Costamare Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2022
MONACO, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported unaudited financial results for the fourth quarter (“Q4 2022”) and year ended December 31, 2022.
I. RECORD PROFITABILITY FOR YEAR ENDED 2022
2022 Net Income available to common stockholders of $523.9 million ($4.26 per share) vs $404.1 million ($3.28 per share) in 2021.
2022 Adjusted Net Income available to common stockholders1 of $405.3 million ($3.30 per share) vs $289.9 million ($2.36 per share) in 2021.
Q4 2022 Net Income available to common stockholders of $186.7 million ($1.53 per share) vs $153.4 million ($1.24 per share) in Q4 2021.
Q4 2022 Adjusted Net Income available to common stockholders1 of $74.8 million ($0.61 per share) vs $112.1 million ($0.91 per share) in Q4 2021.
2022 Year-end liquidity of $973.2 million2 vs $552.3 million3 in 2021 Year-end.
II. DRY BULK OPERATING PLATFORM
Setup of a new venture under Costamare Bulkers Inc. (“CBI”), which is fully consolidated with the Company.
CBI will charter-in/out dry bulk vessels, enter into contracts of affreightment, forward freight agreements and may also utilize hedging solutions.
CBI has currently fixed a fleet of 14 Newcastlemax/Capesize bulk carriers and a fleet of 9 Kamsarmax/Panamax bulk carriers.
III. NEW DEBT FINANCING
New financing agreements totaling approximately $558 million in aggregate and extension of maturity of a bilateral loan facility. More specifically:
Refinancing of existing indebtedness of 10 containerships, secured by long term contracted cash flows:
Bilateral loan facility for a total amount of approximately $323 million.
Loan proceeds used for prepayment of existing indebtedness and general corporate purposes.
Seven year tenor.
Significant improvement of funding cost, and extension of maturity for eight out of the ten refinanced vessels.
Refinancing of existing indebtedness of two containerships, secured by long term contracted cash flows:
Bilateral loan facility for a total amount of $85 million.
Loan proceeds used for prepayment of existing indebtedness and general corporate purposes.
Eight year tenor.
Five year extension of original loan maturity for the two refinanced vessels.
Refinancing of existing indebtedness of nine dry bulk carriers:
Bilateral hunting license loan facility for a total amount of $120 million.
Approximately $83 million drawn for the refinancing of the original indebtedness.
Six year tenor.
Refinancing of existing indebtedness of three dry bulk carriers:
Bilateral loan facility for a total amount of $30 million.
Loan proceeds of $30 million used for prepayment of existing indebtedness.
Six year tenor.
Extension of the original maturity until Q1 2029, of a bilateral loan facility (outstanding indebtedness of approximately $127 million) secured by two containerships with long term contracted cash flows.
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1 Adjusted Net Income available to common stockholders and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare’s financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I.
2 Including our share of cash amounting to $4.5 million held by vessel owning-companies set-up pursuant to the Framework Deed dated May 15, 2013, as amended and restated from time to time (the “Framework Deed”), between the Company and York Capital Management Global Advisors LLC and an affiliated fund (collectively, “York”), short term investments in U.S. Treasury Bills amounting to $120.0 million and $37.1 million of available undrawn funds from one hunting license facility as of December 31, 2022.
3 Including our share of cash amounting to $5.5 million held by vessel owning-companies set-up pursuant to the Framework Deed and $193.3 million of available undrawn funds from two hunting license facilities (adjusted for the $56.7 million drawn between January 1, 2022 and March 9, 2022 (date of Q4 2021 earnings release)).
IV. OWNED FLEET CHARTER UPDATE - FULLY EMPLOYED CONTAINERSHIP FLEET4 FOR THE YEAR AHEAD
96% and 85% of the containership fleet5 fixed for 2023 and 2024, respectively.
Contracted revenues for the containership fleet of approximately $3.2 billion with a TEU-weighted duration of 4.2 years6.
Entered into a total of 38 chartering agreements for the owned dry bulk fleet since Q3 2022 earnings release.
V. SALE AND PURCHASE ACTIVITY
Conclusion of the sale of the 2003-built, 6,644 TEU capacity containership, Maersk Kalamata in January 2023, resulting in an estimated capital gain of $48.5 million in Q1 2023.
VI. DIVIDEND ANNOUNCEMENTS
On January 3, 2023, the Company declared a dividend of $0.115 per share on the common stock, which was paid on February 7, 2023, to holders of record of common stock as of January 20, 2023.
On January 3, 2023, the Company declared a dividend of $0.476563 per share on the Series B Preferred Stock, $0.531250 per share on the Series C Preferred Stock, $0.546875 per share on the Series D Preferred Stock and $0.554688 per share on the Series E Preferred Stock, which were all paid on January 17, 2023 to holders of record as of January 13, 2023.
Available funds remaining under the share repurchase program of approximately $90 million for common shares and $150 million for preferred shares.
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4 Please refer to the Containership Fleet List table for additional information on vessel employment details for our containership fleet.
5 Calculated on a TEU basis, including vessels owned by vessel owning-companies set-up pursuant to the Framework Deed, and excluding one vessel that we have agreed to sell.
6 As of February 8, 2023. Total contracted revenues and TEU-weighted remaining time charter duration include our ownership percentage for four vessels owned pursuant to the Framework Deed.
Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:
“2022 has been a record year for Costamare. With a fleet of 117 vessels, including 45 dry bulk ships, the Company generated Net Income of above $523 million. As of the end of the year liquidity stood at around $970 million.
