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Costamare Inc. Reports Results for The Second Quarter and Six-Month Period Ended June 30, 2024

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Costamare (NYSE: CMRE) has announced its Q2 2024 and six-month financial results, reporting a net income of $91.3 million ($0.77 per share). The company ended Q2 with liquidity of $1.118 billion.

Significant updates include the full redemption of its 8.875% Series E preferred stock, saving $10.1 million annually. The containership fleet is fully employed for 2024, securing $2.4 billion in contracted revenues. New fixtures for seven containerships are expected to generate $224 million in incremental revenues.

The company sold the 2011-built vessel 'Adventure' for $7.1 million and agreed to sell the 2009-built vessel 'Oracle' with expected proceeds of $4 million. Costamare acquired two 2012-built Capesize vessels.

New debt financing of $15.8 million was secured to refinance three dry bulk vessels. The company's dry bulk platform manages 54 vessels, and the leasing platform Neptune Maritime Leasing has funded 25 shipping assets worth $285 million.

Dividends of $0.115 per common share and various amounts for preferred shares were declared, totaling $30 million available for common share repurchases and $150 million for preferred shares.

Costamare (NYSE: CMRE) ha annunciato i risultati finanziari del secondo trimestre 2024 e dei sei mesi, riportando un utile netto di 91,3 milioni di dollari (0,77 dollari per azione). L'azienda ha concluso il secondo trimestre con una liquidità di 1,118 miliardi di dollari.

Gli aggiornamenti significativi includono il rimborso completo delle sue azioni privilegiate di Serie E con tasso dell'8,875%, che permetteranno un risparmio annuale di 10,1 milioni di dollari. La flotta di portacontainer è completamente impiegata per il 2024, garantendo 2,4 miliardi di dollari in ricavi contrattuali. Nuovi contratti per sette portacontainer dovrebbero generare 224 milioni di dollari in ricavi aggiuntivi.

L'azienda ha venduto la nave 'Adventure', costruita nel 2011, per 7,1 milioni di dollari ed ha concordato la vendita della nave 'Oracle', costruita nel 2009, con proventi attesi di 4 milioni di dollari. Costamare ha acquisito due navi Capesize costruite nel 2012.

È stato garantito un nuovo finanziamento di 15,8 milioni di dollari per rifinanziare tre navi bulk dry. La piattaforma bulk dry della società gestisce 54 navi, e la piattaforma di leasing Neptune Maritime Leasing ha finanziato 25 asset navali per un valore di 285 milioni di dollari.

È stato dichiarato un dividendo di 0,115 dollari per ogni azione ordinaria e vari importi per le azioni privilegiate, per un totale di 30 milioni di dollari disponibili per il riacquisto di azioni ordinarie e 150 milioni di dollari per le azioni privilegiate.

Costamare (NYSE: CMRE) ha anunciado sus resultados financieros del segundo trimestre de 2024 y de seis meses, reportando un ingreso neto de 91,3 millones de dólares (0,77 dólares por acción). La empresa finalizó el segundo trimestre con una liquidez de 1.118 millones de dólares.

Actualizaciones significativas incluyen el rescate total de sus acciones preferentes de la serie E con un rendimiento del 8.875%, ahorrando 10.1 millones de dólares anuales. La flota de buques portacontenedores está completamente ocupada para 2024, asegurando 2.4 mil millones de dólares en ingresos contratados. Se espera que nuevos contratos para siete buques portacontenedores generen 224 millones de dólares en ingresos adicionales.

La empresa vendió el barco 'Adventure', construido en 2011, por 7,1 millones de dólares y acordó vender el barco 'Oracle', construido en 2009, con ingresos esperados de 4 millones de dólares. Costamare adquirió dos buques Capesize construidos en 2012.

Se aseguró un nuevo financiamiento de 15,8 millones de dólares para refinanciar tres buques de carga a granel. La plataforma de carga a granel de la empresa gestiona 54 buques, y la plataforma de arrendamiento Neptune Maritime Leasing ha financiado 25 activos navales por un valor de 285 millones de dólares.

Se declaró un dividendo de 0,115 dólares por acción ordinaria y varios montos para acciones preferentes, totalizando 30 millones de dólares disponibles para la recompra de acciones ordinarias y 150 millones para acciones preferentes.

코스타마레 (NYSE: CMRE)는 2024년 2분기 및 6개월 재무 결과를 발표하며 순이익 9,130만 달러(주당 0.77 달러)를 기록했습니다. 회사는 2분기를 11억 1,800만 달러의 유동성으로 마감했습니다.

주요 업데이트로는 8.875% 시리즈 E 우선주 전량 상환이 포함되어 있으며, 연간 1,010만 달러를 절감하고 있습니다. 컨테이너선 함대는 2024년까지 완전히 고용되어 있으며, 24억 달러의 계약된 수익을 확보하고 있습니다. 새로운 계약으로 7척의 컨테이너선이 2억 2,400만 달러의 추가 수익을 창출할 것으로 예상됩니다.

회사는 2011년 건조된 'Adventure' 선박을 710만 달러에 판매하였고, 2009년 건조된 'Oracle' 선박을 400만 달러의 예상 수익으로 판매하기로 합의하였습니다. 코스타마레는 2012년 건조된 두 척의 케이프사이즈 선박을 인수하였습니다.

재정 재조정을 위해 1,580만 달러의 새로운 부채 금융이 확보되었습니다. 회사의 벌크 화물 플랫폼은 54척의 선박을 관리하고 있으며, 네프튠 해운 임대 플랫폼은 2억 8,500만 달러의 25개의 해양 자산에 자금을 지원했습니다.

보통주에 대해 주당 0.115 달러의 배당금과 우선주에 대한 다양한 금액이 선언되어, 보통주 재매입을 위한 3천만 달러와 우선주를 위한 1억 5천만 달러가 사용 가능합니다.

Costamare (NYSE: CMRE) a annoncé ses résultats financiers du deuxième trimestre 2024 et des six mois, avec un revenu net de 91,3 millions de dollars (0,77 dollar par action). L'entreprise a terminé le deuxième trimestre avec une liquidité de 1,118 milliard de dollars.

Les mises à jour significatives incluent le remboursement total de ses actions préférentielles série E à 8,875%, permettant ainsi d'économiser 10,1 millions de dollars par an. La flotte de porte-conteneurs est entièrement opérationnelle pour 2024, garantissant 2,4 milliards de dollars de revenus contractés. De nouveaux contrats pour sept porte-conteneurs devraient générer 224 millions de dollars de revenus supplémentaires.

L'entreprise a vendu le navire 'Adventure', construit en 2011, pour 7,1 millions de dollars et a convenu de vendre le navire 'Oracle', construit en 2009, avec des recettes attendues de 4 millions de dollars. Costamare a acquis deux navires Capesize construits en 2012.

Un nouveau financement d'emprunt de 15,8 millions de dollars a été sécurisé pour refinancer trois navires de vrac sec. La plateforme de vrac sec de l'entreprise gère 54 navires, et la plateforme de leasing Neptune Maritime Leasing a financé 25 actifs navals d'une valeur de 285 millions de dollars.

Des dividendes de 0,115 dollar par action ordinaire et divers montants pour les actions privilégiées ont été déclarés, totalisant 30 millions de dollars disponibles pour le rachat d'actions ordinaires et 150 millions de dollars pour les actions privilégiées.

Costamare (NYSE: CMRE) hat seine finanziellen Ergebnisse für das zweite Quartal 2024 sowie für die sechs Monate bekannt gegeben und einen Reingewinn von 91,3 Millionen Dollar (0,77 Dollar pro Aktie) gemeldet. Das Unternehmen schloss das zweite Quartal mit einer Liquidität von 1,118 Milliarden Dollar ab.

Wesentliche Aktualisierungen umfassen die vollständige Rückzahlung seiner 8,875%-Bevorzugungsaktien der Serie E, was zu einer jährlichen Einsparung von 10,1 Millionen Dollar führt. Die Containerschiff-Flotte ist für 2024 vollständig beschäftigt und sichert 2,4 Milliarden Dollar an vertraglichen Einnahmen. Neue Aufträge für sieben Containerschiffe werden voraussichtlich 224 Millionen Dollar an zusätzlichen Einnahmen generieren.

Das Unternehmen verkaufte das 2011 gebaute Schiff 'Adventure' für 7,1 Millionen Dollar und einigte sich darauf, das 2009 gebaute Schiff 'Oracle' mit erwarteten Einnahmen von 4 Millionen Dollar zu verkaufen. Costamare erwarb zwei 2012 gebaute Capesize-Schiffe.

Eine neue Fremdfinanzierung in Höhe von 15,8 Millionen Dollar wurde gesichert, um drei Bulk-Carrier zu refinanzieren. Plattform für Schüttgutfrachter des Unternehmens verwaltet 54 Schiffe, und die Leasing-Plattform Neptune Maritime Leasing hat 25 Schifffahrtsanlagen im Wert von 285 Millionen Dollar finanziert.

Dividenden von 0,115 Dollar pro Stammaktie und verschiedene Beträge für Vorzugsaktien wurden erklärt, insgesamt 30 Millionen Dollar stehen für Aktienrückkäufe zur Verfügung, sowie 150 Millionen Dollar für Vorzugsaktien.

