
(2)
|
Based on latest shipyard production schedule, subject to change.
|
(3)
|
The amounts in the table reflect the current charter terms, giving effect to our agreement with Zim under the 2014 restructuring plan. Based on this agreement, we have been granted charter extensions and have been issued equity securities representing 1.2% of Zim's equity and approximately $8.2 million in interest bearing notes maturing in 2023. In July the Company exercised its option to extend the charters of Zim New York and Zim Shanghai for one year pursuant to its option to extend the charter of two of the three vessels chartered to Zim for successive one year periods at market rate plus $1,100 per day per vessel while the notes remain outstanding. The Company exercised its option for a second year of extension. The rate for the second year has been determined at $7,736 per day.
|
(4)
|
Charterers have at their option chartered two of the three vessels for a period of 7 to 13 months and the third vessel for a period of 3 to 13 months.
|
(5)
|
As from December 1, 2012 until redelivery, the charter rate is to be a minimum of $13,500 per day plus 50% of the difference between the market rate and the charter rate of $13,500. The market rate is to be determined annually based on the Hamburg ConTex type 3500 TEU index published on October 1 of each year until redelivery.
|
(6)
|
This charter rate changes on February 4, 2017 to $5,800 per day until the earliest redelivery date.
|
(7)
|
This charter rate changes on February 15, 2017 to $6,000 per day until the earliest redelivery date.
|
(i)
|
Assumes exercise of owner's unilateral options to extend the charter of these vessels for two one year periods at the same charter rate. The charterer also has corresponding options to unilaterally extend the charter for the same periods at the same charter rate.
|
(ii)
|
The charterer has a unilateral option to extend the charter of the vessel for two periods of 30 months each +/-90 days on the final period performed, at a rate of $41,700 per day.
|
(*) |
Denotes vessels acquired pursuant to the Framework Deed with York. The Company holds an equity interest ranging between 25% and 49% in each of the vessel-owning entities.
|
(**) | Denotes vessels subject to a sale and leaseback transaction |
(***) | Denotes vessels acquired pursuant to the Framework Deed which are subject to sale and leaseback transactions. |
(****) | Denotes current daily charter rates that are treated as confidential. |
Years ended
December 31,
|
Three-months ended
December 31,
|
|||||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share amounts)
|
2015
|
2016
|
2015
|
2016
|
||||||||||||
REVENUES:
|
||||||||||||||||
Voyage revenue
|
$
|
490,378
|
$
|
468,189
|
$
|
122,276
|
$
|
110,134
|
||||||||
EXPENSES:
|
||||||||||||||||
Voyage expenses
|
(2,831
|
)
|
(1,887
|
)
|
(929
|
)
|
(431
|
)
|
||||||||
Voyage expenses – related parties
|
(3,673
|
)
|
(3,512
|
)
|
(916
|
)
|
(826
|
)
|
||||||||
Vessels' operating expenses
|
(117,193
|
)
|
(105,783
|
)
|
(28,639
|
)
|
(26,135
|
)
|
||||||||
General and administrative expenses
|
(8,775
|
)
|
(5,769
|
)
|
(4,719
|
)
|
(1,458
|
)
|
||||||||
Management fees - related parties
|
(18,877
|
)
|
(18,629
|
)
|
(4,262
|
)
|
(4,188
|
)
|
||||||||
Non-cash general and administrative expenses and non-cash other items
|
(8,623
|
)
|
(8,951
|
)
|
(1,404
|
)
|
(4,837
|
)
|
||||||||
Amortization of dry-docking and special survey costs
|
(7,425
|
)
|
(7,920
|
)
|
(1,991
|
)
|
(1,983
|
)
|
||||||||
Depreciation
|
(101,645
|
)
|
(100,943
|
)
|
(25,611
|
)
|
(25,157
|
)
|
||||||||
Amortization of prepaid lease rentals
|
(4,982
|
)
|
(6,779
|
)
|
(1,256
|
)
|
