Costamare Inc. Price & Performance (CMRE)

On Slide three, you can see our annual results. Net income was above $290,000,000 or $2.44 per share. Adjusted net income was around $330,000,000 or $2.76 per share. Our liquidity stands above $940,000,000 Slide four. On the chartering side, we have chartered on a forward basis 12 containerships with incremental contracted revenues of around $330,000,000 Our revenue days are fixed 96% for '25 and sixty nine percent for 2026% while our contracted revenues are 2,400,000,000.0 a TEU weighted remaining duration of three point four years. As you will notice, have chartered three nineteen ninety six fleet vessels for period at healthy rates. Turning to Slide five. Regarding our S and P activity, we have concluded the acquisition of One Capesize and One Ultramax drybulk and two UltraMAX drybulk vessels. In parallel, we have completed the sale of one and agreed to sell one Panamax vessel. Slide six. We have completed finances for a total amount of circa $340,000,000 with respect to 36 of the 38 drybulk vessels we currently own. The new financings provide us with improved funding costs and the In addition, we have secured a new HANDIC license of $100,000,000 for financing of the acquisition of the drybulk vessels.

Slide seven regarding CBI. We have started in 51 period vessels with the majority of the fleet being on index linked agreements. On our leasing platform, we have already invested around $123,000,000 Slide eight. Our liquidity starts above $940,000,000 This liquidity gives us the ability to look for opportunities to grow the company on a healthy basis. Moving to Slide nine, charter rates in the contingency market remain at firm levels. The continued ejection of newbuilding capacity along with rerouting via the Red Sea and Suez Canal. May however affect current market dynamics. The idle fleet remains at low levels as of at around 0.6%. And finally on Slide 10, you can see the recent drybulk market trends in the spot and forward markets. Charter rates have extended their decline from Q4 'twenty four into the first quarter of twenty twenty five. Order book starts at around 11% of the total fleet. With that, I will conclude our presentation and we can now take questions. Thank you. Can take questions now.

We will now begin the question and answer session. Our first question today comes from Ben Nolan Stifel, Please go ahead.

Thank you, operator. Good morning, Greg or afternoon. Good morning.

Yes. I wanted to ask really maybe a couple of questions about CBI really and it's first of all, can you give any sense as to what the contribution was in the fourth quarter from CVI? And then maybe more importantly, as we look forward given where the dry bulk given sort of where the forward curve is, Any sense as to sort of what you would imagine the profit contribution from that business would be like in should the market remain sort of soft as it is at the moment? Over the course of the year?

Yes, a couple of things. First of all, let me start from the latter regarding the weak market where it is today. Is weak today. I mean, it started from Q4 of 'twenty four and this is the case for Q1 'twenty five. At the same time, there is some seasonality between there. Which it remains to be seen the forward card, we are operating to a better market. Going forward. However, CBI can also take long and short positions I mean, we are by default long in the owning of the vessels of the 38 drybulk ships we own. So CBI can either be long or sort of it can be short depending on the circumstances. The goal for CPI because by default this business is very volatile is to is to have a balance book the same time take some take some positions. Either short or long depending on the circumstances. And we as mentioned in my commentary, we view it as a complementary activity to the owning side. We don't aim going forward, we don't aim to take big positions at the CPI level. Except when like we have a conviction where the conditions justify those big positions.

Otherwise, we will be taking a view of the market However, it's going to be on a more balanced approach. For the owning vessels, as you've seen like by default, as mentioned we are long, We do have we are selling all the ships and smaller vessels and we are focused large asset special games. And depending on the market conditions, we may continue doing so. The goal is that whatever equity we are releasing from the best by hopefully at low market levels younger ships with larger donuts. Now regarding the contribution of CBI and the same applies for the dry pulp owned fleet and for the containers, afraid you will have to wait in our segmental reporting in the six ks. This is something that we we will be providing some information relatively soon. So if you bear with me, the full information available will be there, if that's okay with you. Okay.

No, that's helpful. And just to clarify, the for 2025, you would expect the CBI chartered in fleet to be roughly net neutral. So you're There's no sort of currently there's no position either long or short No. Today, we have a position. We have a position and as we move ahead, those positions, we may close them depending on market conditions. We do have a position now But I mean, in general, our goal is first to have balanced book and then going forward maintain that balance book and of course take some positions because this is part of the business. But those positions are going to be on a more balanced approach It could be shorter. And we wouldn't expect to take long positions without having, as mentioned, a conviction that conditions justify those bets. So compared to how CPI was operating at initiation a couple of years ago going forward, we would expect this to have a much more balanced approach, which makes sense.

Okay. And you said you had a position at the moment it's a Not long or short?

In the moment, it's it's low. I mean, depending for Capes and for Panamaxes, it's long, but this is a position which I mean it is a long position, but it goes for period. So it's something that we cannot work on over the next quarters. Okay. All right. I appreciate it. Thank you, Rick.

Thank you. Our next question comes from Clement Mullins of Value Investors Edge. Please go ahead. Good afternoon. You for taking my questions.

I wanted to start by asking about how chartering discussions have evolved on the container ship side over the past few weeks. As the normalization of the Red Sea seems closer. Some liners have announced they do not plan to return to the Red Sea in the near term. But have you seen an effect on rates and durations? When discussing potential contracts?

Yes. Thank you for the question. First of all, the 12 chartering agreements we have now disclosed Discussion took place some months ago before the announcement of the cease fire. So So this is something which those things it takes time to conclude. So this were discussed two to three months ago.

However, coming to where we are today, we up to now and it is a bit premature, I would say, we don't see any pressure in charter rates. Not at all.

So and the normalization of the trade routes through the Suez Canal, it may take some time.

So we will just sit and wait. I cannot predict to a life where we are going to be back to normality, what is going to be over the next two, three, four quarters sooner or later. It is quite a fragile situation. So for the time being, charter rates and asset values hold at levels similar to the level some months or some quarters ago.

That's helpful. Thank you. I also wanted to ask about Neptune Maritime Leasing. Your investment in the company has been stable over the past few quarters. Could you talk a bit about the pipeline Neptune has and whether you plan additional investments over the coming quarters?

Yes, there is a pipeline. As I said, it has a pipeline total of I mean, current financing with a total future commitments, it is in total of close to $500,000,000 Now our cash outflow or our investment to net It's also a function of what levels of back leverage Neptune will be receiving the Neptune funding is going to be 100% with equity from the shareholders. And or with bad leverage from other financial institution which is something we take it on a case by case basis. So I'm afraid I cannot provide with any prediction about how much additional equity as shareholders going to be putting to Neptune. Said it depends on the levers we're going to be getting. But there is a pipeline There are currently deals not yet committed, but under discussion. And whenever we feel that transactions make sense, We are more than willing to utilize our equity And if we can optimize our returns with additional back leverage, this is something we will consider as well.

Makes sense. Thanks for the color. That's all from me. Thank you for taking my questions.

This concludes our question and answer session. I would like to hand things back over to Mr. Zekos for any closing remarks.

Thank you all. For dialing in today's call. We are looking forward to speaking with you again in the next quarterly results call. Thank you.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.