Press Release, dated April 27, 2017: Costamare Inc. Reports Results for the First Quarter Ended March 31, 2017
|
|
Financial Report for the First Quarter Ended March 31, 2017
|
COSTAMARE INC.
|
||||
By:
|
/s/ Gregory G. Zikos
|
|||
Name:
|
Gregory G. Zikos
|
|||
Title:
|
Chief Financial Officer
|
·
|
Voyage revenues adjusted on a cash basis of $102.7 million for the three-months ended March 31, 2017.
|
·
|
Adjusted Net income available to common stockholders of $20.8 million or $0.23 per share for the three-months ended March 31, 2017.
|
A.
|
Newbuild charter agreements
|
·
|
The Company has entered into time charter agreements for all five 11,000TEU newbuild vessels acquired under our JV with York Capital. The vessels have been chartered for periods of up to 12 months at an average rate of about $18,000 per day. The first two vessels, the Cape Akritas and Cape Tainaro have been delivered to their charterers and have commenced operations. The third and fourth vessels, the Cape Kortia and Cape Sounio, are expected to be delivered to their charterers during the first week of May 2017, while the last vessel, the Cape Artemisio, is expected to be delivered from the shipyard and to her charterers during the second week of June 2017.
|
B.
|
New charter agreements
|
·
|
The Company has entered into the following charter arrangements:
|
o
|
Agreed to charter the 2003-built, 5,928 TEU containership Venetiko to Hapag-Lloyd, for a period of 5 to 14 months starting from March 19, 2017, at a daily rate of $6,600.
|
o
|
Agreed to charter the 2001-built, 5,576 TEU containership Ensenada to PIL, for a period of 6 to 10 months starting from March 31, 2017, at a daily rate of $6,950.
|
o
|
Agreed to charter the 2004-built, 4,992 TEU containership Piraeus to TS Lines, for a period of 4 to 8 months starting from April 6, 2017, at a daily rate of $5,100.
|
o
|
Agreed to extend the charter of the 1998-built, 3,842 TEU containership Itea with ACL for a period expiring at the charterers’ option during the period from September 15, 2017 to October 25, 2017, starting from April 30, 2017, at a daily rate of $7,250.
|
o
|
Agreed to charter the 1999-built, 2,526 TEU containership Elafonisos to MSC for a period of 11 to 13 months starting from March 15, 2017, at a daily rate of $6,200.
|
o
|
Agreed to extend the charter of the 1996-built, 1,504 TEU containership Prosper with Sea Consortium for a period of 2 to 6 months, starting from April 26, 2017, at a daily rate of $6,750.
|
o
|
Agreed to charter the 2001-built, 1,078 TEU containership Stadt Luebeck to Sea Consortium for a period of 25 to 90 days starting from April 10, 2017, at a daily rate of $6,500.
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C.
|
New financing transactions
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·
|
In April 2017, we entered into a loan agreement with a leading European financial institution for the financing of the last 11,000 TEU vessel on order, acquired under our JV with York Capital. The facility is for an amount of up to US $44 million which will be repayable over 3 years. The proceeds are expected to finance the remaining yard installment for the vessel.
|
D.
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New acquisitions
|
·
|
In March 2017, the Company agreed to purchase the 2014-built 4,957TEU wide-beam container vessels Leonidio and Kyparissia. Both vessels are expected to be delivered to the Company in May 2017. The Company has agreed to charter each vessel to Maersk Line for a period of 7 years. The acquisitions will be initially funded with equity. The Company is in advanced discussions to finance the vessels’ acquisition cost with debt.
|
·
|
In April 2017, the Company agreed to purchase the 2005-built 7,491TEU container vessel Megalopolis. The vessel is expected to be delivered to the Company in May 2017. The Company has agreed to charter the vessel to Maersk Line for a period of 5 years. The acquisition will be initially funded with equity. The Company is in discussions to finance the vessel’s acquisition cost with debt.
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E.
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Vessel disposals
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·
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In January 2017 and March 2017 we sold for demolition the 5,050TEU container vessel Romanos and the 3,351 TEU container vessel Marina, respectively.
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F.
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Dividend announcements
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·
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On April 3, 2017, we declared a dividend for the quarter ended March 31, 2017 of $0.10 per share on our common stock, payable on May 8, 2017 to stockholders of record on April 21, 2017.
