Press Release, dated April 29, 2014: Costamare Inc. Reports Results for the First Quarter Ended March 31, 2014
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Financial Report for the First Quarter Ended March 31, 2014
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COSTAMARE INC.
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By:
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/s/ Gregory G. Zikos
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Name:
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Gregory G. Zikos
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Title:
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Chief Financial Officer
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·
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Voyage revenues of $114.9 million for the three months ended March 31, 2014.
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·
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Voyage revenues adjusted on a cash basis of $117.5 million for the three months ended March 31, 2014.
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·
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Adjusted EBITDA of $82.1 million for the three months ended March 31, 2014.
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·
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Net income of $19.8 million for the three months ended March 31, 2014.
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·
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Net income available to common stockholders of $17.2 million or $0.23 per share for the three months ended March 31, 2014.
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·
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Adjusted Net income available to common stockholders of $26.3 million or $0.35 per share for the three months ended March 31, 2014.
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·
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On April 29, 2014, the Board of Directors approved a one cent increase in the quarterly dividend and the Company declared a dividend of $0.28 per share of common stock for the first quarter ended March 31, 2014, payable on May 13, 2014, to stockholders of record at the close of trading of the Company’s common stock on the New York Stock Exchange on May 9, 2014. This will be the Company’s fourteenth consecutive quarterly dividend since it commenced trading on the New York Stock Exchange.
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·
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On March 31, 2014, the Company declared a dividend of $0.476563 per share of its Series B Preferred Stock and a $0.495833 per share of its Series C Preferred Stock, both paid on April 15, 2014, to holders of record on April 14, 2014.
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·
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On March 14 and April 28, the Company took delivery of the 9,403 TEU newbuild containership vessels MSC Ajaccio and MSC Amalfi, both built by Shanghai Jiangnan Changxing Heavy Industry in China. Upon delivery, both vessels commenced long term charters with MSC.
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·
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On April 16, 2014, the Company took delivery of the 2000-built, 1,645 TEU containership Neapolis. The vessel was purchased from an insolvency administrator. The acquisition was 90% funded out of bank financing provided by an existing lender to the Company. The vessel has been chartered to Yang Ming for a period of minimum 4 and maximum 6 months starting from around May 8, 2014, at a daily rate of $8,100.
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·
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The Company entered into the following charter agreements:
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o
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Agreed to extend the charter of the 5,928 TEU 2003-built Venetiko with PIL for a period of minimum 11 and maximum 15 months starting from April 20, 2014, at a daily rate of $12,250.
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o
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Agreed to extend the charter of the 3,842 TEU 1998-built Kyparissia with Evergreen for a period of minimum 20 and maximum 30 days starting from May 12, 2014, at a daily rate of $8,000.
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o
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Agreed to extend the charter of the 2,458 TEU 1997-built Messini with Evergreen for a period of six months starting from April 1, 2014, at a daily rate of $7,500.
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o
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Exercised our option to extend the charter of the 2,020 TEU 1991-built MSC Pylos with MSC for a period of approximately two years starting from February 28, 2014. The daily rate for the first year of the extension has been set at $7,600.
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o
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Agreed to charter the 1,504 TEU 1996-built Prosper with Evergreen for a period of minimum 4 and maximum 6 months starting from May 3, 2014, at a daily rate of $7,400.
