Costamare Inc. Reports Results for the Third Quarter and the Nine-Month Period Ended September 30, 2020
Costamare reported Q3 2020 results with a net income of $25.2 million ($0.14/share) and voyage revenues of $107.9 million. The company maintains a strong liquidity of $210.4 million and no significant debt maturities until 2024. Fleet renewal efforts included acquiring three newer containerships and selling two older vessels. Costamare also extended charters for multiple vessels, indicating ongoing demand. A dividend of $0.10/share was declared, reinforcing shareholder returns amid challenges.
- Liquidity of $210.4 million as of Q3 2020.
- Net income of $25.2 million, indicating profitability.
- Acquisition of three newer containerships enhancing fleet quality.
- Extended charters for 13 vessels supporting future cash flow.
- Declared dividend of $0.10 per share on common stock.
- Voyage revenue decreased by 12.7% to $107.9 million compared to Q3 2019.
- Net loss available to common stockholders was $40.9 million for the nine-month period in 2020.
MONACO, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported unaudited financial results for the third quarter (“Q3 2020”) and nine-months ended September 30, 2020.
- Liquidity of
$210.4 million as of end Q3 2020 (including our share of cash amounting to$23.0 million held in companies co-owned with York Capital Management Global Advisors LLC and an affiliated fund (collectively, together with the funds it manages or advises, “York”)). No meaningful debt maturities until 2024.
- Net Income of
$25.2 million or$0.14 per share in Q3 2020. - Adjusted Net Income available to common stockholders(1) of
$26.7 million or$0.22 per share in Q3 2020. - Voyage Revenues of
$107.9 million in Q3 2020. - Continued its fleet renewal. More specifically, the Company:
° Acquired or agreed to acquire the below three containerships of an average age of 12 years:
• JPO Scorpius (2007-built, 2,572 TEU capacity)
• A 2006-built, 5,600 TEU container vessel – acquisition is expected to be concluded in 2021
• A 2011-built, 4,200 TEU container vessel – acquisition is expected to be concluded in 2020
° Sold the below two containerships of an average age of 23 years:
• Zagora (1995-built, 1,162 TEU capacity)
• Singapore Express (2000-built, 4,890 TEU capacity) – sale was concluded in October 2020
- Delivery on August 7, 2020 and September 25, 2020 of the 12,690 TEU containerships YM Truth (ex. Hull Nr YZJ2015-2058) and YM Totality (ex. Hull Nr YZJ2015-2059), respectively, the second and third of a series of five sister vessels ordered in May 2018. The vessels commenced their ten-year charters with Yang Ming.
- Chartered in total 13 vessels over the quarter.
- Concluded the installation of scrubbers on board the two 2013-built, 8,827 TEU sister containerships, MSC Athens and MSC Athos and drawing down of a total amount of
$12 million for their financing. - 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 13 vessels over the quarter. More specifically, the Company agreed to:
I. Vessels above 5,500 TEU capacity (Post – Panamax)
- Extend the charter of the 2017-built, 11,010 TEU containership Cape Artemisio for two years (until Q1-Q3 2025) with Hapag Lloyd, at a daily rate of$36,650.
- Extend the charter of the 2016-built, 11,010 TEU containership Cape Akritas with ZIM for a period of 10.5 to 12 months at charterers’ option, starting from September 19, 2020, at a daily rate of$34,750.
- Extend the charter of the 2017-built, 11,010 TEU containership Cape Kortia with ZIM for a period of 10.5 to 12 months at charterers’ option, starting from October 8, 2020, at a daily rate of$34,750.
- Extend the charters of the 2006-built, 9,469 TEU containerships Cosco Guangzhou and Cosco Ningbo with COSCO for a period of approximately 17 to 19.5 months at charterers’ option, starting from November 15, 2020, at a daily rate of$30,900.
- Extend the charter of the 2000-built, 6,648 TEU containership York with Maersk for a period of approximately 20.5 to 23 months at charterers’ option, starting from December 1, 2020, at a daily rate of$21,250.
- Charter the 2003-built, 5,928 TEU containership Venetiko for a period of approximately 10 to 11.5 months at charterers’ option, starting from August 31, 2020, at an undisclosed daily rate.
- Charter the 2001-built, 5,576 TEU containership Ensenada for a period of 7 to 9 months at charterers’ option, starting from November 12, 2020, at a daily rate of$21,500.
II. Vessels below 5,500 TEU capacity
- Extend the charters of the 2002-built, 4,992 TEU containerships ZIM Shanghai and ZIM New York with ZIM for an additional one-year period expiring on October 1, 2021, at a daily rate of$14,438 per vessel starting from October 2, 2020.
- Charter the 1996-built, 1,504 TEU containership Prosper with Sealand Maersk Asia for a period of 1 to 3 months at charterers’ option, starting from August 27, 2020, at a daily rate of$6,000. Subsequently, agreed to extend the charter for a period of 3.5 to 6 months at charterers’ option, starting from November 28, 2020, at a daily rate of$8,500.