Positive
  • Q2 2024 net income of $91.3 million ($0.77 per share).
  • Q2 2024 liquidity of $1.118 billion.
  • Full redemption of 8.875% Series E preferred stock, saving $10.1 million annually.
  • Fully employed containership fleet for 2024, securing $2.4 billion in contracted revenues.
  • New charter agreements expected to generate $224 million in incremental revenues.
  • Sold vessel 'Adventure' for $7.1 million and 'Oracle' for $4 million.
  • Acquired two 2012-built Capesize vessels.
  • New debt financing of $15.8 million was secured.
  • Dividends declared: $0.115 per common share and various amounts for preferred shares.
Negative
  • None.

Insights

Costamare's Q2 2024 results demonstrate solid financial performance amid a strengthening containership market. Key highlights include:

  • Net income of $91.3 million ($0.77 per share), up significantly from $63.2 million in Q2 2023.
  • Total voyage revenue increased 39.2% year-over-year to $509.3 million.
  • Strong liquidity position of $1.12 billion.
  • 100% of containership fleet fixed for 2024 with $2.4 billion in contracted revenues.

The company's strategic moves, including new charter arrangements and fleet renewal, position it well to capitalize on favorable market conditions. The full redemption of Series E Preferred Stock will result in annual cash flow savings of $10.1 million, enhancing financial flexibility.

However, investors should note increased charter-in hire expenses, up 120.1% YoY to $164.2 million, reflecting expanded dry bulk operations. This strategy carries both opportunities and risks depending on market conditions.

Overall, Costamare's diversified approach across containerships, dry bulk and ship leasing provides multiple avenues for growth and risk mitigation in the volatile shipping sector.

Costamare's Q2 results reflect broader trends in the shipping industry:

  • The containership sector is experiencing an upward trajectory in charter rates, driven by vessel diversions around Africa and higher-than-expected cargo demand.
  • The company's 100% employment rate for its containership fleet in 2024 suggests continued strong demand and vessel supply.
  • In the dry bulk sector, Costamare's strategy to renew and increase the average size of its fleet aligns with industry trends favoring larger, more efficient vessels.

The expansion of Costamare Bulkers Inc. (CBI) to manage a fleet of 54 ships, mostly on index-linked charter agreements, indicates a bullish outlook on the dry bulk market. This approach allows the company to potentially benefit from market upswings while mitigating some downside risks.

The growth of Neptune Maritime Leasing, funding 25 shipping assets worth approximately $285 million, highlights the increasing importance of alternative financing in the shipping industry. This diversification into ship leasing could provide a more stable income stream to balance the cyclical nature of shipping operations.

Investors should monitor how these strategic moves position Costamare in the evolving landscape of global trade and shipping finance.

MONACO, July 31, 2024 (GLOBE NEWSWIRE) -- Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported unaudited financial results for the second quarter (“Q2 2024”) and six-months ended June 30, 2024.

I.   PROFITABILITY AND LIQUIDITY

  • Q2 2024 Net Income available to common stockholders of $91.3 million ($0.77 per share).
  • Q2 2024 Adjusted Net Income available to common stockholders1 of $91.4 million ($0.77 per share).
  • Q2 2024 liquidity of $1,118.3 million2.

II.   FULL REDEMPTION OF 8.875% SERIES E CUMULATIVE REDEEMABLE PERPETUAL PREFERRED STOCK

  • Full redemption with cash on hand on July 15, 2024.
  • Annual cash flow savings of ca. $10.1 million.

III.   OWNED FLEET CHARTER UPDATE3 - NEW CHARTER ARRANGEMENTS AND FULLY EMPLOYED CONTAINERSHIP FLEET FOR THE YEAR AHEAD

  • 100% and 88% of the containership fleet4 fixed for 2024 and 2025, respectively.
  • Contracted revenues for the containership fleet of approximately $2.4 billion with a TEU-weighted duration of 3.5 years5.
  • New fixtures for seven containerships, six of them on a forward basis, for a period ranging from 24 to 36 months and with incremental contracted revenues of $224 million.
  • Entered into more than 25 chartering agreements for our owned dry bulk fleet since Q1 2024 earnings release.

IV.   SALE AND PURCHASE ACTIVITY
     Vessel Disposals

  • Conclusion of the sale of the 2011-built, 33,755 DWT capacity dry bulk vessel, Adventure.
    -   Net sale proceeds after debt repayment amounted to $7.1 million.
  • Agreement for the sale of the 2009-built, 58,018 DWT capacity dry bulk vessel, Oracle (expected conclusion of the sale within Q3 2024).
    -   Estimated net sale proceeds after debt prepayment of $4.0 million.

     Vessel Acquisitions

  • Conclusion of the acquisition of the 2012-built, 179,895 DWT capacity dry bulk vessel, Prosper (ex. Lowlands Prosperity).
  • Conclusion of the acquisition of the 2012-built, 181,415 DWT capacity dry bulk vessel, Frontier (ex. Frontier Unity).

V.   NEW DEBT FINANCING

  • Refinancing of existing indebtedness of three dry bulk vessels with one European financial institution. More specifically:
    • Total amount of approximately $15.8 million.
    • Loan proceeds towards prepayment of existing indebtedness.
    • Tenor of five years.
    • Improvement of funding cost and extension of maturity for all three refinanced vessels.

 

VI.   DRY BULK OPERATING PLATFORM

  • Costamare Bulkers Inc. (“CBI”) has currently fixed a fleet of 54 dry bulk vessels on period charters, consisting of:
    -   32 Newcastlemax/ Capesize vessels.
    -   22 Kamsarmax vessels.
  • Majority of the fixed fleet is on index linked charter-in agreements, consisting of:
    -   23 charters for Newcastlemax/ Capesize vessels that are index linked.
    -   10 charters for Kamsarmax vessels that are index linked.
  • Average remaining tenor for the Newcastlemax/ Capesize and Kamsarmax chartered-in fleet of 12 and 6 months, respectively.

 

VII.   LEASE FINANCING PLATFORM

  • Controlling interest in Neptune Maritime Leasing Limited (“NML”).
  • Company’s current investment in NML of $123.3 million.
  • Growing leasing platform, having funded 25 shipping assets as of the date of this press release, for a total amount of approximately $285 million, on the back of what we believe is a healthy pipeline.

 

VIII.   DIVIDEND ANNOUNCEMENTS

  • On July 1, 2024, the Company declared a dividend of $0.115 per share on the common stock, which will be paid on August 6, 2024, to holders of record of common stock as of July 19, 2024.
  • On July 1, 2024, the Company declared a dividend of $0.476563 per share on the Series B Preferred Stock, $0.531250 per share on the Series C Preferred Stock, $0.546875 per share on the Series D Preferred Stock and $0.554688 per share on the Series E Preferred Stock, which were all paid on July 15, 2024 to holders of record as of July 12, 2024.
  • Available funds remaining under the share repurchase program of approximately $30 million for common shares and $150 million for preferred shares.

 

__________________

1 Adjusted Net Income available to common stockholders and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare’s financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I.
2 Including our share of cash amounting to $0.1 million held by vessel owning-companies set-up pursuant to the Framework Deed dated May 15, 2013, as amended and restated from time to time (the “Framework Deed”), between the Company and York Capital Management Global Advisors LLC and an affiliated fund (collectively, “York Capital”), margin deposits relating to our forward freight agreements (“FFAs”) and bunker swaps of $10.8 million, short term investments in U.S. Treasury Bills amounting to $18.0 million and $115.8 million of available undrawn funds from two hunting license facilities as of June 30, 2024.
3 Please refer to the Containership Fleet List table for additional information on vessel employment details for our containership fleet.
4 Calculated on a TEU basis.
5 As of July 30, 2024.

Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:

“During the second quarter of the year, the Company generated Net Income of about $91 million. As of quarter end, liquidity was above $1.1 billion.

In the containership sector, continued vessel diversions around Africa and an early peak season, with higher than expected cargo demand, have resulted in charter rates remaining on an upward trajectory against a backdrop of short supply of prompt tonnage.

During the quarter, we chartered on a forward basis seven containerships for a minimum period of between 2 to 3 years. The new charter agreements are expected to generate incremental contracted revenues of above $220 million.

The containership fleet employment stands at 100% and 88% for 2024 and 2025, respectively, and total contracted revenues amount to $2.4 billion with a remaining time charter duration of 3.5 years.

On the dry bulk side, we progress with our strategy to renew the owned fleet and increase its average size having concluded the sale of one 2011-built Handysize and agreed the sale of one 2009-built Supramax vessel while simultaneously acquiring two 2012-built Capesize ships.

CBI, our dry bulk trading platform, is commercially managing a fleet of 54 ships, the majority of which are on index-linked charter in agreements. As mentioned in the past, we have a long-term commitment to the sector, which has been a strategic decision for us.

Finally, with regards to Neptune Maritime Leasing, the platform has been steadily growing, having currently funded 25 shipping assets for a total amount of approximately $285 million on the back of a healthy pipeline.”

 
Financial Summary
          
  Six-month period ended June 30, Three-month period ended June 30,
(Expressed in thousands of U.S. dollars, except share and per share data) 2023 2024 2023 2024
             
Voyage revenue $614,712  $947,655  $365,943  $477,483 
Voyage revenue – related parties -  31,776  -  31,776 
Total voyage revenue $614,712  $979,431  $365,943  $509,259 
Accrued charter revenue (1) $531  $(570) $2,796  $(1,331)
Amortization of time-charter assumed $29  $(144) $(20) $(182)
Total voyage revenue adjusted on a cash basis (2) $615,272  $978,717  $368,719  $507,746 
Income from investments in leaseback vessels $1,477  $11,419  $1,477  $6,161 
          
Adjusted Net Income available to common stockholders (3) $115,093  $166,626  $68,559  $91,383 
Weighted Average number of shares 122,560,175  118,902,719  122,588,759  119,176,547 
Adjusted Earnings per share (3) $0.94  $1.40  $0.56  $0.77 
          
Net Income $216,258  $205,547  $67,394  $102,875 
Net Income available to common stockholders $204,807  $185,472  $63,246  $91,292 
Weighted Average number of shares 122,560,175  118,902,719  122,588,759  119,176,547 
Earnings per share $1.67  $1.56  $0.52  $0.77 
             

(1) Accrued charter revenue represents the difference between cash received during the period and revenue recognized on a straight-line basis. In the early years of a charter with escalating charter rates, voyage revenue will exceed cash received during the period and during the last years of such charter cash received will exceed revenue recognized on a straight-line basis. The reverse is true for charters with descending rates.
(2) Total voyage revenue adjusted on a cash basis represents Voyage revenue after adjusting for non-cash “Accrued charter revenue” recorded under charters with escalating charter rates. However, Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. GAAP. We believe that the presentation of Total voyage revenue adjusted on a cash basis is useful to investors because it presents the charter revenue for the relevant period based on the then current daily charter rates. The increases or decreases in daily charter rates under our charter party agreements of our fleet are described in the notes to the “Fleet List” tables below.
(3) Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are non-GAAP measures. Refer to the reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share.

Non-GAAP Measures

The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the three-month and the six-month periods ended June 30, 2024 and 2023. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue or net income as determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income available to common stockholders and (iii) Adjusted Earnings per Share.

Exhibit I
Reconciliation of Net Income to Adjusted Net Income available to common stockholders and Adjusted Earnings per Share

  Six-month period ended June 30,  Three-month period ended June 30,
(Expressed in thousands of U.S. dollars, except share and per share data) 2023  2024  2023  2024
             
Net Income$216,258  $205,547  $67,394  $102,875 
Earnings allocated to Preferred Stock (15,448)  (13,278)  (7,854)  (5,597)
Deemed dividend of Series E Preferred Stock -   (5,446)  -   (5,446)
Non-Controlling Interest 3,997   (1,351)  3,706   (540)
Net Income available to common stockholders 204,807   185,472   63,246   91,292 
Accrued charter revenue 531   (570)  2,796   (1,331)
Deferred charter-in expense -   501   -   501 
General and administrative expenses - non-cash component 2,854   4,156   1,446   2,458 
Amortization of time-charter assumed 29   (144)  (20)  (182)
Realized gain on Euro/USD forward contracts (235)  (488)  (283)  (49)
Gain on sale of vessels, net (118,046)  (3,422)  (31,328)  (2,429)
Loss on vessel held for sale -   2,308   -   2,308 
Loss on sale of vessels, net, by jointly owned companies with York Capital included in equity gain on investments 2,065   -   36   - 
Non-recurring, non-cash write-off of loan deferred financing costs 1,439   305   465   123 
(Gain) / Loss on derivative instruments, excluding realized (gain) / loss on derivative instruments (1) 21,649   (24,437)  32,201   (2,380)
Other non-cash items -   2,945   -   1,072 
Adjusted Net Income available to common stockholders$115,093  $166,626  $68,559  $91,383 
Adjusted Earnings per Share$0.94  $1.40  $0.56  $0.77 
Weighted average number of shares 122,560,175   118,902,719   122,588,759   119,176,547 
                

Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after earnings allocated to preferred stock, deemed dividend of Series E Preferred Stock and Non-Controlling Interest, but before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, deferred charter-in expense, amortization of time-charter assumed, loss on vessel held for sale, realized gain on Euro/USD forward contracts, gain on sale of vessels, net, loss on sale of vessels, net, by jointly owned companies with York Capital included in equity gain on investments, non-recurring, non-cash write-off of loan deferred financing costs, general and administrative expenses - non-cash component, (gain)/loss on derivative instruments, excluding realized (gain)/loss on derivative instruments and other non-cash items. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share generally eliminates the effects of the accounting effects of capital expenditures and acquisitions, certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income available to common stockholders and Adjusted Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

(1) Items to consider for comparability include gains and charges. Gains positively impacting Net Income available to common stockholders are reflected as deductions to Adjusted Net Income available to common stockholders. Charges negatively impacting Net Income available to common stockholders are reflected as increases to Adjusted Net Income available to common stockholders.  

Results of Operations

Three-month period ended June 30, 2024 compared to the three-month period ended June 30, 2023

During the three-month periods ended June 30, 2024 and 2023, we had an average of 104.7 and 110.1 vessels, respectively, in our owned fleet. In addition, during the three-month periods ended June 30, 2024 and 2023, through our dry bulk operating platform Costamare Bulkers Inc. (“CBI”) we chartered-in an average of 59.2 and 42.5 third party dry bulk vessels, respectively. As of July 30, 2024, CBI charters-in 54 dry bulk vessels on period charters.

During the three-month period ended June 30, 2024, we took delivery of the dry bulk vessel Prosper with a DWT of 179,895 and we sold the dry bulk vessel Adventure with a DWT of 33,755.

During the three-month period ended June 30, 2023, we (i) sold our 49% equity interest in the company owning the 2018-built, 3,800 TEU capacity containership, Polar Argentina to York Capital and (ii) acquired the 51% equity interest of York Capital in the 2018-built, 3,800 TEU capacity containership, Polar Brasil, and as a result, we obtained 100% of the equity interest in the vessel. Furthermore, during the three-month period ended June 30, 2023, we sold the dry bulk vessels Taibo and Comity with an aggregate DWT of 72,414.

As of June 30, 2024, we have invested in NML the amount of $123.3 million. NML has been included in our consolidated financial statements since the second quarter of 2023.

In the three-month periods ended June 30, 2024 and 2023, our fleet ownership days totaled 9,528 and 10,020 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.

Consolidated Financial Results and Vessels’ Operational Data(1)

 (Expressed in millions of U.S. dollars,
  Three-month period ended
June 30,
     Percentage
except percentages)   2023  2024  Change Change
               
Voyage revenue $365.9  $477.5  $111.6  30.5%
Voyage revenue – related parties  -   31.8   31.8  n.m.
Total voyage revenue $365.9  $509.3   143.4  39.2%
Income from investments in leaseback vessels  1.5   6.2   4.7  n.m.
Voyage expenses  (69.4)  (89.1)  19.7  28.4%
Charter-in hire expenses  (74.6)  (164.2)  89.6  120.1%
Voyage expenses – related parties  (3.4)  (4.6)  1.2  35.3%
Vessels’ operating expenses  (62.9)  (60.6)  (2.3) (3.7%)
General and administrative expenses  (4.1)  (5.7)  1.6  39.0%
Management and agency fees – related parties  (14.9)  (14.7)  (0.2) (1.3%)
General and administrative expenses - non-cash component  (1.4)  (2.5)  1.1  78.6%
Amortization of dry-docking and special survey costs  (4.7)  (5.7)  1.0  21.3%
Depreciation  (41.3)  (40.5)  (0.8) (1.9%)
Gain on sale of vessels, net  31.3   2.4   (28.9) (92.3%)
Loss on vessel held for sale  -   (2.3)  2.3  n.m.
Foreign exchange gains / (losses)  0.6   (0.3)  (0.9) n.m.
Interest income  9.7   9.2   (0.5) (5.2%)
Interest and finance costs  (36.5)  (34.0)  (2.5) (6.8%)
Income from equity method investments  0.2   -   (0.2) n.m.
Other  1.2   1.6   0.4  33.3%
Loss on derivative instruments, net  (29.8)  (1.6)  (28.2) (94.6%)
Net Income $67.4  $102.9       
               
               
(Expressed in millions of U.S. dollars,
  Three-month period ended
June 30,
     Percentage
except percentages)  2023  2024  Change Change
               
Total voyage revenue $365.9  $509.3  $143.4  39.2%
Accrued charter revenue  2.8   (1.3)  (4.1) n.m.
Amortization of time-charter assumed  -   (0.2)  (0.2) n.m.
Total voyage revenue adjusted on a cash basis (1) $368.7  $507.8  $139.1  37.7%
               
               
Vessels’ operational data  Three-month period ended
June 30,
     Percentage
   2023  2024  Change Change
               
Average number of vessels  110.1   104.7   (5.4) (4.9%)
Ownership days  10,020   9,528   (492) (4.9%)
Number of vessels under dry-docking and special survey  3   4   1   
               

(1) Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Refer to “Consolidated Financial Results and Vessels’ Operational Data” above for the reconciliation of Total voyage revenue adjusted on a cash basis.

Total Voyage Revenue

Total voyage revenue increased by 39.2%, or $143.4 million, to $509.3 million during the three-month period ended June 30, 2024, from $365.9 million during the three-month period ended June 30, 2023. The increase is mainly attributable to (i) increased revenue earned by CBI due to increased volume of its operations period over period, (ii) revenue earned by two container vessels acquired during the second and fourth quarter of 2023, respectively, two dry bulk vessels acquired during the third quarter of 2023, one dry bulk vessel acquired during the first quarter of 2024 and one dry bulk vessel acquired during the second quarter of 2024, (iii) increased charter rates in certain of our dry bulk vessels in the second quarter of 2024 compared to the second quarter of 2023, and (iv) decreased fleet off-hire and idle days in the second quarter of 2024 compared to the second quarter of 2023; partly offset by revenue not earned by one container vessel and four dry bulk vessels sold during the year ended 2023 and seven dry bulk vessels sold during the first half of 2024.

Total voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”) increased by 37.7%, or $139.1 million, to $507.8 million during the three-month period ended June 30, 2024, from $368.7 million during the three-month period ended June 30, 2023. Accrued charter revenue for the three-month periods ended June 30, 2024 and 2023 was a negative amount of $1.3 million and a positive amount of $2.8 million, respectively.

Income from investments in leaseback vessels

Income from investments in leaseback vessels was $6.2 million and $1.5 million for the three-month periods ended June 30, 2024 and 2023, respectively. Income from investments in leaseback vessels increased, period over period, due to the increased volume of NML’s operations during the three-month period ended June 30, 2024 compared to the three-month period ended June 30, 2023. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.

Voyage Expenses

Voyage expenses were $89.1 million and $69.4 million for the three-month periods ended June 30, 2024 and 2023, respectively. Voyage expenses increased, period over period, mainly due to CBI’s increased volume of operations during the three-month period ended June 30, 2024 compared to the three-month period ended June 30, 2023. Voyage expenses mainly include (i) fuel consumption mainly related to dry bulk vessels, (ii) third-party commissions, (iii) port expenses and (iv) canal tolls.

Charter-in Hire Expenses

Charter-in hire expenses were $164.2 million and $74.6 million for the three-month periods ended June 30, 2024 and 2023, respectively. Charter-in hire expenses are expenses relating to chartering-in of third-party dry bulk vessels under charter agreements through CBI.

Voyage Expenses – related parties

Voyage expenses – related parties were $4.6 million and $3.4 million for the three-month periods ended June 30, 2024 and 2023, respectively. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider, (ii) charter brokerage fees (in respect of our container vessels) payable to two related charter brokerage companies for an amount of approximately $0.4 million and $0.3 million, in the aggregate, for the three-month periods ended June 30, 2024 and 2023, respectively and (iii) address commission on certain charter-out agreements payable to a related agent (since the second quarter of 2024). This commission is subsequently paid in full on a back-to-back basis by the related agent to its respective third-party clients with no benefit for the related agent.

Vessels’ Operating Expenses

Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $60.6 million and $62.9 million during the three-month periods ended June 30, 2024 and 2023, respectively. Daily vessels’ operating expenses were $6,361 and $6,281 for the three-month periods ended June 30, 2024 and 2023, respectively. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period.

General and Administrative Expenses

General and administrative expenses were $5.7 million and $4.1 million during the three-month periods ended June 30, 2024 and 2023, respectively, and include amounts of $0.67 million and $0.67 million, respectively, that were paid to a related service provider.

Management and Agency Fees – related parties

Management fees charged by our related party managers were $10.6 million and $11.0 million during the three-month periods ended June 30, 2024 and 2023, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $2.5 million and $3.5 million for the three-month periods ended June 30, 2024 and 2023, respectively. Furthermore, during the three-month periods ended June 30, 2024 and 2023, agency fees of $4.1 million and $3.9 million, in aggregate, were charged by four and three related agents, respectively, in connection with the operations of CBI.

General and Administrative Expenses - non-cash component

General and administrative expenses - non-cash component for the three-month period ended June 30, 2024 amounted to $2.5 million, representing the value of the shares issued to a related service provider on June 28, 2024. General and administrative expenses - non-cash component for the three-month period ended June 30, 2023 amounted to $1.4 million, representing the value of the shares issued to a related service provider on June 30, 2023.

Amortization of Dry-Docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs was $5.7 million and $4.7 million during the three-month periods ended June 30, 2024 and 2023, respectively. During the three-month period ended June 30, 2024, three vessels underwent and completed their dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey. During the three-month period ended June 30, 2023, one vessel underwent and completed her dry-docking and special survey and two vessels were in the process of completing their dry-docking and special survey.

Depreciation

Depreciation expense for the three-month periods ended June 30, 2024 and 2023 was $40.5 million and $41.3 million, respectively.

Gain on Sale of Vessels, net

During the three-month period ended June 30, 2024, we recorded a gain of $2.4 million from the sale of the dry bulk vessel Adventure, which was classified as a vessel held for sale as of March 31, 2024. During the three-month period ended June 30, 2023, we recorded an aggregate net gain of $31.3 million from (i) the sale of the dry bulk vessel Taibo, which was classified as vessel held for sale as of March 31, 2023, (ii) the sale of the dry bulk vessel Comity and (iii) the result of the accounting classification of the container vessels Vela and Vulpecula as “Net investment in sale type lease (Vessels)”.

Loss on Vessels Held for Sale

During the three-month period ended June 30, 2024, we recorded a loss on vessels held for sale of $2.3 million representing the expected loss from the sale of the dry bulk vessel Oracle during the next twelve-month period.

Interest Income

Interest income amounted to $9.2 million and $9.7 million for the three-month periods ended June 30, 2024 and 2023, respectively.

Interest and Finance Costs

Interest and finance costs were $34.0 million and $36.5 million during the three-month periods ended June 30, 2024 and 2023, respectively. The decrease is mainly attributable to the decreased interest expense due to a lower average loan balance during the three-month period ended June 30, 2024, compared to the three-month period ended June 30, 2023.

Income from Equity Method Investments

Income from equity method investments for the three-month period ended June 30, 2024, was nil (compared to income of $0.2 million for the three-month period ended June 30, 2023) representing our share of the gain in the jointly owned companies set up pursuant to the Framework Deed. During the three-month period ended June 30, 2023, we (i) sold our 49% equity interest in the company owning the 2018-built, 3,800 TEU capacity containership, Polar Argentina to York Capital and (ii) acquired the 51% equity interest of York Capital in the 2018-built, 3,800 TEU capacity containership Polar Brasil, and as a result, we obtained 100% of the equity interest in the vessel. As of June 30, 2024 and 2023, two and three companies, respectively, were jointly owned pursuant to the Framework Deed out of which nil and two companies, respectively, owned container vessels.

Loss on Derivative Instruments, net

As of June 30, 2024, we hold derivative financial instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in “Other Comprehensive Income” (“OCI”). The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income.

As of June 30, 2024, the fair value of these instruments, in aggregate, amounted to a net asset of $70.9 million. During the three-month period ended June 30, 2024, a net gain of $0.2 million has been included in OCI and a net loss of $1.6 million has been included in Loss on Derivative Instruments, net.

Cash Flows
Three-month periods ended June 30, 2024 and 2023

Condensed cash flows Three-month period ended
June 30,
(Expressed in millions of U.S. dollars) 2023 2024
Net Cash Provided by Operating Activities $66.3  $147.0 
Net Cash Used in Investing Activities $(77.2) $(52.5)
Net Cash Used in Financing Activities $(158.4) $(90.8)
         

Net Cash Provided by Operating Activities

Net cash flows provided by operating activities for the three-month period ended June 30, 2024, increased by $80.7 million to $147.0 million, from $66.3 million for the three-month period ended June 30, 2023. The increase is mainly attributable to the favorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis), the increased net cash from operations during the three-month period ended June 30, 2024 compared to the three-month period ended June 30, 2023, the decrease in interest payments (including interest derivatives net receipts) during the three-month period ended June 30, 2024 compared to the three-month period ended June 30, 2023 and the decreased dry-docking and special survey costs during the three-month period ended June 30, 2024 compared to the three-month period ended June 30, 2023.

Net Cash Used in Investing Activities

Net cash used in investing activities was $52.5 million in the three-month period ended June 30, 2024, which mainly consisted of (i) payment for the acquisition of the secondhand dry bulk vessel Prosper, (ii) the advance payment for the acquisition of the secondhand dry bulk vessel Frontier, (iii) payments for upgrades for certain of our container and dry bulk vessels and (iv) payments for net investments into which NML entered; partly off-set by proceeds we received from the sale of the dry-bulk vessel Adventure.

Net cash used in investing activities was $77.2 million in the three-month period ended June 30, 2023, which mainly consisted of (i) payments for the purchase of short-term investments in US Treasury Bills, (ii) payments for upgrades for certain of our container and dry bulk vessels, (iii) an advance payment for the acquisition of one secondhand dry bulk vessel and (iv) payments for net investments into which NML entered partly offset by the proceeds we received from the sale of the dry bulk vessels Taibo and Comity and the maturity of part of our short-term investments in US Treasury Bills.

Net Cash Used in Financing Activities

Net cash used in financing activities was $90.8 million in the three-month period ended June 30, 2024, which mainly consisted of (a) $72.6 million net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $34.3 million we received from two debt financing agreements), (b) $9.3 million we paid for dividends to holders of our common stock for the first quarter of 2024 and (c) $0.9 million we paid for dividends to holders of our 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”), $2.1 million we paid for dividends to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock (“Series C Preferred Stock”), $2.2 million we paid for dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (“Series D Preferred Stock”) and $2.5 million we paid for dividends to holders of our 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock (“Series E Preferred Stock”) for the period from January 15, 2024 to April 14, 2024.

Net cash used in financing activities was $158.4 million in the three-month period ended June 30, 2023, which mainly consisted of (a) $90.8 million net payments relating to our debt financing agreements (including proceeds of $158.9 million we received from three debt financing agreements), (b) $31.2 million we paid for the re-purchase of 3.5 million of our common shares, (c) $10.0 million we paid for dividends to holders of our common stock for the first quarter of 2023 and (d) $0.9 million we paid for dividends to holders of our Series B Preferred Stock, $2.1 million we paid for dividends to holders of our Series C Preferred Stock, $2.2 million we paid for dividends to holders of our Series D Preferred Stock and $2.5 million we paid for dividends to holders of our Series E Preferred Stock for the period from January 15, 2023 to April 14, 2023.

Results of Operations

Six-month period ended June 30, 2024 compared to the six-month period ended June 30, 2023

During the six-month periods ended June 30, 2024 and 2023, we had an average of 106.3 and 111.4 vessels, respectively, in our owned fleet. In addition, during the six-month periods ended June 30, 2024 and 2023, through CBI we chartered-in an average of 58.1 and 26.8 third-party dry bulk vessels, respectively. As of July 30, 2024, CBI has chartered-in 54 dry bulk vessels on period charters.

During the six-month period ended June 30, 2024, we took delivery of the dry bulk vessels Miracle and Prosper with an aggregate DWT of 360,538 and we sold the dry bulk vessels Manzanillo, Progress, Konstantinos, Merida, Alliance, Pegasus and Adventure with an aggregate DWT capacity of 279,906.

During the six-month period ended June 30, 2023, we (i) sold our 49% equity interest in the company owning the 2018-built, 3,800 TEU capacity containership, Polar Argentina to York Capital and (ii) acquired the 51% equity interest of York Capital in the 2018-built, 3,800 TEU capacity containership Polar Brasil, and as a result, we obtained 100% of the equity interest in the vessel. Furthermore, during the six-month period ended June 30, 2023, we sold the container vessels Maersk Kalamata and Sealand Washington with an aggregate TEU capacity of 13,292 and the dry bulk vessels Miner, Taibo and Comity with an aggregate DWT of 104,714.

As of June 30, 2024, we have invested in NML the amount of $123.3 million. NML has been included in our consolidated financial statements since the second quarter of 2023.

In the six-month periods ended June 30, 2024 and 2023, our fleet ownership days totaled 19,348 and 20,163 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.

Consolidated Financial Results and Vessels’ Operational Data(1)

 (Expressed in millions of U.S. dollars,
  Six-month period
ended June 30,		     Percentage
except percentages)   2023  2024  Change Change
              
              
Voyage revenue$614.7  $947.7  $333.0  54.2%
Voyage revenue – related parties -   31.8   31.8  n.m.
Total voyage revenue 614.7   979.5   364.8  59.3%
Income from investments in lease back vessels 1.5   11.4   9.9  n.m.
Voyage expenses (101.0)  (184.4)  83.4  82.6%
Charter-in hire expenses (87.0)  (308.6)  221.6  n.m.
Voyage expenses – related parties (6.6)  (8.3)  1.7  25.8%
Vessels’ operating expenses (130.6)  (120.3)  (10.3) (7.9%)
General and administrative expenses (8.5)  (10.9)  2.4  28.2%
Management and agency fees – related parties (30.1)  (29.3)  (0.8) (2.7%)
General and administrative expenses – non-cash component (2.9)  (4.2)  1.3  44.8%
Amortization of dry-docking and special survey costs (9.4)  (11.3)  1.9  20.2%
Depreciation (82.4)  (81.0)  (1.4) (1.7%)
Gain on sale of vessels, net 118.0   3.4   (114.6) n.m.
Loss on vessel held for sale -   (2.3)  (2.3) n.m.
Foreign exchange gains / (losses) 1.8   (2.7)  (4.5) n.m.
Interest income 16.4   17.6   1.2  7.3%
Interest and finance costs (73.3)  (67.0)  (6.3) (8.6%)
Loss from equity method investments (1.1)  -   (1.1) n.m.
Other 3.8   2.1   (1.7) (44.7%)
Gain /(Loss) on derivative instruments, net (7.0)  21.8   28.8  n.m.
Net Income$216.3  $205.5       
              
          
(Expressed in millions of U.S. dollars,
  Six-month period
ended June 30,		     Percentage
except percentages)  2023   2024   Change Change
              
Total voyage revenue$614.7  $979.5  $364.8  59.3%
Accrued charter revenue 0.5   (0.6)  (1.1) n.m.
Amortization of time-charter assumed -   (0.1)  (0.1) n.m.
Total voyage revenue adjusted on a cash basis (1)$615.2  $978.8  $363.6  59.1%
               
          
Vessels’ operational data  Six-month period
ended June 30,		     Percentage
   2023  2024   Change Change
               
Average number of vessels  111.4   106.3   (5.1) (4.6%)
Ownership days  20,163   19,348   (815) (4.0%)
Number of vessels under dry-docking and special survey  12   6   (6)  
               

(1) Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Refer to “Consolidated Financial Results and Vessels’ Operational Data” above for the reconciliation of Total voyage revenue adjusted on a cash basis.

Total Voyage Revenue

Total voyage revenue increased by 59.3%, or $364.8 million, to $979.5 million during the six-month period ended June 30, 2024, from $614.7 million during the six-month period ended June 30, 2023. The increase is mainly attributable to (i) increased revenue earned by CBI due to the increased volume of its operations period over period, (ii) increased charter rates in certain of our owned container and dry bulk vessels and (iii) revenue earned by two container vessels acquired during the second and fourth quarter of 2023, respectively, two dry bulk vessels acquired during the third quarter of 2023 and one dry bulk vessel acquired during the second quarter of 2024, (iv) decreased fleet off-hire and idle days in the first half of 2024 compared to the first half of 2023; partly offset by revenue not earned by one container vessel and six dry bulk vessels sold during the year ended 2023 and seven dry bulk vessels sold during the first half of 2024.

Total voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”) increased by 59.1%, or $363.6 million, to $978.8 million during the six-month period ended June 30, 2024, from $615.2 million during the six-month period ended June 30, 2023. Accrued charter revenue for the six-month periods ended June 30, 2024 and 2023 was a negative amount of $0.6 million and a positive amount of $0.5 million, respectively.

Income from investments in leaseback vessels

Income from investments in leaseback vessels was $11.4 million and $1.5 million for the six-month periods ended June 30, 2024 and 2023, respectively. Increased income from investments in leaseback vessels, period over period, is attributable to the income earned from NML’s operations for the entire first half of 2024 (in 2023, we earned income from NML’s operations starting from the second quarter of 2023) along with the increased volume of NML’s operations during the first half of 2024 compared to the first half of 2023. NML acquires, owns and bareboat charters out vessels through its wholly-owned subsidiaries.

Voyage Expenses

Voyage expenses were $184.4 million and $101.0 million for the six-month periods ended June 30, 2024 and 2023, respectively. Voyage expenses increased, period over period, mainly due to CBI’s increased volume of operations during the six-month period ended June 30, 2024 compared to the six-month period ended June 30, 2023. Voyage expenses mainly include (i) fuel consumption mainly related to dry bulk vessels, (ii) third-party commissions, (iii) port expenses and (iv) canal tolls.

Charter-in Hire Expenses

Charter-in hire expenses were $308.6 million and $87.0 million for the six-month periods ended June 30, 2024 and 2023, respectively. Charter-in hire expenses are expenses relating to chartering-in of third-party dry bulk vessels under charter agreements through CBI.

Voyage Expenses – related parties

Voyage expenses – related parties were $8.3 million and $6.6 million for the six-month periods ended June 30, 2024 and 2023, respectively. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues earned by our owned fleet charged by a related manager and a related service provider, (ii) charter brokerage fees (in respect of our container vessels) payable to two related charter brokerage companies for an amount of approximately $0.7 million and $0.7 million, in the aggregate, for the six-month periods ended June 30, 2024 and 2023, respectively and (iii) address commissions on certain charter-out agreements payable to a related agent (since the second quarter of 2024). This commission is subsequently paid in full on a back-to-back basis by the related agent to its respective third-party clients with no benefit for the related agent.

Vessels’ Operating Expenses

Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were $120.3 million and $130.6 million during the six-month periods ended June 30, 2024 and 2023, respectively. Daily vessels’ operating expenses were $6,216 and $6,478 for the six-month periods ended June 30, 2024 and 2023, respectively. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period.

General and Administrative Expenses

General and administrative expenses were $10.9 million and $8.5 million during the six-month periods ended June 30, 2024 and 2023, respectively, and include amounts of $1.3 million and $1.3 million, respectively, that were paid to a related service provider.

Management and Agency Fees – related parties

Management fees charged by our related party managers were $22.0 million and $21.7 million during the six-month periods ended June 30, 2024 and 2023, respectively. The amounts charged by our related party managers include amounts paid to third party managers of $6.0 million and $7.0 million for the six-month periods ended June 30, 2024 and 2023, respectively. Furthermore, during the six-month periods ended June 30, 2024 and 2023, agency fees of $7.3 million and $8.4 million, in aggregate, were charged by four and three related agents, respectively, in connection with the operations of CBI.

General and Administrative Expenses – non-cash component

General and administrative expenses - non-cash component for the six-month period ended June 30, 2024 amounted to $4.2 million, representing the value of the shares issued to a related service provider on March 29, 2024 and June 28, 2024. General and administrative expenses – non-cash component for the six-month period ended June 30, 2023 amounted to $2.9 million, representing the value of the shares issued to a related service provider on March 30, 2023 and June 30, 2023.

Amortization of Dry-Docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs was $11.3 million and $9.4 million during the six-month periods ended June 30, 2024 and 2023, respectively. During the six-month period ended June 30, 2024, five vessels underwent and completed their dry-docking and special survey, and one vessel was in the process of completing her dry-docking and special survey. During the six-month period ended June 30, 2023, 10 vessels underwent and completed their dry-docking and special survey, and two vessels were in the process of completing their dry-docking and special survey.

Depreciation

Depreciation expense for the six-month periods ended June 30, 2024 and 2023 was $81.0 million and $82.4 million, respectively.

Gain on Sale of Vessels, net

During the six-month period ended June 30, 2024, we recorded a net gain of $3.4 million from (i) the sale of the dry bulk vessels Manzanillo, Progress and Konstantinos, each of which was classified as a vessel held for sale as of December 31, 2023, (ii) the sale of the dry-bulk vessels Merida, Alliance and Pegasus and (iii) the sale of the dry bulk vessel Adventure which was classified as a vessel held for sale as of March 31, 2024 (initially classified as vessels held for sale as of December 31, 2023). During the six-month period ended June 30, 2023, we recorded an aggregate net gain of $118.0 million from (i) the sale of the container vessels Maersk Kalamata and Sealand Washington, which were classified as vessels held for sale as of December 31, 2022 (initially classified as vessels held for sale as of March 31, 2022), (ii) the sale of the dry bulk vessel Taibo, which was classified as a vessel held for sale as of March 31, 2023, (iii) the sale of the dry bulk vessels Miner and Comity and (iv) the result of the accounting classification of the container vessels Vela and Vulpecula as “Net investment in Sale type lease (Vessels)”.

Vessels Held for Sale

During the six-month period ended June 30, 2024, we recorded a loss on vessels held for sale of $2.3 million representing the expected loss from the sale of the dry bulk vessel Oracle during the next twelve-month period.

Interest Income

Interest income amounted to $17.6 million and $16.4 million for the six-month periods ended June 30, 2024 and 2023, respectively.

Interest and Finance Costs

Interest and finance costs were $67.0 million and $73.3 million during the six-month periods ended June 30, 2024 and 2023, respectively. The decrease is mainly attributable to the decreased interest expense due to lower average loan balance during the six-month period ended June 30, 2024, compared to the six-month period ended June 30, 2023.

Loss from Equity Method Investments

Income from equity method investments for the six-month period ended June 30, 2024, was $0.04 million (loss of $1.1 million for the six-month period ended June 30, 2023) representing our share of the loss in jointly owned companies set up pursuant to the Framework Deed. During the six-month period ended June 30, 2023, we (i) sold our 49% equity interest in the company owning the 2018-built, 3,800 TEU capacity containership, Polar Argentina to York Capital and (ii) acquired the 51% equity interest of York Capital in the 2018-built, 3,800 TEU capacity containership Polar Brasil and as a result we obtained 100% of the equity interest in the vessel. As of June 30, 2024 and 2023 two and three companies, respectively, were jointly owned pursuant to the Framework Deed out of which nil and two companies, respectively, owned container vessels.

Gain/ (Loss) on Derivative Instruments, net

As of June 30, 2024, we hold derivative financial instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in “Other Comprehensive Income” (“OCI”). The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income.

As of June 30, 2024, the fair value of these instruments, in aggregate, amounted to a net asset of $70.9 million. During the six-month period ended June 30, 2024, a net gain of $5.6 million has been included in OCI and a net gain of $21.8 million has been included in Gain / (Loss) on Derivative Instruments, net.

Cash Flows
Six-month periods ended June 30, 2024 and 2023

Condensed cash flows Six-month period ended June 30,
(Expressed in millions of U.S. dollars) 2023 2024
Net Cash Provided by Operating Activities $103.6  $285.0 
Net Cash Provided by / (Used in) Investing Activities $114.0  $(18.0)
Net Cash Used in Financing Activities $(253.0) $(118.8)
         

Net Cash Provided by Operating Activities

Net cash flows provided by operating activities for the six-month period ended June 30, 2024, increased by $181.4 million to $285.0 million, from $103.6 million for the six-month period ended June 30, 2023. The increase is mainly attributable to the favorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis), the increased net cash from operations during the six-month period ended June 30, 2024 compared to the six-month period ended June 30, 2023, the decrease in interest payments (including interest derivatives net receipts) during the six-month period ended June 30, 2024 compared to the six-month period ended June 30, 2023 and the decreased dry-docking and special survey costs during the six-month period ended June 30, 2024 compared to the six-month period ended June 30, 2023.

Net Cash Provided by / (Used in) Investing Activities

Net cash used in investing activities was $18.0 million in the six-month period ended June 30, 2024, which mainly consisted of (i) a settlement payment for the delivery of the secondhand dry bulk vessel Miracle, (ii) a payment for the acquisition of the secondhand dry bulk vessel Prosper, (iii) an advance payment for the acquisition of the secondhand dry bulk vessel Frontier, (iv) payments for upgrades for certain of our container and dry bulk vessels and (v) payments for net investments into which NML entered; partly off-set by proceeds we received from the sale of the dry-bulk vessels Manzanillo, Progress, Konstantinos, Merida, Alliance, Pegasus and Adventure.

Net cash provided by investing activities was $114.0 million in the six-month period ended June 30, 2023, which mainly consisted of proceeds we received from (i) the sale of the container vessels Sealand Washington and Maersk Kalamata and the dry bulk vessels Miner, Taibo and Comity and (ii) the maturity of part of our short-term investments in US Treasury Bills; partly offset by payments for the purchase of short-term investments in US Treasury Bills, payments for upgrades for certain of our container and dry bulk vessels, an advance payment for the acquisition of one secondhand dry bulk vessel and payments for net investments into which NML entered.

Net Cash Used in Financing Activities 

Net cash used in financing activities was $118.8 million in the six-month period ended June 30, 2024, which mainly consisted of (a) $82.3 million net payments relating to our debt financing agreements and finance lease liability agreement (including proceeds of $145.8 million we received from 10 debt financing agreements), (b) $18.6 million we paid for dividends to holders of our common stock for the fourth quarter of 2023 and the first quarter of 2024 and (c) $1.9 million we paid for dividends to holders of our Series B Preferred Stock, $4.2 million we paid for dividends to holders of our Series C Preferred Stock, $4.4 million we paid for dividends to holders of our Series D Preferred Stock and $5.1 million we paid for dividends to holders of our Series E Preferred Stock for the period from October 15, 2023 to January 14, 2024 and January 15, 2024 to April 14, 2024.

Net cash used in financing activities was $253.0 million in the six-month period ended June 30, 2023, which mainly consisted of (a) $165.0 million net payments relating to our debt financing agreements (including proceeds of $481.8 million we received from four debt financing agreements), (b) $31.2 million we paid for the re-purchase of 3.5 million of our common shares, (c) $20.3 million we paid for dividends to holders of our common stock for the fourth quarter of 2022 and the first quarter of 2023 and (d) $1.9 million we paid for dividends to holders of our Series B Preferred Stock, $4.2 million we paid for dividends to holders of our Series C Preferred Stock, $4.4 million we paid for dividends to holders of our Series D Preferred Stock and $5.1 million we paid for dividends to holders of our Series E Preferred Stock for the period from October 15, 2022 to January 14, 2023 and January 15, 2023 to April 14, 2023.

Liquidity and Unencumbered Vessels

Cash and cash equivalents

As of June 30, 2024, we had Cash and cash equivalents (including restricted cash) of $973.5 million, $18.0 million invested in short-dated US Treasury Bills (short-term investments) and $10.8 million margin deposits in relation to our FFAs and bunker swaps. Furthermore, as of June 30, 2024, our liquidity stood at approximately $1,118.3 million including (a) our share of cash amounting to $0.1 million held in joint venture companies set up pursuant to the Framework Deed and (b) $115.8 million of available undrawn funds from two hunting license facilities.

Debt-free vessels

As of July 30, 2024, the following vessels were free of debt.

  
Unencumbered Vessels
 (Refer to Fleet list for full details)		 
  
Vessel Name Year
Built		  TEU/DWT
Capacity		 
Containerships       
KURE 1996  7,403  
MAERSK KOWLOON 2005  7,471  
ETOILE 2005  2,556  
MICHIGAN 2008  1,300  
ARKADIA 2001  1,550  
Dry Bulk Vessels       
PROSPER 2012  179,895  
ORACLE 2009  58,018  
        

Conference Call details:

On Wednesday, July 31, 2024 at 8:30 a.m. ET, Costamare’s management team will hold a conference call to discuss the financial results. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-844-887-9405 (from the US), 0808-238-9064 (from the UK) or +1-412-317-9258 (from outside the US and the UK). Please quote “Costamare”. A replay of the conference call will be available until August 7, 2024. The United States replay number is +1-877-344-7529; the standard international replay number is +1-412-317-0088; and the access code required for the replay is: 1199633.

Live webcast:
There will also be a simultaneous live webcast over the Internet, through the Costamare Inc. website (www.costamare.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About Costamare Inc.

Costamare Inc. is one of the world’s leading owners and providers of containerships and dry bulk vessels for charter. The Company has 50 years of history in the international shipping industry and a fleet of 68 containerships, with a total capacity of approximately 513,000 TEU and 38 owned dry bulk vessels with a total capacity of approximately 2,830,000 DWT (including one vessel we have agreed to sell). The Company also has a dry bulk operating platform which charters in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions. The Company participates in a leasing business that provides financing to third-party owners. The Company’s common stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock trade on the New York Stock Exchange under the symbols “CMRE”, “CMRE PR B”, “CMRE PR C” and “CMRE PR D”, respectively.

Forward-Looking Statements

This earnings release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and similar expressions. These statements are not historical facts but instead represent only Costamare’s belief regarding future results, many of which, by their nature, are inherently uncertain and outside of Costamare’s control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 20-F (File No. 001-34934) under the caption “Risk Factors”.

Company Contacts:

Gregory Zikos – Chief Financial Officer
Konstantinos Tsakalidis – Business Development

Costamare Inc., Monaco
Tel: (+377) 93 25 09 40
Email: ir@costamare.com

Containership Fleet List

The table below provides additional information, as of July 30, 2024, about our fleet of containerships, and those vessels subject to sale and leaseback agreements. Each vessel is a cellular containership, meaning it is a dedicated container vessel.