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Three-month period ended March 31,
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(Expressed in thousands of U.S. dollars, except share and per share data):
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2013
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2014
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Voyage revenue
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$ | 91,536 | $ | 114,898 | ||||
Accrued charter revenue (1)
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$ | 3,292 | $ | 2,646 | ||||
Voyage revenue adjusted on a cash basis (2)
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$ | 94,828 | $ | 117,544 | ||||
Adjusted EBITDA (3)
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$ | 61,226 | $ | 82,082 | ||||
Adjusted Net Income available to common stockholders (3)
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$ | 21,939 | $ | 26,314 | ||||
Weighted Average number of shares
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74,800,000 | 74,800,000 | ||||||
Adjusted Earnings per share (3)
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$ | 0.29 | $ | 0.35 | ||||
EBITDA (3)
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$ | 64,022 | $ | 72,995 | ||||
Net Income
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$ | 24,735 | $ | 19,833 | ||||
Net Income available to common stockholders
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$ | 24,735 | $ | 17,227 | ||||
Weighted Average number of shares
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74,800,000 | 74,800,000 | ||||||
Earnings per share
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$ | 0.33 | $ | 0.23 |
Three-month period ended March 31,
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(Expressed in thousands of U.S. dollars, except share and per share data)
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2013
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2014
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Net Income
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$ | 24,735 | $ | 19,833 | ||||
Distributed earnings allocated to Preferred Stock
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- | (2,606 | ) | |||||
Net Income available to common stockholders
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24,735 | 17,227 | ||||||
Accrued charter revenue
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3,292 | 2,646 | ||||||
Gain on sale/disposals of vessels
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(2,909 | ) | - | |||||
Swaps breakage cost
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- | 6,712 | ||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
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- | 2,503 | ||||||
Realized Gain on Euro/USD forward contracts
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(190 | ) | - | |||||
Gain on derivative instruments
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(2,989 | ) | (2,774 | ) | ||||
Adjusted Net income available to common stockholders
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$ | 21,939 | $ | 26,314 | ||||
Adjusted Earnings per Share
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$ | 0.29 | $ | 0.35 | ||||
Weighted average number of shares
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74,800,000 | 74,800,000 |
Three-month period ended March 31,
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(Expressed in thousands of U.S. dollars)
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2013
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2014
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Net Income
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$ | 24,735 | $ | 19,833 | ||||
Interest and finance costs
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17,564 | 25,796 | ||||||
Interest income
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(209 | ) | (150 | ) | ||||
Depreciation
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19,882 | 25,208 | ||||||
Amortization of prepaid lease rentals
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- | 410 | ||||||
Amortization of dry-docking and special survey costs
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2,050 | 1,898 | ||||||
EBITDA
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64,022 | 72,995 | ||||||
Accrued charter revenue
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3,292 | 2,646 | ||||||
Gain on sale/disposals of vessels
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(2,909 | ) | - | |||||
Swaps breakage cost
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- | 6,712 | ||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
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- | 2,503 | ||||||
Realized Gain on Euro/USD forward contracts
