News Column

Costamare Inc. Reports Results for First Quarter Ended March 31, 2013

Page 2 of 1

LogoTracker

ATHENS, GREECE -- (Marketwired) -- 04/24/13 -- Costamare Inc. ("Costamare" or the "Company") (NYSE: CMRE) today reported unaudited financial results for the first quarter ended March 31, 2013.

Financial Highlights

•Voyage revenues of $91.5 million for the three months ended March 31, 2013.

•Voyage revenues adjusted on a cash basis $94.8 million for the three months ended March 31, 2013.

•Adjusted EBITDA of $61.2 million for the three months ended March 31, 2013.

•Net income of $24.7 million or $0.33 per share for the three months ended March 31, 2013.

•Adjusted net income of $21.9 million or $0.29 per share for the three months ended March 31, 2013.



New Business Developments

•On March 14 and April 8, 2013, the Company took delivery of the 8,827 TEU newbuild containership vessels MSC Athens and MSC Athos, which were both built by Sungdong Shipbuilding and Marine Engineering in South Korea. Upon delivery, both vessels commenced their 10-year charters with Mediterranean Shipping Company, S.A. ("MSC").

•Sold the 1984-built, 3,584 TEU containership MSC Austria for demolition for approximately $7.9 million. The vessel was delivered to its buyers on April 24, 2013. The sale of the MSC Austria resulted in a book gain of approximately $4.0 million.

•Agreed with MSC to replace the 1981-built, 3,876 TEU containership MSC Kyoto in the charter party of the MSC Austria which was sold for demolition.

•Entered into an agreement to charter the 1996-built, 1,504 TEU containership Prosper to COSCO, for a period of approximately one year at a daily rate of $7,350. The vessel was delivered to its charterers on April 16, 2013.

•Exercised the option to extend the charter of the 1995-built, 1,162 TEU containership Zagora with MSC for a further period of two years starting from May 1, 2013. The daily rate for the first year of the extension was set at $5,700, based on the closest category on the ConTex Index.



Dividend Announcements

•On April 10, 2013, the Company declared a dividend for the first quarter ended March 31, 2013, of $0.27 per share, payable on May 8, 2013, to stockholders of record at the close of trading of the Company's common stock on the New York Stock Exchange on April 24, 2013. This will be the Company's tenth consecutive quarterly dividend since it commenced trading on the New York Stock Exchange.

Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:

"During the first quarter of the year, the Company delivered positive results.

In accordance with our new-building program, we took delivery of the first two 9,000 TEU newbuild containership vessels. Both vessels commenced their 10-year charters with MSC. This addition, along with the remaining eight vessels currently on order and scheduled for delivery within the next 10 months, will contribute in excess of $1.3 billion of contracted revenues throughout the duration of their charters.

Taking advantage of attractive demolition rates, we sold the 1984-built, 3,584 TEU containership MSC Austria for approximately $7.9 million. The sale resulted in a book gain of approximately $4.0 million.

On the chartering side, the Company has no ships laid up. We recently entered into an agreement to charter the 1996-built, 1,504 TEU containership Prosper to COSCO, for a period of approximately one year at a competitive daily rate of $7,350.

In a challenging market we have minimized our re-chartering risk. The charters for the vessels opening in 2013 and 2014 account for approximately 4% and 3% of our 2013 and 2014 contracted revenues, respectively.

Finally, on April 10, 2013, we declared a dividend for the first quarter of $0.27 per share. Consistent with our dividend policy, we continue to offer an attractive dividend, which we consider to be sustainable based on the size of our contracted cash flows, the quality of our charterers and the prudent amortization of our debt.

We believe that going forward, a containership market under pressure provides us with the opportunity to expand opportunistically in a low rate and asset values environment."


Financial Summary Three-month period ended March 31,(Expressed in thousands of U.S. dollars, except share and per share data): 2012 2013 ------------- -------------Voyage revenue $ 100,031 $ 91,536Accrued charter revenue (1) $ 505 $ 3,292Voyage revenue adjusted on a cash basis (2) $ 100,536 $ 94,828Adjusted EBITDA (3) $ 67,095 $ 61,226Adjusted Net Income (3) $ 25,178 $ 21,939Weighted Average number of shares 61,124,176 74,800,000Adjusted Earnings per share (3) $ 0.41 $ 0.29EBITDA (3) $ 66,451 $ 64,022Net Income $ 24,534 $ 24,735Weighted Average number of shares 61,124,176 74,800,000Earnings per share $ 0.40 $ 0.33




(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 a 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, or "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, adjusted earnings per share, EBITDA and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of net income to adjusted net income and net income to EBITDA and adjusted EBITDA below.