- Charter the 1997-built, 2,458 TEU containership Messini for a period of 4 to 6 months at charterers’ option, starting from October 11, 2020, at a daily rate of$9,850.
- Charter the 2008-built, 1,300 TEU containership Trader for a period of approximately 4 to 6 months at charterers’ option, starting from September 1, 2020, at an undisclosed daily rate.
B. Fleet Renewal
I. Vessel Acquisitions
• In September 2020, we acquired the 2007-built, 2,572 TEU container vessel JPO Scorpius.
• In October 2020, we signed two Memorandum of Agreements for the acquisition of one 2011-built, 4,200 TEU container vessel and one 2006-built, 5,600 TEU container vessel. The first vessel is expected to be delivered in 2020 and the second one in 2021.
II. Vessel Disposals
• In September 2020, we sold the 1995-built, 1,162 TEU capacity containership Zagora.
• In October 2020, we sold the 2000-built, 4,890 TEU capacity containership Singapore Express.
C. Newbuild vessel deliveries
- On August 7, 2020 and September 25, 2020, we accepted delivery of the 12,690 TEU containerships YM Truth and YM Totality, respectively, the second and third of a series of five vessels ordered in May 2018. The vessels commenced their respective ten-year charters with Yang Ming. Both vessels, as well as the remaining two sister vessels currently under construction have secured pre and post delivery financing.
D. Dividend announcements
- On October 2, 2020, we declared a dividend for the quarter ended September 30, 2020, of
$0.10 per share on our common stock, payable on November 5, 2020, to stockholders of record of common stock as of October 20, 2020. - On October 2, 2020, we declared a dividend of
$0.47 6563 per share on our Series B Preferred Stock, a dividend of$0.53 1250 per share on our Series C Preferred Stock, a dividend of$0.54 6875 per share on our Series D Preferred Stock and a dividend of$0.55 4688 per share on our Series E Preferred Stock, which were all paid on October 15, 2020 to holders of record as of October 14, 2020.
Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:
“During the third quarter the Company continued its profitability.
As part of our fleet renewal program, we sold for demolition two vessels with an average age of 23 years and we agreed to acquire three larger secondhand ships on average 11 years younger. The new acquisitions will be initially funded with equity.
Meanwhile, our newbuilding program is progressing on schedule, and we have now accepted delivery of three out of the five 13,000 TEU vessels, which have commenced their 10-year charters.
On the market, the inactive containership fleet continues to shrink to levels below
With liquidity of above
Financial Summary
| Nine-month period ended September 30, | Three-month period ended September 30, | |||||||||||||||||||
| (Expressed in thousands of U.S. dollars, except share and per share data): | 2019 | 2020 | 2019 | 2020 | ||||||||||||||||
| Voyage revenue | $ | 353,641 | $ | 341,176 | $ | 123,631 | $ | 107,903 | ||||||||||||
| Accrued charter revenue (1) | $ | (115 | ) | $ | 15,942 | $ | (306 | ) | $ | 8,221 | ||||||||||
| Amortization of Time-charter assumed | $ | 143 | $ | 144 | $ | 48 | $ | 49 | ||||||||||||
| Voyage revenue adjusted on a cash basis (2) | $ | 353,669 | $ | 357,262 | $ | 123,373 | $ | 116,173 | ||||||||||||
| Adjusted Net Income available to common stockholders (3) | $ | 66,700 | $ | 91,005 | $ | 30,948 | $ | 26,740 | ||||||||||||
| Weighted Average number of shares | 114,744,125 | 120,319,521 | 117,111,191 | 121,094,924 | ||||||||||||||||
| Adjusted Earnings per share (3) | $ | 0.58 | $ | 0.76 | $ | 0.26 | $ | 0.22 | ||||||||||||
| Net Income / (Loss) | $ | 63,112 | $ | (18,198 | ) | $ | 35,976 | $ | 25,249 | |||||||||||
| Net Income / (Loss) available to common stockholders | $ | 39,660 | $ | (40,894 | ) | $ | 28,072 | $ | 17,395 | |||||||||||
| Weighted Average number of shares | 114,744,125 | 120,319,521 | 117,111,191 | 121,094,924 | ||||||||||||||||
| Earnings / (Losses) per share | $ | 0.35 | $ | (0.34 | ) | $ | 0.24 | $ | 0.14 | |||||||||||
(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 nine-month periods ended September 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
| Nine-month period ended September 30, | Three-month period ended September 30, | ||||||||||||||