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(190 | ) | - | |||||
Gain on derivative instruments
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(2,989 | ) | (2,774 | ) | ||||
Adjusted EBITDA
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$ | 61,226 | $ | 82,082 |
(Expressed in millions of U.S. dollars,
except percentages)
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Three-month period ended March 31,
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Change
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Percentage
Change
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2013
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2014
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Voyage revenue
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$ | 91.5 | $ | 114.9 | $ | 23.4 | 25.6 | % | ||||||||
Voyage expenses
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(0.7 | ) | (0.7 | ) | - | - | ||||||||||
Voyage expenses – related parties
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(0.7 | ) | (0.9 | ) | 0.2 | 28.6 | % | |||||||||
Vessels’ operating expenses
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(27.9 | ) | (29.4 | ) | 1.5 | 5.4 | % | |||||||||
General and administrative expenses
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(0.9 | ) | (1.1 | ) | 0.2 | 22.2 | % | |||||||||
Management fees – related parties
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(3.9 | ) | (4.5 | ) | 0.6 | 15.4 | % | |||||||||
Amortization of dry-docking and special survey costs
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(2.0 | ) | (1.9 | ) | (0.1 | ) | (5.0 | %) | ||||||||
Depreciation
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(19.9 | ) | (25.2 | ) | 5.3 | 26.6 | % | |||||||||
Amortization of prepaid lease rentals
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- | (0.4 | ) | 0.4 | 100.0 | % | ||||||||||
Gain on sale / disposals of vessels
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2.9 | - | (2.9 | ) | (100.0 | %) | ||||||||||
Foreign exchange gains/ (losses)
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0.1 | (0.1 | ) | (0.2 | ) | (200.0 | %) | |||||||||
Interest income
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0.2 | 0.2 | - | - | ||||||||||||
Interest and finance costs
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(17.6 | ) | (25.8 | ) | 8.2 | 46.6 | % | |||||||||
Swaps breakage cost
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- | (6.7 | ) | 6.7 | 100.0 | % | ||||||||||
Equity loss on investments
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- | (2.3 | ) | 2.3 | 100.0 | % | ||||||||||
Other
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0.6 | 0.9 | 0.3 | 50.0 | % | |||||||||||
Gain on derivative instruments
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3.0 | 2.8 | (0.2 | ) | (6.7 | %) | ||||||||||
Net Income
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$ | 24.7 | $ | 19.8 |
(Expressed in millions of U.S. dollars,
except percentages)
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Three-month period ended March 31,
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Change
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Percentage
Change
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2013
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2014
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Voyage revenue
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$ | 91.5 | $ | 114.9 | $ | 23.4 | 25.6 | % | ||||||||
Accrued charter revenue
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3.3 | 2.6 | (0.7 | ) | (21.2 | %) | ||||||||||
Voyage revenue adjusted on a cash basis
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$ | 94.8 | $ | 117.5 | $ | 22.7 | 23.9 | % |
Vessels operational data
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Three-month period ended March 31,
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Percentage
Change
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||||||||||||||
2013
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2014
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Change
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Average number of vessels
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46.9 | 53.1 | 6.2 | 13.2 | % | |||||||||||
Ownership days
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4,221 | 4,775 | 554 | 13.1 | % | |||||||||||
Number of vessels under dry-docking
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2 | 2 | - |
Condensed cash flows
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Three-month period ended March 31,
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(Expressed in millions of U.S. dollars)
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2013
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2014
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Net Cash Provided by Operating Activities