Non-GAAP Measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (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. Tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the three-month periods ended March 31, 2013 and March 31, 2012. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income, (iii) Adjusted earnings per share, (iv) EBITDA and (v) Adjusted EBITDA.


Reconciliation of Net Income to Adjusted Net Income Three-month period ended March 31, ------------------------(Expressed in thousands of U.S. dollars, except share and per share data) 2012 2013 ----------- -----------Net Income $ 24,534 $ 24,735Accrued charter revenue 505 3,292(Gain) Loss on sale/disposal of vessels 2,801 (2,909)Realized (Gain) Loss on Euro/USD forward contracts 368 (190)Gain on derivative instruments (3,030) (2,989) ----------- -----------Adjusted Net income $ 25,178 $ 21,939 =========== ===========Adjusted Earnings per Share $ 0.41 $ 0.29 =========== ===========Weighted average number of shares 61,124,176 74,800,000 =========== ===========




Adjusted Net income and Adjusted Earnings per Share represent net income before non-cash "Accrued charter revenue" recorded under charters with escalating charter rates, gain/(loss) on sale of vessels, realized (gain)/loss on Euro/USD forward contracts 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 and Adjusted Earnings per Share are not recognized measurements under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of Adjusted Net income 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 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 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 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 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 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.


Reconciliation of Net Income to Adjusted EBITDA Three-month period ended March 31, ------------------------(Expressed in thousands of U.S. dollars) 2012 2013 ----------- -----------Net Income $ 24,534 $ 24,735Interest and finance costs 20,240 17,564Interest income (284) (209)Depreciation 20,013 19,882Amortization of dry-docking and special survey costs 1,948 2,050 ----------- -----------EBITDA 66,451 64,022 ----------- -----------Accrued charter revenue 505 3,292(Gain) Loss on sale/disposal of vessels 2,801 (2,909)Realized (Gain) Loss on Euro/USD forward contracts 368 (190)Gain on derivative instruments (3,030) (2,989) ----------- -----------Adjusted EBITDA $ 67,095 $ 61,226 =========== ===========




EBITDA represents net income before interest and finance costs, interest income, depreciation and amortization of deferred dry-docking & special survey costs. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, amortization of deferred dry-docking & special survey costs, non-cash "Accrued charter revenue" recorded under charters with escalating charter rates, gain/(loss) on sale of vessels, realized (gain)/loss on Euro/USD forward contracts and non-cash changes in fair value of derivatives. "Accrued charter revenue" is attributed to the time difference between the revenue recognition and the cash collection. However, EBITDA and Adjusted EBITDA are not recognized measurements under U.S. generally accepted accounting principles, or "GAAP." We believe that the presentation of EBITDA and Adjusted EBITDA 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 EBITDA and Adjusted EBITDA are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that EBITDA and Adjusted EBITDA are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of EBITDA and Adjusted EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating EBITDA and Adjusted EBITDA, 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 EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Note: Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as deductions to net income. Charges negatively impacting net income are reflected as increases to net income.

Results of Operations

Three-month period ended March 31, 2013 compared to the three-month period ended March 31, 2012