| (Expressed in thousands of U.S. dollars, except share and per share data) | 2019 | 2020 | 2019 | 2020 | |||||||||||
| Net Income / (Loss) | $ | 63,112 | $ | (18,198 | ) | $ | 35,976 | $ | 25,249 | ||||||
| Earnings allocated to Preferred Stock | (23,452 | ) | (23,315 | ) | (7,904 | ) | (7,854 | ) | |||||||
| Gain on retirement of Preferred Stock | - | 619 | - | - | |||||||||||
| Net Income / (Loss) available to common stockholders | 39,660 | (40,894 | ) | 28,072 | 17,395 | ||||||||||
| Accrued charter revenue | (115 | ) | 15,942 | (306 | ) | 8,221 | |||||||||
| General and administrative expenses - non-cash component | 2,453 | 2,416 | 908 | 908 | |||||||||||
| Amortization of Time charter assumed | 143 | 144 | 48 | 49 | |||||||||||
| Realized (Gain) / loss on Euro/USD forward contracts (1) | 367 | (488 | ) | 159 | (410 | ) | |||||||||
| Vessels’ impairment loss | 3,042 | 31,577 | - | - | |||||||||||
| Loss on sale / disposals of vessels | 18,420 | 65,260 | - | 432 | |||||||||||
| Non-recurring, non-cash write-off of loan deferred financing costs | 1,127 | 478 | 1,127 | - | |||||||||||
| Swaps’ breakage costs | 16 | 6 | 16 | 6 | |||||||||||
| Loss on sale / disposal of vessel by a jointly owned company with York included in equity gain on investments | 38 | - | - | - | |||||||||||
| Loss on vessels held for sale | 480 | 14,359 | 480 | - | |||||||||||
| Loss on derivative instruments, excluding interest accrued and realized on non-hedging derivative instruments (1) | 1,069 | 2,205 | 444 | 139 | |||||||||||
| Adjusted Net Income available to common stockholders | $ | 66,700 | $ | 91,005 | $ | 30,948 | $ | 26,740 | |||||||
| Adjusted Earnings per Share | $ | 0.58 | $ | 0.76 | $ | 0.26 | $ | 0.22 | |||||||
| Weighted average number of shares | 114,744,125 | 120,319,521 | 117,111,191 | 121,094,924 | |||||||||||
Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income / (loss) 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, 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, swaps’ breakage costs, 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 September 30, 2020 compared to the three-month period ended September 30, 2019
During the three-month periods ended September 30, 2020 and 2019, we had an average of 59.5 and 60.0 vessels, respectively, in our fleet. In the three-month period ended September 30, 2020, we accepted delivery of the newbuild vessels YM Triumph, YM Truth and YM Totality with an aggregate TEU capacity of 38,070 and the secondhand vessel JPO Scorpius with a TEU capacity of 2,572; and we sold the vessels Kawasaki, Kokura and Zagora with an aggregate TEU capacity of 15,968. In the three-month periods ended September 30, 2020 and 2019, our fleet ownership days totaled 5,478 and 5,520 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, | Three-month period ended September 30, | Percentage | |||||||||||
| except percentages) | 2019 | 2020 | Change | Change | |||||||||
| Voyage revenue | $ | 123.6 | $ | 107.9 | $ | (15.7 | ) | (12.7 | %) | ||||
| Voyage expenses | (0.7 | ) | (2.4 | ) | 1.7 | 242.9 | % | ||||||
| Voyage expenses – related parties | (1.7 | ) | (1.6 | ) | (0.1 | ) | (5.9 | %) | |||||
| Vessels’ operating expenses | (29.2 | ) | (30.2 | ) | 1.0 | 3.4 | % | ||||||
| General and administrative expenses | (1.5 | ) | (1.5 | ) | - | - | |||||||
| Management fees – related parties | (5.3 | ) | (5.5 | ) | 0.2 | 3.8 | % | ||||||
| General and administrative expenses - non-cash component | (0.9 | ) | (0.9 | ) | - | - | |||||||
| Amortization of dry-docking and special survey costs | (2.3 | ) | (2.2 | ) | (0.1 | ) | (4.3 | %) | |||||
| Depreciation | (25.3 | ) | (25.9 | ) | 0.6 | 2.4 | % | ||||||
| Loss on sale / disposals of vessels | - | (0.4 | ) | 0.4 | n.m. | ||||||||
| Loss on vessels held for sale | (0.5 | ) | - | (0.5 | ) | n.m. | |||||||
| Interest income | 0.8 | 0.3 | (0.5 | ) | (62.5 | %) | |||||||
| Interest and finance costs | (24.0 | ) | (16.1 | ) | (7.9 | ) | (32.9 | %) | |||||
| Income from equity method investments | 3.1 | 4.0 | 0.9 | 29.0 | % | ||||||||
| Other | 0.3 | 0.1 | (0.2 | ) | (66.7 | %) | |||||||
| Loss on derivative instruments | (0.4 | ) | (0.4 | ) | - | - | |||||||
| Net Income | $ | 36.0 | $ | 25.2 | |||||||||
| (Expressed in millions of U.S. dollars, | Three-month period ended September 30, | Percentage | |||||||||||
