Press Release, dated July 21, 2015: Costamare Inc. Reports Results for the Second Quarter and Six-Month Period Ended June 30, 2015
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Financial Report for the Second Quarter and Six-Month Period Ended June 30, 2015
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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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Exhibit 99.1 |
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·
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Voyage revenues of $123.2 million and $244.1 million for the three and the six months ended June 30, 2015, respectively.
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·
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Voyage revenues adjusted on a cash basis of $124.0 million and $245.5 million for the three and six months ended June 30, 2015, respectively.
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·
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Adjusted EBITDA of $87.3 million and $173.3 million for the three and six months ended June 30, 2015, respectively.
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·
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Net income of $44.3 million and $70.6 million for the three and six months ended June 30, 2015, respectively.
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·
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Net income available to common stockholders of $40.0 million or $0.53 per share and $63.3 million or $0.85 per share for the three and six months ended June 30, 2015, respectively.
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·
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Adjusted Net income available to common stockholders of $34.4 million or $0.46 per share and $63.0 million or $0.84 per share for the three and six months ended June 30, 2015, respectively.
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In May 2015, the Company reached an agreement with York to extend the investment period under the Framework Agreement until May 2020 and extend the Framework Agreement until May 2024.
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The Company entered into the following charter arrangements:
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o
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Agreed to extend the charter of the 1995-built, 1,162TEU containership Zagora with MSC for a period of minimum 12 and maximum 14 months starting from May 1, 2015 at a daily rate of $7,400.
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o
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Agreed to extend the charter of the 1992-built, 3,351TEU containership Marina with Evergreen for a period of minimum one and maximum two months starting from August 12, 2015 at a daily rate of $11,700.
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o
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Agreed to charter the 2003-built, 5,928 TEU containership Venetiko to OOCL for a period of minimum 40 and maximum 95 days starting from July 23, 2015 at a daily rate of $15,800.
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o
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Fixed the charter rate for the second year of the extension period for the charters of the vessels MSC Sierra II, MSC Namibia II and MSC Reunion at $11,200 daily, starting from July 1, 2015, August 2, 2015 and August 27, 2015 respectively.
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·
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In June 2015, Costamare Partners LP (the “MLP”), a limited partnership and wholly owned subsidiary of the Company, filed an amendment to its Registration Statement on Form F-1 with the U.S. Securities and Exchange Commission (the “SEC”) for the initial public offering of common units representing limited partnership interests in the MLP. The MLP is monitoring market conditions in connection with determining the schedule for its initial public offering.
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·
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On May 13, 2015, the Company completed a public offering of 4.0 million shares of its 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”). The gross proceeds from the offering before the underwriting discount and other offering expenses were $100.0 million. We plan to use the net proceeds of this offering for general corporate purposes, including vessel acquisitions or investments.
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·
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On July 2, 2015, we declared a dividend of $0.476563 per share on our Series B Preferred Stock, a dividend of $0.531250 per share on our Series C Preferred Stock and a dividend of $0.376736 per share on our Series D Preferred Stock all paid on July 15, 2015, to holders of record on July 14, 2015.
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·
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On July 2, 2015, we declared a dividend for the second quarter ended June 30, 2015, of $0.29 per share on our common stock, payable on August 5, 2015, to stockholders of record on July 22, 2015. This will be the Company’s nineteenth consecutive quarterly dividend since it commenced trading on the New York Stock Exchange.
