Costamare Inc. Reports Results for the Second Quarter and the Six-Month Period Ended June 30, 2020
Costamare reported Q2 2020 financial results with voyage revenues of $111.9 million and a net loss of $83.9 million due to non-cash charges. Adjusted net income was $31.7 million, or $0.26 per share. The company has $220.7 million in liquidity and completed refinancing with no significant debt maturities until 2024. Costamare chartered 24 vessels in the quarter and declared a dividend of $0.10 per share. Notably, they delivered the YM Triumph, the first of five new vessels, commencing a ten-year charter with Yang Ming.
- Liquidity of $220.7 million as of June 30, 2020.
- Adjusted net income of $31.7 million ($0.26 per share) for Q2 2020.
- Chartered 24 vessels in the quarter, indicating strong market activity.
- Dividend of $0.10 per share declared for Q2 2020.
- Successful refinancing with no significant debt maturities until 2024.
- Net loss available to common stockholders of $83.9 million due to non-cash charges.
- Voyage revenue decreased by 4.4% compared to Q2 2019.
- Impairment loss of $28.5 million recorded for vessels during Q2 2020.
MONACO, July 27, 2020 (GLOBE NEWSWIRE) -- Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported unaudited financial results for the second quarter (“Q2 2020”) and six-months ended June 30, 2020.
- Liquidity of
$220.7 million as of end Q2 2020 (including our share of cash amounting to$19.6 million held in subsidiaries co-owned with York Capital Management Global Advisors LLC and an affiliated fund (collectively, together with the funds it manages or advises, “York”)). - Voyage Revenues of
$111.9 million in Q2 2020. - Delivery on July 24, 2020 of the 12,690 TEU containership YM Triumph (ex Hull Nr YZJ2015-2057) the first of a series of five sister vessels ordered in May 2018. On July 25, 2020, the vessel commenced its ten-year charter with Yang Ming.
- Adjusted Net Income available to common stockholders(1) of
$31.7 million or$0.26 per share in Q2 2020. - Net Loss available to common stockholders of
$83.9 million (mainly due to non-cash charges related to vessels held for sale and vessels’ impairment of$107.5 million ) or$0.70 loss per share in Q2 2020. - Adjusted Net Income available to common stockholders(1) of
$64.3 million or$0.54 per share for the six-month period ended June 30, 2020. - Net Loss available to common stockholders of
$58.3 million (mainly due to non-cash charges related to vessels held for sale and vessels’ impairment of$110.8 million ) or$0.49 loss per share for the six-month period ended June 30, 2020. - Conclusion of refinancing program with no meaningful debt maturities until 2024.
- Arranged financing agreements for an aggregate amount of
$140.0 million . More specifically:
- Signed a loan facility agreement with a European financial institution for an amount of up to$70.0 million , secured by 12 vessels, in order to partially refinance an existing loan facility originally maturing in 2021.
- Signed a loan facility agreement with a European financial institution for an amount of up to$70.0 million , secured by 6 vessels, in order to partially refinance an existing loan facility originally maturing in 2021. - Chartered in total 24 vessels over the quarter.
- Sold the 1997-built, 7,403 TEU sister container vessels Kawasaki and Kokura.
- Declared dividend of
$0.10 per share on its common stock and dividends on all four classes of its preferred stock.
(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.
New Business Developments
A. New charter agreements
• The Company has chartered in total 24 vessels over the quarter. More specifically, the Company agreed to:
I. Vessels above 5,500 TEU capacity (Post – Panamax)
- Extend the charters of the 2013-built, 8,827 TEU sister containerships Valor, Value, Valiant, Valence and Vantage for 2 years (until Q2-Q3 2025) with Hapag Lloyd. The daily rate of each charter is
- Extend the charter of the 2006-built, 9,469 TEU containership Cosco Hellas with COSCO for a period of 2 to 11 months at charterers’ option, starting from June 18, 2020, at an undisclosed daily rate.
- Extend the charter of the 2006-built, 9,469 TEU containership Yantian (ex. Cosco Yantian) with COSCO for a period of 2 to 11 months at charterers’ option, starting from June 17, 2020, at an undisclosed daily rate.
- Charter the 2006-built, 9,469 TEU containership Beijing (ex. Cosco Beijing) with COSCO for a period of approximately 3 to 11.5 months at charterers’ option, starting from July 5, 2020, at an undisclosed daily rate.
- Charter the 2000-built, 6,648 TEU containership Maersk Kobe with RCL Feeder for a period of 11 to 14 months at charterers’ option, starting from September 6, 2020, at a daily rate of
- Charter the 2000-built, 6,648 TEU containership York with Maersk for a period of 2 to 5 months at charterers’ option, starting from July 3, 2020, at a daily rate of
- Charter the 1996-built, 7,403 TEU containership Kure with COSCO for a period of approximately 2 to 8 months at charterers’ option, starting from July 26, 2020, at a daily rate of
- Charter the 2001-built, 5,576 TEU containership Ensenada with Evergreen for a period of 2 to 4 months at charterers’ option, starting from July 13, 2020, at a daily rate of
II. Vessels below 5,500 TEU capacity
- Exercise its option with ZIM to extend the charters of the 2002-built, 4,992 TEU sister containerships, ZIM Shanghai and ZIM New York for the period starting from October 2, 2020 to October 1, 2021, at a market rate plus
- Extend the charter of the 2009-built, 4,258 TEU containership JPO Virgo with CMA CGM for a period of 2 to 10 months at charterers’ option, starting from May 13, 2020, at a daily rate of
- Charter the 2009-built, 4,258 TEU containership Vela with OOCL for a period of approximately 3 to 9 months at charterers’ option, starting from May 19, 2020, at a daily rate of
- Charter the 2010-built, 4,258 TEU containership Volans with ZIM for a period of 2 to 12 months at charterers’ option, starting from June 29, 2020, at a daily rate of
- Charter the 2010-built, 4,258 TEU containership Vulpecula with OOCL for a period of approximately 5 to 9 months at charterers’ option, starting from July 1, 2020, at a daily rate of
- Extend the charter of the 2005-built, 2,556 TEU containership Etoile for a period of 5 to 8.5 months at charterers’ option, starting from August 15, 2020, at an undisclosed daily rate.