 

 		Vessel NameChartererYear BuiltCapacity
(TEU)		Current Daily
Charter Rate(1)
 (U.S. dollars)		Expiration of
Charter(2)
1TRITONEvergreen201614,424(*)March 2026
2TITAN(i)Evergreen201614,424(*)April 2026
3TALOS(i)Evergreen201614,424(*)July 2026
4TAURUS(i)Evergreen201614,424(*)August 2026
5THESEUS(i)Evergreen201614,424(*)August 2026
6YM TRIUMPH(i)Yang Ming202012,690(*)May 2030
7YM TRUTH(i)Yang Ming202012,690(*)May 2030
8YM TOTALITY(i)Yang Ming202012,690(*)July 2030
9YM TARGET(i)Yang Ming202112,690(*)November 2030
10YM TIPTOP(i)Yang Ming202112,690(*)March 2031
11CAPE AKRITASMSC201611,01033,000 August 2031
12CAPE TAINAROMSC201711,01033,000April 2031
13CAPE KORTIAMSC201711,01033,000August 2031
14CAPE SOUNIOMSC201711,01033,000April 2031
15CAPE ARTEMISIOHapag Lloyd/(*)201711,01036,650/(*) March 2030(3)
16ZIM SHANGHAIZIM/(*)20069,469 72,700/(*)May 2028(4)
17ZIM YANTIANZIM/(*)20069,469 72,700/(*)April 2028(5)
18YANTIANCOSCO/(*)20069,469(*)/(*)May 2028(6)
19COSCO HELLASCOSCO/(*)20069,469(*)/(*)August 2028(7)
20BEIJINGCOSCO/(*)20069,469(*)/(*)July 2028(8)
21MSC AZOVMSC20149,40335,300December 2026
22MSC AMALFIMSC20149,40335,300March 2027
23MSC AJACCIOMSC20149,40335,300February 2027
24MSC ATHENSMSC20138,82735,300January 2026
25MSC ATHOSMSC20138,82735,300February 2026
26VALORHapag Lloyd/(*)20138,82732,400/(*)April 2030(9)
27VALUEHapag Lloyd/(*)20138,827 32,400/(*)April 2030(10)
28VALIANTHapag Lloyd/(*)20138,827 32,400/(*)June 2030(11)
29VALENCEHapag Lloyd/(*)20138,82732,400/(*)July 2030(12)
30VANTAGEHapag Lloyd/(*)20138,82732,400/(*)September 2030(13)
31NAVARINOMSC/(*)20108,53131,000/(*)March 2029(14)
32KLEVENMSC19968,04441,500November 2026
33KOTKAMSC19968,04441,500December 2026
34MAERSK KOWLOONMaersk20057,47118,500August 2025
35KUREMSC19967,40341,500July 2026
36METHONIMaersk20036,72446,500August 2026
37PORTO CHELIMaersk20016,71230,075June 2026
38ZIM TAMPAZIM/(*)20006,64845,000/(*)July 2025 / May 2028(15)
39ZIM VIETNAMZIM20036,64453,000October 2025
40ZIM AMERICAZIM20036,64453,000October 2025
41ARIES(*)20046,49258,500March 2026
42ARGUS(*)20046,49258,500April 2026
43PORTO KAGIOMaersk20025,90828,822June 2026
44GLEN CANYONZIM20065,64262,500June 2025
45PORTO GERMENOMaersk20025,57028,822June 2026
46LEONIDIOMaersk20144,95717,000October 2026(16)
47KYPARISSIAMaersk20144,95717,000October 2026(17)
48MEGALOPOLISMaersk20134,95713,500July 2025(18)
49MARATHOPOLISMaersk20134,95713,500July 2025(18)
50GIALOVA(*)20094,578(*)March 2026
51DYROSMaersk20084,57817,500February 2025
52NORFOLK (*)20094,259 (*)March 2025
53VULPECULAZIM20104,258Please refer to note 19May 2028(19)
54VOLANSHapag Lloyd/(*)20104,25821,750/(*)August 2024 /May 2027 (20)
55VIRGOMaersk20094,25821,500March 2025
56VELAZIM20094,258Please refer to note 21April 2028(21)
57ANDROUSA(*)20104,256(*)March 2026
58NEOKASTROCMA CGM20114,17839,000February 2027
59ULSANMaersk20024,13234,730January 2026
60POLAR BRASIL (i) Maersk20183,80019,700January 2025(22)
61LAKONIACOSCO20042,58626,500March 2025
62SCORPIUSHapag Lloyd20072,57216,500February 2026
63ETOILE(*)20052,556 (*)June 2026
64AREOPOLISCOSCO20002,47426,500April 2025
65ARKADIASwire Shipping20011,55013,000March 2025
66MICHIGAN(*)20081,300(*)October 2025
67TRADER(*)/(*)20081,300(*)/(*)October 2026(23)
68LUEBECK(*)20011,078 (*)April 2026


(1) Daily charter rates are gross, unless stated otherwise. Amounts set out for current daily charter rate are the amounts contained in the charter contracts.
(2) Charter terms and expiration dates are based on the earliest date charters (unless otherwise noted) could expire.
(3) Cape Artemisio is currently chartered to Hapag Lloyd at a daily rate of $36,650 until March 12, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd, the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.
(4) Zim Shanghai is currently chartered to ZIM at a daily rate of $72,700 until July 1, 2025, at the earliest. Upon redelivery of the vessel from ZIM, the vessel will commence a new charter with a leading liner company for a period of 34 to 36 months at an undisclosed rate.
(5) Zim Yantian is currently chartered to ZIM at a daily rate of $72,700 until June 27, 2025, at the earliest. Upon redelivery of the vessel from ZIM, the vessel will commence a new charter with a leading liner company for a period of 34 to 36 months at an undisclosed rate.
(6) Yantian is currently chartered to COSCO at an undisclosed rate until May 1, 2026, at the earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26 months at an undisclosed rate.
(7) Cosco Hellas is currently chartered to COSCO at an undisclosed rate until August 1, 2026, at the earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26 months at an undisclosed rate.
(8) Beijing is currently chartered to COSCO at an undisclosed rate until July 1, 2026, at the earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26 months at an undisclosed rate.
(9) Valor is currently chartered to Hapag Lloyd at a daily rate of $32,400 until April 3, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd, the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.
(10) Value is currently chartered to Hapag Lloyd at a daily rate of $32,400 until April 25, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd, the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.
(11) Valiant is currently chartered to Hapag Lloyd at a daily rate of $32,400 until June 5, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd, the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.
(12) Valence is currently chartered to Hapag Lloyd at a daily rate of $32,400 until July 3, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd, the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.
(13) Vantage is currently chartered to Hapag Lloyd at a daily rate of $32,400 until September 8, 2025, at the earliest. Upon redelivery of the vessel from Hapag Lloyd, the vessel will commence a new charter with a leading liner company for a period of 60 to 64 months at an undisclosed rate.
(14) Navarino is currently chartered to MSC at a daily rate of $31,000 until March 1, 2025, at the earliest. Upon redelivery of the vessel from MSC, the vessel will commence a new charter with a leading liner company for a period of 48 to 52 months at an undisclosed rate.
(15) ZIM Tampa is currently chartered to ZIM at a daily rate of $45,000 until July 2025 (earliest redelivery) - August 2025 (latest redelivery). Upon redelivery of the vessel from ZIM, the vessel will commence a new charter with a leading liner company for a period of 34 to 36 months at an undisclosed rate.
(16) Leonidio is currently chartered at a daily rate of $14,200 until December 7, 2024. From such date and until the expiration of the charter the new daily rate will be $17,000.
(17) Kyparissia is currently chartered at a daily rate of $14,200 until November 11, 2024. From such date and until the expiration of the charter the new daily rate will be $17,000.
(18) Charterer has the option to extend the current time charter for an additional period of approximately 24 months at a daily rate of $14,500.
(19) Vulpecula is currently chartered to ZIM under a charterparty agreement which commenced in May 2023. The tenor of the charter is for a period of 60 to 64 months. For this charter, the daily rate is $99,000 for the first 12 month period, $91,250 for the second 12 month period, $10,000 for the third 12 month period and $8,000 for the remaining duration of the charter.
(20) Volans is currently chartered to Hapag Lloyd at a daily rate of $45,000 until August 2024 (earliest redelivery) - September 2025 (latest redelivery). Upon redelivery of the vessel from ZIM, the vessel will commence a new charter with a leading liner company for a period of 34 to 36 months at an undisclosed rate.
(21) Vela is currently chartered to ZIM under a charterparty agreement which commenced in April 2023. The tenor of the charter is for a period of 60 to 64 months. For this charter, the daily rate is $99,000 for the first 12 month period, $91,250 for the second 12 month period, $10,000 for the third 12 month period and $8,000 for the remaining duration of the charter.
(22) Charterer has the option to extend the current time charter for three additional one-year periods at a daily rate of $21,000.
(23) Trader is currently chartered at an undisclosed rate until October 1, 2024, at the earliest. Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company for a period of 24 to 26 months at an undisclosed rate.
   
(i) Denotes vessels subject to a sale and leaseback transaction.
   

(*)   Denotes charterer’s identity and/or current daily charter rates and/or charter expiration dates, which are treated as confidential.

Owned Dry Bulk Vessel Fleet List

The tables below provide information, as of July 30, 2024 about our owned fleet of dry bulk vessels. Each vessel is owned by one of our subsidiaries.