(2,200
|
)
|
||||||||
Gain / (Loss) on sale / disposal of vessels
|
1,688
|
(4,440
|
)
|
1,688
|
-
|
|||||||||||
Loss on asset held for sale
|
-
|
(37,161
|
)
|
-
|
(37,161
|
)
|
||||||||||
Foreign exchange losses
|
(129
|
)
|
(360
|
)
|
(144
|
)
|
(26
|
)
|
||||||||
Operating income
|
$
|
217,913
|
$
|
166,055
|
$
|
54,093
|
$
|
5,732
|
||||||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest income
|
$
|
1,373
|
$
|
1,630
|
$
|
320
|
$
|
490
|
||||||||
Interest and finance costs
|
(79,631
|
)
|
(72,808
|
)
|
(18,539
|
)
|
(17,718
|
)
|
||||||||
Swaps breakage cost
|
-
|
(9,701
|
)
|
-
|
(297
|
)
|
||||||||||
Equity gain / (loss) on investments
|
(529
|
)
|
(78
|
)
|
(567
|
)
|
382
|
|||||||||
Other
|
427
|
595
|
23
|
44
|
||||||||||||
Gain /(Loss) on derivative instruments
|
4,211
|
(3,991
|
)
|
2,998
|
359
|
|||||||||||
Total other income / (expenses)
|
$
|
(74,149
|
)
|
$
|
(84,353
|
)
|
$
|
(15,765
|
)
|
$
|
(16,740
|
)
|
||||
Net Income / (Loss)
|
$
|
143,764
|
$
|
81,702
|
$
|
38,328
|
$
|
(11,008
|
)
|
|||||||
Earnings allocated to Preferred Stock
|
(17,903
|
)
|
(21,063
|
)
|
(5,266
|
)
|
(5,266
|
)
|
||||||||
Net Income / (Loss) available to common stockholders
|
$
|
125,861
|
$
|
60,639
|
$
|
33,062
|
$
|
(16,274
|
)
|
|||||||
Earnings / (Loss) per common share, basic and diluted
|
$
|
1.68
|
$
|
0.79
|
$
|
0.44
|
$
|
(0.20
|
)
|
|||||||
Weighted average number of shares, basic and diluted
|
75,027,474
|
77,243,252
|
75,250,426
|
81,498,030
|
|
As of December 31,
|
As of December 31,
|
||||||
(Expressed in thousands of U.S. dollars)
|
2015
|
2016
|
||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
100,105
|
$
|
164,898
|
||||
Restricted cash
|
14,007
|
6,882
|
||||||
Accounts receivable
|
1,111
|
971
|
||||||
Inventories
|
10,578
|
11,415
|
||||||
Due from related parties
|
6,012
|
3,447
|
||||||
Fair value of derivatives
|
352
|
-
|
||||||
Insurance claims receivable
|
3,906
|
2,886
|
||||||
Prepaid lease rentals
|
4,982
|
8,752
|
||||||
Asset held for sale
|
-
|
6,256
|
||||||
Accrued charter revenue
|
457
|
408
|
||||||
Prepayments and other
|
3,546
|
3,914
|
||||||
Total current assets
|
$
|
145,056
|
$
|
209,829
|
||||
FIXED ASSETS, NET:
|
||||||||
Capital leased assets
|
$
|
242,966
|
$
|
384,872
|
||||
Vessels, net
|
2,004,650
|
1,688,285
|
||||||
Total fixed assets, net
|
$
|
2,247,616
|
$
|
2,073,157
|
||||
NON-CURRENT ASSETS:
|
||||||||
Equity method investments
|
$
|
117,931
|
$
|
153,126
|
||||
Prepaid lease rentals, non-current
|
35,829
|
51,670
|
||||||
Deferred charges, net
|
22,809
|
20,367
|
||||||
Accounts receivable, non-current
|
1,425
|
1,575
|
||||||
Restricted cash
|
48,708
|
38,783
|
||||||
Fair value of derivatives, non-current
|
-
|
762
|
||||||
Accrued charter revenue
|
569
|
185
|
||||||
Other non-current assets
|
12,612
|
8,970
|
||||||
Total assets
|
$
|
2,632,555
|
$
|
2,558,424
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current portion of long-term debt (*)
|
$
|
183,828
|
$
|
198,277
|
||||
Accounts payable
|
4,047
|
3,848
|
||||||
Due to related parties
|
371
|
191
|
||||||
Capital lease obligations (*)
|
14,307
|
29,059
|
||||||
Accrued liabilities
|
15,225
|
11,109
|
||||||
Unearned revenue
|
18,356
|
19,668
|
||||||
Fair value of derivatives
|
32,462
|
16,161
|
||||||
Other current liabilities
|
1,712
|
1,673
|
||||||
Total current liabilities
|
$
|
270,308
|
$
|
279,986
|
||||
NON-CURRENT LIABILITIES
|
||||||||
Long-term debt, net of current portion (*)
|
$
|
1,134,764
|
$
|
856,330
|
||||
Capital lease obligations, net of current portion (*)
|
217,810
|
331,196
|
||||||
Fair value of derivatives, net of current portion
|
19,655
|
-
|
||||||