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·
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On April 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 April 17, 2017 to holders of record on April 13, 2017.
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|
Three-month period ended March 31,
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|||||||
(Expressed in thousands of U.S. dollars, except share and per share data):
|
2016
|
2017
|
||||||
|
||||||||
|
||||||||
Voyage revenue
|
$
|
120,274
|
$
|
105,524
|
||||
Accrued charter revenue (1)
|
$
|
(452
|
)
|
$
|
(2,791
|
)
|
||
Voyage revenue adjusted on a cash basis (2)
|
$
|
119,822
|
$
|
102,733
|
||||
|
||||||||
Adjusted Net Income available to common stockholders (3)
|
$
|
34,307
|
$
|
20,774
|
||||
Weighted Average number of shares
|
75,400,044
|
91,036,935
|
||||||
Adjusted Earnings per share (3)
|
$
|
0.45
|
$
|
0.23
|
||||
|
||||||||
Net Income
|
$
|
34,996
|
$
|
23,015
|
||||
Net Income available to common stockholders
|
$
|
29,789
|
$
|
17,866
|
||||
Weighted Average number of shares
|
75,400,044
|
91,036,935
|
||||||
Earnings per share
|
$
|
0.40
|
$
|
0.20
|
|
Three-month period ended March 31,
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|||||||
(Expressed in thousands of U.S. dollars, except share and per share data)
|
2016
|
2017
|
||||||
|
||||||||
Net Income
|
$
|
34,996
|
$
|
23,015
|
||||
Earnings allocated to Preferred Stock
|
(5,207
|
)
|
(5,149
|
)
|
||||
Net Income available to common stockholders
|
29,789
|
17,866
|
||||||
Accrued charter revenue
|
(452
|
)
|
(2,791
|
)
|
||||
Loss on sale / disposal of vessels
|
-
|
3,638
|
||||||
General and administrative expenses - non-cash component
|
1,344
|
984
|
||||||
Amortization of prepaid lease rentals
|
1,238
|
2,158
|
||||||
Realized Loss / (Gain) on Euro/USD forward contracts (1)
|
(239
|
)
|
32
|
|||||
Loss / (Gain) on derivative instruments, excluding interest accrued and realized on non-hedging derivative instruments (1)
|
2,627
|
(1,113
|
)
|
|||||
Adjusted Net income available to common stockholders
|
$
|
34,307
|
$
|
20,774
|
||||
Adjusted Earnings per Share
|
$
|
0.45
|
$
|
0.23
|
||||
Weighted average number of shares
|
75,400,044
|
91,036,935
|
Three-month period ended March 31,
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||||||||||||||||
(Expressed in millions of U.S. dollars,
except percentages)
|
2016
|
2017
|
Change
|
Percentage
Change
|
||||||||||||
|
||||||||||||||||
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||||||||||||||||
Voyage revenue
|
$
|
120.3
|
$
|
105.5
|
$
|
(14.8
|
)
|
(12.3
|
%)
|
|||||||
Voyage expenses
|
(0.6
|
)
|
(0.7
|
)
|
0.1
|
16.7
|
%
|
|||||||||
Voyage expenses – related parties
|
(0.9
|
)
|
(0.8
|
)
|
(0.1
|
)
|
(11.1
|
%)
|
||||||||
Vessels’ operating expenses
|
(27.0
|
)
|
(25.3
|
)
|
(1.7
|
)
|
(6.3
|
%)
|
||||||||
General and administrative expenses
|
(1.2
|
)
|
(1.2
|
)
|
-
|
-
|
||||||||||