On the containerships side, 2022 was a unique year with the first half drawing upon favorable market conditions with strong demand and logistical disruptions continuing to impact the sector, while during the second half charter rates and asset values normalized as a result of reduced cargo demand and the return of capacity previously tied up by congestion.
We chartered a total of 16 secondhand containerships during the year, which added incremental contracted revenues of more than $550 million. Total contracted revenues amount to $3.2 billion with a weighted average remaining time charter duration of about 4.2 years.
We are above 95% covered for 2023 and we have proactively arranged long term employment on a forward basis for a number of containerships coming off charter between 2023 and 2025. At the same time, we are in the process of disposing of some older tonnage at prices fixed during a tight market environment.
On the dry bulk side, the new dry bulk operating platform previously announced commenced operations during the quarter. With an equity commitment of up to $200 million our goal is to grow the business on a prudent basis realizing healthy returns for our shareholders.
On the back of our increased liquidity and container charter coverage, we are actively pursuing new investment opportunities in the shipping sector that have the potential to provide enhanced returns at acceptable risk levels.”
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Financial Summary | ||||||||||||||||
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| Year ended December 31, |
| Three-month period ended | ||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share data) |
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| 2021 |
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| 2022 |
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| 2021 |
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| 2022 |
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Voyage revenue |
| $ | 793,639 |
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| $ | 1,113,859 |
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| $ | 283,918 |
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| $ | 265,431 |
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Accrued charter revenue (1) |
| $ | (11,303 | ) |
| $ | (2,631 | ) |
| $ | (14,473 | ) |
| $ | (3,413 | ) |
Amortization of time-charter assumed |
| $ | (424 | ) |
| $ | 198 |
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| $ | 39 |
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| $ | 50 |
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Voyage revenue adjusted on a cash basis (2) |
| $ | 781,912 |
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| $ | 1,111,426 |
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| $ | 269,484 |
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| $ | 262,068 |
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Adjusted Net Income available to common stockholders (3) |
| $ | 289,873 |
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| $ | 405,274 |
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| $ | 112,070 |
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| $ | 74,837 |
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Weighted Average number of shares |
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| 123,070,730 |
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| 122,964,358 |
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| 123,737,763 |
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| 121,983,112 |
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Adjusted Earnings per share (3) |
| $ | 2.36 |
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| $ | 3.30 |
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| $ | 0.91 |
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| $ | 0.61 |
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Net Income |
| $ | 435,121 |
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| $ | 554,692 |
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| $ | 161,154 |
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| $ | 194,176 |
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Net Income available to common stockholders |
| $ | 404,053 |
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| $ | 523,887 |
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| $ | 153,387 |
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| $ | 186,672 |
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Weighted Average number of shares |
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| 123,070,730 |
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| 122,964,358 |
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| 123,737,763 |
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| 121,983,112 |
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Earnings per share |
| $ | 3.28 |
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| $ | 4.26 |
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| $ | 1.24 |
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| $ | 1.53 |
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(1) Accrued charter revenue represents the difference between cash received during the period and revenue recognized on a straight-line basis. In the early years of a charter with escalating charter rates, voyage revenue will exceed cash received during the period and during the last years of such charter cash received will exceed revenue recognized on a straight-line basis. The reverse is true for charters with descending rates.
(2) 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. 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 of our fleet are described in the notes to the “Fleet List” tables below.
(3) Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are non-GAAP measures. Refer to the reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share.
Non-GAAP Measures
The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the three-months and the years ended December 31, 2022 and 2021. 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
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| Year ended |
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| Three-month period ended | |||||||||||
(Expressed in thousands of U.S. dollars, except share and per share data) |
| 2021 |
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| 2022 |
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| 2021 |
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| 2022 | |||||
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Net Income | $ | 435,121 |
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| $ | 554,692 |
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| $ | 161,154 |
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| $ | 194,176 |
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Earnings allocated to Preferred Stock |
| (31,068 | ) |
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| (31,068 | ) |
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| (7,767 | ) |
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| (7,767 | ) | |
Non-Controlling Interest |
| - |
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| 263 |
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| - |
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| 263 |
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Net Income available to common stockholders |
| 404,053 |
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| 523,887 |
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| 153,387 |
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| 186,672 |
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Accrued charter revenue |
| (11,303 | ) |
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| (2,631 | ) |
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| (14,473 | ) |
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| (3,413 | ) | |
General and administrative expenses - non-cash component |
| 7,414 |
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| 7,089 |
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| 1,891 |
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| 1,388 |
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Amortization of Time charter assumed |
| (424 | ) |
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| 198 |
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| 39 |
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| 50 |
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Realized loss on Euro/USD forward contracts |
| 460 |
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| 2,323 |
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| 434 |
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| 517 |
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Gain on sale of vessels, net |
| (45,894 | ) |
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| (126,336 | ) |