During the three-month periods ended March 31, 2013 and 2012, we had an average of 46.9 and 46.5 vessels, respectively, in our fleet. In the three-month period ended March 31, 2013, we accepted delivery of the newbuild vessel MSC Athens with a TEU capacity of 8,827, the secondhand vessel Venetiko with a TEU capacity of 5,928, and we sold the vessel MSC Washington, with a TEU capacity of 3,876. In the three-month period ended March 31, 2012, we accepted delivery of the secondhand vessel MSC Ulsan with a TEU capacity of 4,132, and we sold the vessel Gather, with a TEU capacity of 2,922. In the three-month periods ended March 31, 2013 and 2012, our fleet ownership days totaled 4,221 and 4,227 days, respectively. Ownership days are the primary driver 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 except percentages) ended March 31, ---------------------- Percentage 2012 2013 Change Change ---------- ----------Voyage revenue $ 100.0 $ 91.5 $ (8.5) (8.5%)Voyage expenses (0.7) (0.7) - -Voyage expenses - related parties (0.7) (0.7) - -Vessels operating expenses (27.7) (27.9) 0.2 0.7%General and administrative expenses (0.9) (0.9) - -Management fees - related parties (3.7) (3.9) 0.2 5.4%Amortization of dry-docking and special survey costs (1.9) (2.0) 0.1 5.3%Depreciation (20.0) (19.9) (0.1) (0.5%)Gain (Loss) on sale/disposal of vessels (2.8) 2.9 5.7 203.6%Foreign exchange gains 0.1 0.1 - -Interest income 0.2 0.2 - -Interest and finance costs (20.3) (17.6) (2.7) (13.3%)Other (0.1) 0.6 0.7 700.0%Gain on derivative instruments 3.0 3.0 - - ---------- ----------Net Income $ 24.5 $ 24.7 $ 0.2 0.8% ========== ========== (Expressed in millions of U.S. dollars, Three-month period except percentages) ended March 31, --------------------- Percentage 2012 2013 Change Change ---------- ----------Voyage revenue $ 100.0 $ 91.5 $ (8.5) (8.5%)Accrued charter revenue 0.5 3.3 2.8 560.0% ---------- ----------Voyage revenue adjusted on a cash basis $ 100.5 $ 94.8 $ (5.7) (5.7%) ========== ========== Three-month periodFleet operational data ended March 31, ------------------- Percentage 2012 2013 Change Change --------- ---------Average number of vessels 46.5 46.9 0.4 0.9%Ownership days 4,227 4,221 (6.0) (0.1%)Number of vessels under dry- docking 2 2 -




Voyage Revenue

Voyage revenue decreased by 8.5%, or $8.5 million, to $91.5 million during the three-month period ended March 31, 2013, from $100.0 million during the three-month period ended March 31, 2012. This decrease is mainly due to (i) decreased charter rates in certain of our vessels during the three-month period ended March 31, 2013, compared to the three-month period ended March 31, 2012, (ii) revenues not earned by vessels which were sold for scrap after the first quarter of 2012, partly offset by the revenues earned by vessels acquired after the first quarter of 2012. Voyage revenues adjusted on a cash basis (which eliminates non-cash "Accrued charter revenue"), decreased by 5.7%, or $5.7 million, to $94.8 million during the three-month period ended March 31, 2013, from $100.5 million during the three-month period ended March 31, 2012. The decrease is mainly attributable to the decreased charter rates in certain of our vessels during the three-month period ended March 31, 2013, compared to the three-month period ended March 31, 2012.

Voyage Expenses

Voyage expenses were $0.7 million during the three-month period ended March 31, 2013, and $0.7 million during the three-month period ended March 31, 2012. Voyage expenses mainly include (i) off-hire expenses of our fleet, basically fuel consumption and (ii) third party commissions.

Voyage Expenses - related parties

Voyage expenses - related parties in the amount of $0.7 million during the three-month period ended March 31, 2013 and in the amount of $0.7 million during the three-month period ended March 31, 2012, represent fees of 0.75% on voyage revenues charged to us by Costamare Shipping Company S.A. as provided under our management agreement signed on November 3, 2010.

Vessels' Operating Expenses

Vessels' operating expenses, which also include the realized gain/ (loss) under derivative contracts entered into in relation to foreign currency exposure, increased by 0.7%, or $0.2 million, to $27.9 million during the three-month period ended March 31, 2013, from $27.7 million during the three-month period ended March 31, 2012.

General and Administrative Expenses

General and administrative expenses were $0.9 million during the three-month period ended March 31, 2013 and $0.9 million during the three-month period ended March 31, 2012. General and administrative expenses for the three-month periods ended March 31, 2013 and 2012, include $0.25 million, respectively, for the services of the Company's officers in aggregate charged to us by Costamare Shipping Company S.A. as provided under our management agreement signed on November 3, 2010.

Management Fees - related parties

Management fees paid to our managers increased by 5.4%, or $0.2 million, to $3.9 million during the three-month period ended March 31, 2013, from $3.7 million during the three-month period ended March 31, 2012. The increase was primarily attributable to the upward adjustment by 4% of the management fee for each vessel (effective January 1, 2013), as provided under our management agreement signed on November 3, 2010.

