Press Release, dated February 4, 2015: Costamare Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2014
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Financial Report for the Fourth Quarter and Year Ended December 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 $120.9 million and $484.0 million for the three months and the year ended December 31, 2014, respectively.
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·
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Voyage revenues adjusted on a cash basis of $121.7 million and $491.0 million for the three months and the year ended December 31, 2014, respectively.
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·
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Adjusted EBITDA of $82.7 million and $343.2 million for the three months and the year ended December 31, 2014, respectively.
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·
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Net income of $30.8 million and $115.1 million for the three months and the year ended December 31, 2014, respectively.
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·
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Net income available to common stockholders of $27.7 million or $0.37 per share and $103.2 million or $1.38 per share for the three months and the year ended December 31, 2014, respectively.
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·
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Adjusted Net income available to common stockholders of $30.8 million or $0.41 per share and $122.9 million or $1.64 per share for the three months and the year ended December 31, 2014, respectively.
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·
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The management of the Company announced that it will recommend to the Board of Directors that the Board approve a dividend increase, beginning with the first quarter 2015 dividend, raising the quarterly dividend from $0.28 to $0.29 per common share.(1)
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·
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In December 2014, we entered into a financing agreement with a leading Chinese financial institution regarding the five 14,000 TEU vessels ordered from Samsung Heavy Industries and chartered to Evergreen. The financing is under the structure of a sale and leaseback transaction.
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·
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In December 2014, the Company purchased the 2004-built, 2,586 TEU containership Lakonia for a price of $8.2 million. The vessel was delivered on December 18, 2014. The Company agreed to charter the vessel to Evergreen, for a period of approximately two years at a daily rate of $8,600. The vessel is expected to commence its charter beginning March 2015.
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·
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On January 5, 2015, we declared a dividend of $0.476563 per share on our Series B Preferred Stock and a dividend of $0.531250 per share on our Series C Preferred Stock, both paid on January 15, 2015, to holders of record on January 14, 2015.
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·
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On January 6, 2015, we declared a dividend for the fourth quarter ended December 31, 2014, of $0.28 per share on our common stock, payable on February 4, 2015, to stockholders of record on January 21, 2015. This will be the Company’s seventeenth consecutive quarterly dividend since it commenced trading on the New York Stock Exchange.
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(1)
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The declaration and amount of a dividend is subject to the discretion of the Board, and accordingly will depend on, among other things, the Company’s earnings, financial condition and cash requirements and availability, the Company’s ability to obtain debt and equity financing on acceptable terms as contemplated by the Company’s growth strategy, the restrictive covenants in the Company’s existing and future debt instruments and global economic conditions.
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Year ended December 31,
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Three-month period ended
December 31,
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(Expressed in thousands of U.S. dollars, except share and per share data):
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2013
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2014
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2013
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2014
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||||||||||||
Voyage revenue
