Q2 2025 Costamare Inc Earnings Call

Patients followed by a question and answer session.

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I must advise you that this conference is being recorded today Thursday July 31st 2025.

We would like to remind you that this conference call contains forward looking statements.

Please take a moment to read slide number two of the presentation, which contains the forward looking statements.

Yeah.

And I will now pass the floor to your speaker today, Mr. Xie Kos. Please go ahead Sir.

Thank you Ed good morning, gentlemen.

During the second quarter of the year. The company generated net income of about 19 $90 billion in may.

We have successfully completed the spinoff of course, some other bankers, which encompasses the own dry bulk fleet.

<unk> operating platform.

It was a marine could be major soldier 68 container ships.

As a controlling shareholder of extra maritime pleasing.

In July we are the Florida, you rethink what their initiatives from a Chinese shipyard.

One of approximately 3100 Teu capacity.

The vessels are expected to be delivered between the second and fourth quarters of 2027.

Upon delivery.

It will commence at an eight year time charter with a first class liner company at.

At the same time, we started to see second half thousand Teu container ships.

Video is entering the Florida bases coming basically from Q1 and Q2 2026.

Yeah, Bob transactions resulted in an increase in contracted revenues of about 50000 of $10 million.

Our first deployment had represented 75% for 2025 26, respectively.

Total contracted revenues amount to $2 $5 billion with remaining time charter duration of about three two years.

Regarding the market with less than 1% over the fleets being commercially idle containership fleet can be contributed us fully employed.

I didn't know fixing activity is mainly the result of lower availability for prompt donuts, rather than lack of demand Saturday to dementia caused their boards and their social for Nike today, it's at robust levels.

Finally, with regards to an extra my dang, losing the growing GSE platform for those that have been shipping assets have been funded or committed it doesn't commitments and divestments or exceed thinks he's had a $15 million.

Moving now to the slide presentation.

On slide three you can see how the quarter results.

Net income for the quarter was 99 million or 83 cents per share adjusted net income was around 92 million or 77 cents per share our liquidity.

Bob.

Dollars.

Slide four we have concluded and everything going on for 41100 Teu container ships with expected deliveries between Q2, and Q4 2027 upon delivery each basket will commence and eight year charter with a leading liner company.

On the employment side, we've got a photo of fixed two container ships, which along with the previously mentioned atheists Arthur's how because he might have contracted revenues of more than $310 million.

In addition, as already mentioned our revenue days are fixed tens of percent 425.

75%.

Okay.

With a remaining time charter duration, when you weighted basis of three two years.

Slide five.

That would of financing arrangements, we have agreed to refinance six container ships with no increase in leverage we have.

No major maturities until 2027.

Slide six.

Our leasing platform, we have invested that almost $180 million Neptune maritime leasing has found its oracle and we did two five for the second shipping assets, where it's at.

The amount of more than 650 meters.

Finally, we continue to have a look uninterrupted dividend track record.

Moving to the last slide slide seven.

Saturday to Nick with NFC market remain instead of levers I think we're taking a day supply of donuts, along with the increased ore nights due to the closure of this race Ghana.

You're supporting the cod in charter rates.

Our fleet remains at low levels that 0.5%, indicating a full employee to market without that concludes our presentation and we can now take questions. Thank you.

Operator, we'll take any questions now.

Thank you.

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And your first question comes from the line of.

Nasser of Jefferies go ahead. Please.

Hi, great. Thanks for the update.

Just wanted to ask one.

Good morning, or good afternoon, you spun off the drybulk or as now you're placing these orders for the for the for container ships is your first orders in some time.

This re shift in focus.

Effectively more.

Is this.

Wanted to ask I guess, perhaps is this a renewed effort now now that you're back to almost effectively a pure play container company is it now time to invest a lot more in the sector or was this more of like an isolated opportunity to acquire those four new builds.

Okay.

I don't think this is shifting in their focus we did influence to any new building orders in containers.