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$ | 34.9 | $ | 53.9 | ||||
Net Cash Used in Investing Activities
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$ | (149.6 | ) | $ | (65.1 | ) | ||
Net Cash Provided by Financing Activities
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$ | 30.2 | $ | 101.5 |
Vessel Name
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Year
Built
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TEU
Capacity
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NAVARINO
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2010
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8,531
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VENETIKO
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2003
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5,928
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MESSINI
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1997
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2,458
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NEAPOLIS
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2000
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1,645
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Vessel Name
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Charterer
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Year Built
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Capacity (TEU)
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Time Charter Term(1)
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Current Daily Charter Rate (U.S. dollars)
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Expiration of Charter(1)
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Average Daily Charter Rate Until Earliest Expiry of Charter (U.S. dollars)(2)
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1
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COSCO GUANGZHOU
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COSCO
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2006
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9,469
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12 years
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36,400
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December 2017
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36,400
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2
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COSCO NINGBO
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COSCO
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2006
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9,469
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12 years
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36,400
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January 2018
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36,400
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3
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COSCO YANTIAN
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COSCO
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2006
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9,469
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12 years
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36,400
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February 2018
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36,400
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4
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COSCO BEIJING
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COSCO
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2006
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9,469
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12 years
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36,400
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April 2018
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36,400
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5
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COSCO HELLAS
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COSCO
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2006
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9,469
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12 years
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37,519
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May 2018
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37,519
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6
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MSC AZOV
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MSC
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2014
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9,403
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10 years