| except percentages) | 2019 | 2020 | Change | Change | |||||||||
| Voyage revenue | $ | 123.6 | $ | 107.9 | $ | (15.7 | ) | (12.7 | %) | ||||
| Accrued charter revenue | (0.3 | ) | 8.2 | 8.5 | n.m. | ||||||||
| Amortization of time charter assumed | - | - | - | - | |||||||||
| Voyage revenue adjusted on a cash basis (1) | $ | 123.3 | $ | 116.1 | $ | (7.2 | ) | (5.8 | %) | ||||
| Vessels’ operational data | Three-month period ended September 30, | Percentage | ||||||||
| 2019 | 2020 | Change | Change | |||||||
| Average number of vessels | 60.0 | 59.5 | (0.5 | ) | (0.8 | %) | ||||
| Ownership days | 5,520 | 5,478 | (42 | ) | (0.8 | %) | ||||
| Number of vessels under dry-docking | - | 2 | 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 September 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 September 30, 2020 and 2019 was
Loss on sale / disposal of vessels
During the three-month period ended September 30, 2020, we recorded an additional loss of
Interest Income
Interest income amounted to
Interest and Finance Costs
Interest and finance costs were
Swaps’ Breakage Costs
During the three-month period ended September 30, 2020, we terminated two interest rate derivative instruments that qualified for hedge accounting and we paid the counterparties breakage costs in the amount of
Income from Equity Method Investments
During the three-month period ended September 30, 2020, we recorded an income from the equity method investments of
Gain/(Loss) on Derivative Instruments
The fair value of our seven interest rate derivative instruments which were outstanding as of September 30, 2020 equates to the amount that would be paid by us or to us should those instruments be terminated. As of September 30, 2020, the fair value of these seven interest rate derivative instruments in aggregate amounted to a liability of
Cash Flows
Three-month periods ended September 30, 2020 and 2019
| Condensed cash flows | Three-month period ended September 30, | ||||||
| (Expressed in millions of U.S. dollars) | 2019 | 2020 | |||||
| Net Cash Provided by Operating Activities | $ | 66.4 | $ | 66.7 | |||
| Net Cash Used in Investing Activities | $ | (0.4 | ) | $ | (23.3 | ) | |
| Net Cash Used in Financing Activities | $ | (145.7 | ) | $ | (57.2 | ) | |
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the three-month period ended September 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 Used in Financing Activities
Net cash used in financing activities was
Net cash used in financing activities was
Nine-month period ended September 30, 2020 compared to the nine-month period ended September 30, 2019
During the nine-month periods ended September 30, 2020 and 2019, we had an average of 59.9 and 60.6 vessels, respectively, in our fleet. In the nine-month periods ended September 30, 2020, we accepted delivery of the newbuild vessels YM Triumph, YM Truth and YM Totality with an aggregate TEU capacity of 38,070 and the secondhand vessels JPO Virgo and JPO Scorpius with a TEU capacity of 6,830; and we sold the vessels Neapolis, Kawasaki, Kokura and Zagora with an aggregate TEU capacity of 17,613. In the nine-month period ended September 30, 2019, we sold the container vessels MSC Pylos and Piraeus with an aggregate TEU capacity of 7,012. In the nine-month periods ended September 30, 2020 and 2019, our fleet ownership days totaled 16,413 and 16,555 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, | Nine-month period ended September 30, | Percentage | |||||||||
| except percentages) | 2019 | 2020 | Change | Change | |||||||
| Voyage revenue | $ | 353.6 | $ | 341.2 | $ | (12.4 | ) | (3.5 | %) | ||
| Voyage expenses | (3.2 | ) | (6.4 | ) | 3.2 | 100.0 | % | ||||
| Voyage expenses – related parties | (3.6 | ) | (4.7 | ) | 1.1 | 30.6 | % | ||||
| Vessels’ operating expenses | (87.3 | ) | (85.0 | ) | (2.3 | ) | (2.6 | %) | |||
| General and administrative expenses | (4.1 | ) | (5.3 | ) | 1.2 | 29.3 | % | ||||
| Management fees – related parties | (16.2 | ) | (16.0 | ) | (0.2 | ) | (1.2 | %) | |||
| General and administrative expenses - non-cash component | (2.5 | ) | (2.4 | ) | (0.1 | ) | (4.0 | %) | |||
| Amortization of dry-docking and special survey costs | (6.7 | ) | (6.8 | ) | 0.1 | 1.5 | % | ||||
| Depreciation | (85.1 | ) | (81.6 | ) | (3.5 | ) | (4.1 | %) | |||
