Press Release, dated October 21, 2015: Costamare Inc. Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2015
|
|
Financial Report for the Third Quarter and Nine-Month Period Ended September 30, 2015
|
COSTAMARE INC.
|
|||
By:
|
/s/ Gregory G. Zikos
|
||
Name:
|
Gregory G. Zikos
|
||
Title:
|
Chief Financial Officer
|
|
·
|
Voyage revenues of $124.0 million and $368.1 million for the three and the nine months ended September 30, 2015, respectively.
|
|
·
|
Voyage revenues adjusted on a cash basis of $124.7 million and $370.1 million for the three and nine months ended September 30, 2015, respectively.
|
|
·
|
Adjusted EBITDA of $88.7 million and $262.0 million for the three and nine months ended September 30, 2015, respectively.
|
|
·
|
Net income of $34.8 million and $105.4 million for the three and nine months ended September 30, 2015, respectively.
|
|
·
|
Net income available to common stockholders of $29.5 million or $0.39 per share and $92.8 million or $1.24 per share for the three and nine months ended September 30, 2015, respectively.
|
|
·
|
Adjusted Net income available to common stockholders of $34.6 million or $0.46 per share and $97.6 million or $1.30 per share for the three and nine months ended September 30, 2015, respectively.
|
|
·
|
In August 2015, together with York Capital, we agreed to acquire the 2001-built, 1,550 TEU containership Arkadia for a price of $6.0 million. The Company holds a 49% equity percentage in the vessel owning entity. The vessel was delivered on September 9, 2015. The Company agreed to charter the vessel to Evergreen, for a period of two years at a daily rate of $10,600.
|
|
·
|
In October 2015, together with York Capital, we agreed to acquire the 1998-built, 2,472 TEU containership Helgoland Trader for a price of $6.5 million. The Company holds a 49% equity percentage in the vessel owning entity. The vessel is expected to be delivered not later than April 30, 2016. The vessel is currently on charter to Maersk at a daily rate of $8,750.
|
|
·
|
The Company entered into the following charter arrangements:
|
|
o
|
Exercised the options to extend for one year the charters of the 2002-built 4,992 TEU containerships Zim New York and Zim Shanghai with Zim. The daily rate has been determined at $14,534 starting from October 1, 2015.
|
|
o
|
Agreed to extend the charter of the 2004-built, 4,992 TEU containership Zim Piraeus with Zim for a period of minimum 9 and maximum 13 months starting from October 31, 2015 at a daily rate of $12,500.
|
|
o
|
Agreed to extend the charter of the 2001-built, 1,078TEU containership Stadt Luebeck with CMA CGM for a period of minimum 5.5 and maximum 12 months starting from September 22, 2015 at a daily rate of $7,400 or $8,000 per day depending on the vessel’s trading pattern. Currently the vessel is earning $8,000 per day.
|
|
o
|
Agreed to extend the charter of the 1994-built, 1,162TEU containership Petalidi with CMA CGM for a period of minimum 8 and maximum 12 months starting from October 3, 2015 at a daily rate of $7,600.
|
|
o
|
Agreed to extend the charter of the 1998-built, 3,842TEU containership MSC Itea with MSC for a period of minimum 6 and maximum 8 months starting from August 7, 2015 at a daily rate of $10,000.
|
|
o
|
Agreed to extend the charter of the 1991-built, 3,351TEU containership Karmen with Evergreen for a period of minimum 6 and maximum 9 months starting from September 21, 2015 at a daily rate of $11,000.
|
|
o
|
Agreed to extend the charter of the 2003-built, 5,928 TEU containership Venetiko with OOCL for a period of minimum 40 and maximum 150 days starting from October 15, 2015 at a daily rate of $10,000.
|
|
o
|
Agreed to extend the charter of the 1996-built, 1,504TEU containership Prosper with Sea Consortium for a period of minimum 3 and maximum 6 months starting from November 15, 2015 at a daily rate of $8,400.
|
|
o
|
Fixed the 1992-built, 3,351TEU containership Marina on a trip charter for a voyage from the Mediterranean to the Far East. Subsequently agreed to charter the vessel with Evergreen for a period of minimum 6 and maximum 9 months starting from November 7, 2015 at a daily rate of $8,800.
|
|
·
|
On October 1, 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 $0.546875 per share on our Series D Preferred Stock which were paid on October 15, 2015 to holders of record on October 14, 2015.
|
|
·
|
On October 1, 2015, we declared a dividend for the third quarter ended September 30, 2015, of $0.29 per share on our common stock, payable on November 4, 2015, to stockholders of record on October 21, 2015. This will be the Company’s twentieth consecutive quarterly dividend since it commenced trading on the New York Stock Exchange.