Amortization of Dry-docking and Special Survey Costs

Amortization of deferred dry-docking and special survey costs was $2.0 million for the three-month period ended March 31, 2013 and $1.9 million for the three-month period ended March 31, 2012. During the three-month periods ended March 31, 2013 and 2012, two vessels and two vessels, respectively, underwent their special survey. During the three-month period ended March 31, 2013, one vessel completed its respective works and one was in process. During the three-month period ended March 31, 2012, one vessel completed its respective works and one was in process.

Depreciation

Depreciation expense decreased by 0.5%, or $0.1 million, to $19.9 million during the three-month period ended March 31, 2013, from $20.0 million during the three-month period ended March 31, 2012. The decrease was attributable to the decreased calendar days by one day during the first quarter of 2013 (90 calendar days) compared to the first quarter of 2012 (91 calendar days), slightly offset by the increase of the average number of vessels.

Gain (Loss) on Sale of Vessels

During the three-month period ended March 31, 2013, we recorded a gain of $2.9 million from the sale of one vessel. During the three-month period ended March 31, 2012, we recorded a loss of $2.8 million mainly from the sale of one vessel.

Foreign Exchange Gains

Foreign exchange gains amounted to $0.1 million during the three-month periods ended March 31, 2013 and 2012, respectively.

Interest Income

During the three-month periods ended March 31, 2013 and 2012, interest income was $0.2 million and $0.2 million, respectively.

Interest and Finance Costs

Interest and finance costs decreased by 13.3%, or $2.7 million, to $17.6 million during the three-month period ended March 31, 2013, from $20.3 million during the three-month period ended March 31, 2012. The decrease is partly attributable to decreased interest expense charged to us and to decreased commitment fees charged to us, partly offset by the capitalized interest in relation with our newbuilding program.

Gain (Loss) on Derivative Instruments

The fair value of our 30 interest rate derivative instruments which were outstanding as of March 31, 2013, equates to the amount that would be paid by us or to us should those instruments be terminated. As of March 31, 2013, the fair value of these 30 interest rate derivative instruments in aggregate amounted to a liability of $165.3 million. Twenty-nine of the 30 interest rate derivative instruments that were outstanding as at March 31, 2013, qualified for hedge accounting and the effective portion of the change in their fair value is recorded in "Comprehensive loss". For the three-month period ended March 31, 2013, a net gain of $12.4 million has been included in "Comprehensive loss" and a gain of $3.2 million has been included in "Gain (loss) on derivative instruments" in the consolidated statement of income, resulting from the fair market value change of the interest rate derivative instruments during the three-month period ended March 31, 2013.

Cash Flows


Three-month periods ended March 31, 2013 and 2012 Three-month periodCondensed cash flows ended March 31, ----------------------(Expressed in millions of U.S. dollars) 2012 2013 ---------- ----------Net Cash Provided by Operating Activities $ 35.4 $ 34.9Net Cash Used in Investing Activities $ (44.4) $ (149.6)Net Cash Provided by Financing Activities $ 184.7 $ 30.2




Net Cash Provided by Operating Activities

Net cash flows provided by operating activities for the three-month period ended March 31, 2013, decreased by $0.5 million to $34.9 million, compared to $35.4 million for the three-month period ended March 31, 2012. The decrease was primarily attributable to decreased cash from operations of $5.7 million due to decreased charter rates in certain of our vessels during the three-month period ended March 31, 2013, compared to the three-month period ended March 31, 2012, partly offset by (a) favorable 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 $1.6 million, (b) decreased dry-docking payments of $0.7 million and (c) decreased payments for interest (including swap payments) of $0.9 million.

Net Cash Used in Investing Activities

Net cash used in investing activities was $ 149.6 million in the three-month period ended March 31, 2013, which consisted of (a) $129.2 million advance payments for the construction and purchase of three newbuild vessels, (b) $22.2 million in payments for the acquisition of one secondhand vessel, (c) $2.4 million advance payment we received from the sale of one vessel for scrap which was delivered to her scrap buyers on April 24, 2013 and (d) $0.6 million in payments for expenses related to the sale of vessel MSC Washington.

Net cash used in investing activities was $44.4 million in the three-month period ended March 31, 2012, which consisted of (a) $20.2 million advance payments for the construction and purchase of two newbuild vessels, (b) $30.0 million in payments for the acquisition of one secondhand vessel and (c) $5.8 million we received from the sale of one vessel.