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Six-month period ended
June 30,
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Three-month period ended
June 30,
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(Expressed in thousands of U.S. dollars, except share and per share data):
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2014
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2015
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2014
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2015
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||||||||||||
Voyage revenue
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$ | 238,403 | $ | 244,069 | $ | 123,505 | $ | 123,219 | ||||||||
Accrued charter revenue (1)
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$ | 5,121 | $ | 1,386 | $ | 2,475 | $ | 759 | ||||||||
Voyage revenue adjusted on a cash basis (2)
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$ | 243,524 | $ | 245,455 | $ | 125,980 | $ | 123,978 | ||||||||
Adjusted EBITDA (3)
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$ | 173,440 | $ | 173,328 | $ | 91,358 | $ | 87,293 | ||||||||
Adjusted Net Income available to common stockholders (3)
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$ | 64,036 | $ | 63,010 | $ | 37,312 | $ | 34,381 | ||||||||
Weighted Average number of shares
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74,800,000 | 74,876,866 | 74,800,000 | 74,951,244 | ||||||||||||
Adjusted Earnings per share (3)
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$ | 0.86 | $ | 0.84 | $ | 0.50 | $ | 0.46 | ||||||||
EBITDA (3)
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$ | 152,410 | $ | 176,088 | $ | 79,415 | $ | 94,180 | ||||||||
Net Income
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$ | 47,213 | $ | 70,613 | $ | 27,380 | $ | 44,329 | ||||||||
Net Income available to common stockholders
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$ | 41,494 | $ | 63,300 | $ | 24,267 | $ | 40,026 | ||||||||
Weighted Average number of shares
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74,800,000 | 74, 876,866 | 74,800,000 | 74,951,244 | ||||||||||||
Earnings per share
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$ | 0.55 | $ | 0.85 | $ | 0.32 | $ | 0.53 |
Six-month period ended
June 30,
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Three-month period ended
June 30,
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(Expressed in thousands of U.S. dollars, except share and per share data)
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2014
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2015
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2014
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2015
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Net Income
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$ | 47,213 | $ | 70,613 | $ | 27,380 | $ | 44,329 | ||||||||
Earnings allocated to Preferred Stock
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(5,719 | ) | (7,313 | ) | (3,113 | ) | (4,303 | ) | ||||||||
Net Income available to common stockholders
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41,494 | 63,300 | 24,267 | 40,026 | ||||||||||||
Accrued charter revenue
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5,121 | 1,386 | 2,475 | 759 | ||||||||||||
Loss on sale / disposal of vessels
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2,903 | - | 2,903 | - | ||||||||||||
Swaps breakage cost
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10,192 | - | 3,480 | - | ||||||||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
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4,715 | 440 | 2,212 | 60 | ||||||||||||
General and administrative expenses – non-cash component
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- | 5,383 | - | 2,749 | ||||||||||||
Amortization of prepaid lease rentals
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1,512 | 2,470 | 1,102 | 1,242 | ||||||||||||
Realized Loss on Euro/USD forward contracts (1)
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- | 1,954 | - | 924 | ||||||||||||
(Gain) / Loss on derivative instruments (1)
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(1,901 | ) | (11,923 | ) | 873 | (11,379 | ) | |||||||||
Adjusted Net income available to common stockholders
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$ | 64,036 | $ | 63,010 | $ | 37,312 | $ | 34,381 | ||||||||
Adjusted Earnings per Share
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$ | 0.86 | $ | 0.84 | $ | 0.50 | $ | 0.46 | ||||||||
Weighted average number of shares
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74,800,000 | 74,876,866 | 74,800,000 | 74,951,244 |
Six-month period ended
June 30,
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Three-month period ended
June 30,
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(Expressed in thousands of U.S. dollars)
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2014
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2015