|
Nine-month period ended September 30,
|
Three-month period ended September 30,
|
|||||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share data):
|
2014
|
2015
|
2014
|
2015
|
||||||||||||
Voyage revenue
|
$ | 363,129 | $ | 368,102 | $ | 124,726 | $ | 124,033 | ||||||||
Accrued charter revenue (1)
|
$ | 6,241 | $ | 2,029 | $ | 1,120 | $ | 643 | ||||||||
Voyage revenue adjusted on a cash basis (2)
|
$ | 369,370 | $ | 370,131 | $ | 125,846 | $ | 124,676 | ||||||||
Adjusted EBITDA (3)
|
$ | 260,461 | $ | 262,018 | $ | 87,021 | $ | 88,690 | ||||||||
Adjusted Net Income available to common stockholders (3)
|
$ | 92,139 | $ | 97,579 | $ | 28,103 | $ | 34,569 | ||||||||
Weighted Average number of shares
|
74,800,000 | 74,952,340 | 74,800,000 | 75,100,826 | ||||||||||||
Adjusted Earnings per share (3)
|
$ | 1.23 | $ | 1.30 | $ | 0.38 | $ | 0.46 | ||||||||
EBITDA (3)
|
$ | 246,546 | $ | 260,964 | $ | 94,136 | $ | 84,876 | ||||||||
Net Income
|
$ | 84,287 | $ | 105,436 | $ | 37,074 | $ | 34,823 | ||||||||
Net Income available to common stockholders
|
$ | 75,456 | $ | 92,799 | $ | 33,962 | $ | 29,499 | ||||||||
Weighted Average number of shares
|
74,800,000 | 74,952,340 | 74,800,000 | 75,100,826 | ||||||||||||
Earnings per share
|
$ | 1.01 | $ | 1.24 | $ | 0.45 | $ | 0.39 | ||||||||
Nine-month period ended September 30,
|
Three-month period ended September 30,
|
|||||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share data)
|
2014
|
2015
|
2014
|
2015
|
||||||||||||
Net Income
|
$ | 84,287 | $ | 105,436 | $ | 37,074 | $ | 34,823 | ||||||||
Earnings allocated to Preferred Stock
|
(8,831 | ) | (12,637 | ) | (3,112 | ) | (5,324 | ) | ||||||||
Net Income available to common stockholders
|
75,456 | 92,799 | 33,962 | 29,499 | ||||||||||||
Accrued charter revenue
|
6,241 | 2,029 | 1,120 | 643 | ||||||||||||
Gain on sale / disposal of vessels
|
(2,543 | ) | - | (5,446 | ) | - | ||||||||||
Swaps breakage cost
|
10,192 | - | - | - | ||||||||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments | 4,905 | 585 | 109 | 145 | ||||||||||||
General and administrative expenses – non-cash component
|
- | 7,219 | - | 1,836 | ||||||||||||
Amortization of prepaid lease rentals
|
2,768 | 3,726 | 1,256 | 1,256 | ||||||||||||
Realized Loss on Euro/USD forward contracts (1)
|
63 | 2,729 | 63 | 775 | ||||||||||||
(Gain) / Loss on derivative instruments (1)
|
(4,943 | ) | (11,508 | ) | (3,042 | ) | 415 | |||||||||
Adjusted Net income available to common stockholders
|
$ | 92,139 | $ | 97,579 | $ | 28,103 | $ | 34,569 | ||||||||
Adjusted Earnings per Share
|
$ | 1.23 | $ | 1.30 | $ | 0.38 | $ | 0.46 | ||||||||
Weighted average number of shares
|
74,800,000 | 74,952,340 | 74,800,000 | 75,100,826 |
Nine-month period ended September 30,
|
Three-month period ended September 30,
|
|||||||||||||||
(Expressed in thousands of U.S. dollars)
|
2014
|
2015
|
2014
|
2015
|
||||||||||||
Net Income
|
$ | 84,287 | $ | 105,436 | $ | 37,074 | $ | 34,823 | ||||||||
Interest and finance costs
|
75,601 | 71,387 | 27,239 | 21,644 | ||||||||||||
Interest income
|
(531 | ) | (1,053 | ) | (240 | ) | (321 | ) | ||||||||
Depreciation
|
78,845 | 76,034 | 27,027 | 25,623 | ||||||||||||
Amortization of prepaid lease rentals
|