Net Cash Provided By Financing Activities

Net cash provided by financing activities was $30.2 million in the three-month period ended March 31, 2013, which mainly consisted of (a) $36.2 million of indebtedness that we repaid, (b) $87.9 million we drew down from two of our credit facilities and (c) $20.2 million we paid for dividends to our stockholders for the fourth quarter of the year ended December 31, 2012.

Net cash provided by financing activities was $184.7 million in the three-month period ended March 31, 2012, which mainly consisted of (a) $46.4 million of indebtedness that we repaid, (b) $148.1 million we drew down from three of our credit facilities, (c) $16.3 million we paid for dividends to our stockholders for the fourth quarter of the year ended December 31, 2011 and (d) $100.6 million net proceeds we received from our follow-on offering in March 2012, net of underwriting discounts and expenses incurred in the offering.

Liquidity and Capital Expenditures

Cash and cash equivalents

As of March 31, 2013, we had a total cash liquidity of $231.4 million, consisting of cash, cash equivalents and restricted cash.

Debt-free vessels

As of April 24, 2013, the following vessels were free of debt.


Unencumbered Vessels in the water (refer to fleet list below for full charter details) Year TEUVessel Name Built Capacity------------------------------------------------------ ---------- ----------NAVARINO 2010 8,531VENETIKO 2003 5,928AKRITAS 1987 3,152MSC CHALLENGER 1986 2,633MESSINI 1997 2,458




Capital commitments

As of April 24, 2013, we had outstanding commitments relating to our contracted newbuilds aggregating $486.4 million payable in installments until the vessels are delivered.

Conference Call details:

On Thursday, April 25, 2013 at 8:30 a.m., EDT, 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".

A replay of the conference call will be available until May 2, 2013. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 25306424#.

Live webcast:

There will also be a simultaneous live webcast over the Internet, through the Costamare Inc. website (www.costamare.com) under the "Investors" section. 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 38 years of history in the international shipping industry and a fleet of 56 containerships, with a total capacity of approximately 328,000 TEU, including eight newbuild containerships on order. Costamare Inc.'s common shares trade on the New York Stock Exchange under the symbol "CMRE."

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" and "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 Costamare Inc.'s Annual Report on Form 20-F (File No. 001-34934) under the caption "Risk Factors".

Fleet List

The tables below provide additional information, as of April 24, 2013, about our fleet of 56 containerships, including eight newbuilds on order. Each vessel is a cellular containership, meaning it is a dedicated container vessel.