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43,000
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November 2023
|
43,000
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7
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MSC AJACCIO
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MSC
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2014
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9,403
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10 years
|
43,000
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February 2024
|
43,000
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8
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MSC AMALFI
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MSC
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2014
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9,403
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10 years
|
43,000
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March 2024
|
43,000
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9
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MSC ATHENS
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MSC
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2013
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8,827
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10 years
|
42,000
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January 2023
|
42,000
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10
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MSC ATHOS
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MSC
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2013
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8,827
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10 years
|
42,000
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February 2023
|
42,000
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11
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VALOR
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Evergreen
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2013
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8,827
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7 years(i)
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41,700
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April 2020(i)
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41,700
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12
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VALUE
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Evergreen
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2013
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8,827
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7 years(i)
|
41,700
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April 2020(i)
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41,700
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13
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VALIANT
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Evergreen
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2013
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8,827
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7 years(i)
|
41,700
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June 2020(i)
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41,700
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14
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VALENCE
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Evergreen
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2013
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8,827
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7 years(i)
|
41,700
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July 2020(i)
|
41,700
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15
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VANTAGE
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Evergreen
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2013
|
8,827
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7 years(i)
|
41,700
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September 2020(i)
|
41,700
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16
|
NAVARINO
|
MSC
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2010
|
8,531
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1.0 year
|
February 2015
|
||
17
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MAERSK KAWASAKI(ii)
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A.P. Moller-Maersk
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1997
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7,403
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10 years
|
37,000
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December 2017