Unearned revenue, net of current portion
|
26,508
|
16,488
|
||||||
Total non-current liabilities
|
$
|
1,398,737
|
$
|
1,204,014
|
||||
COMMITMENTS AND CONTINGENCIES
|
||||||||
STOCKHOLDERS' EQUITY:
|
||||||||
Preferred stock
|
$
|
-
|
$
|
-
|
||||
Common stock
|
8
|
9
|
||||||
Additional paid-in capital
|
963,904
|
1,057,423
|
||||||
Retained earnings
|
44,247
|
31,416
|
||||||
Accumulated other comprehensive loss
|
(44,649
|
)
|
(14,424
|
)
|
||||
Total stockholders' equity
|
$
|
963,510
|
$
|
1,074,424
|
||||
Total liabilities and stockholders' equity
|
$
|
2,632,555
|
$
|
2,558,424
|
|
Year ended
December 31,
|
Three-month period ended
December 31,
|
||||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share data):
|
2015
|
2016
|
2015
|
2016
|
||||||||||||
Voyage revenue
|
$
|
490,378
|
$
|
468,189
|
$
|
122,276
|
$
|
110,134
|
||||||||
Accrued charter revenue (1)
|
$
|
2,618
|
$
|
(7,730
|
)
|
$
|
589
|
$
|
(2,836
|
)
|
||||||
Voyage revenue adjusted on a cash basis (2)
|
$
|
492,996
|
$
|
460,459
|
$
|
122,865
|
$
|
107,298
|
||||||||
|
||||||||||||||||
Adjusted Net Income available to common stockholders (3)
|
$
|
130,351
|
$
|
115,120
|
$
|
32,772
|
$
|
23,039
|
||||||||
Weighted Average number of shares
|
75,027,474
|
77,243,252
|
75,250,426
|
81,498,030
|
||||||||||||
Adjusted Earnings per share (3)
|
$
|
1.74
|
$
|
1.49
|
$
|
0.44
|
$
|
0.28
|
||||||||
|
||||||||||||||||
Net Income / (Loss)
|
$
|
143,764
|
$
|
81,702
|
$
|
38,328
|
$
|
(11,008
|
)
|
|||||||
Net Income / (Loss) available to common stockholders
|
$
|
125,861
|
$
|
60,639
|
$
|
33,062
|
$
|
(16,274
|
)
|
|||||||
Weighted Average number of shares
|
75,027,474
|
77,243,252
|
75,250,426
|
81,498,030
|
||||||||||||
Earnings / (Loss) per share
|
$
|
1.68
|
$
|
0.79
|
$
|
0.44
|
$
|
(0.20
|
)
|
|
Year ended
December 31,
|
Three-month period ended
December 31,
|
||||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share data)
|
2015
|
2016
|
2015
|
2016
|
||||||||||||
Net Income / (Loss)
|
$
|
143,764
|
$
|
81,702
|
$
|
38,328
|
$
|
(11,008
|
)
|
|||||||
Earnings allocated to Preferred Stock
|
(17,903
|
)
|
(21,063
|
)
|
(5,266
|
)
|
(5,266
|
)
|
||||||||
Net Income / (Loss) available to common stockholders
|
125,861
|
60,639
|
33,062
|
(16,274
|
)
|
|||||||||||
Accrued charter revenue
|
2,618
|
(7,730
|
)
|
589
|
(2,836
|
)
|
||||||||||
Loss / (Gain) on sale / disposal of vessels
|
(1,688
|
)
|
4,440
|
(1,688
|
)
|
-
|
||||||||||
Loss on asset held for sale
|
-
|
37,161
|
-
|
37,161
|
||||||||||||
Swaps breakage cost
|
-
|
9,701
|
-
|
297
|
||||||||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
|
587
|
-
|
2
|
-
|
||||||||||||
Non-cash general and administrative expenses and non-cash other items
|
8,623
|
8,951
|
1,404
|
4,837
|
||||||||||||
Non-recurring, non-cash write-off of loan deferred financing costs
|
-
|
586
|
-
|
-
|
||||||||||||
Write-off costs related to the withdrawal of Costamare Partners LP registration statement
|
3,326
|
-
|
3,326
|
-
|
||||||||||||
Amortization of prepaid lease rentals
|
4,982
|
6,779
|
1,256
|
2,200
|
||||||||||||
Realized Loss / (Gain) on Euro/USD forward contracts (1)
|
2,898
|
(898
|
)
|
169
|
-
|
|||||||||||
Gain on derivative instruments, excluding interest accrued and realized on non-hedging derivative instruments (1)
|
(16,856
|
)
|
(4,509
|
)
|
(5,348
|
)
|
(2,346
|
)
|
||||||||
Adjusted Net income available to common stockholders
|
$
|
130,351
|
$
|
115,120
|
$
|
32,772
|
$
|
23,039
|
||||||||
Adjusted Earnings per Share
|
$
|
1.74
|
$
|
1.49
|
$
|
0.44
|
$
|
0.28
|
||||||||
Weighted average number of shares
|
75,027,474
|
77,243,252
|
75,250,426
|
81,498,030
|
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