2,768 | 3,726 | 1,256 | 1,256 | ||||||||||||
Amortization of dry-docking and special survey costs
|
5,576 | 5,434 | 1,780 | 1,851 | ||||||||||||
EBITDA
|
246,546 | 260,964 | 94,136 | 84,876 | ||||||||||||
Accrued charter revenue
|
6,241 | 2,029 | 1,120 | 643 | ||||||||||||
Gain on sale / disposal of vessels
|
(2,543 | ) | - | (5,446 | ) | - | ||||||||||
Swaps breakage cost
|
10,192 | - | - | - | ||||||||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
|
4,905 | 585 | 190 | 145 | ||||||||||||
General and administrative expenses – non-cash component
|
- | 7,219 | - | 1,836 | ||||||||||||
Realized Loss on Euro/USD forward contracts
|
63 | 2,729 | 63 | 775 | ||||||||||||
(Gain) / Loss on derivative instruments
|
(4,943 | ) | (11,508 | ) | (3,042 | ) | 415 | |||||||||
Adjusted EBITDA
|
$ | 260,461 | $ | 262,018 | $ | 87,021 | $ | 88,690 |
Three-month period ended September 30,
|
Percentage | |||||||||||||||
(Expressed in millions of U.S. dollars, except percentages)
|
2014
|
2015
|
Change
|
Change
|
||||||||||||
Voyage revenue
|
$ | 124.7 | $ | 124.0 | $ | (0.7 | ) | (0.6 | %) | |||||||
Voyage expenses
|
(0.8 | ) | (0.9 | ) | 0.1 | 12.5 | % | |||||||||
Voyage expenses – related parties
|
(0.9 | ) | (0.9 | ) | - | - | ||||||||||
Vessels’ operating expenses
|
(30.5 | ) | (28.8 | ) | (1.7 | ) | (5.6 | %) | ||||||||
General and administrative expenses
|
(2.0 | ) | (1.4 | ) | (0.6 | ) | (30.0 | %) | ||||||||
Management fees – related parties
|
(4.9 | ) | (4.9 | ) | - | - | ||||||||||
General and administrative expenses – non-cash component
|
- | (1.8 | ) | 1.8 | 100.0 | % | ||||||||||
Amortization of dry-docking and special survey costs
|
(1.8 | ) | (1.9 | ) | 0.1 | 5.6 | % | |||||||||
Depreciation
|
(27.0 | ) | (25.6 | ) | (1.4 | ) | (5.2 | %) | ||||||||
Amortization of prepaid lease rentals
|
(1.2 | ) | (1.2 | ) | - | - | ||||||||||
Gain on sale / disposal of vessels
|
5.4 | - | (5.4 | ) | (100.0 | %) | ||||||||||
Foreign exchange gains/ (losses)
|
0.1 | (0.2 | ) | (0.3 | ) | (300.0 | %) | |||||||||
Interest income
|
0.2 | 0.3 | 0.1 | 50.0 | % | |||||||||||
Interest and finance costs
|
(27.2 | ) | (21.6 | ) | (5.6 | ) | (20.6 | %) | ||||||||
Equity gain on investments
|
- | 0.1 | 0.1 | 100.0 | % | |||||||||||
Gain / (Loss) on derivative instruments
|
3.0 | (0.4 | ) | (3.4 | ) | (113.3 | %) | |||||||||
Net Income
|
37.1 | 34.8 |
(Expressed in millions of U.S. dollars, except percentages)
|
Three-month period ended September 30,
|
Change
|
Percentage
|
|||||||||||||
|
2014
|
2015
|
Change
|
|||||||||||||
Voyage revenue
|
$ | 124.7 | $ | 124 | $ | (0.7 | ) | (0.6 | %) | |||||||
Accrued charter revenue
|
1.1 | 0.7 | (0.4 | ) | (36.4 | %) | ||||||||||
Voyage revenue adjusted on a cash basis
|
$ | 125.8 | $ | 124.7 | $ | (1.1 | ) | (0.9 | %) |
Vessels operational data
|
Three-month period ended September 30,
|
Percentage
|
||||||||||||||
2014
|
2015
|
Change
|
Change
|
|||||||||||||
Average number of vessels
|
55 | 55 | - | - | ||||||||||||
Ownership days
|
5,058 | 5,060 | 2 | - | ||||||||||||
Number of vessels under dry-docking
|
2 | 4 | 2 |
Condensed cash flows
|
Three-month period ended September 30,
|
|||||||
(Expressed in millions of U.S. dollars)
|
2014
|
2015
|
||||||
Net Cash Provided by Operating Activities
|