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| (27,819 | ) |
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| (105,086 | ) | |
Vessels’ impairment loss |
| - |
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| 1,691 |
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| - |
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| 1,691 |
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Non-recurring, non-cash write-off of loan deferred financing costs |
| 964 |
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| 3,309 |
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| 601 |
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| 914 |
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Gain on sale / disposal of vessel by a jointly owned company with York included in equity gain on investments |
| (5,726 | ) |
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| - |
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| - |
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| - |
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(Gain) / loss on derivative instruments, excluding interest accrued and realized on non-hedging derivative instruments (1) |
| 1,246 |
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| (2,698 | ) |
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| 27 |
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| (5,332 | ) | |
Non-recurring payments for loan cancellation fees |
| - |
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| 1,032 |
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| - |
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| 26 |
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Gain on sale of equity securities |
| (60,161 | ) |
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| - |
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| (2,017 | ) |
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| - |
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Other non-cash items |
| (756 | ) |
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| (2,590 | ) |
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| - |
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| (2,590 | ) | |
Adjusted Net Income available to common stockholders | $ | 289,873 |
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| $ | 405,274 |
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| $ | 112,070 |
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| $ | 74,837 |
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Adjusted Earnings per Share | $ | 2.36 |
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| $ | 3.30 |
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| $ | 0.91 |
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| $ | 0.61 |
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Weighted average number of shares |
| 123,070,730 |
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| 122,964,358 |
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| 123,737,763 |
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| 121,983,112 |
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Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after earnings allocated to preferred stock and Non-Controlling Interest, but before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, amortization of time-charter assumed, realized loss on Euro/USD forward contracts, gain on sale of vessels, net, vessels’ impairment loss, gain on sale of equity securities, non-recurring, non-cash write-off of loan deferred financing costs, non-recurring payments for loan cancellation fees, gain on sale / disposal of vessel by a jointly owned company with York included in equity gain on investments, general and administrative expenses - non-cash component, non-cash changes in fair value of derivatives and other non-cash items. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share generally eliminates the effects of the accounting effects of capital expenditures and acquisitions, certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income available to common stockholders and Adjusted Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
(1) Items to consider for comparability include gains and charges. Gains positively impacting Net Income available to common stockholders are reflected as deductions to Adjusted Net Income available to common stockholders. Charges negatively impacting Net Income available to common stockholders are reflected as increases to Adjusted Net Income available to common stockholders.
Results of Operations
Three-month period ended December 31, 2022 compared to the three-month period ended December 31, 2021
During the three-month periods ended December 31, 2022 and 2021, we had an average of 114.7 and 108.1 vessels, respectively, in our fleet.
During the three-month period ended December 31, 2022, we sold the container vessels Sealand Michigan, Sealand Illinois and York with an aggregate TEU capacity of 19,944.
Furthermore, during the fourth quarter of 2022, Costamare Bulkers Inc. (“CBI”) commenced operations. CBI charters-in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions.
In the three-month period ended December 31, 2021, we sold the container vessels ZIM Shanghai and ZIM New York, with an aggregate TEU capacity of 9,984. Furthermore, during the three-month period ended December 31, 2021, we accepted delivery of 13 secondhand dry bulk vessels (Equity, Cetus, Curacao, Rose, Bermondi, Titan I, Orion, Greneta, Merchia, Damon, Pythias, Hydrus and Phoenix) with an aggregate DWT of 811,567.
In the three-month periods ended December 31, 2022 and 2021, our fleet ownership days totaled 10,552 and 9,942 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.
Consolidated Financial Results and Vessels’ Operational Data(1)
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(Expressed in millions of U.S. dollars, |
| 2021 |
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| 2022 |
| Change |
| Percentage | ||||||
Voyage revenue | $ | 283.9 |
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| $ | 265.4 |
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| $ | (18.5 | ) |
| (6.5 | %) |
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Voyage expenses |
| (5.8 | ) |
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| (15.1 | ) |
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| 9.3 |
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| 160.3 | % |
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Voyage expenses – related parties |
| (3.7 | ) |
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| (3.7 | ) |
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| - |
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| n.m. |
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Vessels’ operating expenses |
| (60.6 | ) |
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| (70.9 | ) |
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| 10.3 |
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| 17.0 | % |
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General and administrative expenses |
| (3.4 | ) |
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| (3.1 | ) |
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| (0.3 | ) |
| (8.8 | %) |
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Management and agency fees – related parties |
| (9.7 | ) |
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| (13.9 | ) |
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| 4.2 |
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| 43.3 | % |
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General and administrative expenses - non-cash component |
| (1.9 | ) |
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| (1.4 | ) |
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| (0.5 | ) |
| (26.3 | %) |
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Amortization of dry-docking and special survey costs |
| (2.9 | ) |
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| (4.0 | ) |
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| 1.1 |
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| 37.9 | % |
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Depreciation |
| (40.9 | ) |
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| (41.7 | ) |
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| 0.8 |
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| 2.0 | % |
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Gain on sale of vessels, net |
| 27.8 |
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| 105.1 |
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| 77.3 |
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| n.m. |
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Vessels’ impairment loss |
| - |
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| (1.7 | ) |
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| 1.7 |
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| n.m. |
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Foreign exchange gains / (losses) |