---------------------------------------------------------------------------- Average Daily Charter Current Rate Daily Until Year Capacity Time Charter Expiration Earliest Vessel Name Charterer Built (TEU) Charter Hire of Expiry Term(1) (U.S. Charter(1) of dollars) Charter (U.S. dollars) (2)----------------------------------------------------------------------------1 COSCO COSCO 2006 9,469 12 36,400 December 36,400 GUANGZHOU years 2017----------------------------------------------------------------------------2 COSCO COSCO 2006 9,469 12 36,400 January 36,400 NINGBO years 2018----------------------------------------------------------------------------3 COSCO COSCO 2006 9,469 12 36,400 February 36,400 YANTIAN years 2018----------------------------------------------------------------------------4 COSCO COSCO 2006 9,469 12 36,400 April 2018 36,400 BEIJING years----------------------------------------------------------------------------5 COSCO COSCO 2006 9,469 12 37,519 May 2018 37,519 HELLAS years----------------------------------------------------------------------------6 MSC ATHENS MSC 2013 8,827 10 42,000 January 42,000 years 2023----------------------------------------------------------------------------7 MSC ATHOS MSC 2013 8,827 10 42,000 February 42,000 years 2023----------------------------------------------------------------------------8 NAVARINO Evergreen 2010 8,531 1.5 30,950 September 30,950 years 2013----------------------------------------------------------------------------9 MAERSK A.P. 1997 7,403 10 37,000 December 37,000 KAWASAKI Moller- years 2017 (i) Maersk----------------------------------------------------------------------------10 MAERSK KURE A.P. 1996 7,403 10 37,000 December 37,000 (i) Moller- years 2017 Maersk----------------------------------------------------------------------------11 MAERSK A.P. 1997 7,403 10 37,000 February 37,000 KOKURA Moller- years 2018 (i) Maersk----------------------------------------------------------------------------12 MSC METHONI MSC 2003 6,724 10 29,000 September 29,000 years 2021----------------------------------------------------------------------------13 SEALAND NEW A.P. 2000 6,648 11 30,375 March 2018 27,010 YORK Moller- years (3) Maersk----------------------------------------------------------------------------14 MAERSK KOBE A.P. 2000 6,648 11 38,179 May 2018 28,947 Moller- years (4) Maersk----------------------------------------------------------------------------15 SEALAND A.P. 2000 6,648 11 30,375 June 2018 27,203 WASHINGTON Moller- years (5) Maersk----------------------------------------------------------------------------16 SEALAND A.P. 2000 6,648 11 25,375 August 25,897 MICHIGAN Moller- years (6) 2018 Maersk----------------------------------------------------------------------------17 SEALAND A.P. 2000 6,648 11 30,375 October 27,365 ILLINOIS Moller- years (7) 2018 Maersk----------------------------------------------------------------------------18 MAERSK A.P. 2003 6,644 11 38,865 November 31,398 KOLKATA Moller- years (8) 2019 Maersk----------------------------------------------------------------------------19 MAERSK A.P. 2003 6,644 11 38,461 February 31,537 KINGSTON Moller- years (9) 2020 Maersk----------------------------------------------------------------------------20 MAERSK A.P. 2003 6,644 11 38,418 April 2020 31,637 KALAMATA Moller- years (10) Maersk----------------------------------------------------------------------------21 VENETIKO PIL 2003 5,928 1.0 14,500 March 2014 14,500 (ii) year----------------------------------------------------------------------------22 MSC ROMANOS MSC 2003 5,050 5.3 28,000 November 28,000 years 2016----------------------------------------------------------------------------23 ZIM NEW ZIM 2002 4,992 13 23,150 July 23,150 YORK years 2015(11)----------------------------------------------------------------------------24 ZIM ZIM 2002 4,992 13 23,150 August 23,150 SHANGHAI years 2015(11)----------------------------------------------------------------------------25 ZIM PIRAEUS ZIM 2004 4,992 10 22,150 March 2014 37,775 (iii) years (12)----------------------------------------------------------------------------26 OAKLAND Hapag 2000 4,890 8 years 30,500 September 30,500 EXPRESS Lloyd 2016----------------------------------------------------------------------------27 HALIFAX Hapag 2000 4,890 8 years 30,500 October 30,500 EXPRESS Lloyd 2016----------------------------------------------------------------------------28 SINGAPORE Hapag 2000 4,890 8 years 30,500 July 2016 30,500 EXPRESS Lloyd----------------------------------------------------------------------------29 MSC MSC 1988 4,828 7.8 20,000 August 20,000 MANDRAKI years 2017----------------------------------------------------------------------------30 MSC MYKONOS MSC 1988 4,828 8.2 20,000 September 20,000 years 2017----------------------------------------------------------------------------31 MSC ULSAN MSC 2002 4,132 5.3 16,500 March 2017 16,500 years----------------------------------------------------------------------------32 MSC ANTWERP MSC 1993 3,883 4.3 17,500 August 17,500 years 2013----------------------------------------------------------------------------33 MSC KYOTO MSC 1981 3,876 9.5 13,500 September 13,500 years (13) 2018----------------------------------------------------------------------------34 KORONI Evergreen 1998 3,842 2 years 10,500 April 2014 11,403 (14)----------------------------------------------------------------------------35 KYPARISSIA Evergreen 1998 3,842 2 years 10,500 May 2014 11,370 (15)----------------------------------------------------------------------------36 KARMEN Sea 1991 3,351 1.5 7,000 May 2013 7,000 Consortium years----------------------------------------------------------------------------37 MARINA Evergreen 1992 3,351 1.1 8,000 June 2013 8,000 years----------------------------------------------------------------------------38 KONSTANTINA Evergreen 1992 3,351 1.0 7,550 September 7,550 year 2013----------------------------------------------------------------------------39 AKRITAS Hapag 1987 3,152 4 years 12,500 August 12,500 Lloyd 2014----------------------------------------------------------------------------40 MSC MSC 1986 2,633 4.8 10,000 July 2015 10,000 CHALLENGER years----------------------------------------------------------------------------41 MESSINI Evergreen 1997 2,458 1.5 8,100 February 8,100 years 2014----------------------------------------------------------------------------42 MSC REUNION MSC 1992 2,024 6 years 11,500 June 2014 11,500 (iv)----------------------------------------------------------------------------43 MSC NAMIBIA MSC 1991 2,023 6.8 11,500 July 2014 11,500 II (iv) years----------------------------------------------------------------------------44 MSC SIERRA MSC 1991 2,023 5.7 11,500 June 2014 11,500 II (iv) years----------------------------------------------------------------------------45 MSC PYLOS MSC 1991 2,020 3 years 11,500 January 11,500 (iv) 2014----------------------------------------------------------------------------46 PROSPER COSCO 1996 1,504 1.0 7,350 March 2014 7,350 year----------------------------------------------------------------------------47 ZAGORA MSC 1995 1,162 3.7 5,700 April 2015 5,700 years----------------------------------------------------------------------------48 STADT CMA CGM 2001 1.078 0.7 6,200 May 2013 6,200 LUEBECK (v) years----------------------------------------------------------------------------