Julian quality Tau after Covid simply because we found asset prices to be extremely high compared to the.

Charter rates that were available combined combined with the charter rate period. This data for their floor.

Your vessels.

In terms of price.

In terms of counterparty.

In desktop.

The charter periods on a back to back basis.

It made sense. So it's not that we shifted the focus we have been focusing on the containers is that asset values are those levers we've seen up to now didn't make much sense now.

If there is a correction in the market or even find seamless transactions that that we feel make sense. We will definitely proceed.

So the main reason that had nothing to do with the dry bulk it had to do mainly with <unk>.

Elevated asset prices in the market.

Okay.

Makes sense. Thank you and then maybe just a follow up and perhaps a bit more bigger picture now that.

Back to.

Container focused platform, obviously, leading up to and I guess just is there any change in strategy or approach with the customary platform now.

Going forward as a result of this new focus.

No. They are not I think it is the same strategy we have been following it.

<unk> November 2010 that we went public and still it is the same strategy, we did have as a private.

Entity.

So as long as we feel that there are opportunities. We will proceed like know otherwise.

In times of elevated high prices.

We have been patient.

And we can see the way we do have a fleet of 68 container ships today.

All chartered with very good charter coverage for 'twenty five 'twenty six.

For the years to come with solid Counterparties.

With low leverage so we don't have to do any new transactions unless the deal by themselves justify.

Entering into those deals otherwise, we can't just sit and wait now this was a deal that we feel it makes sense.

Also it made sense to charter on a forward basis from 2026, <unk> to $6 5000 Teu vessels.

So.

Selectively we will be doing new staff night, we have always been doing.

Past.

Yes, that's clear.

Okay. Thank you, Greg I will pass it back.

Thanks.

Okay.

Our next question comes from.

Mullins of value Investor's edge go ahead. Please.

Hi, good afternoon. Thank you for taking my questions.

You've continued to deploy capital into Neptune maritime leasing and you're now at around 90% of the capital you have initially committed could.

Could you talk about how the venture is developing and about whether there is potential to increase your investment above the amount you initially committed.

Yes, I mean, I think that natural gas has been.

Progressing well we have in <unk>.

Total it would have been flat in local media to fund 47 vessels.

From a battery sizes.

Providers type sale of assets.

You are right we have.

Employ close to 90% of our.

Initially committed capital.

So so far.

This investment goes we'll know whether we're going to be employing more and at what terms et cetera, I am not prepared to tell you now but in general I think that the.

This investment has been going.

Actually plant.

A couple of years ago, and remind you that all this.

Growth.

It's been affected in a relatively short time period.

Makes sense thanks for the color.

And following up on numerous question on a strategy given the increased visibility you now have on the business after spinning off the site.

Should we expect any changes on shareholder returns beat on the beaten or with more share repurchases.

I think the dividend policy.

First of all this is a board decision, which is really boosting the dividend policy periodically but.

The dividend policy remains the same.

Irrespective of whether we had the dry bulk vessels or sort.

Sort of spun.

Panel entity.

We you know we're bank and we still pay 11, five cents per share per quarter, which we do feel it is a healthy dividend.

Of course.

I cannot exclude any changes to the dividend policy of being in potential fan.

Buybacks are sort of activity.

Increases et cetera, but this is subject to the board's decision.

We do pay dividends, but at the same time, we feel that.

Yeah.

In aggregate deployment of our capital raise would be in <unk>.

<unk> new business.

Rather than paying a one off dividend.

Yes, thanks for the color. Thank you for taking my questions.

Sure.

Yeah.

Again, if you have a question. Please press Star then one.

This concludes our question and answer session.

Mr. Zhang please have for closing remarks.

Yeah.

Thank you for dialing in today and for your interest in <unk>.

We look forward to speaking with you again during our next quarterly results call. Thank you operator, we can conclude now thank you.

Thank you.

Include our conference for today.

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