| (0.1 | ) |
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| 2.7 |
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| 2.8 |
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| n.m. |
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Interest income |
| - |
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| 4.9 |
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| 4.9 |
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| n.m. |
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Interest and finance costs |
| (25.3 | ) |
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| (35.8 | ) |
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| 10.5 |
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| 41.5 | % |
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Gain on sale of equity securities |
| 2.0 |
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| - |
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| (2.0 | ) |
| n.m. |
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Income from equity method investments |
| 0.8 |
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| 0.7 |
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| (0.1 | ) |
| (12.5 | %) |
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Other |
| 1.0 |
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| 1.4 |
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| 0.4 |
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| 40.0 | % |
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Gain on derivative instruments |
| - |
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| 5.3 |
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| 5.3 |
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| n.m. |
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Net Income | $ | 161.2 |
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| $ | 194.2 |
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(Expressed in millions of U.S. dollars, |
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| 2021 |
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| 2022 |
| Change |
| Percentage | |||||||
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Voyage revenue | $ | 283.9 |
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| $ | 265.4 |
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| $ | (18.5 | ) |
| (6.5 | %) |
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Accrued charter revenue |
| (14.5 | ) |
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| (3.4 | ) |
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| 11.1 |
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| 76.6 | % |
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Amortization of time charter assumed |
| - |
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| 0.1 |
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| 0.1 |
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| n.m. |
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Voyage revenue adjusted on a cash basis (1) | $ | 269.4 |
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| $ | 262.1 |
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| $ | (7.3 | ) |
| (2.7 | %) |
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Vessels’ operational data |
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| 2021 |
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| 2022 |
| Change |
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| Percentage |
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Average number of vessels |
| 108.1 |
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| 114.7 |
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| 6.6 |
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| 6.1 | % |
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Ownership days |
| 9,942 |
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| 10,552 |
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| 610 |
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| 6.1 | % |
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Number of vessels under dry-docking and special survey |
| 2 |
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| 7 |
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| 5 |
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Segmental Financial Summary
Three-month period ended December 31, 2021 | ||||||||||||||||||
| Container vessels | Dry bulk | Other |
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| Total | ||||||||||||
(Expressed in millions of U.S. dollars) |
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Voyage revenue | $ | 203.2 |
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| $ | 80.7 |
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| $ | - |
| $ | 283.9 |
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Voyage expenses |
| (1.7 | ) |
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| (4.1 | ) |
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| - |
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| (5.8 | ) | ||||
Voyage expenses – related parties |
| (2.7 | ) |
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| (1.0 | ) |
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| - |
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| (3.7 | ) | ||||
Vessels’ operating expenses |
| (41.2 | ) |
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| (19.4 | ) |
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| - |
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| (60.6 | ) | ||||
General and administrative expenses |
| (2.3 | ) |
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| (1.1 | ) |
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| - |
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| (3.4 | ) | ||||
Management fees – related parties |
| (6.6 | ) |
|
| (3.1 | ) |
|
| - |
|
| (9.7 | ) | ||||
General and administrative expenses - non-cash component |
| (1.3 | ) |
|
| (0.6 | ) |
|
| - |
|
| (1.9 | ) | ||||
Amortization of dry-docking and special survey costs |
| (2.8 | ) |
|
| (0.1 | ) |
|
| - |
|
| (2.9 | ) | ||||
Depreciation |
| (33.4 | ) |
|
| (7.5 | ) |
|
| - |
|
| (40.9 | ) | ||||
Gain on sale of vessels, net |
| 27.8 |
|
|
| - |
|
|
| - |
|
| 27.8 |
| ||||
Foreign exchange losses |
| (0.1 | ) |
|
| - |
|
|
| - |
|
| (0.1 | ) | ||||
Interest and finance costs |
| (22.5 | ) |
|
| (2.8 | ) |
|
| - |
|
| (25.3 | ) | ||||
Gain on sale of equity securities |
| - |
|
|
| - |
|
|
| 2.0 |
|
| 2.0 |
| ||||
Income from equity method investments |
| - |
|
|
| - |
|
|
| 0.8 |
|
| 0.8 |
| ||||
Other |
| 0.8 |
|
|
| 0.2 |
|
|
| - |
|
| 1.0 |
| ||||
Net Income | $ | 117.2 |
|
| $ | 41.2 |
|
| $ | 2.8 |
| $ | 161.2 |
| ||||
|
|
|
|
|
Three-month period ended December 31, 2022 | ||||||||||||||||||
| Container | Dry bulk | CBI | Other | Eliminations | Total | ||||||||||||
(Expressed in millions of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage revenue | $ | 205.6 |
| $ | 59.4 |
| $ | 0.4 |
| $ | - |
| $ | - |
| $ | 265.4 |
|
Intersegment voyage revenue |
| - |
|
| 0.8 |
|
| - |
|
| - |
|
| (0.8 | ) |
| - |
|
Voyage expenses |
| (4.1 | ) |
| (10.9 | ) |
| (0.1 | ) |
| - |
|
| - |
|
| (15.1 | ) |
Intersegment voyage expenses |
| - |
|
| - |
|
| (0.8 | ) |
| - |
|
| 0.8 |
|
| - |
|
Voyage expenses – related parties |
| (2.9 | ) |
| (0.8 | ) |
| - |
|
| - |
|
| - |
|
| (3.7 | ) |
Vessels’ operating expenses |
| (43.0 | ) |
| (27.9 | ) |
| - |
|
| - |
|
| - |
|
| (70.9 | ) |
General and administrative expenses |
| (1.8 | ) |
| (1.0 | ) |
| (0.3 | ) |
| - |
|
| - |
|
| (3.1 | ) |
Management and agency fees – related parties |
| (6.9 | ) |
| (4.2 | ) |
| (2.8 | ) |
| - |
|
| - |
|
| (13.9 | ) |
General and administrative expenses - non-cash component |
| (0.8 | ) |
| (0.6 | ) |
| - |
|
| - |
|
| - |
|
| (1.4 | ) |
Amortization of dry-docking and special survey costs |
| (3.3 | ) |
| (0.7 | ) |
| - |
|
| - |
|
| - |
|
| (4.0 | ) |
Depreciation |
| (31.7 | ) |
| (10.0 | ) |
| - |
|
| - |
|
| - |
|
| (41.7 | ) |
Gain on sale of vessels, net |
| 105.1 |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 105.1 |
|
Vessels’ impairment loss |
| - |
|
| (1.7 | ) |
| - |
|
| - |
|
| - |
|
| (1.7 | ) |
Foreign exchange gains |
| 1.6 |
|
| 1.1 |
|
| - |
|
| - |
|
| - |
|
| 2.7 |
|
Interest income |
| 3.0 |
|
| 1.9 |
|
| - |
|
| - |
|
| - |
|
| 4.9 |
|
Interest and finance costs |
| (28.9 | ) |
| (6.9 | ) |
| - |
|
| - |
|
| - |
|
| (35.8 | ) |
Income from equity method investments |
| - |
|
| - |
|
| - |
|
| 0.7 |
|
| - |
|
| 0.7 |
|
Other |
| 1.1 |
|
| 0.3 |
|
| - |
|
| - |
|
| - |
|
| 1.4 |
|
Gain on derivative instruments |
| 3.2 |
|
| 2.0 |
|
| 0.1 |
|
| - |
|
| - |
|
| 5.3 |
|
Net Income / (Loss) | $ | 196.2 |
| $ | 0.8 |
| $ | (3.5 | ) | $ | 0.7 |
| $ | - |
| $ | 194.2 |
|
(1) Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Refer to “Consolidated Financial Results and Vessels’ Operational Data” above for the reconciliation of Voyage revenue adjusted on a cash basis.