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$ | 414,249 | $ | 483,995 | $ | 112,549 | $ | 120,866 | ||||||||
Accrued charter revenue (1)
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$ | 14,976 | $ | 7,023 | $ | 4,303 | $ | 782 | ||||||||
Voyage revenue adjusted on a cash basis (2)
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$ | 429,225 | $ | 491,018 | $ | 116,852 | $ | 121,648 | ||||||||
Adjusted EBITDA (3)
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$ | 282,414 | $ | 343,195 | $ | 75,692 | $ | 82,734 | ||||||||
Adjusted Net Income available to common stockholders (3)
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$ | 108,846 | $ | 122,938 | $ | 30,477 | $ | 30,799 | ||||||||
Weighted Average number of shares
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74,800,000 | 74,800,000 | 74,800,000 | 74,800,000 | ||||||||||||
Adjusted Earnings per share (3)
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$ | 1.46 | $ | 1.64 | $ | 0.41 | $ | 0.41 | ||||||||
EBITDA (3)
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$ | 275,119 | $ | 327,459 | $ | 71,116 | $ | 80,913 | ||||||||
Net Income
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$ | 103,087 | $ | 115,087 | $ | 26,852 | $ | 30,800 | ||||||||
Net Income available to common stockholders
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$ | 101,551 | $ | 103,178 | $ | 25,901 | $ | 27,722 | ||||||||
Weighted Average number of shares
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74,800,000 | 74,800,000 | 74,800,000 | 74,800,000 | ||||||||||||
Earnings per share
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$ | 1.36 | $ | 1.38 | $ | 0.35 | $ | 0.37 |
Year ended December 31,
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Three-month period ended
December 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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2013
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2014
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Net Income
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$ | 103,087 | $ | 115,087 | $ | 26,852 | $ | 30,800 | ||||||||
Earnings allocated to Preferred Stock
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(1,536 | ) | (11,909 | ) | (951 | ) | (3,078 | ) | ||||||||
Net Income available to common stockholders
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101,551 | 103,178 | 25,901 | 27,722 | ||||||||||||
Accrued charter revenue
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14,976 | 7,023 | 4,303 | 782 | ||||||||||||
Gain on sale/disposal of vessels
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(518 | ) | (2,543 | ) | - | - | ||||||||||
Swaps breakage costs
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- | 10,192 | - | - | ||||||||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
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- | 6,082 | - | 1,177 | ||||||||||||
Amortization of prepaid lease rentals
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- | 4,024 | - | 1,256 | ||||||||||||
Realized (Gain) / Loss on Euro/USD forward contracts
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(615 | ) | 451 | - | 388 | |||||||||||
Gain / (Loss) on derivative instruments
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(6,548 | ) | (5,469 | ) | 273 | (526 | ) | |||||||||
Adjusted Net income available to common stockholders
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$ | 108,846 | $ | 122,938 | $ | 30,477 | $ | 30,799 | ||||||||
Adjusted Earnings per Share
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$ | 1.46 | $ | 1.64 | $ | 0.41 | $ | 0.41 | ||||||||
Weighted average number of shares
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74,800,000 | 74,800,000 | 74,800,000 | 74,800,000 |
Year ended December 31,
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Three-month period ended
December 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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2013
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2014
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Net Income
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$ | 103,087 | $ | 115,087 | $ | 26,852 | $ | 30,800 | ||||||||
Interest and finance costs
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74,533 | 95,562 | 17,610 | 19,961 | ||||||||||||
Interest income
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(543 | ) | (815 | ) | (95 | ) | (284 | ) | ||||||||
Depreciation
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89,958 | 105,787 | 24,800 | 26,942 | ||||||||||||
Amortization of prepaid lease rentals
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- | 4,024 | - | 1,256 | ||||||||||||
Amortization of dry-docking and special survey costs
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8,084 | 7,814 | 1,949 | 2,238 | ||||||||||||
EBITDA
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275,119 | 327,459 | 71,116 | 80,913 | ||||||||||||
Accrued charter revenue
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14,976 | 7,023 | 4,303 | 782 | ||||||||||||
Gain on sale / disposal of vessels (1)
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(518 | ) | (2,543 | ) | - | - | ||||||||||
Swaps breakage costs
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- | 10,192 | - | - | ||||||||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
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- | 6,082 | - | 1,177 | ||||||||||||
Realized (Gain) / Loss on Euro / USD forward contracts
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(615 | ) | 451 | - | 388 | |||||||||||
Gain / (Loss) on derivative instruments
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(6,548 | ) | (5,469 | ) | 273 | (526 | ) | |||||||||
Adjusted EBITDA
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$ | 282,414 | $ | 343,195 | $ | 75,692 | $ | 82,734 |
(Expressed in millions of U.S. dollars, except percentages)
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Three-month period ended December 31, |
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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$ | 112.5 | $ | 120.9 | $ | 8.4 | 7.5 | % | ||||||||
Voyage expenses
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(1.0 | ) | (1.0 | ) | - | - | ||||||||||
Voyage expenses – related parties
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(0.9 | ) | (0.9 | ) | - | - | ||||||||||
Vessels’ operating expenses
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(30.1 | ) | (30.5 | ) | 0.4 | 1.3 | % | |||||||||
General and administrative expenses
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(5.2 | ) | (3.2 | ) | (2.0 | ) | (38.5 | %) | ||||||||
Management fees – related parties
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(4.2 | ) | (4.3 | ) | 0.1 | 2.4 | % | |||||||||
Amortization of dry-docking and special survey costs
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(1.9 | ) | (2.2 | ) | 0.3 | 15.8 | % | |||||||||
Depreciation
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(24.8 | ) | (26.9 | ) | 2.1 | 8.5 | % | |||||||||
Amortization of prepaid lease rentals
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- | (1.3 | ) | 1.3 | 100.0 | % | ||||||||||
Foreign exchange gains / (losses)
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(0.1 | ) | 0.1 | 0.2 | 200.0 | % | ||||||||||
Interest income
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0.1 | 0.3 | 0.2 | 200.0 | % | |||||||||||
Interest and finance costs
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(17.6 | ) | (20.0 | ) | 2.4 | 13.6 | % | |||||||||
Equity gain / (loss) on investments
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0.4 | (1.2 | ) | (1.6 | ) | (400.0 | %) | |||||||||
Other, net
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- | 0.5 | 0.5 | 100.0 | % | |||||||||||
Gain / (Loss) on derivative instruments
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(0.3 | ) | 0.5 | 0.8 | 266.7 | % | ||||||||||
Net Income
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$ | 26.9 | $ | 30.8 |
(Expressed in millions of U.S. dollars, except percentages)
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Three-month period ended December 31, |
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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$ | 112.5 | $ | 120.9 | $ | 8.4 | 7.5 | % | ||||||||
Accrued charter revenue
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4.3 | 0.8 | (3.5 | ) | (81.4 | %) | ||||||||||
Voyage revenue adjusted on a cash basis
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$ | 116.8 | $ | 121.7 | $ | 4.9 | 4.2 | % |
Vessels operational data
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Three-month period ended December 31, |
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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51.6 | 54.2 | 2.6 | 5.0 | % | |||||||||||
Ownership days
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4,746 | 4,982 | 236 | 5.0 | % | |||||||||||
Number of vessels under dry-docking
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1 | 6 | 5 |
Condensed cash flows
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Three-month period ended
December 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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$ | 57.8 | $ | 62.5 | ||||
Net Cash Used in Investing Activities
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$ | (107.9 | ) | $ | (10.1 | ) | ||
Net Cash Provided by / (Used in) Financing Activities
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$ | 23.1 | $ | (77.9 | ) |
Year ended December 31,
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Percentage
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(Expressed in millions of U.S. dollars, except percentages)
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2013 | 2014 |
Change
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Change
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Voyage revenue
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$ | 414.2 | $ | 484.0 | $ | 69.8 | 16.9 | % | ||||||||
Voyage expenses
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(3.5 | ) | (3.6 | ) | 0.1 | 2.9 | % | |||||||||
Voyage expenses – related parties
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(3.1 | ) | (3.6 | ) | 0.5 | 16.1 | % | |||||||||
Vessels operating expenses
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(116.0 | ) | (120.8 | ) | 4.8 | 4.1 | % | |||||||||
General and administrative expenses
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(8.5 | ) | (7.7 | ) | (0.8 | ) | (9.4 | %) | ||||||||
Management fees – related parties
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(16.6 | ) | (18.5 | ) | 1.9 | 11.4 | % | |||||||||
Amortization of dry-docking and special survey costs
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(8.1 | ) | (7.8 | ) | (0.3 | ) | (3.7 | %) | ||||||||
Depreciation
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(89.9 | ) | (105.8 | ) | 15.9 | 17.7 | % | |||||||||
Amortization of prepaid lease rentals
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- | (4.0 | ) | 4.0 | 100.0 | % | ||||||||||
Gain on sale / disposal of vessels
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0.5 | 2.5 | 2.0 | 400.0 | % | |||||||||||
Interest income
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0.6 | 0.8 | 0.2 | 33.3 | % | |||||||||||
Interest and finance costs
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(74.5 | ) | (95.6 | ) | 21.1 | 28.3 | % | |||||||||
Equity gain / (loss) on investments
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0.7 | (3.4 | ) | (4.1 | ) | (585.7 | %) | |||||||||
Swaps breakage costs
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- | (10.2 | ) | 10.2 | 100.0 | % | ||||||||||
Other
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0.8 | 3.3 | 2.5 | 312.5 | % | |||||||||||
Gain on derivative instruments
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6.5 | 5.5 | (1.0 | ) | (15.4 | %) | ||||||||||
$ | 103.1 | $ | 115.1 |
Year ended December 31,
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Percentage
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(Expressed in millions of U.S. dollars, except percentages) | 2013 | 2014 |
Change
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Change | ||||||||||||
Voyage revenue
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$ | 414.2 | $ | 484.0 | $ | 69.8 | 16.9 | % | ||||||||
Accrued charter revenue
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15.0 | 7.0 | (8.0 | ) | (53.3 | %) | ||||||||||
Voyage revenue adjusted on a cash basis
|
$ | 429.2 | $ | 491.0 | $ | 61.8 | 14.4 | % |
Fleet operational data | Year ended December 31, |
Percentage
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||||||||||||||
2013 | 2014 |
Change
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Change | |||||||||||||
Average number of vessels
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49.6 | 54.5 | 4.9 | 9.9 | % | |||||||||||
Ownership days
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18,119 | 19,885 | 1,766 | 9.7 | % | |||||||||||
Number of vessels under dry-docking
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8 | 11 | 3 |
Condensed cash flows
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Year ended December 31,
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(Expressed in millions of U.S. dollars)
|
2013
|
2014
|
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Net Cash Provided by Operating Activities
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$ | 186.7 | $ | 243.3 | ||||
Net Cash Used in Investing Activities
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$ | (621.1 | ) | $ | (119.3 | ) | ||
Net Cash Provided by / (Used in) Financing Activities
|
$ | 260.4 | $ | (104.3 | ) |
Vessel Name
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Year
Built
|
TEU
Capacity
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NAVARINO
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2010
|
8,531
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VENETIKO
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2003
|
5,928
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LAKONIA
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2004
|
2,586
|
AREOPOLIS
|
2000
|
2,474
|
MESSINI
|
1997
|
2,458
|
NEAPOLIS
|
2000
|
1,645
|
Vessel Name
|
Charterer
|
Year Built
|
Capacity (TEU)
|
Time Charter Term(1)
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Current Daily Charter Rate (U.S. dollars)
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Expiration of Charter(1)
|
Average Daily Charter Rate Until Earliest Expiry of Charter (U.S. dollars)(2)
|
|
1
|
COSCO GUANGZHOU
|
COSCO
|
2006
|
9,469
|
12 years
|
36,400
|
December 2017
|
36,400
|
2
|
COSCO NINGBO
|
COSCO
|
2006
|
9,469
|
12 years
|
36,400
|
January 2018
|
36,400
|
3
|
COSCO YANTIAN
|
COSCO
|
2006
|
9,469
|
12 years
|
36,400
|
February 2018
|
36,400
|
4
|
COSCO BEIJING
|
COSCO
|
2006
|
9,469
|
12 years
|
36,400
|
April 2018
|
36,400
|
5
|
COSCO HELLAS
|
COSCO
|
2006
|
9,469
|
12 years
|
37,519
|
May 2018
|
37,519
|
6
|
MSC AZOV
|
MSC
|
2014
|
9,403
|
10 years
|
43,000
|
November 2023
|
43,000
|
7
|
MSC AJACCIO
|
MSC
|
2014
|
9,403
|
10 years
|
43,000
|
February 2024
|
43,000
|
8
|
MSC AMALFI
|
MSC
|
2014
|
9,403
|
10 years
|
43,000
|
March 2024
|
43,000
|
9
|
MSC ATHENS
|
MSC
|
2013
|
8,827
|
10 years
|
42,000
|
January 2023
|
42,000
|
10
|
MSC ATHOS
|
MSC
|
2013
|
8,827
|
10 years
|
42,000
|
February 2023
|
42,000
|
11
|
VALOR
|
Evergreen
|
2013
|
8,827
|
7.0years(i)
|
41,700
|
April 2020(i)
|
41,700
|
12
|
VALUE
|
Evergreen
|
2013
|
8,827
|
7.0 years(i)
|
41,700
|
April 2020(i)
|
41,700
|
13
|
VALIANT
|
Evergreen
|
2013
|
8,827
|
7.0 years(i)
|
41,700
|
June 2020(i)
|
41,700
|
14
|
VALENCE
|
Evergreen
|
2013
|
8,827
|
7.0 years(i)
|
41,700
|
July 2020(i)
|
41,700
|
15
|
VANTAGE
|
Evergreen
|
2013
|
8,827
|
7.0 years(i)
|
41,700
|
September 2020(i)
|
41,700
|
16
|
NAVARINO
|
MSC
|
2010
|
8,531
|
1.5 years
|
September 2015
|
||
17
|
MAERSK KAWASAKI(ii)
|
A.P. Moller-Maersk
|
1997
|
7,403
|
10 years
|
37,000
|
December 2017
|
37,000
|
18
|
MAERSK KURE(ii)
|
A.P. Moller-Maersk
|
1996
|
7,403
|
10 years
|
37,000
|
December 2017
|
37,000
|
19
|
MAERSK KOKURA(ii)
|
A.P. Moller-Maersk
|
1997
|
7,403
|
10 years
|
37,000
|
February 2018
|
37,000
|
20
|
MSC METHONI
|
MSC
|
2003
|
6,724
|
10 years
|
29,000
|
September 2021
|
29,000
|
21
|
SEALAND NEW YORK
|
A.P. Moller-Maersk
|
2000
|
6,648
|
11 years
|
26,100
|
March 2018
|
26,100
|
22
|
MAERSK KOBE
|
A.P. Moller-Maersk
|
2000
|
6,648
|
11 years
|
26,100
|
May 2018
|
26,100
|
23
|
SEALAND WASHINGTON
|
A.P. Moller-Maersk
|
2000
|
6,648
|
11 years
|
26,100
|
June 2018
|
26,100
|
24
|
SEALAND MICHIGAN
|
A.P. Moller-Maersk
|
2000
|
6,648
|
11 years
|
26,100
|
August 2018
|
26,100
|
25
|
SEALAND ILLINOIS
|
A.P. Moller-Maersk
|
2000
|
6,648
|
11 years
|
26,100
|
October 2018
|
26,100
|
26
|
MAERSK KOLKATA
|
A.P. Moller-Maersk
|
2003
|
6,644
|
11 years
|
38,865(3)
|
November 2019
|
28,611
|
27
|
MAERSK KINGSTON
|
A.P. Moller-Maersk
|
2003
|
6,644
|
11 years
|
38,461(4)
|
February 2020
|
29,100
|
28
|
MAERSK KALAMATA
|
A.P. Moller-Maersk
|
2003
|
6,644
|
11 years
|
38,418(5)
|
April 2020
|
29,306
|
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
|
13,464(6)
|
September 2015(6)
|
13,670
|
33
|
ZIM SHANGHAI
|
ZIM
|
2002
|
4,992
|
13 years
|
13,464 (6)
|
September 2015(6)
|
13,670
|
34
|
ZIM PIRAEUS
|
ZIM
|
2004
|
4,992
|
10 years
|
13,064 (6)
|
September 2015(6)
|
13,270
|
35
|
OAKLAND EXPRESS
|
Hapag Lloyd
|
2000
|
4,890
|
8.0 years
|
30,500
|
September 2016
|
30,500
|
36
|
HALIFAX EXPRESS
|
Hapag Lloyd
|
2000
|
4,890
|
8.0 years
|
30,500
|
October 2016
|
30,500
|
37
|
SINGAPORE EXPRESS
|
Hapag Lloyd
|
2000
|
4,890
|
8.0 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 KORONI
|
MSC
|
1998
|
3,842
|
9.5 years
|
13,500(7)
|
September 2018
|
13,500
|
42
|
MSC ITEA
|
MSC
|
1998
|
3,842
|
1.0 years
|
7,300
|
June 2015
|
7,300
|
43
|
KARMEN
|
Evergreen
|
1991
|
3,351
|
0.8 years
|
7,500
|
May 2015
|
7,500
|
44
|
MARINA
|
Evergreen
|
1992
|
3,351
|
2.5 years
|
7,000
|
April 2015
|
7,000
|
45
|
MSC CHALLENGER
|
MSC
|
1986
|
2,633
|
4.8 years
|
10,000
|
July 2015
|
10,000
|
46
|
LAKONIA
|
Evergreen
|
2004
|
2,586
|
2.0 years
|
8,600
|
February 2017
|
8,600
|
47
|
ELAFONISOS(*)
|
A.P. Moller-Maersk
|
1999
|
2,526
|
0.3 years
|
6,250
|
March 2015(iii)
|
6,250
|
48
|
AREOPOLIS
|
Evergreen
|
2000
|
2,474
|
0.3 years
|
7,200
|
March 2015
|
7,200
|
49
|
MESSINI
|
Evergreen
|
1997
|
2,458
|
2.5 years
|
7,500
|
March 2015
|
7,500
|
50
|
MSC REUNION
|
MSC
|
1992
|
2,024
|
8.0 years
|
7,600
|
July 2016
|
7,600
|
51
|
MSC NAMIBIA II
|
MSC
|
1991
|
2,023
|
8.8 years
|
7,600
|
July 2016
|
7,600
|
52
|
MSC SIERRA II
|
MSC
|
1991
|
2,023
|
7.7 years
|
7,600
|
June 2016
|
7,600
|
53
|
MSC PYLOS
|
MSC
|
1991
|
2,020
|
5.0 years
|
7,600
|
January 2016
|
7,600
|
54
|
X-PRESS PADMA(*)
|
Sea Consortium
|
1998
|
1,645
|
2.0 years
|
8,225
|
June 2015
|
8,225
|
55
|
NEAPOLIS
|
Yang Ming
|
2000
|
1,645
|
0.4 years
|
8,000
|
March 2015
|
8,000
|
56
|
PROSPER
|
Sea Consortium
|
1996
|
1,504
|
0.4 years
|
7,350
|
March 2015
|
7,350
|
57
|
ZAGORA
|
MSC
|
1995
|
1,162
|
3.7 years
|
6,200
|
April 2015
|
6,200
|
58
|
PETALIDI(*)
|
CMA CGM
|
1994
|
1,162
|
2.0 years
|
6,800
|
August 2015
|
6,800
|
59
|
STADT LUEBECK
|
CMA CGM
|
2001
|
1.078
|
2.7 years
|
6,400
|
June 2015
|
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 February 4, 2015 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 January 13, 2016 to $26,100 per day until the earliest redelivery date.
|
(4)
|
This charter rate changes on April 28, 2016 to $26,100 per day until the earliest redelivery date.
|
(5)
|
This charter rate changes on June 11, 2016 to $26,100 per day until the earliest redelivery date.
|
(6)
|
Zim finalized the terms of its comprehensive financial restructuring plan with its shareholders and its creditors, including vessel and container lenders, shipowners, shipyards, unsecured lenders and bond holders. The amounts in the table reflect the current charter terms, giving effect to our agreement with Zim under the restructuring plan. Based on this agreement, we have been granted charter extensions and have been issued equity securities representing 1.2% of Zim’s equity and approximately $8.2 million in interest bearing notes maturing in 2023. The Company will have the option to extend the charters for two of the three vessels chartered to Zim for successive one year periods at market rate plus $1,100 per day per vessel while the notes remain outstanding.
|
(7)
|
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.
|
(i) | Assumes exercise of owner’s unilateral options to extend the charter of these vessels for two one year periods at the same charter rate. The charterer also has corresponding options to unilaterally extend the charter for the same periods at the same charter rate. |
(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) | The charterer has a unilateral option to extend the charter of the vessel for a period of 6 months at a rate of $7,000 per day. |
(*) | Denotes vessels acquired pursuant to the Framework Agreement with York. The Company holds an equity interest ranging between 25% and 49% in each of the vessel-owning entities. |
Year ended December 31,
|
Three-months ended
December 31,
|
|||||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share amounts)
|
2013
|
2014
|
2013
|
2014
|
||||||||||||
REVENUES:
|
||||||||||||||||
Voyage revenue
|
$ | 414,249 | $ | 483,995 | $ | 112,549 | $ | 120,866 | ||||||||
EXPENSES:
|
||||||||||||||||
Voyage expenses
|
(3,484 | ) | (3,608 | ) | (964 | ) | (1,018 | ) | ||||||||
Voyage expenses – related parties
|
(3,139 | ) | (3,629 | ) | (856 | ) | (905 | ) | ||||||||
Vessels' operating expenses
|
(115,998 | ) | (120,815 | ) | (30,094 | ) | (30,423 | ) | ||||||||
General and administrative expenses
|
(8,517 | ) | (7,708 | ) | (5,234 | ) | (3,203 | ) | ||||||||
Management fees - related parties
|
(16,580 | ) | (18,469 | ) | (4,277 | ) | (4,270 | ) | ||||||||
Amortization of dry-docking and special survey costs
|
(8,084 | ) | (7,814 | ) | (1,949 | ) | (2,238 | ) | ||||||||
Depreciation
|
(89,958 | ) | (105,787 | ) | (24,800 | ) | (26,942 | ) | ||||||||
Amortization of prepaid lease rentals
|
- | (4,024 | ) | - | (1,256 | ) | ||||||||||
Gain on sale / disposals of vessels
|
518 | 2,543 | - | - | ||||||||||||
Foreign exchange gains / (losses)
|
8 | 7 | (110 | ) | 80 | |||||||||||
Operating income
|
$ | 169,015 | $ | 214,691 | $ | 44,265 | $ | 50,691 | ||||||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest income
|
$ | 543 | $ | 815 | $ | 95 | $ | 284 | ||||||||
Interest and finance costs
|
(74,533 | ) | (95,562 | ) | (17,610 | ) | (19,961 | ) | ||||||||
Swaps breakage costs
|
- | (10,192 | ) | - | - | |||||||||||
Equity gain / (loss) on investments
|
692 | (3,428 | ) | 397 | (1,191 | ) | ||||||||||
Other
|
822 | 3,294 | (22 | ) | 451 | |||||||||||
Gain / (Loss) on derivative instruments
|
6,548 | 5,469 | (273 | ) | 526 | |||||||||||
Total other income / (expenses)
|