- Charter the 2000-built, 2,474 TEU containership Areopolis with COSCO for a period of 3 to 8.5 months at charterers’ option, starting from June 16, 2020, at a daily rate of
- Extend the charter of the 1997-built, 2,458 TEU containership Messini with Evergreen for a period of 3 to 5 months at charterers’ option, starting from May 18, 2020, at a daily rate of
- Charter the 2004-built, 2,586 TEU containership Lakonia with COSCO for a period of 3 to 8.5 months at charterers’ option, starting from June 8, 2020, at a daily rate of
- Charter the 1996-built, 1,504 TEU containership Prosper with TS Lines for a period of approximately 1 to 3 months at charterers’ option, starting from July 10, 2020, at a daily rate of
- Extend the charter of the 1995-built, 1,162 TEU containership Zagora with MSC for a period of up to 2 months at charterers’ option, starting from July 1, 2020, at an undisclosed daily rate.
B. New Financing Agreements
• In May 2020, we entered into a loan facility agreement with a European financial institution for an amount of up to
• In June 2020, we entered into a loan facility agreement with a European financial institution for an amount of up to
C. Newbuild vessel delivery
• On July 24, 2020, we accepted delivery of the 12,690 TEU containership YM Triumph, the first of a series of five vessels ordered in May 2018. On July 25, 2020, the vessel commenced its ten-year charter with Yang Ming. YM Triumph, as well as the other four sister vessels currently under construction have secured pre and post delivery financing.
D. Vessel Disposals
• In July 2020, we concluded the sale of the 1997-built, 7,403 TEU sister containerships Kawasaki and Kokura.
E. Dividend announcements
• On July 1, 2020, we declared a dividend for the quarter ended June 30, 2020, of
• On July 1, 2020, we declared a dividend of
Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:
“During the second quarter the Company delivered strong results.
Liquidity stood at around
On the market side, laid up capacity has started decreasing, indicating improving market conditions. Demand continues to favor the larger and medium sizes, and especially ships above 8,000 TEUs. Market activity has picked up and we have chartered in total 24 ships during the quarter.
After months of inactivity the demolition market has re-opened and, as part of our fleet renewal program, we have sold for demolition two 7,400 TEU ships which we plan to replace with younger tonnage.”
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): | 2019 | 2020 | 2019 | 2020 | ||||||||
| Voyage revenue | ||||||||||||
| Accrued charter revenue (1) | ||||||||||||
| Amortization of Time-charter assumed | ||||||||||||
| Voyage revenue adjusted on a cash basis (2) | 118,941 | |||||||||||
| Adjusted Net Income available to common stockholders (3) | ||||||||||||
| Weighted Average number of shares | 113,540,975 | 119,927,560 | 114,040,870 | 120,319,180 | ||||||||
| Adjusted Earnings per share (3) | ||||||||||||
| Net Income / (Loss) | ( | ) | ( | ) | ||||||||
| Net Income / (Loss) available to common stockholders | ( | ) | ( | ) | ||||||||
| Weighted Average number of shares | 113,540,975 | 119,927,560 | 114,040,870 | 120,319,180 | ||||||||
| Earnings / (Losses) per share | ( | ) | ( | ) | ||||||||
(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.
(2) 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, Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). We believe that the presentation of 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 are described in the notes to the “Fleet List” 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.
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 and the six-month periods ended June 30, 2020 and 2019. 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) | 2019 | 2020 | 2019 | 2020 | ||||||||
| Net Income / (Loss) | $ | 27,136 | $ | (43,447 | ) | $ | 28,790 | $ | (76,223 | ) | ||
| Earnings allocated to Preferred Stock | (15,547 | ) | (15,461 | ) | (7,904 | ) | (7,768 | ) | ||||
| Gain on retirement of Preferred Stock | - | 619 | - | 78 | ||||||||
| Net Income / (Loss) available to common stockholders | 11,589 | (58,289 | ) | 20,886 | (83,913 | ) | ||||||
| Accrued charter revenue | 191 | 7,721 | 2,040 | 7,025 | ||||||||
| General and administrative expenses - non-cash component | 1,545 | 1,508 | 767 | 832 | ||||||||
| Amortization of prepaid lease rentals, net | 4,042 | - | 2,033 | - | ||||||||
| Amortization of Time charter assumed | 95 | 95 | 48 | 47 | ||||||||
| Realized (Gain) / loss on Euro/USD forward contracts (1) | 208 | (78 | ) | 112 | (54 | ) | ||||||
| Vessels’ impairment loss | 3,042 | 31,577 | - | 28,506 | ||||||||
| (Gain) / Loss on sale / disposals of vessels | 18,420 | (10 | ) | - | - | |||||||
| Non-recurring, non-cash write-off of loan deferred financing costs | - | 478 | - | 478 | ||||||||
| Loss on sale / disposal of vessel by a jointly owned company with York included in equity gain on investments | 38 | - | 38 | - | ||||||||
| Loss on vessels held for sale | - | 79,197 | - | 78,965 | ||||||||
| (Gain) / loss on derivative instruments, excluding interest accrued and realized on non-hedging derivative instruments (1) | 625 | 2,066 | 291 | (181 | ) | |||||||
| Adjusted Net Income available to common stockholders | $ | 39,795 | $ | 64,265 | $ | 26,215 | $ | 31,705 | ||||
| Adjusted Earnings per Share | $ | 0.35 | $ | 0.54 | $ | 0.23 | $ | 0.26 | ||||
| Weighted average number of shares | 113,540,975 | 119,927,560 | 114,040,870 | 120,319,180 | ||||||||
Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after earnings allocated to preferred stock and gain on retirement of preferred stock, but before non-cash “Accrued charter revenue” recorded under charters with escalating charter rates, realized (gain)/loss on Euro/USD forward contracts, vessels’ impairment loss, (gain)/loss on sale / disposal of vessels, loss on vessels held for sale, loss on sale / disposal of vessel by a jointly owned company with York included in equity gain on investments, non-recurring, non-cash write-off of loan deferred financing costs, general and administrative expenses - non-cash component, amortization of prepaid lease rentals, net, amortization of Time charter assumed and non-cash changes in fair value of derivatives. “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, 2020 compared to the three-month period ended June 30, 2019
During the three-month periods ended June 30, 2020 and 2019, we had an average of 60.0 and 60.0 vessels, respectively, in our fleet. In the three-month periods ended June 30, 2020 and 2019, our fleet ownership days totaled 5,460 and 5,460 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.