Voyage Revenue
Voyage revenue decreased by 6.5%, or $18.5 million, to $265.4 million during the three-month period ended December 31, 2022, from $283.9 million during the three-month period ended December 31, 2021. The decrease is mainly attributable to (i) decreased charter rates in certain of our dry-bulk vessels, (ii) revenue not earned by four container vessels and one dry bulk vessel sold during the year ended December 31, 2022, and two container vessels sold during the fourth quarter of 2021, and (iii) increased off-hire days in the fourth quarter of 2022 compared to the fourth quarter of 2021; partly off-set by increased charter rates in certain of our container vessels and revenue earned by 12 dry-bulk vessels acquired during the fourth quarter of 2021 as well as by revenue earned by three dry-bulk vessels and one container vessel acquired during the first quarter of 2022.
Voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”) decreased by 2.7%, or $7.3 million, to $262.1 million during the three-month period ended December 31, 2022, from $269.4 million during the three-month period ended December 31, 2021. Accrued charter revenue for the three-months period ended December 31, 2022 and December 31, 2021 was a negative amount of $3.4 million and $14.5 million, respectively.
Voyage Expenses
Voyage expenses were $15.1 million and $5.8 million for the three-month periods ended December 31, 2022 and 2021, respectively. Voyage expenses increased, period over period, partially due to the increased size of our fleet and mainly include (i) fuel consumption mainly related to our dry bulk vessels, (ii) third party commissions, (iii) port expenses and (iv) canal tolls.
Voyage Expenses – related parties
Voyage expenses – related parties were $3.7 million in each of the three-month periods ended December 31, 2022 and 2021. Voyage expenses – related parties represent (i) fees of 1.25%, in the aggregate, on voyage revenues charged by a related manager and a service provider and (ii) charter brokerage fees (in respect of our container vessels) payable to two related charter brokerage companies for an amount of approximately $0.4 million and $0.4 million, in the aggregate, for the three-month periods ended December 31, 2022 and 2021, respectively.
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 $70.9 million and $60.6 million during the three-month periods ended December 31, 2022 and 2021, respectively. Daily vessels’ operating expenses were $6,719 and $6,103 for the three-month periods ended December 31, 2022 and 2021, respectively. Daily operating expenses are calculated as vessels’ operating expenses for the period over the ownership days of the period.
General and Administrative Expenses
General and administrative expenses were $3.1 million and $3.4 million during the three-month periods ended December 31, 2022 and 2021, respectively, and include amounts of $0.67 million and $0.63 million, respectively, that were paid to a related manager.
Management and Agency Fees – related parties
Management fees charged by our related party managers were $11.1 million and $9.7 million during the three-month periods ended December 31, 2022 and 2021, respectively. Furthermore, during the fourth quarter of 2022 agency fees of $2.8 million, in aggregate, charged by three related agents in connection with the operations of CBI.
General and Administrative Expenses - non-cash component
General and administrative expenses - non-cash component for the three-month period ended December 31, 2022 amounted to $1.4 million, representing the value of the shares issued to a related party manager on December 30, 2022. General and administrative expenses - non-cash component for the three-month period ended December 31, 2021 amounted to $1.9 million, representing the value of the shares issued to a related party manager on December 30, 2021.
Amortization of Dry-Docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs was $4.0 million and $2.9 million during the three-month periods ended December 31, 2022 and 2021, respectively. During the three-month period ended December 31, 2022, two vessels underwent and completed their dry-docking and special survey and five vessels were in the process of completing their dry-docking and special survey. During the three-month period ended December 31, 2021, one vessel underwent and completed her dry-docking and special survey and one vessel was in the process of completing her dry-docking and special survey.
Depreciation
Depreciation expense for the three-month periods ended December 31, 2022 and 2021 was $41.7 million and $40.9 million, respectively.