|
37,000
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18
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MAERSK KURE(ii)
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A.P. Moller-Maersk
|
1996
|
7,403
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10 years
|
37,000
|
December 2017
|
37,000
|
19
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MAERSK KOKURA(ii)
|
A.P. Moller-Maersk
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1997
|
7,403
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10 years
|
37,000
|
February 2018
|
37,000
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20
|
MSC METHONI
|
MSC
|
2003
|
6,724
|
10 years
|
29,000
|
September 2021
|
29,000
|
21
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SEALAND NEW YORK
|
A.P. Moller-Maersk
|
2000
|
6,648
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11 years
|
30,375(3)
|
March 2018
|
26,127
|
22
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MAERSK KOBE
|
A.P. Moller-Maersk
|
2000
|
6,648
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11 years
|
38,179(4)
|
May 2018
|
26,612
|
23
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SEALAND WASHINGTON
|
A.P. Moller-Maersk
|
2000
|
6,648
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11 years
|
30,375(5)
|
June 2018
|
26,429
|
24
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SEALAND MICHIGAN
|
A.P. Moller-Maersk
|
2000
|
6,648
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11 years
|
25,375(6)
|
August 2018
|
26,020
|
25
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SEALAND ILLINOIS
|
A.P. Moller-Maersk
|
2000
|
6,648
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11 years
|
30,375(7)
|
October 2018
|
26,678
|
26
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MAERSK KOLKATA
|
A.P. Moller-Maersk
|
2003
|
6,644
|
11 years
|
38,865(8)
|
November 2019
|
29,918
|
27
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MAERSK KINGSTON
|
A.P. Moller-Maersk
|
2003
|
6,644
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11 years
|
38,461(9)
|
February 2020
|
30,334
|
28
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MAERSK KALAMATA
|
A.P. Moller-Maersk
|
2003
|
6,644
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11 years
|
38,418(10)
|
April 2020
|
30,384
|
29
|
VENETIKO
|
PIL
|
2003
|
5,928
|
2.0 years
|
12,250
|
March 2015
|
12,250
|
30
|
ENSENADA EXPRESS(*)
|
Hapag Lloyd
|
2001
|
5,576
|
2.0 years
|
19,000
|
May 2015
|
19,000
|
31
|
MSC ROMANOS
|
MSC
|
2003
|
5,050
|
5.3 years
|
28,000
|
November 2016
|
28,000
|
32
|
ZIM NEW YORK
|
ZIM(**)
|
2002
|
4,992
|
13 years
|
23,150(11)
|
September 2015
|
23,150(11)
|
33
|
ZIM SHANGHAI
|
ZIM(**)
|
2002
|
4,992
|
13 years
|
23,150 (11)
|
September 2015
|
23,150 (11)
|
34
|
ZIM PIRAEUS
|
ZIM(**)
|
2004
|
4,992
|
10 years
|
22,150 (11)
|
September 2015
|
22,150 (11)
|
Vessel Name
|
Charterer
|
Year Built
|
Capacity (TEU)
|
Time Charter Term(1)
|
Current Daily Charter Rate (U.S. dollars)
|
Expiration of Charter(1)
|
Average Daily Charter Rate Until Earliest Expiry of Charter (U.S. dollars)(2)
|
|
35
|
OAKLAND EXPRESS
|
Hapag Lloyd
|
2000
|
4,890
|
8 years
|
30,500
|
September 2016
|
30,500
|
36
|
HALIFAX EXPRESS
|
Hapag Lloyd
|
2000
|
4,890
|
8 years
|
30,500
|
October 2016
|
30,500
|
37
|
SINGAPORE EXPRESS
|
Hapag Lloyd
|
2000
|
4,890
|
8 years
|
30,500
|
July 2016
|
30,500
|
38
|
MSC MANDRAKI
|
MSC
|
1988
|
4,828
|
7.8 years
|
20,000
|
August 2017
|
20,000
|
39
|
MSC MYKONOS
|
MSC
|
1988
|
4,828
|
8.2 years
|
20,000
|
September 2017
|
20,000
|
40
|
MSC ULSAN
|
MSC
|
2002
|
4,132
|
5.3 years
|
16,500
|
March 2017
|
16,500
|
41
|
MSC KYOTO
|
MSC
|
1981
|
3,876
|
9.5 years
|
13,500(12)
|
September 2018
|
13,500
|
42
|
KORONI
|
Evergreen
|
1998
|
3,842
|
2 years
|
11,500
|
May 2014
|
11,500
|
43
|
KYPARISSIA
|
Evergreen
|
1998
|
3,842
|
2 years
|
11,500(13)
|
June 2014
|
9,379
|
44
|
KARMEN
|
1991
|
3,351
|
|||||
45
|
MARINA
|
Evergreen
|
1992
|
3,351
|
1.8 years
|
7,000
|
June 2014
|
7,000
|
46
|
KONSTANTINA
|
PIL
|
1992
|
3,351
|
0.1 years
|
3,750
|
May 2014
|
3,750
|
47
|
AKRITAS
|
Hapag Lloyd
|
1987
|
3,152
|
4 years
|
12,500
|
August 2014
|
12,500
|
48
|
MSC CHALLENGER
|
MSC
|
1986
|
2,633
|
4.8 years
|
10,000
|
July 2015
|
10,000
|
49
|
MESSINI
|
Evergreen
|
1997
|
2,458
|
2.0 years
|
7,500
|
October 2014
|
7,500
|
50
|
MSC REUNION(iii)
|
MSC
|
1992
|
2,024
|
6 years
|
11,500
|
June 2014
|
11,500
|
51
|
MSC NAMIBIA II(iii)
|
MSC
|
1991
|
2,023
|
6.8 years
|
11,500
|
July 2014
|
11,500
|
52
|
MSC SIERRA II(iii)
|
MSC
|
1991
|
2,023
|
5.7 years
|
11,500
|
June 2014
|
11,500
|
53
|
MSC PYLOS
|
MSC
|
1991
|
2,020
|
5 years
|
7,600
|
January 2016
|
7,600
|
54
|
X-PRESS PADMA(*)
|
Sea Consortium
|
1998
|
1,645
|
2.0 years
|
7,650(14)
|
June 2015
|
8,104
|
55
|
NEAPOLIS
|
Yang Ming
|
2000
|
1,645
|
0.4 years
|
8,100
|
September 2014
|
8,100
|
56
|
PROSPER
|
Evergreen