| Loss on sale / disposal of vessels | (18.4 | ) | (65.3 | ) | 46.9 | 254.9 | % | ||||
| Loss on vessels held for sale | (0.5 | ) | (14.4 | ) | 13.9 | n.m. | |||||
| Vessels’ impairment loss | (3.0 | ) | (31.6 | ) | 28.6 | n.m. | |||||
| Foreign exchange losses | - | (0.2 | ) | 0.2 | n.m. | ||||||
| Interest income | 2.5 | 1.5 | (1.0 | ) | (40.0 | %) | |||||
| Interest and finance costs | (69.3 | ) | (51.5 | ) | (17.8 | ) | (25.7 | %) | |||
| Swaps’ breakage costs | - | - | - | - | |||||||
| Income from equity method investments | 7.4 | 12.2 | 4.8 | 64.9 | % | ||||||
| Other | 0.5 | 0.5 | - | - | |||||||
| Loss on derivative instruments | (1.0 | ) | (2.4 | ) | 1.4 | 140.0 | % | ||||
| Net Income / (Loss) | $ | 63.1 | $ | (18.2 | ) | ||||||
| (Expressed in millions of U.S. dollars, except percentages) | Nine-month period ended September 30, | Change | Percentage Change | ||||||||
| 2019 | 2020 | ||||||||||
| Voyage revenue | $ | 353.6 | $ | 341.2 | $ | (12.4 | ) | (3.5 | %) | ||
| Accrued charter revenue | (0.1 | ) | 15.9 | 16.0 | n.m. | ||||||
| Amortization of time charter assumed | 0.2 | 0.2 | - | - | |||||||
| Voyage revenue adjusted on a cash basis (1) | $ | 353.7 | $ | 357.3 | $ | 3.6 | 1.0 | % | |||
| Vessels’ operational data | Nine-month period ended September 30, | Percentage Change | |||||||
| 2019 | 2020 | Change | |||||||
| Average number of vessels | 60.6 | 59.9 | (0.7 | ) | (1.2 | %) | |||
| Ownership days | 16,555 | 16,413 | (142 | ) | (0.9 | %) | |||
| Number of vessels under dry-docking | 6 | 9 | 3 | ||||||
(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”), 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
__________________
1
General and administrative expenses - non-cash component
General and administrative expenses - non-cash component for the nine-month period ended September 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 nine-month period ended September 30, 2020 and 2019 was
Loss on sale / disposal of vessels
During the nine-month period ended September 30, 2020, we recorded an aggregate net loss of
Loss on vessels held for sale
During the nine-month period ended September 30, 2020, we recorded a loss on vessels held for sale of
Vessels’ impairment loss
During the nine-month period ended September 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
Swaps’ Breakage Costs
During the nine-month period ended September 30, 2020, we terminated two interest rate derivative instruments that qualified for hedge accounting and we paid the counterparties breakage costs in the amount of
Income from Equity Method Investments
During the nine-month period ended September 30, 2020, we recorded an income from the equity method investments of
Loss on Derivative Instruments
The fair value of our seven interest rate derivative instruments which were outstanding as of September 30, 2020 equates to the amount that would be paid by us or to us should those instruments be terminated. As of September 30, 2020, the fair value of these seven interest rate derivative instruments in aggregate amounted to a liability of
Cash Flows
Nine-month periods ended September 30, 2020 and 2019
| Condensed cash flows | Nine-month period ended September 30, | ||||||
| (Expressed in millions of U.S. dollars) | 2019 | 2020 | |||||
| Net Cash Provided by Operating Activities | $ | 173.6 | $ | 205.9 | |||
| Net Cash Provided by/ (Used in) Investing Activities | $ | 8.9 | $ | (21.7 | ) | ||
| Net Cash Used in Financing Activities | $ | (144.8 | ) | $ | (192.7 | ) | |
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the nine-month period ended September 30, 2020, increased by
Net Cash Provided by / (Used in) Investing Activities
Net cash used in 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 used in financing activities was
Liquidity and Unencumbered Vessels
Cash and cash equivalents
As of September 30, 2020, we had a total cash liquidity of
Debt-free vessels
As of October 27, 2020, the following vessels were free of debt.
Unencumbered Vessels
(Refer to fleet list for full details)
| Vessel Name | Year Built | TEU Capacity | ||
| JPO SCORPIUS | 2007 | 2,572 | ||
| 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 Wednesday, October 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 November 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: 10149408.
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 72 containerships, with a total capacity of approximately 529,000 TEU, including two 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 October 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 | YM TRUTH(ii) | Yang Ming | 2020 | 12,690 | (*) | May 2030 |
| 8 | YM TOTALITY(ii) | Yang Ming | 2020 | 12,690 | (*) | July 2030 |
| 9 | CAPE AKRITAS(i) | ZIM | 2016 | 11,010 | 34,750 | August 2021 |
| 10 | CAPE TAINARO(i) | ZIM | 2017 | 11,010 | 38,000 | March 2021 |
| 11 | CAPE KORTIA(i) | ZIM | 2017 | 11,010 | 34,750 | August 2021 |
| 12 | CAPE SOUNIO(i) | ZIM | 2017 | 11,010 | 38,000 | March 2021 |
| 13 | CAPE ARTEMISIO(i) | Hapag Lloyd | 2017 | 11,010 | 36,650 | March 2025 |
| 14 | COSCO GUANGZHOU | COSCO | 2006 | 9,469 | 30,900 | April 2022(3) |
| 15 | COSCO NINGBO | COSCO | 2006 | 9,469 | 30,900 | April 2022(3) |
| 16 | YANTIAN | COSCO | 2006 | 9,469 | (*) | November 2020 |
| 17 | BEIJING | COSCO | 2006 | 9,469 | (*) | November 2020 |
| 18 | COSCO HELLAS | COSCO | 2006 | 9,469 | (*) | November 2020 |
| 19 | MSC AZOV | MSC | 2014 | 9,403 | 46,300 | December 2026(4) |
| 20 | MSC AMALFI | MSC | 2014 | 9,403 | 46,300 | March 2027(5) |
| 21 | MSC AJACCIO | MSC | 2014 | 9,403 | 46,300 | February 2027(6) |
| 22 | MSC ATHENS(ii) | MSC | 2013 | 8,827 | 45,300 | January 2026(7) |
| 23 | MSC ATHOS(ii) | MSC | 2013 | 8,827 | 45,300 | February 2026(8) |
| 24 | VALOR | Hapag Lloyd | 2013 | 8,827 | 32,400 | April 2025 |
| 25 | VALUE | Hapag Lloyd | 2013 | 8,827 | 32,400 | April 2025 |
| 26 | VALIANT | Hapag Lloyd | 2013 | 8,827 | 32,400 | June 2025 |
| 27 | VALENCE | Hapag Lloyd | 2013 | 8,827 | 32,400 | July 2025 |
| 28 | VANTAGE | Hapag Lloyd | 2013 | 8,827 | 32,400 | September 2025 |
| 29 | NAVARINO | MSC | 2010 | 8,531 | 23,000 | March 2021 |
| 30 | MAERSK KLEVEN | Maersk | 1996 | 8,044 | 17,500 | April 2021 |
| 31 | MAERSK KOTKA | Maersk | 1996 | 8,044 | 17,500 | April 2021 |
| 32 | MAERSK KOWLOON | Maersk | 2005 | 7,471 | 16,000 | June 2022 |
| 33 | KURE | COSCO | 1996 | 7,403 | 9,500 | November 2020 |
| 34 | MSC METHONI | MSC | 2003 | 6,724 | 29,000 | September 2021 |
| 35 | YORK | Maersk | 2000 | 6,648 | 21,250 | August 2022(9) |
| 36 | KOBE | RCL Feeder | 2000 | 6,648 | 14,500 | August 2021 |
| 37 | SEALAND WASHINGTON | Maersk | 2000 | 6,648 | 18,500 | March 2022(10) |
| 38 | SEALAND MICHIGAN | Maersk | 2000 | 6,648 | 18,500 | March 2022(10) |
| 39 | SEALAND ILLINOIS | Maersk | 2000 | 6,648 | 18,500 | March 2022(10) |
| 40 | MAERSK KOLKATA | Maersk | 2003 | 6,644 | 18,500 | March 2022(10) |
| 41 | MAERSK KINGSTON | Maersk | 2003 | 6,644 | 18,500 | March 2022(10) |
| 42 | MAERSK KALAMATA | Maersk | 2003 | 6,644 | 18,500 | March 2022(10) |
| 43 | VENETIKO | (*) | 2003 | 5,928 | (*) | July 2021 |
| 44 | ENSENADA (i) | (*) | 2001 | 5,576 | 21,500 | June 2021(11) |
| 45 | ZIM NEW YORK | ZIM | 2002 | 4,992 | 14,438 | October 2021(12) |
| 46 | ZIM SHANGHAI | ZIM | 2002 | 4,992 | 14,438 | October 2021(12) |
| 47 | LEONIDIO(ii) | Maersk | 2014 | 4,957 | 14,200 | December 2024 |
| 48 | KYPARISSIA(ii) | Maersk | 2014 | 4,957 | 14,200 | November 2024 |
| 49 | MEGALOPOLIS | Maersk | 2013 | 4,957 | 13,500 | July 2025 |
| 50 | MARATHOPOLIS | Maersk | 2013 | 4.957 | 13,500 | July 2025 |
| 51 | OAKLAND EXPRESS | Hapag Lloyd | 2000 | 4,890 | 13,750 | January 2021 |
| 52 | HALIFAX EXPRESS | Hapag Lloyd | 2000 | 4,890 | 10,000 | November 2020 |
| 53 | VULPECULA | OOCL | 2010 | 4,258 | 7,000 | December 2020 |
| 54 | VOLANS | ZIM | 2010 | 4,258 | 7,000 | November 2020 |
| 55 | VIRGO | Evergreen | 2009 | 4,258 | 8,600 | February 2021 |
| 56 | VELA | OOCL | 2009 | 4,258 | 7,950 | November 2020 |
| 57 | ULSAN | Maersk | 2002 | 4,132 | 12,000 | June 2021 |
| 58 | POLAR ARGENTINA(i)(ii) | Maersk | 2018 | 3,800 | 19,700 | October 2024 |
| 59 | POLAR BRASIL(i)(ii) | Maersk | 2018 | 3,800 | 19,700 | January 2025 |
| 60 | LAKONIA | COSCO | 2004 | 2,586 | 7,500 | November 2020 |
| 61 | JPO SCORPIUS | Pool | 2007 | 2,572 | Pool Participation | |
| 62 | ETOILE | (*) | 2005 | 2,556 | (*) | January 2021 |
| 63 | AREOPOLIS | COSCO | 2000 | 2,474 | 7,500 | November 2020 |
| 64 | MONEMVASIA(i) | Maersk | 1998 | 2,472 | 9,250 | November 2021 |
| 65 | MESSINI | (*) | 1997 | 2,458 | 9,850 | February 2021 |
| 66 | ARKADIA(i) | Evergreen | 2001 | 1,550 | 8,650 | November 2020 |
| 67 | PROSPER | Sealand Maersk Asia | 1996 | 1,504 | 8,500 | March 2021(13) |
| 68 | MICHIGAN | MSC | 2008 | 1,300 | 6,650 | November 2020 |
| 69 | TRADER | (*) | 2008 | 1,300 | (*) | January 2021 |
| 70 | LUEBECK | MSC | 2001 | 1,078 | 6,200 | January 2021 |
Newbuilds
Vessel Name | Shipyard | Capacity (TEU) | Charterer | Expected Delivery(14) | |
| 1 | YZJ2015-2060 | Jiangsu Yangzijiang Shipbuilding Group | 12,690 | Yang Ming | Q1 2021 |
| 2 | 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) This charter rate will be earned by Cosco Guangzhou and Cosco Ningbo from November 15, 2020. Until then both vessels are chartered at an undisclosed daily rate.
(4) This charter rate will be earned by MSC Azov until December 2, 2023. From the aforementioned date until the expiry of the charter, the daily rate will be
(5) 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
(6) 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
(7) This charter rate will be earned by MSC Athens until January 29, 2023. From the aforementioned date until the expiry of the charter, the daily rate will be
(8) 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
(9) This charter rate will be earned by York from December 1, 2020. Until then the daily charter rate will be
(10) The daily rate for Sealand Washington, Sealand Michigan, Sealand Illinois, Maersk Kolkata, Maersk Kingston and Maersk Kalamata is a base rate of
(11) This charter rate will be earned by Ensenada from November 12, 2020. Until then the daily charter rate will be
(12) 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
(13) This charter rate will be earned by Prosper from November 28, 2020. Until then the daily charter rate will be
(14) 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
| Nine-months ended September 30, | Three-months ended September 30, | |||||||||||
| (Expressed in thousands of U.S. dollars, except share and per share amounts) | 2019 | 2020 | 2019 | 2020 | ||||||||
| REVENUES: | ||||||||||||
| Voyage revenue | $ | 353,641 | $ | 341,176 | $ | 123,631 | $ | 107,903 | ||||
| EXPENSES: | ||||||||||||
| Voyage expenses | (3,180 | ) | (6,383 | ) | (701 | ) | (2,380 | ) | ||||
| Voyage expenses – related parties | (3,610 | ) | (4,753 | ) | (1,658 | ) | (1,623 | ) | ||||
| Vessels' operating expenses | (87,322 | ) | (84,999 | ) | (29,158 | ) | (30,241 | ) | ||||
| General and administrative expenses | (4,115 | ) | (5,301 | ) | (1,464 | ) | (1,543 | ) | ||||
| Management fees - related parties | (16,164 | ) | (16,023 | ) | (5,337 | ) | (5,502 | ) | ||||
| General and administrative expenses - non-cash component | (2,453 | ) | (2,416 | ) | (908 | ) | (908 | ) | ||||
| Amortization of dry-docking and special survey costs | (6,737 | ) | (6,765 | ) | (2,266 | ) | (2,228 | ) | ||||
| Depreciation | (85,081 | ) | (81,618 | ) | (25,320 | ) | (25,881 | ) | ||||
| Loss on sale / disposal of vessels, net | (18,420 | ) | (65,260 | ) | - | (432 | ) | |||||
| Loss on vessels held for sale | (480 | ) | (14,359 | ) | (480 | ) | - | |||||
| Vessels’ impairment loss | (3,042 | ) | (31,577 | ) | - | - | ||||||
| Foreign exchange gains / (losses) | (28 | ) | (203 | ) | (45 | ) | 4 | |||||
| Operating income | $ | 123,009 | $ | 21,519 | $ | 56,294 | $ | 37,169 | ||||
| OTHER INCOME / (EXPENSES): | ||||||||||||
| Interest income | $ | 2,512 | $ | 1,464 | $ | 826 | $ | 377 | ||||
| Interest and finance costs | (69,342 | ) | (51,452 | ) | (24,026 | ) | (16,085 | ) | ||||
| Swaps’ breakage cost, net | (16 | ) | (6 | ) | (16 | ) | (6 | ) | ||||
| Income from equity method investments | 7,409 | 12,201 | 3,110 | 3,960 | ||||||||
| Other | 561 | 468 | 234 | 160 | ||||||||
| Loss on derivative instruments | (1,021 | ) | (2,392 | ) | (446 | ) | (326 | ) | ||||
| Total other expenses | $ | (59,897 | ) | $ | (39,717 | ) | $ | (20,318 | ) | $ | (11,920 | ) |
| Net Income / (Loss) | $ | 63,112 | $ | (18,198 | ) | $ | 35,976 | $ | 25,249 | |||
| Earnings allocated to Preferred Stock | (23,452 | ) | (23,315 | ) | (7,904 | ) | (7,854 | ) | ||||
| Gain on retirement of Preferred Stock | - | 619 | - | - | ||||||||
| Net Income / (Loss) available to common stockholders | $ | 39,660 | $ | (40,894 | ) | $ | 28,072 | $ | 17,395 | |||
| Earnings / (Losses) per common share, basic and diluted | $ | 0.35 | $ | (0.34 | ) | $ | 0.24 | $ | 0.14 | |||
| Weighted average number of shares, basic and diluted | 114,744,125 | 120,319,521 | 117,111,191 | 121,094,924 | ||||||||
COSTAMARE INC.
Consolidated Balance Sheets
| As of December 31, | As of September 30, | |||||
| (Expressed in thousands of U.S. dollars) | 2019 | 2020 | ||||
| ASSETS | (Unaudited) | |||||
| CURRENT ASSETS: | ||||||
| Cash and cash equivalents | $ | 148,928 | $ | 138,435 | ||
| Restricted cash | 6,912 | 5,591 | ||||
| Accounts receivable | 7,397 | 8,321 | ||||
| Inventories | 10,546 | 10,016 | ||||
| Due from related parties | 7,576 | 2,122 | ||||
| Fair value of derivatives | 748 | - | ||||
| Insurance claims receivable | 1,607 | 1,498 | ||||
| Asset held for sale | 4,908 | 5,750 | ||||
| Time charter assumed | 192 | 191 | ||||
| Prepayments and other | 8,430 | 9,693 | ||||
| Total current assets | $ | 197,244 | $ | 181,617 | ||
| FIXED ASSETS, NET: | ||||||
| Right-of-use assets | $ | 188,429 | $ | 200,921 | ||
| Vessels and advances, net | 2,431,830 | 2,479,124 | ||||
| Total fixed assets, net | $ | 2,620,259 | $ | 2,680,045 | ||
| NON-CURRENT ASSETS: | ||||||
| Equity method investments | $ | 111,681 | $ | 82,320 | ||
| Deferred charges, net | 21,983 | 27,064 | ||||
| Accounts receivable, non-current | 8,600 | 3,911 | ||||
| Restricted cash | 40,031 | 43,343 | ||||
| Fair value of derivatives, non-current | 605 | - | ||||
| Time charter assumed, non-current | 1,030 | 887 | ||||
| Other non-current assets | 10,525 | 10,456 | ||||
| Total assets | $ | 3,011,958 | $ | 3,029,643 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| CURRENT LIABILITIES: | ||||||
| Current portion of long-term debt | $ | 210,745 | $ | 167,037 | ||
| Accounts payable | 6,215 | 9,506 | ||||
| Due to related parties | 473 | 385 | ||||
| Finance lease liabilities | 16,810 | 16,451 | ||||
| Accrued liabilities | 19,417 | 19,977 | ||||
| Unearned revenue | 10,387 | 12,047 | ||||
| Fair value of derivatives | 397 | 3,517 | ||||
| Other current liabilities | 2,090 | 2,390 | ||||
| Total current liabilities | $ | 266,534 | $ | 231,310 | ||
| NON-CURRENT LIABILITIES | ||||||
| Long-term debt, net of current portion | $ | 1,206,405 | $ | 1,312,411 | ||
| Finance lease liabilities, net of current portion | 119,925 | 120,512 | ||||
| Fair value of derivatives, net of current portion | 433 | 4,479 | ||||
| Unearned revenue, net of current portion | 7,933 | 24,326 | ||||
| Total non-current liabilities | $ | 1,334,696 | $ | 1,461,728 | ||
| COMMITMENTS AND CONTINGENCIES | ||||||
| STOCKHOLDERS’ EQUITY: | ||||||
| Preferred stock | $ | - | $ | - | ||
| Common stock | 12 | 12 | ||||
| Additional paid-in capital | 1,351,352 | 1,362,370 | ||||
| Retained earnings / (Accumulated deficit) | 60,578 | (16,879 | ) | |||
| Accumulated other comprehensive loss | (1,214 | ) | (8,898 | ) | ||
| Total stockholders’ equity | $ | 1,410,728 | $ | 1,336,605 | ||
| Total liabilities and stockholders’ equity | $ | 3,011,958 | $ | 3,029,643 | ||
FAQ
What were Costamare's financial results for Q3 2020?
What is the liquidity position of Costamare as of Q3 2020?
Did Costamare declare any dividends recently?
How did Costamare's voyage revenue change in Q3 2020?
What strategic actions did Costamare take in Q3 2020?
