Net Cash Used in Investing Activities
Net cash used in investing activities was $236.5 million in the year ended December 31, 2012, which consisted of (a) $191.2 million advance payments for the construction and purchase of ten newbuild vessels, (b) $74.1 million in payments for the acquisition of five secondhand vessels and (c) $28.7 million we received from the sale of four vessels including the advance payment we received from the sale of one vessel for scrap which was delivered to her scrap buyers in January 2013.
Net cash used in investing activities was $283.8 million in the year ended December 31, 2011.
Net Cash Provided By Financing Activities
Net cash provided by financing activities was $237.7 million in the year ended December 31, 2012, which mainly consisted of (a) $170.2 million of indebtedness that we repaid, (b) $288.6 million we drew down from six of our credit facilities, (c) $73.1 million we paid for dividends to our stockholders for the fourth quarter of the year ended December 31, 2011, first quarter of the year 2012, the second quarter of the year 2012 and the third quarter of the year 2012 and (d) $194.1 million net proceeds we received from our two follow-on offerings in March 2012 and October 2012, net of underwriting discounts and expenses incurred in the offerings.
Net cash provided by financing activities was $26.8 million in the year ended December 31, 2011, which mainly consists of (a) $124.6 million of indebtedness that we repaid, (b) $226.3 million we drew down from five of our credit facilities and (c) $61.5 million, in aggregate, we paid for dividends to our stockholders for the fourth quarter of the year 2010, the first quarter of the year 2011, the second quarter of the year 2011 and the third quarter of the year 2011.
Liquidity and Capital Expenditures
Cash and cash equivalents
As of December 31, 2012, we had a total cash liquidity of $314.6 million, consisting of cash, cash equivalents and restricted cash.
Debt-free vessels
As of January 23, 2013, the following vessels were free of debt.
Unencumbered Vessels in the water (refer to fleet list on page 17 for full charter details) Year TEUVessel Name Built Capacity-------------------------------------- ---------- ----------NAVARINO 2010 8,531VENETIKO (ex. ACE IRELAND) 2003 5,928MSC KYOTO 1981 3,876AKRITAS 1987 3,152MSC CHALLENGER 1986 2,633MESSINI 1997 2,458
Capital commitments
As of January 23, 2012, we had outstanding commitments relating to our contracted newbuilds aggregating $629.5 million payable in installments until the vessels are delivered. In addition we had $17.8 million outstanding commitment relating to the acquisition of the secondhand vessel Venetiko (ex. Ace Ireland) payable upon delivery of the vessel.
Conference Call details:
On Thursday, January 24, 2013 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(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or +(44) (0) 1452 542 301 (from outside the US). Please quote "Costamare."