$ | 65.8 | $ | 59.3 | ||||
Net Cash Provided by / (Used in) Investing Activities
|
$ | 13.9 | $ | (9.2 | ) | |||
Net Cash Used in Financing Activities
|
$ | (88.9 | ) | $ | (75.5 | ) |
Nine-month period ended September 30,
|
Percentage | |||||||||||||||
(Expressed in millions of U.S. dollars, except percentages)
|
2014
|
2015
|
Change
|
Change
|
||||||||||||
Voyage revenue
|
$ | 363.1 | $ | 368.1 | $ | 5.0 | 1.4 | % | ||||||||
Voyage expenses
|
(2.6 | ) | (1.9 | ) | (0.7 | ) | (26.9 | %) | ||||||||
Voyage expenses – related parties
|
(2.7 | ) | (2.8 | ) | 0.1 | 3.7 | % | |||||||||
Vessels’ operating expenses
|
(90.4 | ) | (88.6 | ) | (1.8 | ) | (2.0 | %) | ||||||||
General and administrative expenses
|
(4.5 | ) | (4.1 | ) | (0.4 | ) | (8.9 | %) | ||||||||
Management fees – related parties
|
(14.2 | ) | (14.6 | ) | 0.4 | 2.8 | % | |||||||||
General and administrative expenses – non-cash component
|
- | (7.2 | ) | 7.2 | 100.0 | % | ||||||||||
Amortization of dry-docking and special survey costs
|
(5.6 | ) | (5.4 | ) | (0.2 | ) | (3.6 | %) | ||||||||
Depreciation
|
(78.8 | ) | (76.0 | ) | (2.8 | ) | (3.6 | %) | ||||||||
Amortization of prepaid lease rentals
|
(2.8 | ) | (3.7 | ) | 0.9 | 32.1 | % | |||||||||
Gain on sale / disposal of vessels
|
2.5 | - | (2.5 | ) | (100.0 | %) | ||||||||||
Interest income
|
0.5 | 1.1 | 0.6 | 120.0 | % | |||||||||||
Interest and finance costs
|
(75.6 | ) | (71.4 | ) | (4.2 | ) | (5.6 | %) | ||||||||
Swaps breakage cost
|
(10.2 | ) | - | (10.2 | ) | (100.0 | %) | |||||||||
Equity loss on investments
|
(2.2 | ) | - | (2.2 | ) | (100.0 | %) | |||||||||
Other
|
2.9 | 0.4 | (2.5 | ) | (86.2 | %) | ||||||||||
Gain on derivative instruments
|
4.9 | 11.5 | 6.6 | 134.7 | % | |||||||||||
Net Income
|
84.3 | 105.4 |
|
|
|
||||||||||||||
(Expressed in millions of U.S. dollars, except percentages)
|
Nine-month period ended September 30,
|
Percentage
|
||||||||||||||
2014
|
2015
|
Change | Change | |||||||||||||
Voyage revenue
|
$ | 363.1 | $ | 368.1 | $ | 5 | 1.4 | % | ||||||||
Accrued charter revenue
|
6.2 | 2 | (4.2 | ) | (67.7 | %) | ||||||||||
Voyage revenue adjusted on a cash basis
|
$ | 369.3 | $ | 370.1 | $ | 0.8 | 0.2 | % |
Vessels operational data
|
||||||||||||||||
Nine-month period ended September 30, |
Percentage
|
|||||||||||||||
2014
|
2015
|
Change
|
Change
|
|||||||||||||
Average number of vessels
|
54.6 | 55 | 0.4 | 0.7 | % | |||||||||||
Ownership days
|
14,903 | 15,015 | 112 | 0.8 | % | |||||||||||
Number of vessels under dry-docking
|
5 | 7 | 2 |
Condensed cash flows
|
Nine-month period ended September 30,
|
|||||||
(Expressed in millions of U.S. dollars)
|
2014
|
2015
|
||||||
Net Cash Provided by Operating Activities
|
$ | 180.7 | $ | 179.6 | ||||
Net Cash Used in Investing Activities
|
$ | (109.1 | ) | $ | (28.3 | ) | ||
Net Cash Used in Financing Activities
|
$ | (26.4 | ) | $ | (129.8 | ) |
Year | TEU | |||
Vessel Name
|
Built
|
Capacity
|
||
NAVARINO
|
2010
|
8,531
|
||
VENETIKO
|
2003
|
5,928
|
||
MSC ITEA
|
1998
|
3,842
|
||
LAKONIA
|
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) |
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
|
2010
|
8,531
|
|||||
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
|
26,822
|
27
|
MAERSK KINGSTON
|
A.P. Moller-Maersk
|
2003
|
6,644
|
11 years
|
38,461(4)
|
February 2020
|
27,576
|
28
|
MAERSK KALAMATA
|
A.P. Moller-Maersk
|
2003
|
6,644
|
11 years
|
38,418(5)
|
April 2020
|
27,863
|
29
|
VENETIKO
|
OOCL
|
2003
|
5,928
|
0.3 years
|
10,000
|
December 2015
|
10,000
|
30
|
ENSENADA EXPRESS(*)
|
2001
|
5,576
|
|||||
31
|
MSC ROMANOS
|
MSC
|
2003
|
5,050
|
5.3 years
|
28,000
|
November 2016
|
28,000
|
32
|
ZIM NEW YORK
|
ZIM
|
2002
|
4,992
|
14 years
|
14,534
|
September 2016(6)
|
14,534
|
33
|
ZIM SHANGHAI
|
ZIM
|
2002
|
4,992
|
14 years
|
14,534
|
September 2016(6)
|
14,534
|
34
|
ZIM PIRAEUS
|
ZIM
|
2004
|
4,992
|
10 years
|
13,744
|
July 2016
|
12,544
|
35
|
OAKLAND EXPRESS
|
Hapag Lloyd
|
2000
|
4,890
|
8.0 years
|
30,500
|
September 2016
|
30,500
|
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) |
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
|
1.5 years
|
10,000
|
February 2016
|
10,000
|
43
|
KARMEN
|
Evergreen
|
1991
|
3,351
|
1.5 years
|
11,000
|
March 2016
|
11,000
|
44
|
MARINA(8)
|
Evergreen
|
1992
|
3,351
|
0.5 years
|
8,800
|
May 2016
|
8,800
|
45
|
MSC CHALLENGER
|
MSC
|
1986
|
2,633
|
4.8 years
|
10,000
|
November 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
|
November 2015
|
7,200
|
49
|
HELGOLAND TRADER(*) (9)
|
Maersk
|
1998
|
2,472
|
0.5 years
|
8,750
|
March 2016
|
8,750
|
50
|
MESSINI
|
Evergreen
|
1997
|
2,458
|
3.3 years
|
7,900
|
February 2016
|
7,900
|
51
|
MSC REUNION
|
MSC
|
1992
|
2,024
|
8.0 years
|
11,200
|
July 2016
|
11,200
|
52
|
MSC NAMIBIA II
|
MSC
|
1991
|
2,023
|
8.8 years
|
11,200
|
July 2016
|
11,200
|
53
|
MSC SIERRA II
|
MSC
|
1991
|
2,023
|
7.7 years
|
11,200
|
June 2016
|
11,200
|
54
|
MSC PYLOS
|
MSC
|
1991
|
2,020
|
5.0 years
|
7,250
|
January 2016
|
7,250
|
55
|
PADMA(*)
|
Yang Ming
|
1998
|
1,645
|
0.9 years
|
8,000
|
January 2016
|
8,000
|
56
|
NEAPOLIS
|
2000
|
1,645
|
|||||
57
|
ARKADIA(*)
|
Evergreen
|
2001
|
1,550
|
2.0 years
|
10,600
|
August 2017
|
10,600
|
58
|
PROSPER
|
Sea Consortium
|
1996
|
1,504
|
0.7 years
|
9,500(10)
|
February 2016
|
8,635
|
59
|
ZAGORA
|
MSC
|
1995
|
1,162
|
4.7 years
|
7,400
|
May 2016
|
7,400
|
60
|
PETALIDI(*)
|
CMA CGM
|
1994
|
1,162
|
2.0 years
|
7,600
|
June 2016
|
7,600
|
61
|
STADT LUEBECK
|
CMA CGM
|
2001
|
1.078
|
2.7 years
|
8,000(11)
|
March 2016
|
8,800
|
Vessel Name
|
Shipyard
|
Capacity
(TEU) |
Charterer
|
Expected Delivery
(based on latest shipyard schedule)
|
|
1
|
NCP0113(*)
|
Hanjin Subic Bay
|
11,010
|
2nd Quarter 2016
|
|
2
|
NCP0114(*)
|
Hanjin Subic Bay
|
11,010
|
2nd Quarter 2016
|
|
3
|
NCP0115(*)
|
Hanjin Subic Bay
|
11,010
|
2nd Quarter 2016
|
|
4
|
NCP0116(*)
|
Hanjin Subic Bay
|
11,010
|
2nd Quarter 2016
|
|
5
|
NCP0152(*)
|
Hanjin Subic Bay
|
11,010
|
4th Quarter 2016
|
|
6
|
S2121(*)
|
Samsung Heavy
|
14,354
|
Evergreen
|
2nd Quarter 2016
|
7
|
S2122(*)
|
Samsung Heavy
|
14,354
|
Evergreen
|
2nd Quarter 2016
|
8
|
S2123(*)
|
Samsung Heavy
|
14,354
|
Evergreen
|
3rd Quarter 2016
|
9
|
S2124(*)
|
Samsung Heavy
|
14,354
|
Evergreen
|
3rd Quarter 2016
|
10
|
S2125(*)
|
Samsung Heavy
|
14,354
|
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 October 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. The rate for the first year has been determined at $14,534 daily.
|
(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)
|
The vessel is currently on a voyage charter and is expected to be delivered to Evergreen on November 7, 2015.
|
(9)
|
The vessel is expected to be delivered to us no later than April 30, 2016.
|
(10)
|
This charter changes on November 15, 2015 to $8,400 per day until the earliest redelivery date.
|
(11)
|
The charter rate will be $8,000 per day provided that the vessel trades within the Red Sea once every 20 days, while it will change to $7,400 for non-Red Sea trading. As of October 21, 2015, the vessel is earning $8,000 per day.
|
(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.
|
Nine-months ended September 30,
|
Three-months ended September 30,
|
|||||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share amounts)
|
2014
|
2015
|
2014
|
2015
|
||||||||||||
(Unaudited)
|
||||||||||||||||
REVENUES:
|
||||||||||||||||
Voyage revenue
|
$ | 363,129 | $ | 368,102 | $ | 124,726 | $ | 124,033 | ||||||||
EXPENSES:
|
||||||||||||||||
Voyage expenses
|
(2,590 | ) | (1,902 | ) | (814 | ) | (874 | ) | ||||||||
Voyage expenses – related parties
|
(2,724 | ) | (2,757 | ) | (936 | ) | (928 | ) | ||||||||
Vessels' operating expenses
|
(90,392 | ) | (88,554 | ) | (30,487 | ) | (28,774 | ) | ||||||||
General and administrative expenses
|
(4,505 | ) | (4,056 | ) | (2,055 | ) | (1,374 | ) | ||||||||
Management fees - related parties
|
(14,199 | ) | (14,615 | ) | (4,901 | ) | (4,925 | ) | ||||||||
General and administrative expenses – non-cash component
|
- | (7,219 | ) | - | (1,836 | ) | ||||||||||
Amortization of dry-docking and special survey costs
|
(5,576 | ) | (5,434 | ) | (1,780 | ) | (1,851 | ) | ||||||||
Depreciation
|
(78,845 | ) | (76,034 | ) | (27,027 | ) | (25,623 | ) | ||||||||
Amortization of prepaid lease rentals
|
(2,768 | ) | (3,726 | ) | (1,256 | ) | (1,256 | ) | ||||||||
Gain on sale / disposals of vessels
|
2,543 | - | 5,446 | - | ||||||||||||
Foreign exchange gains / (losses)
|
(73 | ) | 15 | 37 | (215 | ) | ||||||||||
Operating income
|
$ | 164,000 | $ | 163,820 | $ | 60,953 | $ | 56,377 | ||||||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest income
|
$ | 531 | $ | 1,053 | $ | 240 | $ | 321 | ||||||||
Interest and finance costs
|
(75,601 | ) | (71,387 | ) | (27,239 | ) | (21,644 | ) | ||||||||
Swaps breakage costs
|
(10,192 | ) | - | - | - | |||||||||||
Equity gain / (loss) on investments
|
(2,237 | ) | 38 | 38 | 85 | |||||||||||
Other
|
2,843 | 404 | 40 | 99 | ||||||||||||
Gain / (Loss) on derivative instruments
|
4,943 | 11,508 | 3,042 | (415 | ) | |||||||||||
Total other income / (expenses)
|
$ | (79,713 | ) | $ | (58,384 | ) | $ | (23,879 | ) | $ | (21,554 | ) | ||||
Net Income
|
$ | 84,287 | $ | 105,436 | $ | 37,074 | $ | 34,823 | ||||||||
Earnings allocated to Preferred Stock
|
(8,831 | ) | (12,637 | ) | (3,112 | ) | (5,324 | ) | ||||||||
Net Income available to common stockholders
|
$ | 75,456 | $ | 92,799 | $ | 33,962 | $ | 29,499 | ||||||||
Earnings per common share, basic and diluted
|
$ | 1.01 | $ | 1.24 | $ | 0.45 | $ | 0.39 | ||||||||
Weighted average number of shares, basic and diluted
|
74,800,000 | 74,952,340 | 74,800,000 | 75,100,826 |
As of December 31,
|
As of September 30,
|
|||||||
(Expressed in thousands of U.S. dollars)
|
2014
|
2015
|
||||||
(Audited)
|
(Unaudited)