  Vessel NameYear
Built		Capacity
(DWT)		 
1FRONTIER2012181,415 
2MIRACLE2011180,643 
3PROSPER2012179,895 
4DORADO2011179,842 
5ENNA2011175,975 
6AEOLIAN201283,478 
7GRENETA201082,166 
8HYDRUS201181,601 
9PHOENIX201281,569 
10BUILDER201281,541 
11FARMER201281,541 
12SAUVAN201079,700 
13ROSE200876,619 
14MERCHIA201563,585 
15DAWN201863,561 
16SEABIRD201663,553 
17ORION201563,473 
18DAMON201263,301 
19ARYA201361,424 
20TITAN I200958,090 
21ATHENA201258,018 
22ERACLE201258,018 
23PYTHIAS201058,018 
24NORMA201058,018 
25ORACLE(i)200958,018 
26CURACAO201157,937 
27URUGUAY201157,937 
28SERENA201057,266 
29LIBRA201056,701 
30CLARA200856,557 
31BERMONDI200955,469 
32VERITY201237,163 
33PARITY201237,152 
34ACUITY201137,152 
35EQUITY201337,071 
36DISCOVERY201237,019 
37BERNIS201135,995 
38RESOURCE201031,775 

(i) Denotes vessel that we have agreed to sell.

 
Consolidated Statements of Income
 
  Six-months ended June 30,  Three-months ended June 30,
(Expressed in thousands of U.S. dollars, except share and per share amounts) 2023  2024  2023  2024 
            
  (Unaudited)  (Unaudited)
REVENUES:           
Voyage revenue$614,712  $947,655  $365,943  $477,483 
Voyage revenue – related parties -   31,776   -   31,776 
Total voyage revenue 614,712   979,431   365,943   509,259 
Income from investments in leaseback vessels 1,477   11,419   1,477   6,161 
Total revenues$616,189  $990,850  $367,420  $515,420 
            
EXPENSES:           
Voyage expenses (101,011)  (184,443)  (69,380)  (89,086)
Charter-in hire expenses (86,961)  (308,557)  (74,556)  (164,208)
Voyage expenses – related parties (6,636)  (8,276)  (3,425)  (4,642)
Vessels’ operating expenses (130,607)  (120,268)  (62,933)  (60,611)
General and administrative expenses (8,475)  (10,936)  (4,109)  (5,743)
Management and agency fees – related parties (30,061)  (29,343)  (14,871)  (14,696)
General and administrative expenses – non-cash component (2,854)  (4,156)  (1,446)  (2,458)
Amortization of dry-docking and special survey costs (9,457)  (11,264)  (4,756)  (5,652)
Depreciation (82,411)  (81,044)  (41,267)  (40,543)
Gain on sale of vessels, net 118,046   3,422   31,328   2,429 
Loss on asset held for sale -   (2,308)  -   (2,308)
Foreign exchange gains / losses 1,829   (2,654)  560   (276)
Operating income$277,591  $231,023  $122,565  $127,626 
            
OTHER INCOME / (EXPENSES):           
Interest income$16,371  $17,567  $9,649  $9,254 
Interest and finance costs (73,337)  (66,986)  (36,457)  (34,036)
Income / (loss) from equity method investments (1,137)  42   224   2 
Other 3,756   2,117   1,190   1,583 
Gain / (Loss) on derivative instruments, net (6,986)  21,784   (29,777)  (1,554)
Total other expenses, net$(61,333) $(25,476) $(55,171) $(24,751)
Net Income$216,258  $205,547  $67,394  $102,875 
Earnings allocated to Preferred Stock (15,448)  (13,278)  (7,854)  (5,597)
Deemed dividend to Series E Preferred Stock -   (5,446)  -   (5,446)
Net Gain / (Loss) attributable to the non-controlling interest 3,997   (1,351)  3,706   (540)
Net Income available to common stockholders$204,807  $185,472  $63,246  $91,292 
            
            
Earnings per common share, basic and diluted$1.67  $1.56  $0.52  $0.77 
Weighted average number of shares, basic and diluted 122,560,175   118,902,719   122,588,759   119,176,547 


 
COSTAMARE INC.
Consolidated Balance Sheets
 
(Expressed in thousands of U.S. dollars) As of December 31, 2023  As of June 30, 2024
ASSETS (Audited)  (Unaudited)
CURRENT ASSETS:     
Cash and cash equivalents$745,544  $894,915 
Restricted cash 10,645   7,528 
Margin deposits 13,748   10,840 
Short-term investments 17,492   18,037 
Investment in leaseback vessels, current 27,362   31,526 
Net investment in sales type lease (Vessels), current 22,620   27,217 
Accounts receivable 50,684   65,682 
Inventories 61,266   54,219 
Due from related parties 4,119   18,918 
Fair value of derivatives 33,310   51,785 
Insurance claims receivable 18,458   18,949 
Vessels held for sale 40,307   12,250 
Time-charter assumed 405   198 
Accrued charter revenue 9,752   9,255 
Prepayments and other 61,949   59,425 
Total current assets$1,117,661  $1,280,744 
FIXED ASSETS, NET:     
Vessels and advances, net 3,446,797   3,378,200 
Total fixed assets, net$3,446,797  $3,378,200 
NON-CURRENT ASSETS:     
Equity method investments$552  $104 
Investment in leaseback vessels, non-current 191,674   225,428 
Deferred charges, net 72,801   72,109 
Finance leases, right-of-use assets (Vessels) 39,211   38,518 
Net investment in sales type lease (Vessels), non-current 19,482   6,141 
Operating leases, right-of-use assets 284,398   236,911 
Accounts receivable, non-current 5,586   5,486 
Restricted cash 69,015   71,038 
Fair value of derivatives, non-current 28,639   34,199 
Accrued charter revenue, non-current 10,937   6,580 
Time-charter assumed, non-current 269   171 
Total assets$5,287,022  $5,355,629 
LIABILITIES AND STOCKHOLDERS’ EQUITY     
CURRENT LIABILITIES:     
Current portion of long-term debt$347,027  $338,729 
Finance lease liability 2,684   25,244 
Operating lease liabilities, current portion 160,993   151,782 
Accounts payable 46,769   61,278 
Due to related parties 3,172   1,779 
Accrued liabilities 39,521   35,128 
Unearned revenue 52,177   52,399 
Fair value of derivatives 3,050   5,088 
Series E preferred shares -   116,523 
Other current liabilities 7,377   9,207 
Total current liabilities$662,770  $797,157 
NON-CURRENT LIABILITIES      
Long-term debt, net of current portion$1,999,193  $1,925,154 
Finance lease liability, net of current portion 23,877   - 
Operating lease liabilities, non-current portion 114,063   79,559 
Fair value of derivatives, net of current portion 11,194   9,977 
Unearned revenue, net of current portion 27,352   21,140 
Other non-current liabilities 9,184   19,252 
Total non-current liabilities$2,184,863  $2,055,082 
COMMITMENTS AND CONTINGENCIES -   - 
Temporary equity – Redeemable non-controlling interest in subsidiary$629  $352 
STOCKHOLDERS’ EQUITY:     
Preferred stock$-  $- 
Common stock 13   13 
Treasury stock (120,095)  (120,095)
Additional paid-in capital 1,435,294   1,336,899 
Retained earnings 1,045,932   1,201,857 
Accumulated other comprehensive income 21,387   27,011 
Total Costamare Inc. stockholders’ equity$2,382,531  $2,445,685 
Non-controlling interest 56,229   57,353 
Total stockholders’ equity 2,438,760   2,503,038 
Total liabilities and stockholders’ equity$5,287,022  $5,355,629 

FAQ

What were Costamare's Q2 2024 earnings?

Costamare reported net income of $91.3 million ($0.77 per share) for Q2 2024.

How much liquidity did Costamare have at the end of Q2 2024?

Costamare had liquidity of $1.118 billion at the end of Q2 2024.

What is the financial impact of the redemption of Costamare's Series E preferred stock?

The full redemption of the 8.875% Series E preferred stock will save Costamare approximately $10.1 million annually.

What is the contracted revenue for Costamare's containership fleet?

Costamare's containership fleet has contracted revenues of approximately $2.4 billion.

How much incremental revenue is expected from the new charter agreements?

The new charter agreements are expected to generate $224 million in incremental revenues.

What were the proceeds from the sale of the vessels 'Adventure' and 'Oracle'?

The sale of 'Adventure' resulted in $7.1 million, and the expected proceeds from 'Oracle' are $4 million.

What new vessels did Costamare acquire?

Costamare acquired two 2012-built Capesize vessels.

What new debt financing did Costamare secure?

Costamare secured $15.8 million in new debt financing to refinance three dry bulk vessels.

What dividends did Costamare declare?

Costamare declared a dividend of $0.115 per common share and various amounts for preferred shares.

Stock CMRE logo
Costamare Inc.

NYSE:CMRE

CMRE Rankings

#2123 Ranked by Market Cap
#940 Ranked by Dividends

CMRE Latest News

Nov 1, 2024
Costamare Inc. Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2024
Oct 30, 2024
Costamare Inc. Sets the Date for Its Third Quarter 2024 Results Release, Conference Call and Webcast
Oct 3, 2024
Costamare Inc. Announces Election of Class II Directors at 2024 Annual Meeting of Stockholders
Oct 1, 2024
Costamare Inc. Declares Quarterly Dividend on Its Preferred and Common Stock
Jul 26, 2024
Costamare Inc. Sets the Date for Its Second Quarter 2024 Results Release, Conference Call and Webcast

CMRE Stock Data

1.71B
43.21M
64.11%
28.66%
1.93%
Marine Shipping
Industrials
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United States of America
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