| (Expressed in millions of U.S. dollars, except percentages) | Three-month period ended June 30, | Percentage | ||||||||||||
| 2019 | 2020 | Change | Change | |||||||||||
| Voyage revenue | $ | 117.0 | $ | 111.9 | $ | (5.1 | ) | (4.4 | %) | |||||
| Voyage expenses | (0.6 | ) | (1.6 | ) | 1.0 | 166.7 | % | |||||||
| Voyage expenses – related parties | (1.0 | ) | (1.5 | ) | 0.5 | 50.0 | % | |||||||
| Vessels’ operating expenses | (28.2 | ) | (26.9 | ) | (1.3 | ) | (4.6 | %) | ||||||
| General and administrative expenses | (1.4 | ) | (2.4 | ) | 1.0 | 71.4 | % | |||||||
| Management fees – related parties | (5.3 | ) | (5.2 | ) | (0.1 | ) | (1.9 | %) | ||||||
| General and administrative expenses - non-cash component | (0.8 | ) | (0.8 | ) | - | - | ||||||||
| Amortization of dry-docking and special survey costs | (2.2 | ) | (2.3 | ) | 0.1 | 4.5 | % | |||||||
| Depreciation | (29.9 | ) | (27.6 | ) | (2.3 | ) | (7.7 | %) | ||||||
| Loss on vessels held for sale | - | (79.0 | ) | 79.0 | n.m. | |||||||||
| Vessel’s impairment loss | - | (28.5 | ) | 28.5 | n.m. | |||||||||
| Foreign exchange gain / (losses) | 0.1 | (0.1 | ) | (0.2 | ) | n.m. | ||||||||
| Interest income | 0.9 | 0.5 | (0.4 | ) | (44.4 | %) | ||||||||
| Interest and finance costs | (22.4 | ) | (16.9 | ) | (5.5 | ) | (24.6 | %) | ||||||
| Income from equity method investments | 2.6 | 4.1 | 1.5 | 57.7 | % | |||||||||
| Other | 0.3 | (0.1 | ) | (0.4 | ) | n.m. | ||||||||
| Gain / (Loss) on derivative instruments | (0.3 | ) | 0.2 | 0.5 | 166.7 | % | ||||||||
| Net Income / (Loss) | $ | 28.8 | $ | (76.2 | ) | |||||||||
| (Expressed in millions of U.S. dollars, except percentages) | Three-month period ended June 30, | Percentage | ||||||||||||
| 2019 | 2020 | Change | Change | |||||||||||
| Voyage revenue | $ | 117.0 | $ | 111.9 | $ | (5.1 | ) | (4.4 | %) | |||||
| Accrued charter revenue | 2.0 | 7.0 | 5.0 | 250.0 | % | |||||||||
| Amortization of time charter assumed | 0.1 | 0.1 | - | - | ||||||||||
| Voyage revenue adjusted on a cash basis (1) | $ | 119.1 | $ | 119.0 | $ | (0.1 | ) | (0.1 | %) | |||||
| Vessels’ operational data | Three-month period ended June 30, | Percentage | ||||||||||||
| 2019 | 2020 | Change | Change | |||||||||||
| Average number of vessels | 60.0 | 60.0 | - | - | ||||||||||
| Ownership days | 5,460 | 5,460 | - | - | ||||||||||
| Number of vessels under dry-docking | 3 | 1 | (2 | ) | ||||||||||
(1) Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Refer to “Financial Summary” above for the reconciliation of Voyage revenue adjusted on a cash basis.
Voyage Revenue
Voyage revenue decreased by
Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”), decreased by
Voyage Expenses
Voyage expenses were
Voyage Expenses – related parties
Voyage expenses – related parties were
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
General and Administrative Expenses
General and administrative expenses were
Management Fees – related parties
Management fees paid to our related managers were
General and administrative expenses - non-cash component
General and administrative expenses - non-cash component for the three-month period ended June 30, 2020 amounted to
Amortization of dry-docking and special survey
Amortization of deferred dry-docking and special survey costs was
Depreciation
Depreciation expense for the three-month period ended June 30, 2020 and 2019 was
Loss on vessels held for sale
During the three-month period ended June 30, 2020, we recorded a loss of
Vessel’s impairment loss
During the three-month period ended June 30, 2020, we recorded an impairment loss in relation to two of our vessels in the amount of
Interest Income
Interest income amounted to
Interest and Finance Costs
Interest and finance costs were
Income from Equity Method Investments
During the three-month period ended June 30, 2020, we recorded an income from the equity method investments of
Gain/(Loss) on Derivative Instruments
The fair value of our nine-interest rate derivative instruments which were outstanding as of June 30, 2020 equates to the amount that would be paid by us or to us should those instruments be terminated. As of June 30, 2020, the fair value of these nine-interest rate derivative instruments in aggregate amounted to liability of
________________________
1
Cash Flows
Three-month periods ended June 30, 2020 and 2019
| Condensed cash flows | Three-month period ended June 30, | |||||||
| (Expressed in millions of U.S. dollars) | 2019 | 2020 | ||||||
| Net Cash Provided by Operating Activities | $ | 59.4 | $ | 71.5 | ||||
| Net Cash Used in Investing Activities | $ | (5.3 | ) | $ | (3.1 | ) | ||
| Net Cash Provided by / (Used in) Financing Activities | $ | 74.4 | $ | (104.7 | ) | |||
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the three-month period ended June 30, 2020, increased by
Net Cash Used in Investing Activities
Net cash used in investing activities was
Net cash used in investing activities was
Net Cash Provided by / (Used in) Financing Activities
Net cash used in financing activities was
Net cash provided by financing activities was
Six-month period ended June 30, 2020 compared to the six-month period ended June 30, 2019
During the six-month periods ended June 30, 2020 and 2019, we had an average of 60.1 and 61.0 vessels, respectively, in our fleet. In the six-month period ended June 30, 2020, we accepted delivery of the secondhand containership JPO Virgo with a TEU capacity of 4,258 and we sold the containership vessel Neapolis with a TEU capacity of 1,645. In the six-month period ended June 30, 2019, we sold the container vessels MSC Pylos and Piraeus with an aggregate capacity of 7,012 TEU. In the six-month periods ended June 30, 2020 and 2019, our fleet ownership days totaled 10,935 and 11,035 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.
| (Expressed in millions of U.S. dollars, except percentages) | Six-month period ended June 30, | Percentage | ||||||||||||
| 2019 | 2020 | Change | Change | |||||||||||
| Voyage revenue | $ | 230.0 | $ | 233.3 | $ | 3.3 | 1.4 | % | ||||||
| Voyage expenses | (2.5 | ) | (4.1 | ) | 1.6 | 64.0 | % | |||||||
| Voyage expenses – related parties | (2.0 | ) | (3.1 | ) | 1.1 | 55.0 | % | |||||||
| Vessels’ operating expenses | (58.2 | ) | (54.8 | ) | (3.4 | ) | (5.8 | %) | ||||||
| General and administrative expenses | (2.7 | ) | (3.8 | ) | 1.1 | 40.7 | % | |||||||
| Management fees – related parties | (10.8 | ) | (10.5 | ) | (0.3 | ) | (2.8 | %) | ||||||
| General and administrative expenses - non-cash component | (1.5 | ) | (1.5 | ) | - | - | ||||||||
| Amortization of dry-docking and special survey costs | (4.5 | ) | (4.5 | ) | - | - | ||||||||
| Depreciation | (59.7 | ) | (55.7 | ) | (4.0 | ) | (6.7 | %) | ||||||
| Gain / (Loss) on sale / disposal of vessels | (18.4 | ) | - | (18.4 | ) | n.m. | ||||||||
| Loss on vessels held for sale | - | (79.2 | ) | 79.2 | n.m. | |||||||||
| Vessels’ impairment loss | (3.0 | ) | (31.6 | ) | 28.6 | n.m. | ||||||||
| Foreign exchange losses | - | (0.2 | ) | 0.2 | n.m. | |||||||||
| Interest income | 1.7 | 1.2 | (0.5 | ) | (29.4 | %) | ||||||||
| Interest and finance costs | (45.3 | ) | (35.4 | ) | (9.9 | ) | (21.9 | %) | ||||||
| Income from equity method investments | 4.3 | 8.2 | 3.9 | 90.7 | % | |||||||||
| Other | 0.3 | 0.4 | 0.1 | 33.3 | % | |||||||||
| Loss on derivative instruments | (0.6 | ) | (2.1 | ) | 1.5 | 250.0 | % | |||||||
| Net Income / (Loss) | $ | 27.1 | $ | (43.4 | ) | |||||||||
| (Expressed in millions of U.S. dollars, except percentages) | Six-month period ended June 30, | Percentage | ||||||||||||
| 2019 | 2020 | Change | Change | |||||||||||
| Voyage revenue | $ | 230.0 | $ | 233.3 | $ | 3.3 | 1.4 | % | ||||||
| Accrued charter revenue | 0.2 | 7.7 | 7.5 | n.m. | ||||||||||
| Amortization of time charter assumed | 0.1 | 0.1 | - | - | ||||||||||
| Voyage revenue adjusted on a cash basis (1) | $ | 230.3 | $ | 241.1 | $ | 10.8 | 4.7 | % | ||||||
| Vessels’ operational data | Six-month period ended June 30, | Percentage | ||||||||||||
| 2019 | 2020 | Change | Change | |||||||||||
| Average number of vessels | 61.0 | 60.1 | (0.9 | ) | (1.5 | %) | ||||||||
| Ownership days | 11,035 | 10,935 | (100 | ) | (0.9 | %) | ||||||||
| Number of vessels under dry-docking | 6 | 7 | ||||||||||||
(1) Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Refer to “Financial Summary” above for the reconciliation of Voyage revenue adjusted on a cash basis.
Voyage Revenue
Voyage revenue increased by
Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”), increased by
Voyage Expenses
Voyage expenses were
Voyage Expenses – related parties
Voyage expenses – related parties were
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
General and Administrative Expenses
General and administrative expenses were
Management Fees – related parties
Management fees paid to our related managers were
General and administrative expenses - non-cash component
General and administrative expenses - non-cash component for the six-month period ended June 30, 2020 amounted to
Amortization of dry-docking and special survey
Amortization of deferred dry-docking and special survey costs was
Depreciation
Depreciation expense for the six-month period ended June 30, 2020 and 2019 was
Gain / (Loss) on sale / disposal of vessels
During the six-month period ended June 30, 2020, we recorded a gain of
Loss on vessels held for sale
During the six-month period ended June 30, 2020, we recorded a loss of
Vessels’ impairment loss
During the six-month period ended June 30, 2020, we recorded an impairment loss in relation to five of our vessels in the amount of
Interest Income
Interest income amounted to
Interest and Finance Costs
Interest and finance costs were
Income from Equity Method Investments
During the six-month period ended June 30, 2020, we recorded an income from the equity method investments of
Loss on Derivative Instruments
The fair value of our nine-interest rate derivative instruments which were outstanding as of June 30, 2020 equates to the amount that would be paid by us or to us should those instruments be terminated. As of June 30, 2020, the fair value of these nine-interest rate derivative instruments in aggregate amounted to liability of
________________________
2
Cash Flows
Six-month periods ended June 30, 2020 and 2019
| Condensed cash flows | Six-month period ended June 30, | |||||||
| (Expressed in millions of U.S. dollars) | 2019 | 2020 | ||||||
| Net Cash Provided by Operating Activities | $ | 107.2 | $ | 139.2 | ||||
| Net Cash Provided by Investing Activities | $ | 9.3 | $ | 1.6 | ||||
| Net Cash Provided by / (Used in) Financing Activities | $ | 0.9 | $ | (135.5 | ) | |||
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the six-month period ended June 30, 2020, increased by
Net Cash Provided by Investing Activities
Net cash provided by investing activities was
Net cash provided by investing activities was
Net Cash Used in Financing Activities
Net cash used in financing activities was
Net cash provided by financing activities was
Liquidity and Unencumbered Vessels
Cash and cash equivalents
As of June 30, 2020, we had a total cash liquidity of
Debt-free vessels
As of July 27, 2020, the following vessels were free of debt.
| Unencumbered Vessels (Refer to fleet list for full details) | ||||
| Vessel Name | Year Built | TEU Capacity | ||
| ETOILE | 2005 | 2,556 | ||
| MICHIGAN | 2008 | 1,300 | ||
| ENSENADA (*) | 2001 | 5,576 | ||
| MONEMVASIA (*) | 1998 | 2,472 | ||
| ARKADIA (*) | 2001 | 1,550 | ||
(*) Vessels acquired pursuant to the Framework Deed with York.
Conference Call details:
On Tuesday, July 28, 2020 at 8:30 a.m. EST, 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 4, 2020. 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: 10146002.
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 for charter. The Company has 46 years of history in the international shipping industry and a fleet of 73 containerships, with a total capacity of approximately 533,000 TEU, including four newbuild containerships currently under construction. Ten of our containerships have been acquired pursuant to the Framework Deed with York by vessel-owning joint venture entities in which we hold a minority equity interest. The Company’s common stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock trade on the New York Stock Exchange under the symbols “CMRE”, “CMRE PR B”, “CMRE PR C”, “CMRE PR D” and “CMRE PR E”, 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” and the Company’s Results for the First Quarter ended March 31, 2020 on Form 6-K (filed on May 11, 2020 with the SEC) under the caption “Risk Factor Update”.
Company Contacts:
Gregory Zikos - Chief Financial Officer
Konstantinos Tsakalidis - Business Development
Costamare Inc., Monaco
Tel: (+377) 93 25 09 40
Email: ir@costamare.com
Fleet List
The table below provides additional information, as of July 27, 2020, about our fleet of containerships, including our newbuilds on order, the vessels acquired pursuant to the Framework Deed and those vessels subject to sale and leaseback agreements. Each vessel is a cellular containership, meaning it is a dedicated container vessel.