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 113,089 | $ | 134,613 | ||||
Restricted cash
|
14,264 | 8,757 | ||||||
Accounts receivable
|
2,365 | 1,590 | ||||||
Inventories
|
11,565 | 12,609 | ||||||
Due from related parties
|
4,447 | 3,834 | ||||||
Fair value of derivatives
|
- | 234 | ||||||
Insurance claims receivable
|
1,759 | 3,394 | ||||||
Prepaid lease rentals
|
4,982 | 4,985 | ||||||
Accrued charter revenue
|
511 | 439 | ||||||
Prepayments and other
|
4,993 | 6,859 | ||||||
Total current assets
|
$ | 157,975 | $ | 177,314 | ||||
FIXED ASSETS, NET:
|
||||||||
Capital leased assets
|
$ | 250,547 | $ | 244,877 | ||||
Vessels, net
|
2,098,820 | 2,030,325 | ||||||
Total fixed assets, net
|
$ | 2,349,367 | $ | 2,275,202 | ||||
NON-CURRENT ASSETS:
|
||||||||
Investment in affiliates
|
$ | 73,579 | $ | 100,115 | ||||
Prepaid lease rentals, non-current
|
40,811 | 37,082 | ||||||
Deferred charges, net
|
28,675 | 28,769 | ||||||
Accounts receivable, non-current
|
1,425 | 1,425 | ||||||
Restricted cash
|
49,818 | 48,280 | ||||||
Accrued charter revenue
|
1,025 | 690 | ||||||
Other non-current assets
|
12,065 | 12,518 | ||||||
Total assets
|
$ | 2,714,740 | $ | 2,681,395 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current portion of long-term debt
|
$ | 192,951 | $ | 185,258 | ||||
Accounts payable
|
6,296 | 6,746 | ||||||
Due to related parties
|
- | 282 | ||||||
Capital lease obligations
|
13,508 | 14,280 | ||||||
Accrued liabilities
|
19,119 | 19,480 | ||||||
Unearned revenue
|
12,929 | 15,767 | ||||||
Fair value of derivatives
|
43,287 | 35,521 | ||||||
Other current liabilities
|
2,286 | 2,006 | ||||||
Total current liabilities
|
$ | 290,376 | $ | 279,340 | ||||
NON-CURRENT LIABILITIES
|
||||||||
Long-term debt, net of current portion
|
$ | 1,326,990 | $ | 1,186,507 | ||||
Capital lease obligations, net of current portion
|
233,625 | 222,814 | ||||||
Fair value of derivatives, net of current portion
|
31,653 | 31,432 | ||||||
Unearned revenue, net of current portion
|
29,454 | 27,764 | ||||||
Total non-current liabilities
|
$ | 1,621,722 | $ | 1,468,517 | ||||
COMMITMENTS AND CONTINGENCIES
|
||||||||
STOCKHOLDERS’ EQUITY:
|
||||||||
Preferred stock
|
$ | - | $ | - | ||||
Common stock
|
8 | 8 | ||||||
Additional paid-in capital
|
858,665 | 962,500 | ||||||
Retained earnings
|
103 | 28,444 | ||||||
Accumulated other comprehensive loss
|
(56,134 | ) | (57,414 | ) | ||||
Total stockholders’ equity
|
$ | 802,642 | $ | 933,538 | ||||
Total liabilities and stockholders’ equity
|
$ | 2,714,740 | $ | 2,681,395 |
Nine-month period ended September 30,
|
Three-month period ended September 30,
|
|||||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share data):
|
2014
|
2015
|
2014
|
2015
|
||||||||||||
Voyage revenue
|
$ | 363,129 | $ | 368,102 | $ | 124,726 | $ | 124,033 | ||||||||
Accrued charter revenue (1)
|
$ | 6,241 | $ | 2,029 | $ | 1,120 | $ | 643 | ||||||||
Voyage revenue adjusted on a cash basis (2)
|
$ | 369,370 | $ | 370,131 | $ | 125,846 | $ | 124,676 | ||||||||
Adjusted EBITDA (3)
|
$ | 260,461 | $ | 262,018 | $ | 87,021 | $ | 88,690 | ||||||||
Adjusted Net Income available to common stockholders (3)
|
$ | 92,139 | $ | 97,579 | $ | 28,103 | $ | 34,569 | ||||||||
Weighted Average number of shares
|
74,800,000 | 74,952,340 | 74,800,000 | 75,100,826 | ||||||||||||
Adjusted Earnings per share (3)