Newbuilds


----------------------------------------------------------------------------Vessel Name Shipyard Charterer Expected Capacity Delivery (TEU)(16) (based on latest shipyard schedule)----------------------------------------------------------------------------1 Hull S4020 Sungdong Shipbuilding Evergreen May 2013 8,827----------------------------------------------------------------------------2 Hull S4021 Sungdong Shipbuilding Evergreen June 2013 8,827----------------------------------------------------------------------------3 Hull S4022 Sungdong Shipbuilding Evergreen July 2013 8,827----------------------------------------------------------------------------4 Hull S4023 Sungdong Shipbuilding Evergreen August 2013 8,827----------------------------------------------------------------------------5 Hull S4024 Sungdong Shipbuilding Evergreen September 2013 8,827----------------------------------------------------------------------------6 H1068A Jiangnan Changxing MSC December 2013 9,403----------------------------------------------------------------------------7 H1069A Jiangnan Changxing MSC December 2013 9,403----------------------------------------------------------------------------8 H1070A Jiangnan Changxing MSC February 2014 9,403----------------------------------------------------------------------------(1) Charter terms and expiration dates are based on the earliest date charters could expire.(2) This average rate is calculated based on contracted charter rates for the days remaining between April 24, 2013 and the earliest expiration of each charter. Certain of our charter rates change until their earliest expiration dates, as indicated in the footnotes below.(3) This charter rate changes on May 8, 2014 to $26,100 per day until the earliest redelivery date.(4) This charter rate changes on June 30, 2014 to $26,100 per day until the earliest redelivery date.(5) This charter rate changes on August 24, 2014 to $26,100 per day until the earliest redelivery date.(6) This charter rate changes on October 20, 2014 to $26,100 per day until the earliest redelivery date.(7) This charter rate changes on December 4, 2014 to $26,100 per day until the earliest redelivery date.(8) This charter rate changes on January 13, 2016 to $26,100 per day until the earliest redelivery date.(9) This charter rate changes on April 28, 2016 to $26,100 per day until the earliest redelivery date.(10) This charter rate changes on June 11, 2016 to $26,100 per day until the earliest redelivery date.(11) Charterers shall have the option to terminate the charter by giving six months notice, in which case they will have to make a one-time payment which shall be the $6.9 million reduced proportionately by the amount of time by which the original 3-year extension period is shortened.(12) The charterer is required to pay approximately $5.0 million no later than July 2016, representing accrued charter hire, the payment of which was deferred.(13) As from December 1, 2012 until redelivery, the charter rate is to be a minimum of $13,500 per day plus 50% of the difference between the market rate and the charter rate of $13,500. The market rate is to be determined annually based on the Hamburg ConTex type 3500 TEU index published on October 1 of each year until redelivery.(14) The charter rate will change to $11,500 per day, starting from May 2013 until the earliest redelivery date.(15) The charter rate will change to $11,500 per day, starting from June 2013 until the earliest redelivery date.(16) Based on updated vessel specifications.(i) The charterer has a unilateral option to extend the charter of the vessel for two periods of 30 months each +/-90 days on the final period performed, at a rate of $41,700 per day.(ii) The charterer has a unilateral option to extend the charter of the vessel for a period of 12 months at a rate of $28,000 per day.(iii) The charterer has a unilateral option to extend the charter of the vessel for a period of 12 months +/-60 days at a rate of $27,500 per day.