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2014
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2015
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Net Income
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$ | 47,213 | $ | 70,613 | $ | 27,380 | $ | 44,329 | ||||||||
Interest and finance costs
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48,362 | 49,743 | 22,566 | 21,800 | ||||||||||||
Interest income
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(291 | ) | (732 | ) | (141 | ) | (294 | ) | ||||||||
Depreciation
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51,818 | 50,411 | 26,610 | 25,345 | ||||||||||||
Amortization of prepaid lease rentals
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1,512 | 2,470 | 1,102 | 1,242 | ||||||||||||
Amortization of dry-docking and special survey costs
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3,796 | 3,583 | 1,898 | 1,758 | ||||||||||||
EBITDA
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152,410 | 176,088 | 79,415 | 94,180 | ||||||||||||
Accrued charter revenue
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5,121 | 1,386 | 2,475 | 759 | ||||||||||||
Loss on sale / disposal of vessels
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2,903 | - | 2,903 | - | ||||||||||||
Swaps breakage cost
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10,192 | - | 3,480 | - | ||||||||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
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4,715 | 440 | 2,212 | 60 | ||||||||||||
General and administrative expenses – non-cash component
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- | 5,383 | - | 2,749 | ||||||||||||
Realized Loss on Euro/USD forward contracts
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- | 1,954 | - | 924 | ||||||||||||
(Gain) / Loss on derivative instruments
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(1,901 | ) | (11,923 | ) | 873 | (11,379 | ) | |||||||||
Adjusted EBITDA
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$ | 173,440 | $ | 173,328 | $ | 91,358 | $ | 87,293 |
Exhibit 99.2 |
Three-month period
ended June 30,
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Percentage | |||||||||||||||
(Expressed in millions of U.S. dollars, except percentages)
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2014
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2015
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Change
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Change
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Voyage revenue
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$ | 123.5 | $ | 123.2 | $ | (0.3 | ) | (0.2 | %) | |||||||
Voyage expenses
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(1.1 | ) | (0.4 | ) | (0.7 | ) | (63.6 | %) | ||||||||
Voyage expenses – related parties
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(0.9 | ) | (0.9 | ) | - | - | ||||||||||
Vessels’ operating expenses
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(30.5 | ) | (30.2 | ) | (0.3 | ) | (1.0 | %) | ||||||||
General and administrative expenses
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(1.4 | ) | (1.4 | ) | - | - | ||||||||||
Management fees – related parties
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(4.8 | ) | (4.9 | ) | 0.1 | 2.1 | % | |||||||||
General and administrative expenses – non-cash component
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- | (2.7 | ) | 2.7 | 100.0 | % | ||||||||||
Amortization of dry-docking and special survey costs
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(1.9 | ) | (1.8 | ) | (0.1 | ) | (5.3 | %) | ||||||||
Depreciation
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(26.6 | ) | (25.3 | ) | (1.3 | ) | (4.9 | %) | ||||||||
Amortization of prepaid lease rentals
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(1.1 | ) | (1.2 | ) | 0.1 | 9.1 | % | |||||||||
Loss on sale / disposal of vessels
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(2.9 | ) | - | (2.9 | ) | (100.0 | %) | |||||||||
Foreign exchange gains/ (losses)
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- | (0.1 | ) | 0.1 | 100.0 | % | ||||||||||
Interest income
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0.2 | 0.3 | 0.1 | 50.0 | % | |||||||||||
Interest and finance costs
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(22.6 | ) | (21.8 | ) | (0.8 | ) | (3.5 | %) | ||||||||
Swaps breakage cost
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(3.5 | ) | - | (3.5 | ) | (100.0 | %) | |||||||||
Equity gain on investments
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- | 0.1 | 0.1 | 100.0 | % | |||||||||||
Other
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1.9 | - | (1.9 | ) | (100.0 | %) | ||||||||||
Gain / (Loss) on derivative instruments
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(0.9 | ) | 11.4 | 12.3 | 1,366.7 | % | ||||||||||
Net Income
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$ | 27.4 | $ | 44.3 |
(Expressed in millions of U.S. dollars, except percentages)
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Three-month period ended