$ | (65,928 | ) | $ | (99,604 | ) | $ | (17,413 | ) | $ | (19,891 | ) | ||||
Net Income
|
$ | 103,087 | $ | 115,087 | $ | 26,852 | $ | 30,800 | ||||||||
Earnings allocated to Preferred Stock
|
(1,536 | ) | (11,909 | ) | (951 | ) | (3,078 | ) | ||||||||
Net Income available to common stockholders
|
$ | 101,551 | $ | 103,178 | $ | 25,901 | $ | 27,722 | ||||||||
Earnings per common share, basic and diluted
|
$ | 1.36 | $ | 1.38 | $ | 0.35 | $ | 0.37 | ||||||||
Weighted average number of shares, basic and diluted
|
74,800,000 | 74,800,000 | 74,800,000 | 74,800,000 |
As of
December 31,
|
As of
December 31,
|
|||||||
(Expressed in thousands of U.S. dollars)
|
2013
|
2014
|
||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 93,379 | $ | 113,089 | ||||
Restricted cash
|
9,067 | 14,264 | ||||||
Accounts receivable
|
16,145 | 2,365 | ||||||
Inventories
|
11,005 | 11,565 | ||||||
Due from related parties
|
2,679 | 4,447 | ||||||
Insurance claims receivable
|
1,429 | 1,759 | ||||||
Prepaid lease rentals
|
- | 4,982 | ||||||
Accrued charter revenue
|
409 | 511 | ||||||
Prepayments and other
|
2,450 | 4,993 | ||||||
Total current assets
|
$ | 136,563 | $ | 157,975 | ||||
FIXED ASSETS, NET:
|
||||||||
Advances for vessels acquisitions
|
$ | 240,871 | $ | - | ||||
Finance lease – Asset
|
- | 250,547 | ||||||
Vessels, net
|
2,187,388 | 2,098,820 | ||||||
Total fixed assets, net
|
$ | 2,428,259 | $ | 2,349,367 | ||||
NON-CURRENT ASSETS:
|
||||||||
Investment in affiliates
|
$ | 23,732 | $ | 73,579 | ||||
Prepaid lease rentals, non-current
|
- | 40,811 | ||||||
Deferred charges, net
|
29,864 | 28,675 | ||||||
Accounts receivable, non-current
|
7,334 | 1,425 | ||||||
Restricted cash
|
49,826 | 49,818 | ||||||
Accrued charter revenue
|
10,264 | 1,025 | ||||||
Other non-current assets
|
- | 12,065 | ||||||
Total assets
|
$ | 2,685,842 | $ | 2,714,740 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current portion of long-term debt
|
$ | 206,717 | $ | 192,951 | ||||
Accounts payable
|
5,814 | 6,296 | ||||||
Finance lease – obligation
|
- | 13,508 | ||||||
Accrued liabilities
|
14,386 | 19,119 | ||||||
Unearned revenue
|
9,601 | 12,929 | ||||||
Fair value of derivatives
|
55,322 | 43,287 | ||||||
Other current liabilities
|
3,140 | 2,286 | ||||||
Total current liabilities
|
$ | 294,980 | $ | 290,376 | ||||
NON-CURRENT LIABILITIES
|
||||||||
Long-term debt, net of current portion
|
$ | 1,660,859 | $ | 1,326,990 | ||||
Finance lease – obligation, net of current portion
|
- | 233,625 | ||||||
Fair value of derivatives, net of current portion
|
47,890 | 31,653 | ||||||
Unearned revenue, net of current portion
|
25,164 | 29,454 | ||||||
Total non-current liabilities
|
$ | 1,733,913 | $ | 1,621,722 | ||||
COMMITMENTS AND CONTINGENCIES
|
- | - | ||||||
STOCKHOLDERS’ EQUITY:
|
||||||||
Preferred stock
|
$ | - | $ | - | ||||
Common stock
|
8 | 8 | ||||||
Additional paid-in capital
|
762,142 | 858,665 | ||||||
Retained earnings / (Accumulated deficit)
|
(20,047 | ) | 103 | |||||
Accumulated other comprehensive loss
|
(85,154 | ) | (56,134 | ) | ||||
Total stockholders’ equity
|
$ | 656,949 | $ | 802,642 | ||||
Total liabilities and stockholders’ equity
|
$ | 2,685,842 | $ | 2,714,740 |
Year ended December 31,
|
Three-month period ended
December 31,
|
|||||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share data):
|
2013
|
2014
|
2013
|
2014
|
||||||||||||
Voyage revenue
|
$ | 414,249 | $ | 483,995 | $ | 112,549 | $ | 120,866 | ||||||||
Accrued charter revenue (1)
|
$ | 14,976 | $ | 7,023 | $ | 4,303 | $ | 782 | ||||||||
Voyage revenue adjusted on a cash basis (2)
|
$ | 429,225 | $ | 491,018 | $ | 116,852 | $ | 121,648 | ||||||||
Adjusted EBITDA (3)
|
$ | 282,414 | $ | 343,195 | $ | 75,692 | $ | 82,734 | ||||||||
Adjusted Net Income available to common stockholders (3)
|
$ | 108,846 | $ | 122,938 | $ | 30,477 | $ | 30,799 | ||||||||
Weighted Average number of shares
|
74,800,000 | 74,800,000 | 74,800,000 | 74,800,000 | ||||||||||||
Adjusted Earnings per share (3)
|
$ | 1.46 | $ | 1.64 | $ | 0.41 | $ | 0.41 | ||||||||
EBITDA (3)
|
$ | 275,119 | $ | 327,459 | $ | 71,116 | $ | 80,913 | ||||||||
Net Income
|
$ | 103,087 | $ | 115,087 | $ | 26,852 | $ | 30,800 | ||||||||
Net Income available to common stockholders
|
$ | 101,551 | $ | 103,178 | $ | 25,901 | $ | 27,722 | ||||||||
Weighted Average number of shares
|
74,800,000 | 74,800,000 | 74,800,000 | 74,800,000 | ||||||||||||
Earnings per share
|
$ | 1.36 | $ | 1.38 | $ | 0.35 | $ | 0.37 |
Year ended December 31,
|
Three-month period ended
December 31,
|
|||||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share data)
|
2013
|
2014
|
2013
|
2014
|
||||||||||||
Net Income
|
$ | 103,087 | $ | 115,087 | $ | 26,852 | $ | 30,800 | ||||||||
Earnings allocated to Preferred Stock
|
(1,536 | ) | (11,909 | ) | (951 | ) | (3,078 | ) | ||||||||
Net Income available to common stockholders
|
101,551 | 103,178 | 25,901 | 27,722 | ||||||||||||
Accrued charter revenue
|
14,976 | 7,023 | 4,303 | 782 | ||||||||||||
Gain on sale/disposal of vessels
|
(518 | ) | (2,543 | ) | - | - | ||||||||||
Swaps breakage costs
|
- | 10,192 | - | - | ||||||||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
|
- | 6,082 | - | 1,177 | ||||||||||||
Amortization of prepaid lease rentals
|
- | 4,024 | - | 1,256 | ||||||||||||
Realized (Gain) / Loss on Euro/USD forward contracts
|
(615 | ) | 451 | - | 388 | |||||||||||
Gain / (Loss) on derivative instruments
|
(6,548 | ) | (5,469 | ) | 273 | (526 | ) | |||||||||
Adjusted Net income available to common stockholders
|
$ | 108,846 | $ | 122,938 | $ | 30,477 | $ | 30,799 | ||||||||
Adjusted Earnings per Share
|
$ | 1.46 | $ | 1.64 | $ | 0.41 | $ | 0.41 | ||||||||
Weighted average number of shares
|
74,800,000 | 74,800,000 | 74,800,000 | 74,800,000 |
Year ended December 31,
|
Three-month period ended
December 31,
|
|||||||||||||||
(Expressed in thousands of U.S. dollars)
|
2013
|
2014
|
2013
|
2014
|
||||||||||||
Net Income
|
$ | 103,087 | $ | 115,087 | $ | 26,852 | $ | 30,800 | ||||||||
Interest and finance costs
|
74,533 | 95,562 | 17,610 | 19,961 | ||||||||||||
Interest income
|
(543 | ) | (815 | ) | (95 | ) | (284 | ) | ||||||||
Depreciation
|
89,958 | 105,787 | 24,800 | 26,942 | ||||||||||||
Amortization of prepaid lease rentals
|
- | 4,024 | - | 1,256 | ||||||||||||
Amortization of dry-docking and special survey costs
|
8,084 | 7,814 | 1,949 | 2,238 | ||||||||||||
EBITDA
|
275,119 | 327,459 | 71,116 | 80,913 | ||||||||||||
Accrued charter revenue
|
14,976 | 7,023 | 4,303 | 782 | ||||||||||||
Gain on sale / disposal of vessels (1)
|
(518 | ) | (2,543 | ) | - | - | ||||||||||
Swaps breakage costs
|
- | 10,192 | - | - | ||||||||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
|
- | 6,082 | - | 1,177 | ||||||||||||
Realized (Gain) / Loss on Euro / USD forward contracts
|
(615 | ) | 451 | - | 388 | |||||||||||
Gain / (Loss) on derivative instruments
|
(6,548 | ) | (5,469 | ) | 273 | (526 | ) | |||||||||
Adjusted EBITDA
|
$ | 282,414 | $ | 343,195 | $ | 75,692 | $ | 82,734 |