|
1996
|
1,504
|
0.4 years
|
7,400
|
September 2014
|
7,400
|
57
|
ZAGORA
|
MSC
|
1995
|
1,162
|
3.7 years
|
5,700(15)
|
April 2015
|
5,700
|
58
|
PETALIDI(*)
|
CMA CGM
|
1994
|
1,162
|
1.0 years
|
6,300
|
June 2014
|
6,300
|
59
|
STADT LUEBECK
|
CMA CGM
|
2001
|
1.078
|
1.7 years
|
6,400(16)
|
July 2014
|
6,400
|
Vessel Name
|
Shipyard
|
Charterer
|
Expected Delivery
(based on latest shipyard schedule)
|
|
1
|
NCP0113(*)
|
Hanjin Subic Bay
|
4th Quarter 2015
|
|
2
|
NCP0114(*)
|
Hanjin Subic Bay
|
1st Quarter 2016
|
|
3
|
NCP0115(*)
|
Hanjin Subic Bay
|
2nd Quarter 2016
|
|
4
|
NCP0116(*)
|
Hanjin Subic Bay
|
2nd Quarter 2016
|
|
5
|
S2121(*)
|
Samsung Heavy
|
Evergreen
|
2nd Quarter 2016
|
6
|
S2122(*)
|
Samsung Heavy
|
Evergreen
|
2nd Quarter 2016
|
7
|
S2123(*)
|
Samsung Heavy
|
Evergreen
|
3rd Quarter 2016
|
8
|
S2124(*)
|
Samsung Heavy
|
Evergreen
|
3rd Quarter 2016
|
9
|
S2125(*)
|
Samsung Heavy
|
Evergreen
|
3rd Quarter 2016
|
(1)
|
Charter terms and expiration dates are based on the earliest date charters could expire. Amounts set out for current daily charter rate are the amounts contained in the charter contracts.
|
(2)
|
This average rate is calculated based on contracted charter rates for the days remaining between April 29, 2014 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)
|
The amounts in the table reflect the charter terms currently in effect, although Zim has not paid the full contracted amounts. The aggregate amount of the shortfall for the first quarter of 2014 is approximately $2.5million. We are participating in ongoing discussions among Zim, its shareholders and its creditors, including vessel and container lenders, shipowners, shipyards, unsecured lenders and bond holders, to restructure its debt and charter obligations which, if successful, will result in our granting concessions to the existing charter rate and receivables from Zim, in exchange for charter extensions for two out of our three vessels currently chartered to Zim, as well as the issuance to us of debt and equity securities of Zim. If we reach such an agreement, we will revise our contractual obligations table accordingly.
|
(12)
|
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.
|
(13)
|
This charter rate changes on May 12, 2014 to $8,000 per day until the earliest redelivery date
|
(14)
|
This charter rate changes on July 27, 2014 to $8,225 per day until the earliest redelivery date.
|
(15)
|
This charter rate changes on May 1, 2014 to $6,200 per day until the earliest redelivery date
|
(16)
|
The charterer has a unilateral option to extend the charter of the vessel for a period of six months at a rate of $8,500 per day.
|
(i)
|
Assumes exercise of Owners unilateral options to extend the charter of these vessels for two one year periods.
|
(ii)
|
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.
|
(iii)
|
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.
|
Three-months ended March 31,
|
||||||||
(Expressed in thousands of U.S. dollars, except share and per share amounts)
|
2013
|
2014
|
||||||
(Unaudited)
|
||||||||
REVENUES:
|
||||||||
Voyage revenue
|
$ | 91,536 | $ | 114,898 | ||||
EXPENSES:
|
||||||||
Voyage expenses
|
(679 | ) | (685 | ) | ||||
Voyage expenses – related parties
|
(692 | ) | (862 | ) | ||||
Vessels' operating expenses
|
(27,880 | ) | (29,384 | ) | ||||
General and administrative expenses
|
(963 | ) | (1,097 | ) | ||||
Management fees - related parties
|
(3,890 | ) | (4,471 | ) | ||||
Amortization of dry-docking and special survey costs
|
(2,050 | ) | (1,898 | ) | ||||
Depreciation
|
(19,882 | ) | (25,208 | ) | ||||
Amortization of prepaid lease rentals
|
- | (410 | ) | |||||
Gain on sale/disposals of vessels
|
2,909 | - | ||||||
Foreign exchange gains/ (losses)
|
75 | (63 | ) | |||||
Operating income
|
$ | 38,484 | $ | 50,820 | ||||
OTHER INCOME (EXPENSES):
|
||||||||
Interest income
|
$ | 209 | $ | 150 | ||||
Interest and finance costs
|
(17,564 | ) | (25,796 | ) | ||||
Swaps breakage cost
|
- | (6,712 | ) | |||||
Equity loss on investments
|
- | (2,278 | ) | |||||
Other
|
617 | 875 | ||||||
Gain on derivative instruments
|
2,989 | 2,774 | ||||||
Total other income (expenses)
|
$ | (13,749 | ) | $ | (30,987 | ) | ||
Net Income
|
$ | 24,735 | $ | 19,833 | ||||
Distributed earnings allocated to Preferred Stock
|
- | (2,606 | ) | |||||
Net Income available to common stockholders
|
$ | 24,735 | $ | 17,227 | ||||
Earnings per common share, basic and diluted
|
$ | 0.33 | $ | 0.23 | ||||
Weighted average number of shares, basic and diluted
|
74,800,000 | 74,800,000 |
As of December 31,
|
As of March 31,
|
|||||||
(Expressed in thousands of U.S. dollars)
|
2013
|
2014
|
||||||
(Audited)
|
(Unaudited)
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 93,379 | $ | 183,619 | ||||
Restricted cash
|
9,067 | 6,681 | ||||||
Accounts receivable
|
16,145 | 11,114 | ||||||
Inventories
|
11,005 | 12,091 | ||||||