June 30,
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Change
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Percentage
Change
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2014
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2015
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Voyage revenue
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$ | 123.5 | $ | 123.2 | $ | (0.3 | ) | (0.2 | %) | |||||||
Accrued charter revenue
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2.5 | 0.8 | (1.7 | ) | (68.0 | %) | ||||||||||
Voyage revenue adjusted on a cash basis
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$ | 126.0 | $ | 124.0 | $ | (2.0 | ) | (1.6 | %) |
Vessels operational data
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Three-month period
ended June 30,
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Percentage
Change
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2014
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2015
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Change
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Average number of vessels
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55.7 | 55.0 | (0.7 | ) | (1.3 | %) | ||||||||||
Ownership days
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5,070 | 5,005 | (65 | ) | (1.3 | %) | ||||||||||
Number of vessels under dry-docking
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1 | 1 | - |
Condensed cash flows
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Three-month period ended
June 30,
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(Expressed in millions of U.S. dollars)
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2014
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2015
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Net Cash Provided by Operating Activities
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$ | 61.1 | $ | 65.3 | ||||
Net Cash Used in Investing Activities
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$ | (57.9 | ) | $ | (5.7 | ) | ||
Net Cash Provided by / (Used in) Financing Activities
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$ | (39.0 | ) | $ | 16.1 |
Six-month period ended
June 30,
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Percentage | |||||||||||||||
(Expressed in millions of U.S. dollars, except percentages)
|
2014
|
2015
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Change
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Change
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||||||||||||
Voyage revenue
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$ | 238.4 | $ | 244.1 | $ | 5.7 | 2.4 | % | ||||||||
Voyage expenses
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(1.8 | ) | (1.0 | ) | (0.8 | ) | (44.4 | %) | ||||||||
Voyage expenses – related parties
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(1.8 | ) | (1.8 | ) | - | - | ||||||||||
Vessels’ operating expenses
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(59.9 | ) | (59.8 | ) | (0.1 | ) | (0.2 | %) | ||||||||
General and administrative expenses
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(2.5 | ) | (2.7 | ) | 0.2 | 8.0 | % | |||||||||
Management fees – related parties
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(9.3 | ) | (9.7 | ) | 0.4 | 4.3 | % | |||||||||
General and administrative expenses – non-cash component
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- | (5.4 | ) | 5.4 | 100.0 | % | ||||||||||
Amortization of dry-docking and special survey costs
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(3.8 | ) | (3.6 | ) | (0.2 | ) | (5.3 | %) | ||||||||
Depreciation
|
(51.8 | ) | (50.4 | ) | (1.4 | ) | (2.7 | %) | ||||||||
Amortization of prepaid lease rentals
|
(1.5 | ) | (2.5 | ) | 1.0 | 66.7 | % | |||||||||
Loss on sale / disposal of vessels
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(2.9 | ) | - | (2.9 | ) | (100.0 | %) | |||||||||
Foreign exchange gains/ (losses)
|
(0.1 | ) | 0.2 | 0.3 | 300.0 | % | ||||||||||
Interest income
|
0.4 | 0.7 | 0.3 | 75.0 | % | |||||||||||
Interest and finance costs
|
(48.4 | ) | (49.7 | ) | 1.3 | 2.7 | % | |||||||||
Swaps breakage cost
|
(10.2 | ) | - | (10.2 | ) | (100.0 | %) | |||||||||
Equity loss on investments
|
(2.3 | ) | - | (2.3 | ) | (100.0 | %) | |||||||||
Other
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2.8 | 0.3 | (2.5 | ) | (89.3 | %) | ||||||||||
Gain on derivative instruments
|
1.9 | 11.9 | 10.0 | 526.3 | % | |||||||||||
Net Income
|
$ | 47.2 | $ | 70.6 |
Six-month period ended
June 30,
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Percentage | |||||||||||||||
(Expressed in millions of U.S. dollars, except percentages)
|
2014
|
2015
|
Change
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Change
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||||||||||||
Voyage revenue
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$ | 238.4 | 244.1 | $ | 5.7 | 2.4 | % | |||||||||
Accrued charter revenue
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5.1 | $ | 1.4 | (3.7 | ) | (72.5 | %) | |||||||||