Management fees – related parties
|
(4.8
|
)
|
(4.7
|
)
|
(0.1
|
)
|
(2.1
|
%)
|
||||||||
General and administrative expenses - non-cash component
|
(1.3
|
)
|
(1.0
|
)
|
(0.3
|
)
|
(23.1
|
%)
|
||||||||
Amortization of dry-docking and special survey costs
|
(1.9
|
)
|
(1.9
|
)
|
-
|
-
|
||||||||||
Depreciation
|
(25.3
|
)
|
(24.1
|
)
|
(1.2
|
)
|
(4.7
|
%)
|
||||||||
Amortization of prepaid lease rentals
|
(1.2
|
)
|
(2.2
|
)
|
1.0
|
83.3
|
%
|
|||||||||
Loss on sale / disposal of vessels
|
-
|
(3.6
|
)
|
3.6
|
100.0
|
%
|
||||||||||
Foreign exchange losses
|
(0.1
|
)
|
-
|
(0.1
|
)
|
(100.0
|
%)
|
|||||||||
Interest income
|
0.3
|
0.6
|
0.3
|
100.0
|
%
|
|||||||||||
Interest and finance costs
|
(18.9
|
)
|
(17.9
|
)
|
(1.0
|
)
|
(5.3
|
%)
|
||||||||
Equity gain / (loss) on investments
|
(0.2
|
)
|
0.2
|
0.4
|
200.0
|
%
|
||||||||||
Other
|
0.4
|
0.3
|
(0.1
|
)
|
(25.0
|
%)
|
||||||||||
Loss on derivative instruments
|
(2.6
|
)
|
(0.2
|
)
|
(2.4
|
)
|
(92.3
|
%)
|
||||||||
Net Income
|
$
|
35.0
|
$
|
23.0
|
(Expressed in millions of U.S. dollars,
except percentages)
|
Three-month period ended March 31,
|
Change
|
Percentage
Change
|
|||||||||||||
2016
|
|
2017
|
||||||||||||||
|
||||||||||||||||
Voyage revenue
|
$
|
120.3
|
$
|
105.5
|
$
|
(14.8
|
)
|
(12.3
|
%)
|
|||||||
Accrued charter revenue
|
(0.5
|
)
|
(2.8
|
)
|
2.3
|
460.0
|
%
|
|||||||||
Voyage revenue adjusted on a cash basis
|
$
|
119.8
|
$
|
102.7
|
$
|
(17.1
|
)
|
(14.3
|
%)
|
Vessels’ operational data
|
|
Three-month period ended March 31,
|
|
|
|
Percentage
Change
|
||
|
2016
|
|
2017
|
|
Change
|
|
||
|
|
|
|
|
|
|
|
|
Average number of vessels
|
|
54.0
|
|
52.0
|
(2.0)
|
(3.7%)
|
||
Ownership days
|
|
4,914
|
|
4,678
|
(236)
|
(4.8%)
|
||
Number of vessels under dry-docking
|
|
3
|
|
1
|
|
(2)
|
|
|
Condensed cash flows
|
Three-month period ended March 31,
|
|||||||
(Expressed in millions of U.S. dollars)
|
2016
|
2017
|
||||||
Net Cash Provided by Operating Activities
|
$
|
57.4
|
$
|
52.8
|
||||
Net Cash Provided by / (Used in) Investing Activities
|
$
|
(7.0
|
)
|
$
|
4.4
|
|||
Net Cash Used in Financing Activities
|
$
|
(69.3
|
)
|
$
|
(81.6
|
)
|
Vessel Name
|
Year
Built |
TEU
Capacity |
||||||
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(i)(ii)
|
Evergreen
|
2016
|
14,424
|
(*)
|
March 2026
|
2
|
TITAN(i)(ii)
|
Evergreen
|
2016
|
14,424
|
(*)
|
April 2026
|
3
|
TALOS(i)(ii)
|
Evergreen
|
2016
|
14,424
|
(*)
|
July 2026
|
4
|
TAURUS(i)(ii)
|
Evergreen
|
2016
|
14,424
|
(*)
|
August 2026
|
5
|
THESEUS(i)(ii)
|
Evergreen
|
2016
|
14,424
|
(*)
|
August 2026
|
6
|
CAPE AKRITAS(i)
|
(**)
|
2016
|
11,010
|
(**)
|
(**)
|
7
|
CAPE TAINARO(i)
|
(**)
|
2017
|
11,010
|
(**)
|
(**)
|
8
|
CAPE KORTIA(i)
|
(**)
|
2017
|
11,010
|
(**)
|
(**)
|
9
|
CAPE SOUNIO(i)
|
(**)
|
2017
|
11,010
|
(**)
|
(**)
|
10
|
COSCO GUANGZHOU
|
COSCO
|
2006
|
9,469
|
36,400
|
December 2017
|
11
|
COSCO NINGBO
|
COSCO
|
2006
|
9,469
|
36,400
|
January 2018
|
12
|
COSCO YANTIAN
|
COSCO