Due from related parties
|
2,679 | 382 | ||||||
Insurance claims receivable
|
1,429 | 2,252 | ||||||
Prepaid lease rentals
|
- | 3,328 | ||||||
Accrued charter revenue
|
409 | 409 | ||||||
Prepayments and other
|
2,450 | 3,470 | ||||||
Total current assets
|
$ | 136,563 | $ | 223,346 | ||||
FIXED ASSETS, NET:
|
||||||||
Advances for vessels acquisitions
|
$ | 240,871 | $ | 81,370 | ||||
Finance lease – Asset
|
- | 170,500 | ||||||
Vessels, net
|
2,187,388 | 2,162,872 | ||||||
Total fixed assets, net
|
$ | 2,428,259 | $ | 2,414,742 | ||||
NON-CURRENT ASSETS:
|
||||||||
Investment in affiliates
|
$ | 23,732 | $ | 45,939 | ||||
Prepaid lease rentals, non-current
|
- | 29,579 | ||||||
Deferred charges, net
|
29,864 | 29,149 | ||||||
Accounts receivable, non-current
|
7,334 | 7,334 | ||||||
Restricted cash
|
49,826 | 47,652 | ||||||
Accrued charter revenue
|
10,264 | 10,164 | ||||||
Total assets
|
$ | 2,685,842 | $ | 2,807,905 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current portion of long-term debt
|
$ | 206,717 | $ | 198,370 | ||||
Accounts payable
|
5,814 | 7,694 | ||||||
Finance lease – obligation
|
- | 8,245 | ||||||
Accrued liabilities
|
14,386 | 14,873 | ||||||
Unearned revenue
|
9,601 | 10,850 | ||||||
Fair value of derivatives
|
55,322 | 47,700 | ||||||
Other current liabilities
|
3,140 | 2,425 | ||||||
Total current liabilities
|
$ | 294,980 | $ | 290,157 | ||||
NON-CURRENT LIABILITIES
|
||||||||
Long-term debt, net of current portion
|
$ | 1,660,859 | $ | 1,521,727 | ||||
Finance lease – obligation, net of current portion
|
- | 162,220 | ||||||
Fair value of derivatives, net of current portion
|
47,890 | 41,269 | ||||||
Unearned revenue, net of current portion
|
25,164 | 26,692 | ||||||
Total non-current liabilities
|
$ | 1,733,913 | $ | 1,751,908 | ||||
COMMITMENTS AND CONTINGENCIES
|
||||||||
STOCKHOLDERS’ EQUITY:
|
||||||||
Common stock
|
$ | 8 | $ | 8 | ||||
Additional paid-in capital
|
762,142 | 858,665 | ||||||
Accumulated deficit
|
(20,047 | ) | (23,016 | ) | ||||
Accumulated other comprehensive loss
|
(85,154 | ) | (69,817 | ) | ||||
Total stockholders’ equity
|
$ | 656,949 | $ | 765,840 | ||||
Total liabilities and stockholders’ equity
|
$ | 2,685,842 | $ | 2,807,905 |
Three-month period ended March 31,
|
||||||||
(Expressed in thousands of U.S. dollars, except share and per share data):
|
2013
|
2014
|
||||||
Voyage revenue
|
$ | 91,536 | $ | 114,898 | ||||
Accrued charter revenue (1)
|
$ | 3,292 | $ | 2,646 | ||||
Voyage revenue adjusted on a cash basis (2)
|
$ | 94,828 | $ | 117,544 | ||||
Adjusted EBITDA (3)
|
$ | 61,226 | $ | 82,082 | ||||
Adjusted Net Income available to common stockholders (3)
|
$ | 21,939 | $ | 26,314 | ||||
Weighted Average number of shares
|
74,800,000 | 74,800,000 | ||||||
Adjusted Earnings per share (3)
|
$ | 0.29 | $ | 0.35 | ||||
EBITDA (3)
|
$ | 64,022 | $ | 72,995 | ||||
Net Income
|
$ | 24,735 | $ | 19,833 | ||||
Net Income available to common stockholders
|
$ | 24,735 | $ | 17,227 | ||||
Weighted Average number of shares
|
74,800,000 | 74,800,000 | ||||||
Earnings per share
|
$ | 0.33 | $ | 0.23 |
Three-month period ended March 31,
|
||||||||
(Expressed in thousands of U.S. dollars, except share and per share data)
|
2013
|
2014
|
||||||
Net Income
|
$ | 24,735 | $ | 19,833 | ||||
Distributed earnings allocated to Preferred Stock
|
- | (2,606 | ) | |||||
Net Income available to common stockholders
|
24,735 | 17,227 | ||||||
Accrued charter revenue
|
3,292 | 2,646 | ||||||
Gain on sale/disposals of vessels
|
(2,909 | ) | - | |||||
Swaps breakage cost
|
- | 6,712 | ||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
|
- | 2,503 | ||||||
Realized Gain on Euro/USD forward contracts
|
(190 | ) | - | |||||
Gain on derivative instruments
|
(2,989 | ) | (2,774 | ) | ||||
Adjusted Net income available to common stockholders
|
$ | 21,939 | $ | 26,314 | ||||
Adjusted Earnings per Share
|
$ | 0.29 | $ | 0.35 | ||||
Weighted average number of shares
|
74,800,000 | 74,800,000 |
Three-month period ended March 31,
|
||||||||
(Expressed in thousands of U.S. dollars)
|
2013
|
2014
|
||||||
Net Income
|
$ | 24,735 | $ | 19,833 | ||||
Interest and finance costs
|
17,564 | 25,796 | ||||||
Interest income
|
(209 | ) | (150 | ) | ||||
Depreciation
|
19,882 | 25,208 | ||||||
Amortization of prepaid lease rentals
|
- | 410 | ||||||
Amortization of dry-docking and special survey costs
|
2,050 | 1,898 | ||||||
EBITDA
|
64,022 | 72,995 | ||||||
Accrued charter revenue
|
3,292 | 2,646 | ||||||
Gain on sale/disposals of vessels
|
(2,909 | ) | - | |||||
Swaps breakage cost
|
- | 6,712 | ||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
|
- | 2,503 | ||||||
Realized Gain on Euro/USD forward contracts
|
(190 | ) | - | |||||
Gain on derivative instruments
|
(2,989 | ) | (2,774 | ) | ||||
Adjusted EBITDA
|
$ | 61,226 | $ | 82,082 |
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