Gain on Sale of Vessels, net
During the three-month period ended December 31, 2022, we recorded a gain of $105.1 million from the sale of the container vessels Sealand Michigan, Sealand Illinois and York, which were classified as vessels held for sale as of September 30, 2022 (initially classified as vessels held for sale as of December 31, 2021). During the three-month period ended December 31, 2021, we recorded a gain of $27.8 million from the sale of the container vessels ZIM Shanghai and ZIM New York, which were classified as vessels held for sale at September 30, 2021 (initially classified as vessel held for sale as of June 30, 2021).
Vessels’ Impairment Loss
During the three-month period ended December 31, 2022, we recorded an impairment loss in relation to four of our dry bulk vessels in the amount of $1.7 million, in the aggregate. During the three-month period ended December 31, 2021, no impairment loss was recorded.
Vessels Held for Sale
As of December 31, 2022, the container vessels Sealand Washington and Maersk Kalamata (initially classified as vessels held for sale during the first quarter of 2022) continue to be classified as vessels held for sale. No loss on vessels held for sale was recorded during the fourth quarter of 2022, since each vessel’s fair value less cost to sell, exceeded each vessel’s carrying value. During the three-month period ended December 31, 2021, the container vessels Messini, Sealand Illinois, Sealand Michigan and York were classified as vessels held for sale. No loss on vessels held for sale was recorded during the fourth quarter of 2021, since each vessel’s estimated fair value less costs to sell, exceeded each vessel’s carrying value.
Interest Income
Interest income amounted to $4.9 million and nil for the three-month periods ended December 31, 2022 and 2021, respectively.
Interest and Finance Costs
Interest and finance costs were $35.8 million and $25.3 million during the three-month periods ended December 31, 2022 and 2021, respectively. The increase is mainly attributable to the increased average loan balances and increased financing costs during the three-month period ended December 31, 2022 compared to the three-month period ended December 31, 2021.
Gain on Sale of Equity Securities
Gain on sale of equity securities of $2.0 million for the three-month period ended December 31, 2021 represents the difference between the aggregate sale price of 1,221,800 ordinary shares of ZIM as compared to their carrying value as at September 30, 2021.
Income from Equity Method Investments
Income from equity method investments for the three-month period ended December 31, 2022 was $0.7 million ($0.8 million for the three-month period ended December 31, 2021) representing our share of the income in jointly owned companies set up pursuant to the Framework Deed. As of December 31, 2022 and December 31, 2021 five and six companies, respectively, were jointly owned pursuant to the Framework Deed out of which four and four companies, respectively, owned container vessels.
Gain on Derivative Instruments
As of December 31, 2022, we hold 28 interest rate derivatives and two cross currency rate swaps, all of which qualify for hedge accounting. As a result, the change in the fair value of each instrument is recorded in “Other Comprehensive Income” (“OCI”). As of December 31, 2022, the fair value of these instruments, in aggregate, amounted to a net asset of $44.9 million. During the three-month period ended December 31, 2022, a loss of $1.3 million has been included in OCI and a gain of $0.1 million has been included in Gain on Derivative Instruments.
Furthermore, as of December 31, 2022, we hold six Forward Freight Agreements (“FFAs”) and one Bunker Swap agreement, none of which qualify for hedge accounting. As a result, the change in the fair value of such instruments is recorded in the consolidated statements of operations. As of December 31, 2022, the fair value of these instruments, in aggregate, amounted to a net asset of $0.1 million. During the three-month period ended December 31, 2022, a net gain of $0.1 million was included in Gain on Derivative Instruments.
Cash Flows
Three-month periods ended December 31, 2022 and 2021
Condensed cash flows |
| Three-month period ended | ||||||
(Expressed in millions of U.S. dollars) |
|
| 2021 |
|
|
| 2022 |
|
Net Cash Provided by Operating Activities |
| $ | 165.4 |
|
| $ | 124.4 |
|
Net Cash Provided by / (Used in) Investing Activities |
| $ | (110.2 | ) |
| $ | 81.9 |
|
Net Cash Used in Financing Activities |
| $ | - |
|
| $ | (110.6 | ) |
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the three-month period ended December 31, 2022, decreased by $41.0 million to $124.4 million, from $165.4 million for the three-month period ended December 31, 2021. The decrease is mainly attributable to the decreased cash from operations of $7.3 million, by the increased payments for interest (including swap net receipts) of $8.9 million during the three-month period ended December 31, 2022 compared to the three-month period ended December 31, 2021, by the increased dry-docking and special survey costs of $7.2 million during the three-month period ended December 31, 2022 compared to the three-month period ended December 31, 2021 and by the unfavorable change in working capital position, excluding the current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that period and revenue recognized on a straight-line basis) of $0.5 million.
Net Cash Provided by / (Used in) Investing Activities
Net cash provided by investing activities was $81.9 million in the three-month period ended December 31, 2022, which mainly consisted of proceeds we received from (i) the sale of three container vessels and (ii) the maturity of part of our short-term investments in US Treasury Bills; partly off-set by payments for the purchase of short-term investments in US Treasury Bills and payments for upgrades for certain of our container and dry bulk vessels.
Net cash used in investing activities was $110.2 million in the three-month period ended December 31, 2021, which mainly consisted of (i) payments for the acquisition of six secondhand dry bulk vessels, (ii) settlement payments for the delivery of seven secondhand dry bulk vessels, (iii) settlement payment for one secondhand container vessel which was delivered in January 2022, (iv) advance payment for the acquisition of one secondhand dry bulk vessel, which was delivered in January 2022, and (v) payments for upgrades for certain of our container and dry bulk vessels; partly off-set by proceeds we received from (i) the sale of two container vessels and (ii) the sale of 1,221,800 ordinary shares of ZIM that we owned.
Net Cash Used in Financing Activities
Net cash used in financing activities was $110.6 million in the three-month period ended December 31, 2022, which mainly consisted of (a) $95.3 million net payments relating to our debt financing agreements (including proceeds of $197.9 million we received from three of our debt financing agreements), (b) $10.0 million we paid for dividends to holders of our common stock for the third quarter of 2022 and (c) $0.9 million we paid for dividends to holders of our 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”), $2.1 million we paid for dividends to holders of our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock (“Series C Preferred Stock”), $2.2 million we paid for dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (“Series D Preferred Stock”) and $2.5 million we paid for dividends to holders of our 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock (“Series E Preferred Stock”) for the period from July 15, 2022 to October 14, 2022.
Net cash used in financing activities was nil in the three-month period ended December 31, 2021, which mainly consisted of (a) $20.0 million net proceeds relating to our debt financing agreements (including proceeds of $159.1 million we received from our debt financing agreements), (b) $10.8 million we paid for dividends to holders of our common stock for the third quarter of 2021 and (c) $0.9 million we paid for dividends to holders of our Series B Preferred Stock, $2.1 million we paid for dividends to holders of our Series C Preferred Stock, $2.2 million we paid for dividends to holders of our Series D Preferred Stock and $2.5 million we paid for dividends to holders of our Series E Preferred Stock for the period from July 15, 2021 to October 14, 2021.
Year ended December 31, 2022 compared to the year ended December 31, 2021
During the years ended December 31, 2022 and 2021, we had an average of 116.7 and 83.6 vessels, respectively, in our fleet.
In the year ended December 31, 2022, we accepted delivery of (i) the secondhand container vessel Dyros with a TEU capacity of 4,578 and (ii) the secondhand dry bulk vessels Oracle, Libra and Norma with an aggregate DWT of 172,717. Furthermore, in the year ended December 31, 2022, we sold the container vessels Messini, Sealand Michigan, Sealand Illinois and York with an aggregate TEU capacity of 22,402, and the dry bulk vessel Thunder, with DWT of 57,334.
Furthermore, during the fourth quarter of 2022, CBI commenced operations. CBI charters-in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions.
In the year ended December 31, 2021, (i) we accepted delivery of the newbuild container vessels YM Target and YM Tiptop with an aggregate TEU capacity of 25,380, the secondhand container vessels Aries, Argus, Glen Canyon, Androusa, Norfolk, Porto Cheli, Porto Kagio, Porto Germeno, and Gialova with an aggregate TEU capacity of 49,909; and we sold the container vessels Halifax Express, Prosper, Venetiko, ZIM Shanghai and ZIM New York with an aggregate TEU capacity of 22,306 and (ii) we acquired (a) the 75% equity interest of York Capital Management in each of the 11,010 TEU container vessels Cape Kortia and Cape Sounio and (b) the 51% equity interest of York in each of the 11,010 TEU container vessels Cape Tainaro, Cape Artemisio and Cape Akritas and as a result we obtained 100% of the equity interest in each of these five vessels.
In addition, in the year ended December 31, 2021, we acquired all of the equity interest of sixteen companies (which owned or had committed to acquire dry bulk vessels) owned by entities affiliated with our Chairman and Chief Executive Officer, Konstantinos Konstantakopoulos. We agreed to acquire these companies from Mr. Konstantakopoulos at cost with no mark-up or premium payable to Mr. Konstantakopoulos or his affiliated entities. Mr. Konstantakopoulos did not receive a profit as a result of the acquisition. The sixteen dry bulk vessels (Pegasus, Builder, Adventure, Eracle, Peace, Sauvan, Pride, Alliance, Manzanillo, Acuity, Seabird, Aeolian, Comity, Athena, Farmer and Greneta) that were part of the acquisition had an aggregate DWT of 932,329 and were delivered to us during the year ended December 31, 2021. In addition, in the year ended December 31, 2021, we accepted delivery of another twenty-seven secondhand dry bulk vessels (Bernis, Verity, Dawn, Discovery, Clara, Serena, Merida, Progress, Miner, Parity, Uruguay, Resource, Konstantinos, Taibo, Thunder, Equity, Cetus, Curacao, Rose, Bermondi, Titan I, Orion, Merchia, Damon, Pythias, Hydrus and Phoenix) with an aggregate DWT of 1,388,422.
In the years ended December 31, 2022 and 2021, our fleet ownership days totaled 42,595 and 30,525 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.
Consolidated Financial Results and Vessels’ Operational Data (1)
(Expressed in millions of U.S. dollars, |
| Year |
|
|
|
|
|
|
| ||||||
| 2021 |
|
| 2022 |
|
| Change |
|
| Percentage | |||||
Voyage revenue | $ | 793.6 |
|
| $ | 1,113.9 |
|
| $ | 320.3 |
|
| 40.4 | % | |
Voyage expenses |
| (13.3 | ) |
|
| (49.1 | ) |
|
| 35.8 |
|
| n.m. |
| |
Voyage expenses – related parties |
| (11.1 | ) |
|
| (15.4 | ) |
|
| 4.3 |
|
| 38.7 | % | |
Vessels’ operating expenses |
| (180.0 | ) |
|
| (269.2 | ) |
|
| 89.2 |
|
| 49.6 | % | |
General and administrative expenses |
| (9.4 | ) |
|
| (12.4 | ) |
|
| 3.0 |
|
| 31.9 | % | |
Management and agency fees – related parties |
| (29.6 | ) |
|
| (46.7 | ) |
|
| 17.1 |
|
| 57.8 | % | |
General and administrative expenses – non-cash component |
| (7.4 | ) |
|
| (7.1 | ) |
|
| (0.3 | ) |
| (4.1 | %) | |
Amortization of dry-docking and special survey costs |
| (10.4 | ) |
|
| (13.5 | ) |
|
| 3.1 |
|
| 29.8 | % | |
Depreciation |
| (137.0 | ) |
|
| (166.0 | ) |
|
| 29.0 |
|
| 21.2 | % | |
Gain on sale of vessels, net |
| 45.9 |
|
|
| 126.3 |
|
|
| 80.4 |
|
| 175.2 | % | |
Vessels’ impairment loss |
| - |
|
|
| (1.7 | ) |
|
| 1.7 |
|
| n.m. |
| |
Foreign exchange gains |
| 0.1 |
|
|
| 3.2 |
|
|
| 3.1 |
|
| n.m. |
| |
Interest income |
| 1.6 |
|
|
| 5.9 |
|
|
| 4.3 |
|
| n.m. |
| |
Interest and finance costs |
| (86.1 | ) |
|
| (122.2 | ) |
|
| 36.1 |
|
| 41.9 | % | |
Gain on sale of equity securities |
| 60.2 |
|
|
| - |
|
|
| (60.2 | ) |
| n.m. |
| |
Income from equity method investments |
| 12.8 |
|
|
| 2.3 |
|
|
| (10.5 | ) |
| (82.0 | %) | |
Dividend income from investment in equity securities |
| 1.8 |
|
|
| - |
|
|
| (1.8 | ) |
| n.m. |
| |
Other |
| 4.6 |
|
|
| 3.7 |
|
|
| (0.9 | ) |
| (19.6 | %) | |
Gain / (loss) on derivative instruments |
| (1.2 | ) |
|
| 2.7 |
|
|
| 3.9 |
|
| n.m. |
| |
Net Income | $ | 435.1 |
|
| $ | 554.7 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
(Expressed in millions of U.S. dollars, |
| Year |
|
|
|
|
|
|
| ||||||
| 2021 |
|
| 2022 |
|
|
| Change |
|
| Percentage | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Voyage revenue | $ | 793.6 |
|
| $ | 1,113.9 |
|
| $ | 320.3 |
|
| 40.4 | % | |
Accrued charter revenue |
| (11.3 | ) |
|
| (2.6 | ) |
|
| 8.7 |
|
| 77.0 | % | |
Amortization of time charter assumed |
| (0.4 | ) |
|
| 0.2 |
|
|
| 0.6 |
|
| n.m. |
| |
Voyage revenue adjusted on a cash basis (1) | $ | 781.9 |
|
| $ | 1,111.5 |
|
| $ | 329.6 |
|
| 42.2 | % | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Vessels’ operational data |
|
| Year |
|
|
|
|
|
|
| |||||
| 2021 |
|
| 2022 |
|
|
| Change |
|
| Percentage |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of vessels |
|
| 83.6 |
|
|
| 116.7 |
|
|
| 33.1 |
|
| 39.6 | % |
Ownership days |
|
| 30,525 |
|
|
| 42,595 |
|
|
| 12,070 |
|
| 39.5 | % |
Number of vessels under dry-docking and special survey |
|
| 15 |
|
|
| 23 |
|
|
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segmental Financial Summary
Year ended December 31, 2021 | |||||||||||
(Expressed in millions of U.S. dollars) | Container vessels |
| Dry bulk |
| Other | Total |
| ||||
Voyage revenue | $ | 678.3 |
| $ | 115.3 |
| $ | - | $ | 793.6 |
|
Voyage expenses |
| (7.1 | ) |
| (6.2 | ) |
| - |
| (13.3 | ) |
Voyage expenses – related parties |
| (9.6 | ) |
| (1.5 | ) |
| - |
| (11.1 | ) |
Vessels’ operating expenses |
| (151.5 | ) |
| (28.5 | ) |
| - |
| (180.0 | ) |
General and administrative expenses |
| (8.2 | ) |
| (1.2 | ) |
| - |
| (9.4 | ) |
Management fees – related parties |
| (24.9 | ) |
| (4.7 | ) |
| - |
| (29.6 | ) |
General and administrative expenses – non-cash component |
| (6.3 | ) |
| (1.1 | ) |
| - |
| (7.4 | ) |
Amortization of dry-docking and special survey costs |
| (10.3 | ) |
| (0.1 | ) |
| - |
| (10.4 | ) |
Depreciation |
| (125.8 | ) |
| (11.2 | ) |
| - |
| (137.0 | ) |
Gain on sale of vessels, net |
| 45.9 |
|
| - |
|
| - |
| 45.9 |
|
Foreign exchange gains |
| 0.1 |
|
| - |
|
| - |
| 0.1 |
|
Interest income |
| 1.6 |
|
| - |
|
| - |
| 1.6 |
|
Interest and finance costs |
| (81.9 | ) |
| (4.2 | ) |
| - |
| (86.1 | ) |
Gain on sale of equity securities |
| - |
|
| - |
|
| 60.2 |
| 60.2 |
|
Income from equity method investments |
| - |
|
| - |
|
| 12.8 |
| 12.8 |
|
Dividend income from investment in equity securities |
| - |
|
| - |
|
| 1.8 |
| 1.8 |