|
2006
|
9,469
|
36,400
|
February 2018
|
13
|
COSCO BEIJING
|
COSCO
|
2006
|
9,469
|
36,400
|
April 2018
|
14
|
COSCO HELLAS
|
COSCO
|
2006
|
9,469
|
37,519
|
May 2018
|
15
|
MSC AZOV(ii)
|
MSC
|
2014
|
9,403
|
43,000
|
November 2023
|
16
|
MSC AJACCIO(ii)
|
MSC
|
2014
|
9,403
|
43,000
|
February 2024
|
17
|
MSC AMALFI(ii)
|
MSC
|
2014
|
9,403
|
43,000
|
March 2024
|
18
|
MSC ATHENS(ii)
|
MSC
|
2013
|
8,827
|
42,000
|
January 2023
|
19
|
MSC ATHOS(ii)
|
MSC
|
2013
|
8,827
|
42,000
|
February 2023
|
20
|
VALOR
|
Evergreen
|
2013
|
8,827
|
41,700
|
April 2020(3)
|
21
|
VALUE
|
Evergreen
|
2013
|
8,827
|
41,700
|
April 2020(3)
|
22
|
VALIANT
|
Evergreen
|
2013
|
8,827
|
41,700
|
June 2020(3)
|
23
|
VALENCE
|
Evergreen
|
2013
|
8,827
|
41,700
|
July 2020(3)
|
24
|
VANTAGE
|
Evergreen
|
2013
|
8,827
|
41,700
|
September 2020(3)
|
25
|
NAVARINO
|
PIL
|
2010
|
8,531
|
9,000
|
November 2017
|
26
|
MEGALOPOLIS
|
Maersk
|
2005
|
7,471
|
16,000
|
May 2022
|
27
|
MAERSK KAWASAKI
|
Maersk
|
1997
|
7,403
|
37,000
|
May 2017(4)
|
28
|
MAERSK KURE
|
Maersk
|
1996
|
7,403
|
37,000
|
June 2017(4)
|
29
|
MAERSK KOKURA
|
Maersk
|
1997
|
7,403
|
37,000
|
June 2017(4)
|
30
|
MSC METHONI
|
MSC
|
2003
|
6,724
|
29,000
|
September 2021
|
31
|
SEALAND NEW YORK
|
Maersk
|
2000
|
6,648
|
26,100
|
March 2018
|
32
|
MAERSK KOBE
|
Maersk
|
2000
|
6,648
|
26,100
|
May 2018
|
33
|
SEALAND WASHINGTON
|
Maersk
|
2000
|
6,648
|
26,100
|
June 2018
|
34
|
SEALAND MICHIGAN
|
Maersk
|
2000
|
6,648
|
26,100
|
August 2018
|
35
|
SEALAND ILLINOIS
|
Maersk
|
2000
|
6,648
|
26,100
|
October 2018
|
36
|
MSC KOLKATA
|
Maersk
|
2003
|
6,644
|
26,100
|
November 2019
|
37
|
MSC KINGSTON
|
Maersk
|
2003
|
6,644
|
26,100
|
February 2020
|
38
|
MSC KALAMATA
|
Maersk
|
2003
|
6,644
|
26,100
|
April 2020
|
39
|
VENETIKO
|
Hapag Lloyd
|
2003
|
5,928
|
6,600
|
August 2017
|
40
|
ENSENADA (i)
|
PIL
|
2001
|
5,576
|
6,950
|
September 2017
|
41
|
ZIM NEW YORK
|
ZIM
|
2002
|
4,992
|
7,736
|
September 2017(5)
|
42
|
ZIM SHANGHAI
|
ZIM
|
2002
|
4,992
|
7,736
|
September 2017(5)
|
43
|
PIRAEUS
|
TS Lines
|
2004
|
4,992
|
5,100
|
August 2017
|
44
|
LEONIDIO
|
Maersk
|
2014
|
4,957
|
14,200(6)
|
December 2024
|
45
|
KYPARISSIA
|
Maersk
|
2014
|
4,957
|
14,200(7)
|
November 2024
|
46
|
OAKLAND EXPRESS
|
Hapag Lloyd
|
2000
|
4,890
|
5,500
|
March 2017-January 2018(8)
|
47
|
HALIFAX EXPRESS
|
Hapag Lloyd
|
2000
|
4,890
|
5,500
|
March 2017-January 2018(8)
|
48
|
SINGAPORE EXPRESS
|
Hapag Lloyd
|
2000
|
4,890
|
5,500
|
March 2017-January 2018(8)
|
49
|
MSC MANDRAKI
|
MSC
|
1988
|
4,828
|
20,000
|
June 2017
|
50
|
MSC MYKONOS
|
MSC
|
1988
|
4,828
|
20,000
|
August 2017
|
51
|
MSC ULSAN
|
MSC
|
2002
|
4,132
|
16,500
|
May 2017
|
52
|
MSC KORONI
|
MSC
|
1998
|
3,842
|
13,500(9)
|
September 2018
|
53
|
ITEA
|
ACL
|
1998
|
3,842
|
6,000(10)
|
September 2017
|
54
|
LAKONIA
|
Evergreen
|
2004
|
2,586
|
5,800
|
June 2017
|
55
|
ELAFONISOS(i)
|
MSC
|
1999
|
2,526
|
6,200
|
February 2018
|
56
|
AREOPOLIS
|
Evergreen
|
2000
|
2,474
|
5,950
|
May 2017
|
57
|
MONEMVASIA(i)
|
Maersk
|
1998
|
2,472
|
9,250
|
November 2021
|
58
|
MESSINI
|
Evergreen
|
1997
|
2,458
|
5,800
|
May 2017
|
59
|
MSC REUNION
|
MSC
|
1992
|
2,024
|
6,800
|
July 2017
|
60
|
MSC NAMIBIA II
|
MSC
|
1991
|
2,023
|
6,800
|
July 2017
|
61
|
MSC SIERRA II
|
MSC
|
1991
|
2,023
|
6,800
|
June 2017
|
62
|
MSC PYLOS
|
MSC
|
1991
|
2,020
|
6,000
|
January 2018
|
63
|
PADMA(i)
|
Evergreen
|
1998
|
1,645
|
7,000
|
May 2017
|
64
|
NEAPOLIS
|
Evergreen
|
2000
|
1,645
|
6,900
|
May 2017
|
65
|
ARKADIA(i)
|
Evergreen
|
2001
|
1,550
|
10,600
|
August 2017
|
66
|
PROSPER
|
Sea Consortium
|
1996
|
1,504
|
6,750
|
June 2017
|
67
|
ZAGORA
|
MSC
|
1995
|
1,162
|
6,200
|
June 2017
|
68
|
PETALIDI(i)
|
CMA CGM
|
1994
|
1,162
|
6,950
|
June 2017
|
69
|
STADT LUEBECK
|
Sea Consortium
|
2001
|
1,078
|
6,500
|
May 2017
|
Vessel Name
|
Shipyard
|
Capacity (TEU)
|
Charterer
|
Expected Delivery(2)
|
|
1
|
NCP0152(i)
|
Hanjin Subic Bay
|
11,010
|
(**)
|
Q2 2017
|
2
|
YZJ1206(i) (ii)
|
Jiangsu New Yangzi
|
3,800
|
Hamburg Süd
|
Q1 2018
|
3
|
YZJ1207 (i) (ii)
|
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)
|
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
|
(4)
|
Based on an agreement with the charterers, the vessels will be redelivered to the Company earlier than the original redelivery date, which was in December 2017 for Maersk Kure and Maersk Kawasaki and February 2018 for Maersk Kokura. The expiration dates shown above, are the new redelivery dates. Charterers have the option to employ each vessel for an additional period of up to six months, commencing on the new redelivery date, paying a daily hire rate of $10,500 per day per vessel for the first two months and $14,000 per day per vessel thereafter.
|
(5)
|
The amounts in the table reflect the current charter terms, giving effect to our agreement with Zim under its 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 2016 the Company exercised its option to extend the charters of Zim New York and Zim Shanghai pursuant to its option for a one year period at market rate plus $1,100 per day per vessel while the notes remain outstanding. The rate for this second optional year has been determined at $7,736 per day.
|
(6)
|
This charter rate will start on December 7, 2017. From delivery of the vessel until December 7, 2017, the charter rate will be $6,000 per day.
|
(7)
|
This charter rate will start on November 24, 2017. From delivery of the vessel until November 24, 2017, the charter rate will be $6,000 per day.
|
(8)
|
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.
|
(9)
|
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.
|
(10)
|
This charter rate changes on April 30, 2017 to $7,250 per day until the earliest redelivery date.
|
(i)
|
Denotes vessels acquired pursuant to the Framework Deed. The Company holds an equity interest ranging between 25% and 49% in each of the vessel-owning entities.
|
(ii)
|
Denotes vessels subject to a sale and leaseback transaction
|
Three-months ended March 31,
|
||||||||
(Expressed in thousands of U.S. dollars, except share and per share amounts)
|
2016
|
2017
|
||||||
REVENUES:
|
||||||||
Voyage revenue
|
$
|
120,274
|
$
|
105,524
|
||||
EXPENSES:
|
||||||||
Voyage expenses
|
(572
|
)
|
(695
|
)
|
||||
Voyage expenses – related parties
|
(902
|
)
|
(791
|
)
|
||||
Vessels' operating expenses
|
(26,991
|
)
|
(25,335
|
)
|
||||
General and administrative expenses
|
(1,226
|
)
|
(1,182
|
)
|
||||
Management fees - related parties
|
(4,785
|
)
|
(4,732
|
)
|
||||
General and administrative expenses - non-cash component
|
(1,344
|
)
|
(984
|
)
|
||||
Amortization of dry-docking and special survey costs
|
(1,934
|
)
|
(1,899
|
)
|
||||
Depreciation
|
(25,281
|
)
|
(24,075
|
)
|
||||
Amortization of prepaid lease rentals
|
(1,238
|
)
|
(2,158
|
)
|
||||
Loss on sale / disposal of vessels
|
-
|
(3,638
|
)
|
|||||
Foreign exchange gains / (losses)
|
(124
|
)
|
43
|
|||||
Operating income
|
$
|
55,877
|
$
|
40,078
|
||||
OTHER INCOME / (EXPENSES):
|
||||||||
Interest income
|
$
|
361
|
$
|
571
|
||||
Interest and finance costs
|
(18,906
|
)
|
(17,901
|
)
|
||||
Equity gain / (loss) on investments
|
(207
|
)
|
205
|
|||||
Other
|
498
|
238
|
||||||
Loss on derivative instruments
|
(2,627
|
)
|
(176
|
)
|
||||
Total other income / (expenses)
|
$
|
(20,881
|
)
|
$
|
(17,063
|
)
|
||
Net Income
|
$
|
34,996
|
$
|
23,015
|
||||
Earnings allocated to Preferred Stock
|
(5,207
|
)
|
(5,149
|
)
|
||||
Net Income available to common stockholders
|
$
|
29,789
|
$
|
17,866
|
||||
Earnings per common share, basic and diluted
|
$
|
0.40
|
$
|
0.20
|
||||
Weighted average number of shares, basic and diluted
|
75,400,044
|
91,036,935
|
|
As of December 31,
|
As of March 31,
|
||||||
(Expressed in thousands of U.S. dollars)
|
2016
|
2017
|
||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
164,898
|
$
|
140,558
|
||||
Restricted cash
|
6,882
|
6,609
|
||||||
Accounts receivable
|
971
|
941
|
||||||
Inventories
|
11,415
|
10,098
|
||||||
Due from related parties
|
3,447
|
3,343
|
||||||
Fair value of derivatives
|
-
|
26
|
||||||
Insurance claims receivable
|
2,886
|
2,500
|
||||||
Prepaid lease rentals
|
8,752
|
8,752
|
||||||
Asset held for sale
|
6,256
|
-
|
||||||
Accrued charter revenue
|
408
|
408
|
||||||
Prepayments and other
|
3,914
|
3,962
|
||||||
Total current assets
|
$
|
209,829
|
$
|
177,197
|
||||
FIXED ASSETS, NET:
|
||||||||
Capital leased assets
|
$
|
384,872
|
$
|
381,775
|
||||
Vessels, net
|
1,688,285
|
1,660,129
|
||||||
Total fixed assets, net
|
$
|
2,073,157
|
$
|
2,041,904
|
||||
NON-CURRENT ASSETS:
|
||||||||
Equity method investments
|
$
|
153,126
|
$
|
158,759
|
||||
Prepaid lease rentals, non-current
|
51,670
|
49,512
|
||||||
Deferred charges, net
|
20,367
|
18,808
|
||||||
Accounts receivable, non-current
|
1,575
|
1,575
|
||||||
Restricted cash
|
38,783
|
36,808
|
||||||
Fair value of derivatives, non-current
|
762
|
2,536
|
||||||
Accrued charter revenue
|
185
|
84
|
||||||
Other non-current assets
|
8,970
|
9,079
|
||||||
Total assets
|
$
|
2,558,424
|
$
|
2,496,262
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current portion of long-term debt
|
$
|
198,277
|
$
|
188,995
|
||||
Accounts payable
|
3,848
|
4,540
|
||||||
Due to related parties
|
191
|
217
|
||||||
Capital lease obligations
|
29,059
|
29,345
|
||||||
Accrued liabilities
|
11,109
|
11,089
|
||||||
Unearned revenue
|
19,668
|
20,275
|
||||||
Fair value of derivatives
|
16,161
|
11,083
|
||||||
Other current liabilities
|
1,673
|
1,402
|
||||||
Total current liabilities
|
$
|
279,986
|
$
|
266,946
|
||||
NON-CURRENT LIABILITIES
|
||||||||
Long-term debt, net of current portion
|
$
|
856,330
|
$
|
798,393
|
||||
Capital lease obligations, net of current portion
|
331,196
|
323,769
|
||||||
Unearned revenue, net of current portion
|
16,488
|
13,596
|
||||||
Total non-current liabilities
|
$
|
1,204,014
|
$
|
1,135,758
|
||||
COMMITMENTS AND CONTINGENCIES
|
||||||||
STOCKHOLDERS’ EQUITY:
|
||||||||
Preferred stock
|
$
|
-
|
$
|
-
|
||||
Common stock
|
9
|
9
|
||||||
Additional paid-in capital
|
1,057,423
|
1,063,831
|
||||||
Retained earnings
|
31,416
|
40,122
|
||||||
Accumulated other comprehensive loss
|
(14,424
|
)
|
(10,404
|
)
|
||||
Total stockholders’ equity
|
$
|
1,074,424
|
$
|
1,093,558
|
||||
Total liabilities and stockholders’ equity
|
$
|
2,558,424
|
$
|
2,496,262
|
|
Three-month period ended March 31,
|
|||||||
(Expressed in thousands of U.S. dollars, except share and per share data):
|
2016
|
2017
|
||||||
|
||||||||
|
||||||||
Voyage revenue
|
$
|
120,274
|
$
|
105,524
|
||||
Accrued charter revenue (1)
|
$
|
(452
|
)
|
$
|
(2,791
|
)
|
||
Voyage revenue adjusted on a cash basis (2)
|
$
|
119,822
|
$
|
102,733
|
||||
|
||||||||
Adjusted Net Income available to common stockholders (3)
|
$
|
34,307
|
$
|
20,774
|
||||
Weighted Average number of shares
|
75,400,044
|
91,036,935
|
||||||
Adjusted Earnings per share (3)
|
$
|
0.45
|
$
|
0.23
|
||||
|
||||||||
Net Income
|
$
|
34,996
|
$
|
23,015
|
||||
Net Income available to common stockholders
|
$
|
29,789
|
$
|
17,866
|
||||
Weighted Average number of shares
|
75,400,044
|
91,036,935
|
||||||
Earnings per share
|
$
|
0.40
|
$
|
0.20
|
|
Three-month period ended March 31,
|
|||||||
(Expressed in thousands of U.S. dollars, except share and per share data)
|
2016
|
2017
|
||||||
|
||||||||
Net Income
|
$
|
34,996
|
$
|
23,015
|
||||
Earnings allocated to Preferred Stock
|
(5,207
|
)
|
(5,149
|
)
|
||||
Net Income available to common stockholders
|
29,789
|
17,866
|
||||||
Accrued charter revenue
|
(452
|
)
|
(2,791
|
)
|
||||
Loss on sale / disposal of vessels
|
-
|
3,638
|
||||||
General and administrative expenses - non-cash component
|
1,344
|
984
|
||||||
Amortization of prepaid lease rentals
|
1,238
|
2,158
|
||||||
Realized Loss / (Gain) on Euro/USD forward contracts (1)
|
(239
|
)
|
32
|
|||||
Loss / (Gain) on derivative instruments, excluding interest accrued and realized on non-hedging derivative instruments (1)
|
2,627
|
(1,113
|
)
|
|||||
Adjusted Net income available to common stockholders
|
$
|
34,307
|
$
|
20,774
|
||||
Adjusted Earnings per Share
|
$
|
0.45
|
$
|
0.23
|
||||
Weighted average number of shares
|
75,400,044
|
91,036,935
|