| | Vessel Name | Charterer | Year Built | Capacity (TEU) | Current Daily Charter Rate(1) (U.S. dollars) | Expiration of Charter(2) |
| 1 | TRITON(ii) | Evergreen | 2016 | 14,424 | (*) | March 2026 |
| 2 | TITAN(ii) | Evergreen | 2016 | 14,424 | (*) | April 2026 |
| 3 | TALOS(ii) | Evergreen | 2016 | 14,424 | (*) | July 2026 |
| 4 | TAURUS(ii) | Evergreen | 2016 | 14,424 | (*) | August 2026 |
| 5 | THESEUS(ii) | Evergreen | 2016 | 14,424 | (*) | August 2026 |
| 6 | YM TRIUMPH(ii) | Yang Ming | 2020 | 12,690 | (*) | May 2030 |
| 7 | CAPE AKRITAS(i) | ZIM | 2016 | 11,010 | 43,250 | August 2020 |
| 8 | CAPE TAINARO(i) | ZIM | 2017 | 11,010 | 38,000 | March 2021 |
| 9 | CAPE KORTIA(i) | ZIM | 2017 | 11,010 | 43,250 | September 2020 |
| 10 | CAPE SOUNIO(i) | ZIM | 2017 | 11,010 | 38,000 | March 2021 |
| 11 | CAPE ARTEMISIO(i) | Hapag Lloyd | 2017 | 11,010 | 38,750 | March 2023 |
| 12 | COSCO GUANGZHOU | COSCO | 2006 | 9,469 | (*) | August 2020 |
| 13 | COSCO NINGBO | COSCO | 2006 | 9,469 | (*) | August 2020 |
| 14 | YANTIAN (ex. COSCO YANTIAN) | COSCO | 2006 | 9,469 | (*) | August 2020 |
| 15 | BEIJING (ex. COSCO BEIJING) | COSCO | 2006 | 9,469 | (*) | October 2020 |
| 16 | COSCO HELLAS | COSCO | 2006 | 9,469 | (*) | August 2020 |
| 17 | MSC AZOV | MSC | 2014 | 9,403 | 43,000 | December 2026(3) |
| 18 | MSC AMALFI | MSC | 2014 | 9,403 | 46,300 | March 2027(4) |
| 19 | MSC AJACCIO | MSC | 2014 | 9,403 | 46,300 | February 2027(5) |
| 20 | MSC ATHENS(ii) | MSC | 2013 | 8,827 | 42,000 | January 2026(6) |
| 21 | MSC ATHOS(ii) | MSC | 2013 | 8,827 | 45,300 | February 2026(7) |
| 22 | VALOR | Hapag Lloyd | 2013 | 8,827 | 32,400 | April 2025 |
| 23 | VALUE | Hapag Lloyd | 2013 | 8,827 | 32,400 | April 2025 |
| 24 | VALIANT | Hapag Lloyd | 2013 | 8,827 | 32,400 | June 2025 |
| 25 | VALENCE | Hapag Lloyd | 2013 | 8,827 | 32,400 | July 2025 |
| 26 | VANTAGE | Evergreen/Hapag Lloyd | 2013 | 8,827 | 41,700/32,400 | September 2025(8) |
| 27 | NAVARINO | MSC | 2010 | 8,531 | 23,000 | March 2021 |
| 28 | MAERSK KLEVEN | Maersk | 1996 | 8,044 | 17,500 | April 2021 |
| 29 | MAERSK KOTKA | Maersk | 1996 | 8,044 | 17,500 | April 2021 |
| 30 | MAERSK KOWLOON | Maersk | 2005 | 7,471 | 16,000 | June 2022 |
| 31 | KURE | COSCO | 1996 | 7,403 | 9,500 | October 2020 |
| 32 | MSC METHONI | MSC | 2003 | 6,724 | 29,000 | September 2021 |
| 33 | YORK | Maersk | 2000 | 6,648 | 11,500 | September 2020 |
| 34 | KOBE (ex. MAERSK KOBE) | RCL Feeder | 2000 | 6,648 | 14,500 | August 2021(9) |
| 35 | SEALAND WASHINGTON | Maersk | 2000 | 6,648 | 13,500 | March 2022(10) |
| 36 | SEALAND MICHIGAN | Maersk | 2000 | 6,648 | 13,500 | March 2022(10) |
| 37 | SEALAND ILLINOIS | Maersk | 2000 | 6,648 | 13,500 | March 2022(10) |
| 38 | MAERSK KOLKATA | Maersk | 2003 | 6,644 | 13,500 | March 2022(10) |
| 39 | MAERSK KINGSTON | Maersk | 2003 | 6,644 | 13,500 | March 2022(10) |
| 40 | MAERSK KALAMATA | Maersk | 2003 | 6,644 | 13,500 | March 2022(10) |
| 41 | VENETIKO | Hapag Lloyd | 2003 | 5,928 | 20,000 | August 2020 |
| 42 | ENSENADA (i) | Evergreen | 2001 | 5,576 | 8,700 | September 2020 |
| 43 | ZIM NEW YORK | ZIM | 2002 | 4,992 | 12,430 | October 2021(11) |
| 44 | ZIM SHANGHAI | ZIM | 2002 | 4,992 | 12,430 | October 2021(11) |
| 45 | LEONIDIO(ii) | Maersk | 2014 | 4,957 | 14,200 | December 2024 |
| 46 | KYPARISSIA(ii) | Maersk | 2014 | 4,957 | 14,200 | November 2024 |
| 47 | MEGALOPOLIS | Maersk | 2013 | 4,957 | 13,500 | July 2025 |
| 48 | MARATHOPOLIS | Maersk | 2013 | 4.957 | 13,500 | July 2025 |
| 49 | OAKLAND EXPRESS | Hapag Lloyd | 2000 | 4,890 | 13,750 | January 2021 |
| 50 | HALIFAX EXPRESS | Hapag Lloyd | 2000 | 4,890 | 10,000 | October 2020 |
| 51 | SINGAPORE EXPRESS | Hapag Lloyd | 2000 | 4,890 | 10,000 | July 2020 |
| 52 | VULPECULA | OOCL | 2010 | 4,258 | 7,000 | December 2020 |
| 53 | VOLANS | ZIM | 2010 | 4,258 | 7,000 | August 2020 |
| 54 | JPO VIRGO | Evergreen | 2009 | 4,258 | 8,600 | February 2021(12) |
| 55 | VELA | OOCL | 2009 | 4,258 | 7,950 | August 2020 |
| 56 | ULSAN | Maersk | 2002 | 4,132 | 12,000 | June 2021 |
| 57 | POLAR ARGENTINA(i)(ii) | Maersk | 2018 | 3,800 | 19,700 | October 2024 |
| 58 | POLAR BRASIL(i)(ii) | Maersk | 2018 | 3,800 | 19,700 | January 2025 |
| 59 | LAKONIA | COSCO | 2004 | 2,586 | 7,500 | September 2020 |
| 60 | ETOILE | (*) | 2005 | 2,556 | (*) | January 2021 |
| 61 | AREOPOLIS | COSCO | 2000 | 2,474 | 7,500 | September 2020 |
| 62 | MONEMVASIA(i) | Maersk | 1998 | 2,472 | 9,250 | November 2021 |
| 63 | MESSINI | Evergreen | 1997 | 2,458 | 8,500 | August 2020 |
| 64 | ARKADIA(i) | Evergreen | 2001 | 1,550 | 8,650 | September 2020 |
| 65 | PROSPER | TS Lines | 1996 | 1,504 | 5,500 | October 2020 |
| 66 | MICHIGAN | MSC | 2008 | 1,300 | 6,650 | September 2020 |
| 67 | TRADER | - | 2008 | 1,300 | - | - |
| 68 | ZAGORA | MSC | 1995 | 1,162 | (*) | August 2020 |
| 69 | LUEBECK | MSC | 2001 | 1,078 | 6,200 | January 2021 |
Newbuilds
| Vessel Name | Shipyard | Capacity (TEU) | Charterer | Expected Delivery(13) | |
| 1 | YZJ2015-2058 | Jiangsu Yangzijiang Shipbuilding Group | 12,690 | Yang Ming | Q3 2020 |
| 2 | YZJ2015-2059 | Jiangsu Yangzijiang Shipbuilding Group | 12,690 | Yang Ming | Q3 2020 |
| 3 | YZJ2015-2060 | Jiangsu Yangzijiang Shipbuilding Group | 12,690 | Yang Ming | Q2 2021 |
| 4 | YZJ2015-2061 | Jiangsu Yangzijiang Shipbuilding Group | 12,690 | Yang Ming | Q2 2021 |
| (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 could expire. | |
| (3) | Following scrubbers’ installation, the daily rate for MSC Azov will be increased from the current daily rate of | |
| (4) | This charter rate will be earned by MSC Amalfi until March 16, 2024. From the aforementioned date until the expiry of the charter, the daily rate will be | |
| (5) | This charter rate will be earned by MSC Ajaccio until February 1, 2024. From the aforementioned date until the expiry of the charter, the daily rate will be | |
| (6) | Following scrubbers’ installation, the daily rate for MSC Athens will be increased from the current daily rate of | |
| (7) | This charter rate will be earned by MSC Athos until February 24, 2023. From the aforementioned date until the expiry of the charter, the daily rate will be | |
| (8) | Upon redelivery of Vantage from Evergreen in September 2020, the vessel will commence a 5 year charter with Hapag Lloyd at a daily rate of | |
| (9) | Kobe (ex Maersk Kobe) is currently in drydock. This charter rate will be earned from September 6, 2020 until expiry of the charter. | |
| (10) | The daily rate for Sealand Washington, Sealand Michigan, Sealand Illinois, Maersk Kolkata, Maersk Kingston and Maersk Kalamata is a base rate of | |
| (11) | 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 | |
| (12) | This charter rate will be earned by JPO Virgo from August 8, 2020. Until July 31, 2020 the vessel is chartered to CMA CGM at a daily charter rate of | |
| (13) | Based on latest shipyard construction schedule, subject to change. | |
| (i) | Denotes vessels acquired pursuant to the Framework Deed. The Company holds an equity interest ranging between | |
| (ii) | 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. | |
| 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) | 2019 | 2020 | 2019 | 2020 | ||||||||
| REVENUES: | ||||||||||||
| Voyage revenue | $ | 230,010 | $ | 233.273 | $ | 117,036 | $ | 111,869 | ||||
| EXPENSES: | ||||||||||||
| Voyage expenses | (2,479 | ) | (4,071 | ) | (643 | ) | (1,553 | ) | ||||
| Voyage expenses – related parties | (1,952 | ) | (3,062 | ) | (992 | ) | (1,475 | ) | ||||
| Vessels' operating expenses | (58,164 | ) | (54,758 | ) | (28,200 | ) | (26,888 | ) | ||||
| General and administrative expenses | (2,651 | ) | (3,758 | ) | (1,388 | ) | (2,356 | ) | ||||
| Management fees - related parties | (10,827 | ) | (10,521 | ) | (5,279 | ) | (5,199 | ) | ||||
| General and administrative expenses - non-cash component | (1,545 | ) | (1,508 | ) | (767 | ) | (832 | ) | ||||
| Amortization of dry-docking and special survey costs | (4,471 | ) | (4,537 | ) | (2,195 | ) | (2,330 | ) | ||||
| Depreciation | (59,761 | ) | (55,737 | ) | (29,906 | ) | (27,601 | ) | ||||
| Gain / (Loss) on sale / disposal of vessels | (18,420 | ) | 10 | - | - | |||||||
| Loss on vessels held for sale | - | (79,197 | ) | - | (78,965 | ) | ||||||
| Vessels’ impairment loss | (3,042 | ) | (31,577 | ) | - | (28,506 | ) | |||||
| Foreign exchange gains / (losses) | 17 | (207 | ) | 28 | (65 | ) | ||||||
| Operating income / (loss) | $ | 66,715 | $ | (15,650 | ) | $ | 47,694 | $ | (63,901 | ) | ||
| OTHER INCOME / (EXPENSES): | ||||||||||||
| Interest income | $ | 1,686 | $ | 1,087 | $ | 851 | $ | 440 | ||||
| Interest and finance costs | (45,316 | ) | (35,367 | ) | (22,383 | ) | (16,900 | ) | ||||
| Income from equity method investments | 4,299 | 8,241 | 2,596 | 4,077 | ||||||||
| Other | 327 | 308 | 286 | (120 | ) | |||||||
| Gain / (Loss) on derivative instruments | (575 | ) | (2,066 | ) | (254 | ) | 181 | |||||
| Total other expenses | $ | (39,579 | ) | $ | (27,797 | ) | $ | (18,904 | ) | $ | (12,322 | ) |
| Net Income / (Loss) | $ | 27,136 | $ | (43,447 | ) | $ | 28,790 | $ | (76,223 | ) | ||
| Earnings allocated to Preferred Stock | (15,547 | ) | (15,461 | ) | (7,904 | ) | (7,768 | ) | ||||
| Gain on retirement of Preferred Stock | - | 619 | - | 78 | ||||||||
| Net Income / (Loss) available to common stockholders | $ | 11,589 | $ | (58,289 | ) | $ | 20,886 | $ | (83,913 | ) | ||
| Earnings / (Losses) per common share, basic and diluted | $ | 0.10 | $ | (0.49 | ) | $ | 0.18 | $ | (0.70 | ) | ||
| Weighted average number of shares, basic | 113,540,975 | 119,927,560 | 114,040,870 | 120,319,180 | ||||||||
| Weighted average number of shares, diluted | 116,490,307 | 119,927,560 | 116,990,202 | 120,319,180 | ||||||||
| COSTAMARE INC. Consolidated Balance Sheets | ||||||
| As of December 31, | As of June 30, | |||||
| (Expressed in thousands of U.S. dollars) | 2019 | 2020 | ||||
| ASSETS | (Unaudited) | |||||
| CURRENT ASSETS: | ||||||
| Cash and cash equivalents | $ | 148,928 | $ | 155,668 | ||
| Restricted cash | 6,912 | 6,592 | ||||
| Accounts receivable | 7,397 | 10,628 | ||||
| Inventories | 10,546 | 11,369 | ||||
| Due from related parties | 7,576 | 2,328 | ||||
| Fair value of derivatives | 748 | 134 | ||||
| Insurance claims receivable | 1,607 | 992 | ||||
| Asset held for sale | 4,908 | 27,038 | ||||
| Time charter assumed | 192 | 191 | ||||
| Prepayments and other | 8,430 | 11,378 | ||||
| Total current assets | $ | 197,244 | $ | 226,318 | ||
| FIXED ASSETS, NET: | ||||||
| Right-of-use assets | $ | 188,429 | $ | 193,243 | ||
| Vessels and advances, net | 2,431,830 | 2,293,249 | ||||
| Total fixed assets, net | $ | 2,620,259 | $ | 2,486,492 | ||
| NON-CURRENT ASSETS: | ||||||
| Equity method investments | $ | 111,681 | $ | 78,360 | ||
| Deferred charges, net | 21,983 | 26,743 | ||||
| Accounts receivable, non-current | 8,600 | 5,160 | ||||
| Restricted cash | 40,031 | 38,837 | ||||
| Fair value of derivatives, non-current | 605 | - | ||||
| Time charter assumed, non-current | 1,030 | 936 | ||||
| Other non-current assets | 10,525 | 10,301 | ||||
| Total assets | $ | 3,011,958 | $ | 2,873,147 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| CURRENT LIABILITIES: | ||||||
| Current portion of long-term debt | $ | 210,745 | $ | 167,830 | ||
| Accounts payable | 6,215 | 5,008 | ||||
| Due to related parties | 473 | 339 | ||||
| Finance lease liabilities | 16,810 | 16,910 | ||||
| Accrued liabilities | 19,417 | 31,395 | ||||
| Unearned revenue | 10,387 | 9,544 | ||||
| Fair value of derivatives | 397 | 3,720 | ||||
| Other current liabilities | 2,090 | 2,543 | ||||
| Total current liabilities | $ | 266,534 | $ | 237,289 | ||
| NON-CURRENT LIABILITIES | ||||||
| Long-term debt, net of current portion | $ | 1,206,405 | $ | 1,174,936 | ||
| Finance lease liabilities, net of current portion | 119,925 | 111,446 | ||||
| Fair value of derivatives, net of current portion | 433 | 6,297 | ||||
| Unearned revenue, net of current portion | 7,933 | 16,113 | ||||
| Total non-current liabilities | $ | 1,334,696 | $ | 1,308,792 | ||
| COMMITMENTS AND CONTINGENCIES | ||||||
| STOCKHOLDERS’ EQUITY: | ||||||
| Preferred stock | $ | - | $ | - | ||
| Common stock | 12 | 12 | ||||
| Additional paid-in capital | 1,351,352 | 1,358,640 | ||||
| Retained earnings / (Accumulated deficit) | 60,578 | (22,289 | ) | |||
| Accumulated other comprehensive loss | (1,214 | ) | (9,297 | ) | ||
| Total stockholders’ equity | $ | 1,410,728 | $ | 1,327,066 | ||
| Total liabilities and stockholders’ equity | $ | 3,011,958 | $ | 2,873,147 | ||
FAQ
What were Costamare's voyage revenues in Q2 2020?
What was the net loss for Costamare in Q2 2020?
How much liquidity does Costamare have as of Q2 2020?
Did Costamare declare a dividend in Q2 2020?
What new vessel did Costamare deliver recently?