Voyage revenue adjusted on a cash basis
|
$ | 243.5 | $ | 245.5 | $ | 2.0 | 0.8 | % |
Vessels operational data
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Six-month period ended
June 30,
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Percentage
Change
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2014
|
2015
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Change
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Average number of vessels
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54.4 | 55.0 | 0.6 | 1.1 | % | |||||||||||
Ownership days
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9,845 | 9,955 | 110 | 1.1 | % | |||||||||||
Number of vessels under dry-docking
|
3 | 3 | - |
Condensed cash flows
|
Six-month period ended June 30,
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(Expressed in millions of U.S. dollars)
|
2014
|
2015
|
||||||
Net Cash Provided by Operating Activities
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$ | 115.0 | $ | 120.2 | ||||
Net Cash Used in Investing Activities
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$ | (123.0 | ) | $ | (19.1 | ) | ||
Net Cash Provided by / (Used in) Financing Activities
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$ | 62.5 | $ | (54.3 | ) |
Vessel Name
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Year
Built
|
TEU
Capacity
|
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NAVARINO
|
2010
|
8,531
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VENETIKO
|
2003
|
5,928
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MSC ITEA
|
1998
|
3,842
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|||
LAKONIA
|
2004
|
2,586
|
|||
AREOPOLIS
|
2000
|
2,474
|
|||
MESSINI
|
1997
|
2,458
|
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NEAPOLIS
|
2000
|
1,645
|
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)
|
|
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
|
1.0 year
|
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
|
27,525
|
27
|
MAERSK KINGSTON
|
A.P. Moller-Maersk
|
2003
|
6,644
|
11 years
|
38,461(4)
|
February 2020
|
28,171
|
28
|
MAERSK KALAMATA
|
A.P. Moller-Maersk
|
2003
|
6,644
|
11 years
|
38,418(5)
|
April 2020
|
28,425
|
29
|
VENETIKO
|
OOCL
|
2003
|
5,928
|
0.1 years
|
15,800
|
September 2015
|
15,800
|
30
|
ENSENADA EXPRESS(*)
|
Hapag Lloyd
|
2001
|
5,576
|
2.4 years
|
19,000
|
October 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
|
13,744
|
September 2016(6)
|
13,744
|
33
|
ZIM SHANGHAI
|
ZIM
|
2002
|
4,992
|
13 years
|
13,744
|
September 2016(6)
|
13,744
|
34
|
ZIM PIRAEUS
|
ZIM
|
2004
|
4,992
|
10 years
|
13,344
|
September 2015(6)
|
13,344
|
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
|
August 2015
|
7,300
|
43
|
KARMEN
|
Evergreen
|
1991
|
3,351
|
1.0 years
|
7,500
|
August 2015
|
7,500
|
44
|
MARINA
|
Evergreen
|
1992
|
3,351
|
2.5 years
|
7,000(8)
|
September 2015
|
9,749
|
45
|
MSC CHALLENGER
|
MSC
|
1986
|
2,633
|
4.8 years
|
10,000
|
August 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
|
0.9 years
|
7,000
|
November 2015
|
7,000
|
48
|
AREOPOLIS
|
Evergreen
|
2000
|
2,474
|
0.7 years
|
7,200
|
August 2015
|
7,200
|
49
|
MESSINI
|
Evergreen
|
1997
|
2,458
|
3.3 years
|
7,900
|
February 2016
|
7,900
|
50
|
MSC REUNION
|
MSC
|
1992
|
2,024
|
8.0 years
|
7,600(9)
|
July 2016
|
10,869
|
51
|
MSC NAMIBIA II
|
MSC
|
1991
|
2,023
|
8.8 years
|
7,600(10)
|
July 2016
|
11,086
|
52
|
MSC SIERRA II
|
MSC
|
1991
|
2,023
|
7.7 years
|
11,200
|
June 2016
|
11,200
|
53
|
MSC PYLOS
|
MSC
|
1991
|
2,020
|
5.0 years
|
7,250
|
January 2016
|
7,250
|
54
|
X-PRESS PADMA(*)
|
Sea Consortium
|
1998
|
1,645
|
2.0 years
|
8,225
|
August 2015
|
8,225
|
55
|
NEAPOLIS
|
Yang Ming
|
2000
|
1,645
|
0.9 years
|
8,000
|
October 2015
|
8,000
|
56
|
PROSPER
|
Sea Consortium
|
1996
|
1,504
|
0.7 years
|
9,500
|
August 2015
|
9,500
|
57
|
ZAGORA
|
MSC
|
1995
|
1,162
|
4.7 years
|
7,400
|
May 2016
|
7,400
|
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
|
August 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
|
NCP0152(*)
|
Hanjin Subic Bay
|
4th Quarter 2016
|
|
6
|
S2121(*)
|
Samsung Heavy
|
Evergreen
|
2nd Quarter 2016
|
7
|
S2122(*)
|
Samsung Heavy
|
Evergreen
|
2nd Quarter 2016
|
8
|
S2123(*)
|
Samsung Heavy
|
Evergreen
|
3rd Quarter 2016
|
9
|
S2124(*)
|
Samsung Heavy
|
Evergreen
|
3rd Quarter 2016
|
10
|
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 July 21, 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)
|
The amounts in the table reflect the current charter terms, giving effect to our agreement with Zim under the 2014 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. In July the Company exercised its option to extend the charters of Zim New York and Zim Shanghai for one year pursuant to its option to extend the charter of 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.
|
(8)
|
This charter rate changes on August 12, 2015 to $11,700 per day until the earliest redelivery date.
|
(9)
|
This charter rate changes on August 27, 2015 to $11,200 per day until the earliest redelivery date.
|
(10)
|
This charter rate changes on August 2, 2015 to $11,200 per day until the earliest redelivery date.
|
(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.
|
(*) | 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. |
Six-months ended
June 30,
|
Three-months ended
June 30,
|
|||||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share amounts)
|
2014
|
2015
|
2014
|
2015
|
||||||||||||
(Unaudited)
|
||||||||||||||||
REVENUES:
|
||||||||||||||||
Voyage revenue
|
$ | 238,403 | $ | 244,069 | $ | 123,505 | $ | 123,219 | ||||||||
EXPENSES:
|
||||||||||||||||
Voyage expenses
|
(1,776 | ) | (1,028 | ) | (1,091 | ) | (392 | ) | ||||||||
Voyage expenses – related parties
|
(1,788 | ) | (1,829 | ) | (926 | ) | (924 | ) | ||||||||
Vessels' operating expenses
|
(59,905 | ) | (59,780 | ) | (30,521 | ) | (30,229 | ) | ||||||||
General and administrative expenses
|
(2,450 | ) | (2,682 | ) | (1,353 | ) | (1,367 | ) | ||||||||
Management fees - related parties
|
(9,298 | ) | (9,690 | ) | (4,827 | ) | (4,872 | ) | ||||||||
General and administrative expenses – non-cash component
|
- | (5,383 | ) | - | (2,749 | ) | ||||||||||
Amortization of dry-docking and special survey costs
|
(3,796 | ) | (3,583 | ) | (1,898 | ) | (1,758 | ) | ||||||||
Depreciation
|
(51,818 | ) | (50,411 | ) | (26,610 | ) | (25,345 | ) | ||||||||
Amortization of prepaid lease rentals
|
(1,512 | ) | (2,470 | ) | (1,102 | ) | (1,242 | ) | ||||||||
Loss on sale / disposals of vessels
|
(2,903 | ) | - | (2,903 | ) | - | ||||||||||
Foreign exchange gains / (losses)
|
(110 | ) | 230 | (47 | ) | (60 | ) | |||||||||
Operating income
|
$ | 103,047 | $ | 107,443 | $ | 52,227 | $ | 54,281 | ||||||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest income
|
$ | 291 | $ | 732 | $ | 141 | $ | 294 | ||||||||
Interest and finance costs
|
(48,362 | ) | (49,743 | ) | (22,566 | ) | (21,800 | ) | ||||||||
Swaps breakage costs
|
(10,192 | ) | - | (3,480 | ) | - | ||||||||||
Equity gain / (loss) on investments
|
(2,275 | ) | (47 | ) | 3 | 148 | ||||||||||
Other
|
2,803 | 305 | 1,928 | 27 | ||||||||||||
Gain / (Loss) on derivative instruments
|
1,901 | 11,923 | (873 | ) | 11,379 | |||||||||||
Total other income / (expenses)
|
$ | (55,834 | ) | $ | (36,830 | ) | $ | (24,847 | ) | $ | (9,952 | ) | ||||
Net Income
|
$ | 47,213 | $ | 70,613 | $ | 27,380 | $ | 44,329 | ||||||||
Earnings allocated to Preferred Stock
|
(5,719 | ) | (7,313 | ) | (3,113 | ) | (4,303 | ) | ||||||||
Net Income available to common stockholders
|
$ | 41,494 | $ | 63,300 | $ | 24,267 | $ | 40,026 | ||||||||
Earnings per common share, basic and diluted
|
$ | 0.55 | $ | 0.85 | $ | 0.32 | $ | 0.53 | ||||||||
Weighted average number of shares, basic and diluted
|
74,800,000 | 74,876,866 | 74,800,000 | 74,951,244 |
As of December 31,
|
As of June 30,
|
|||||||
(Expressed in thousands of U.S. dollars)
|
2014
|
2015
|
||||||
(Audited)
|
(Unaudited)
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 113,089 | $ | 159,942 | ||||
Restricted cash
|
14,264 | 14,019 | ||||||
Accounts receivable
|
2,365 | 1,303 | ||||||
Inventories
|
11,565 | 13,658 | ||||||
Due from related parties
|
4,447 | 6,323 | ||||||
Insurance claims receivable
|
1,759 | 2,301 | ||||||
Prepaid lease rentals
|
4,982 | 4,989 | ||||||
Accrued charter revenue
|
511 | 456 | ||||||
Prepayments and other
|
4,993 | 6,165 | ||||||
Total current assets
|
$ | 157,975 | $ | 209,156 | ||||
FIXED ASSETS, NET:
|
||||||||
Capital leased assets
|
$ | 250,547 | $ | 246,788 | ||||
Vessels, net
|
2,098,820 | 2,053,710 | ||||||
Total fixed assets, net
|
$ | 2,349,367 | $ | 2,300,498 | ||||
NON-CURRENT ASSETS:
|
||||||||
Investment in affiliates
|
$ | 73,579 | $ | 91,128 | ||||
Prepaid lease rentals, non-current
|
40,811 | 38,334 | ||||||
Deferred charges, net
|
28,675 | 26,796 | ||||||
Accounts receivable, non-current
|
1,425 | 1,425 | ||||||
Restricted cash
|
49,818 | 46,826 | ||||||
Accrued charter revenue
|
1,025 | 822 | ||||||
Other non-current assets
|
12,065 | 12,426 | ||||||
Total assets
|
$ | 2,714,740 | $ | 2,727,411 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current portion of long-term debt
|
$ | 192,951 | $ | 186,889 | ||||
Accounts payable
|
6,296 | 7,054 | ||||||
Capital lease obligations
|
13,508 | 14,029 | ||||||
Accrued liabilities
|
19,119 | 19,409 | ||||||
Unearned revenue
|
12,929 | 14,387 | ||||||
Fair value of derivatives
|
43,287 | 39,212 | ||||||
Other current liabilities
|
2,286 | 2,181 | ||||||
Total current liabilities
|
$ | 290,376 | $ | 283,161 | ||||
NON-CURRENT LIABILITIES
|
||||||||
Long-term debt, net of current portion
|
$ | 1,326,990 | $ | 1,234,361 | ||||
Capital lease obligations, net of current portion
|
233,625 | 226,499 | ||||||
Fair value of derivatives, net of current portion
|
31,653 | 26,863 | ||||||
Unearned revenue, net of current portion
|
29,454 | 29,012 | ||||||
Total non-current liabilities
|
$ | 1,621,722 | $ | 1,516,735 | ||||
COMMITMENTS AND CONTINGENCIES
|
||||||||
STOCKHOLDERS’ EQUITY:
|
||||||||
Preferred stock
|
$ | - | $ | - | ||||
Common stock
|
8 | 8 | ||||||
Additional paid-in capital
|
858,665 | 960,664 | ||||||
Retained earnings
|
103 | 20,723 | ||||||
Accumulated other comprehensive loss
|
(56,134 | ) | (53,880 | ) | ||||
Total stockholders’ equity
|
$ | 802,642 | $ | 927,515 | ||||
Total liabilities and stockholders’ equity
|
$ | 2,714,740 | $ | 2,727,411 |
Six-month period ended
June 30,
|
Three-month period ended
June 30,
|
|||||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share data):
|
2014
|
2015
|
2014
|
2015
|
||||||||||||
Voyage revenue
|
$ | 238,403 | $ | 244,069 | $ | 123,505 | $ | 123,219 | ||||||||
Accrued charter revenue (1)
|
$ | 5,121 | $ | 1,386 | $ | 2,475 | $ | 759 | ||||||||
Voyage revenue adjusted on a cash basis (2)
|
$ | 243,524 | $ | 245,455 | $ | 125,980 | $ | 123,978 | ||||||||
Adjusted EBITDA (3)
|
$ | 173,440 | $ | 173,328 | $ | 91,358 | $ | 87,293 | ||||||||
Adjusted Net Income available to common stockholders (3)
|
$ | 64,036 | $ | 63,010 | $ | 37,312 | $ | 34,381 | ||||||||
Weighted Average number of shares
|
74,800,000 | 74,876,866 | 74,800,000 | 74,951,244 | ||||||||||||
Adjusted Earnings per share (3)
|
$ | 0.86 | $ | 0.84 | $ | 0.50 | $ | 0.46 | ||||||||
EBITDA (3)
|
$ | 152,410 | $ | 176,088 | $ | 79,415 | $ | 94,180 | ||||||||
Net Income
|
$ | 47,213 | $ | 70,613 | $ | 27,380 | $ | 44,329 | ||||||||
Net Income available to common stockholders
|
$ | 41,494 | $ | 63,300 | $ | 24,267 | $ | 40,026 | ||||||||
Weighted Average number of shares
|
74,800,000 | 74, 876,866 | 74,800,000 | 74,951,244 | ||||||||||||
Earnings per share
|
$ | 0.55 | $ | 0.85 | $ | 0.32 | $ | 0.53 |
Six-month period ended
June 30,
|
Three-month period ended June 30,
|
|||||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share data)
|
2014
|
2015
|
2014
|
2015
|
||||||||||||
Net Income
|
$ | 47,213 | $ | 70,613 | $ | 27,380 | $ | 44,329 | ||||||||
Earnings allocated to Preferred Stock
|
(5,719 | ) | (7,313 | ) | (3,113 | ) | (4,303 | ) | ||||||||
Net Income available to common stockholders
|
41,494 | 63,300 | 24,267 | 40,026 | ||||||||||||
Accrued charter revenue
|
5,121 | 1,386 | 2,475 | 759 | ||||||||||||
Loss on sale / disposal of vessels
|
2,903 | - | 2,903 | - | ||||||||||||
Swaps breakage cost
|
10,192 | - | 3,480 | - | ||||||||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
|
4,715 | 440 | 2,212 | 60 | ||||||||||||
General and administrative expenses – non-cash component
|
- | 5,383 | - | 2,749 | ||||||||||||
Amortization of prepaid lease rentals
|
1,512 | 2,470 | 1,102 | 1,242 | ||||||||||||
Realized Loss on Euro/USD forward contracts (1)
|
- | 1,954 | - | 924 | ||||||||||||
(Gain) / Loss on derivative instruments (1)
|
(1,901 | ) | (11,923 | ) | 873 | (11,379 | ) | |||||||||
Adjusted Net income available to common stockholders
|
$ | 64,036 | $ | 63,010 | $ | 37,312 | $ | 34,381 | ||||||||
Adjusted Earnings per Share
|
$ | 0.86 | $ | 0.84 | $ | 0.50 | $ | 0.46 | ||||||||
Weighted average number of shares
|
74,800,000 | 74,876,866 | 74,800,000 | 74,951,244 |
Six-month period ended
June 30,
|
Three-month period ended
June 30,
|
|||||||||||||||
(Expressed in thousands of U.S. dollars)
|
2014
|
2015
|
2014
|
2015
|
||||||||||||
Net Income
|
$ | 47,213 | $ | 70,613 | $ | 27,380 | $ | 44,329 | ||||||||
Interest and finance costs
|
48,362 | 49,743 | 22,566 | 21,800 | ||||||||||||
Interest income
|
(291 | ) | (732 | ) | (141 | ) | (294 | ) | ||||||||
Depreciation
|
51,818 | 50,411 | 26,610 | 25,345 | ||||||||||||
Amortization of prepaid lease rentals
|
1,512 | 2,470 | 1,102 | 1,242 | ||||||||||||
Amortization of dry-docking and special survey costs
|
3,796 | 3,583 | 1,898 | 1,758 | ||||||||||||
EBITDA
|
152,410 | 176,088 | 79,415 | 94,180 | ||||||||||||
Accrued charter revenue
|
5,121 | 1,386 | 2,475 | 759 | ||||||||||||
Loss on sale / disposal of vessels
|
2,903 | - | 2,903 | - | ||||||||||||
Swaps breakage cost
|
10,192 | - | 3,480 | - | ||||||||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
|
4,715 | 440 | 2,212 | 60 | ||||||||||||
General and administrative expenses – non-cash component
|
- | 5,383 | - | 2,749 | ||||||||||||
Realized Loss on Euro/USD forward contracts
|
- | 1,954 | - | 924 | ||||||||||||
(Gain) / Loss on derivative instruments
|
(1,901 | ) | (11,923 | ) | 873 | (11,379 | ) | |||||||||
Adjusted EBITDA
|
$ | 173,440 | $ | 173,328 | $ | 91,358 | $ | 87,293 |