|
$ | 1.23 | $ | 1.30 | $ | 0.38 | $ | 0.46 | ||||||||
EBITDA (3)
|
$ | 246,546 | $ | 260,964 | $ | 94,136 | $ | 84,876 | ||||||||
Net Income
|
$ | 84,287 | $ | 105,436 | $ | 37,074 | $ | 34,823 | ||||||||
Net Income available to common stockholders
|
$ | 75,456 | $ | 92,799 | $ | 33,962 | $ | 29,499 | ||||||||
Weighted Average number of shares
|
74,800,000 | 74,952,340 | 74,800,000 | 75,100,826 | ||||||||||||
Earnings per share
|
$ | 1.01 | $ | 1.24 | $ | 0.45 | $ | 0.39 |
Nine-month period ended September 30,
|
Three-month period ended September 30,
|
|||||||||||||||
(Expressed in thousands of U.S. dollars, except share and per share data)
|
2014
|
2015
|
2014
|
2015
|
||||||||||||
Net Income
|
$ | 84,287 | $ | 105,436 | $ | 37,074 | $ | 34,823 | ||||||||
Earnings allocated to Preferred Stock
|
(8,831 | ) | (12,637 | ) | (3,112 | ) | (5,324 | ) | ||||||||
Net Income available to common stockholders
|
75,456 | 92,799 | 33,962 | 29,499 | ||||||||||||
Accrued charter revenue
|
6,241 | 2,029 | 1,120 | 643 | ||||||||||||
Gain on sale / disposal of vessels
|
(2,543 | ) | - | (5,446 | ) | - | ||||||||||
Swaps breakage cost
|
10,192 | - | - | - | ||||||||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
|
4,905 | 585 | 190 | 145 | ||||||||||||
General and administrative expenses – non-cash component
|
- | 7,219 | - | 1,836 | ||||||||||||
Amortization of prepaid lease rentals
|
2,768 | 3,726 | 1,256 | 1,256 | ||||||||||||
Realized Loss on Euro/USD forward contracts (1)
|
63 | 2,729 | 63 | 775 | ||||||||||||
(Gain) / Loss on derivative instruments (1)
|
(4,943 | ) | (11,508 | ) | (3,042 | ) | 415 | |||||||||
Adjusted Net income available to common stockholders
|
$ | 92,139 | $ | 97,579 | $ | 28,103 | $ | 34,569 | ||||||||
Adjusted Earnings per Share
|
$ | 1.23 | $ | 1.30 | $ | 0.38 | $ | 0.46 | ||||||||
Weighted average number of shares
|
74,800,000 | 74,952,340 | 74,800,000 | 75,100,826 |
Nine-month period ended September 30,
|
Three-month period ended September 30,
|
|||||||||||||||
(Expressed in thousands of U.S. dollars)
|
2014
|
2015
|
2014
|
2015
|
||||||||||||
Net Income
|
$ | 84,287 | $ | 105,436 | $ | 37,074 | $ | 34,823 | ||||||||
Interest and finance costs
|
75,601 | 71,387 | 27,239 | 21,644 | ||||||||||||
Interest income
|
(531 | ) | (1,053 | ) | (240 | ) | (321 | ) | ||||||||
Depreciation
|
78,845 | 76,034 | 27,027 | 25,623 | ||||||||||||
Amortization of prepaid lease rentals
|
2,768 | 3,726 | 1,256 | 1,256 | ||||||||||||
Amortization of dry-docking and special survey costs
|
5,576 | 5,434 | 1,780 | 1,851 | ||||||||||||
EBITDA
|
246,546 | 260,964 | 94,136 | 84,876 | ||||||||||||
Accrued charter revenue
|
6,241 | 2,029 | 1,120 | 643 | ||||||||||||
Gain on sale / disposal of vessels
|
(2,543 | ) | - | (5,446 | ) | - | ||||||||||
Swaps breakage cost
|
10,192 | - | - | - | ||||||||||||
Unrealized loss from swap option agreement held by a jointly owned company with York included in equity loss on investments
|
4,905 | 585 | 190 | 145 | ||||||||||||
General and administrative expenses – non-cash component
|
- | 7,219 | - | 1,836 | ||||||||||||
Realized Loss on Euro/USD forward contracts
|
63 | 2,729 | 63 | 775 | ||||||||||||
(Gain) / Loss on derivative instruments
|
(4,943 | ) | (11,508 | ) | (3,042 | ) | 415 | |||||||||
Adjusted EBITDA
|
$ | 260,461 | $ | 262,018 | $ | 87,021 | $ | 88,690 |