(iv) Owners have a unilateral option to extend the charters of the vessels for an additional period of two years at market rate, to be defined annually, based on the closest category on the Contex index.(v) The charterer has a unilateral option to extend the charter for an additional six months after the initial period at a daily rate of $8,500. COSTAMARE INC. Consolidated Statements of Income Three-month period ended March 31, ------------------------(Expressed in thousands of U.S. dollars, except share and per share data) 2012 2013 ----------- ----------- (Unaudited)REVENUES:Voyage revenue $ 100,031 $ 91,536EXPENSES:Voyage expenses (691) (679)Voyage expenses - related parties (741) (692)Vessels' operating expenses (27,692) (27,880)General and administrative expenses (925) (963)Management fees - related parties (3,749) (3,890)Amortization of dry-docking and special survey costs (1,948) (2,050)Depreciation (20,013) (19,882)Gain (Loss) on sale/disposal of vessels (2,801) 2,909Foreign exchange gains 112 75 ----------- -----------Operating income $ 41,583 $ 38,484 ----------- -----------OTHER INCOME (EXPENSES):Interest income $ 284 $ 209Interest and finance costs (20,240) (17,564)Other (123) 617Gain on derivative instruments 3,030 2,989 ----------- -----------Total other income (expenses) $ (17,049) $ (13,749) ----------- -----------Net Income $ 24,534 $ 24,735 =========== ===========Earnings per common share, basic and diluted $ 0.40 $ 0.33 =========== ===========Weighted average number of shares, basic and diluted 61,124,176 74,800,000 =========== =========== COSTAMARE INC. Consolidated Balance Sheets As of As of December 31, March 31, ------------- ------------- (Expressed in thousands of U.S. dollars) 2012 2013 ------------- ------------- (Audited) (Unaudited)ASSETSCURRENT ASSETS:Cash and cash equivalents $ 267,321 $ 182,880Restricted cash 5,330 5,483Receivables 2,237 7,473Inventories 9,398 10,457Due from related parties 2,616 2,659Fair value of derivatives 165 -Insurance claims receivable 1,454 1,157Accrued charter revenue 5,100 9,345Prepayments and other 1,862 4,320Vessel held for sale 4,441 3,660 ------------- -------------Total current assets $ 299,924 $ 227,434 ------------- -------------FIXED ASSETS, NET:Advances for vessels acquisitions $ 339,552 $ 369,692Vessels, net 1,582,345 1,680,309 ------------- -------------Total fixed assets, net $ 1,921,897 $ 2,050,001 ------------- -------------NON-CURRENT ASSETS:Deferred charges, net $ 34,099 $ 32,926Restricted cash 41,992 43,044Accrued charter revenue 13,422 7,927 ------------- -------------Total assets $ 2,311,334 $ 2,361,332 ============= =============LIABILITIES AND STOCKHOLDERS' EQUITYCURRENT LIABILITIES:Current portion of long-term debt $ 162,169 $ 178,749Accounts payable 5,882 7,137Accrued liabilities 9,292 11,778Unearned revenue 5,595 3,537Fair value of derivatives 55,701 56,701Other current liabilities 10,772 4,686 ------------- -------------Total current liabilities $ 249,411 $ 262,588 ------------- -------------NON-CURRENT LIABILITIESLong-term debt, net of current portion $ 1,399,720 $ 1,434,806Fair value of derivatives, net of current portion 125,110 108,558Unearned revenue, net of current portion 16,641 19,107 ------------- -------------Total non-current liabilities $ 1,541,471 $ 1,562,471 ------------- -------------COMMITMENTS AND CONTINGENCIESSTOCKHOLDERS' EQUITY:Common stock $ 8 $ 8Additional paid-in capital 714,100 714,100Accumulated deficit (40,814) (36,275)Accumulated other comprehensive loss (152,842) (141,560) ------------- -------------Total stockholders' equity $ 520,452 $ 536,273 ------------- -------------Total liabilities and stockholders' equity $ 2,311,334 $ 2,361,332 ============= =============





Contacts:

Company Contact:
Gregory Zikos
Chief Financial Officer
Konstantinos Tsakalidis - Business Development
Costamare Inc., Athens, Greece
Tel: (+30) 210-949-0000
Email: ir@costamare.com

Investor Relations Advisor/ Media Contact:
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (+1) 212-661-7566
E-mail: costamare@capitallink.com



Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters