MONACO--(Marketwired - Apr 27, 2017) - Costamare Inc. ("Costamare" or the "Company") (NYSE: CMRE) today reported unaudited
financial results for the first quarter ended March 31, 2017.
- Voyage revenues adjusted on a cash basis of $102.7 million for the three-months ended March 31, 2017.
- Adjusted Net income available to common stockholders of $20.8 million or $0.23 per share for the three-months ended March
31, 2017.
See "Financial Summary" and "Non-GAAP Measures" below for additional detail.
New Business Developments
A. Newbuild charter agreements
- The Company has entered into time charter agreements for all five 11,000TEU newbuild vessels acquired under our JV with
York Capital. The vessels have been chartered for periods of up to 12 months at an average rate of about $18,000 per day. The
first two vessels, the Cape Akritas and Cape Tainaro have been delivered to their charterers and have
commenced operations. The third and fourth vessels, the Cape Kortia and Cape Sounio, are expected to be
delivered to their charterers during the first week of May 2017, while the last vessel, the Cape Artemisio, is
expected to be delivered from the shipyard and to her charterers during the second week of June 2017.
B. New charter agreements
- The Company has entered into the following charter arrangements:
- Agreed to charter the 2003-built, 5,928 TEU containership Venetiko to Hapag-Lloyd, for a period of 5 to 14
months starting from March 19, 2017, at a daily rate of $6,600.
- Agreed to charter the 2001-built, 5,576 TEU containership Ensenada to PIL, for a period of 6 to 10 months
starting from March 31, 2017, at a daily rate of $6,950.
- Agreed to charter the 2004-built, 4,992 TEU containership Piraeus to TS Lines, for a period of 4 to 8 months
starting from April 6, 2017, at a daily rate of $5,100.
- Agreed to extend the charter of the 1998-built, 3,842 TEU containership Itea with ACL for a period expiring at
the charterers' option during the period from September 15, 2017 to October 25, 2017, starting from April 30, 2017, at a
daily rate of $7,250.
- Agreed to charter the 1999-built, 2,526 TEU containership Elafonisos to MSC for a period of 11 to 13 months
starting from March 15, 2017, at a daily rate of $6,200.
- Agreed to extend the charter of the 1996-built, 1,504 TEU containership Prosper with Sea Consortium for a
period of 2 to 6 months, starting from April 26, 2017, at a daily rate of $6,750.
- Agreed to charter the 2001-built, 1,078 TEU containership Stadt Luebeck to Sea Consortium for a period of 25
to 90 days starting from April 10, 2017, at a daily rate of $6,500.
C. New financing transactions
- In April 2017, we entered into a loan agreement with a leading European financial institution for the financing of the last
11,000 TEU vessel on order, acquired under our JV with York Capital. The facility is for an amount of up to US $44 million
which will be repayable over 3 years. The proceeds are expected to finance the remaining yard installment for the vessel.
D. New acquisitions
- In March 2017, the Company agreed to purchase the 2014-built 4,957TEU wide-beam container vessels Leonidio and
Kyparissia. Both vessels are expected to be delivered to the Company in May 2017. The Company has agreed to charter
each vessel to Maersk Line for a period of 7 years. The acquisitions will be initially funded with equity. The Company is in
advanced discussions to finance the vessels' acquisition cost with debt.
- In April 2017, the Company agreed to purchase the 2005-built 7,491TEU container vessel Megalopolis. The vessel is
expected to be delivered to the Company in May 2017. The Company has agreed to charter the vessel to Maersk Line for a period
of 5 years. The acquisition will be initially funded with equity. The Company is in discussions to finance the vessel's
acquisition cost with debt.
E. Vessel disposals
- In January 2017 and March 2017 we sold for demolition the 5,050TEU container vessel Romanos and the 3,351 TEU
container vessel Marina, respectively.
F. Dividend announcements
- On April 3, 2017, we declared a dividend for the quarter ended March 31, 2017 of $0.10 per share on our common stock,
payable on May 8, 2017 to stockholders of record on April 21, 2017.
- On April 3, 2017, 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 all
paid on April 17, 2017 to holders of record on April 13, 2017.
Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:
"During the first quarter the Company delivered solid results.
On the chartering side, we have now chartered all five 11,000 TEU new buildings for periods of up to one year and we have
secured debt finance for the last remaining 11,000 TEU ship. As of today all of our new building program is fully funded with
remaining equity commitments amounting to only US $ 2 million, due in 2018.
We continue to charter our ships, having chartered in total 7 ships since last quarter. We have no ships laid up.
At the same time we are renewing our fleet. We have bought three second hand ships, which have been chartered for periods
ranging from 5 to 7 years. Those vessels are expected to be delivered within May. The ships have been bought with equity and we
are in discussions with financial institutions regarding debt finance.
Finally, on the dividend and the Dividend Reinvestment Plan currently in place, members of the founding family, as has been
the case since the inception of the plan, have decided to reinvest in full the first quarter cash dividends.
As mentioned in the past, our goal is to strengthen the Company and enhance long term shareholder value. In that respect,
we are actively looking at new transactions selectively."
| |
| Financial Summary |
| |
|
|
|
|
|
|
| |
|
Three-month period ended March 31, |
|
| (Expressed in thousands of U.S. dollars, except share and per share data): |
|
2016 |
|
|
2017 |
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Voyage revenue |
|
$ |
120,274 |
|
|
$ |
105,524 |
|
| Accrued charter revenue (1) |
|
$ |
(452 |
) |
|
$ |
(2,791 |
) |
| Voyage revenue adjusted on a cash basis (2) |
|
$ |
119,822 |
|
|
$ |
102,733 |
|
| |
|
|
|
|
|
|
|
|
| Adjusted Net Income available to common stockholders (3) |
|
$ |
34,307 |
|
|
$ |
20,774 |
|
| Weighted Average number of shares |
|
|
75,400,044 |
|
|
|
91,036,935 |
|
| Adjusted Earnings per share (3) |
|
$ |
0.45 |
|
|
$ |
0.23 |
|
| |
|
|
|
|
|
|
|
|
| Net Income |
|
$ |
34,996 |
|
|
$ |
23,015 |
|
| Net Income available to common stockholders |
|
$ |
29,789 |
|
|
$ |
17,866 |
|
| Weighted Average number of shares |
|
|
75,400,044 |
|
|
|
91,036,935 |
|
| Earnings per share |
|
$ |
0.40 |
|
|
$ |
0.20 |
|
| |
|
|
|
|
|
|
|
|
(1) Accrued charter revenue represents the difference between cash received during the period and revenue recognized on a
straight-line basis. In the early years of a charter with escalating charter rates, voyage revenue will exceed cash received
during the period and during the last years of such charter cash received will exceed revenue recognized on a straight line
basis.
(2) Voyage revenue adjusted on a cash basis represents Voyage revenue after adjusting for non-cash "Accrued charter revenue"
recorded under charters with escalating charter rates. However, Voyage revenue adjusted on a cash basis is not a recognized
measurement under U.S. generally accepted accounting principles ("GAAP"). We believe that the presentation of Voyage revenue
adjusted on a cash basis is useful to investors because it presents the charter revenue for the relevant period based on the then
current daily charter rates. The increases or decreases in daily charter rates under our charter party agreements are described
in the notes to the "Fleet List" below.
(3) Adjusted net income available to common stockholders and adjusted earnings per share are non- GAAP measures. Refer to the
reconciliation of net income to adjusted net income.
Non-GAAP Measures
The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non- GAAP
financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons
between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can
provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical
information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial
measures in making financial, operating and planning decisions and in evaluating the Company's performance. The tables below set
out supplemental financial data and corresponding reconciliations to GAAP financial measures for the three-month periods ended
March 31, 2017 and 2016. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage
revenue or net income as determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a
cash basis (reconciled above), (ii) Adjusted Net Income available to common stockholders and (iii) Adjusted Earnings per
share.
| |
| Reconciliation of Net Income to Adjusted Net Income available to common
stockholders and Adjusted Earnings per Share |
| |
|
|
|
| |
|
Three-month period ended March 31, |
|
| (Expressed in thousands of U.S. dollars, except share and per share data) |
|
2016 |
|
|
2017 |
|
| |
|
|
|
|
|
|
|
|
| Net Income |
|
$ |
34,996 |
|
|
$ |
23,015 |
|
| Earnings allocated to Preferred Stock |
|
|
(5,207 |
) |
|
|
(5,149 |
) |
| Net Income available to common stockholders |
|
|
29,789 |
|
|
|
17,866 |
|
| Accrued charter revenue |
|
|
(452 |
) |
|
|
(2,791 |
) |
| Loss on sale / disposal of vessels |
|
|
- |
|
|
|
3,638 |
|
| General and administrative expenses - non-cash component |
|
|
1,344 |
|
|
|
984 |
|
| Amortization of prepaid lease rentals |
|
|
1,238 |
|
|
|
2,158 |
|
| Realized Loss / (Gain) on Euro/USD forward contracts (1) |
|
|
(239 |
) |
|
|
32 |
|
| Loss / (Gain) on derivative instruments, excluding interest accrued and realized on non-hedging derivative
instruments (1) |
|
|
2,627 |
|
|
|
(1,113 |
) |
| Adjusted Net income available to common stockholders |
|
$ |
34,307 |
|
|
$ |
20,774 |
|
| Adjusted Earnings per Share |
|
$ |
0.45 |
|
|
$ |
0.23 |
|
| Weighted average number of shares |
|
|
75,400,044 |
|
|
|
91,036,935 |
|
| |
|
|
|
|
|
|
|
|
Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent net income after earnings
allocated to preferred stock, but before non-cash "Accrued charter revenue" recorded under charters with escalating charter
rates, realized loss / (gain) on Euro/USD forward contracts, loss on sale / disposal of vessels, general and administrative
expenses - non-cash component, amortization of prepaid lease rentals and non-cash changes in fair value of derivatives. "Accrued
charter revenue" is attributed to the timing difference between the revenue recognition and the cash collection. However,
Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are not recognized measurements under U.S.
GAAP. We believe that the presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share
are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the
evaluation of companies in our industry. We also believe that Adjusted Net Income available to common stockholders and Adjusted
Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we
believe that Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our
operating performance and liquidity position compared to that of other companies in our industry because the calculation of
Adjusted Net Income available to common stockholders and Adjusted Earnings per Share generally eliminates the effects of the
accounting effects of capital expenditures and acquisitions, certain hedging instruments and other accounting treatments, items
which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating
Adjusted Net Income available to common stockholders and Adjusted Earnings per Share, you should be aware that in the future we
may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted
Net Income available to common stockholders and Adjusted Earnings per Share should not be construed as an inference that our
future results will be unaffected by unusual or non-recurring items.
(1) Items to consider for comparability include gains and charges. Gains positively impacting net income are reflected as
deductions to adjusted net income. Charges negatively impacting net income are reflected as increases to adjusted net income.
Results of Operations
Three-month period ended March 31, 2017 compared to the three-month period ended March 31, 2016
During the three-month periods ended March 31, 2017 and 2016, we had an average of 52.0 and 54.0 vessels, respectively, in our
fleet. In the three-month period ended March 31, 2017, we sold the container vessels Romanos and the Marina
with an aggregate capacity of 8,401 TEU. In the three-month periods ended March 31, 2017 and 2016, our fleet ownership days
totaled 4,678 and 4,914 days, respectively. Ownership days are the primary driver of voyage revenue and vessels' operating
expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.
| |
|
|
|
|
|
|
(Expressed in millions of U.S. dollars,
except percentages) |
|
Three-month period ended
March 31, |
|
|
|
|
| 2016 |
|
|
2017 |
|
|
Change |
|
|
Percentage Change |
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Voyage revenue |
|
$ |
120.3 |
|
|
$ |
105.5 |
|
|
$ |
(14.8 |
) |
|
(12.3 |
%) |
| Voyage expenses |
|
|
(0.6 |
) |
|
|
(0.7 |
) |
|
|
0.1 |
|
|
16.7 |
% |
| Voyage expenses - related parties |
|
|
(0.9 |
) |
|
|
(0.8 |
) |
|
|
(0.1 |
) |
|
(11.1 |
%) |
| Vessels' operating expenses |
|
|
(27.0 |
) |
|
|
(25.3 |
) |
|
|
(1.7 |
) |
|
(6.3 |
%) |
| General and administrative expenses |
|
|
(1.2 |
) |
|
|
(1.2 |
) |
|
|
- |
|
|
- |
|
| Management fees - related parties |
|
|
(4.8 |
) |
|
|
(4.7 |
) |
|
|
(0.1 |
) |
|
(2.1 |
%) |
| General and administrative expenses - non-cash component |
|
|
(1.3 |
) |
|
|
(1.0 |
) |
|
|
(0.3 |
) |
|
(23.1 |
%) |
| Amortization of dry-docking and special survey costs |
|
|
(1.9 |
) |
|
|
(1.9 |
) |
|
|
- |
|
|
- |
|
| Depreciation |
|
|
(25.3 |
) |
|
|
(24.1 |
) |
|
|
(1.2 |
) |
|
(4.7 |
%) |
| Amortization of prepaid lease rentals |
|
|
(1.2 |
) |
|
|
(2.2 |
) |
|
|
1.0 |
|
|
83.3 |
% |
| Loss on sale / disposal of vessels |
|
|
- |
|
|
|
(3.6 |
) |
|
|
3.6 |
|
|
100.0 |
% |
| Foreign exchange losses |
|
|
(0.1 |
) |
|
|
- |
|
|
|
(0.1 |
) |
|
(100.0 |
%) |
| Interest income |
|
|
0.3 |
|
|
|
0.6 |
|
|
|
0.3 |
|
|
100.0 |
% |
| Interest and finance costs |
|
|
(18.9 |
) |
|
|
(17.9 |
) |
|
|
(1.0 |
) |
|
(5.3 |
%) |
| Equity gain / (loss) on investments |
|
|
(0.2 |
) |
|
|
0.2 |
|
|
|
0.4 |
|
|
200.0 |
% |
| Other |
|
|
0.4 |
|
|
|
0.3 |
|
|
|
(0.1 |
) |
|
(25.0 |
%) |
| Loss on derivative instruments |
|
|
(2.6 |
) |
|
|
(0.2 |
) |
|
|
(2.4 |
) |
|
(92.3 |
%) |
| Net Income |
|
$ |
35.0 |
|
|
$ |
23.0 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
(Expressed in millions of U.S. dollars,
except percentages) |
|
Three-month period ended
March 31, |
|
|
|
|
|
|
|
| 2016 |
|
|
2017 |
|
|
Change |
|
|
Percentage Change |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Voyage revenue |
|
$ |
120.3 |
|
|
$ |
105.5 |
|
|
$ |
(14.8 |
) |
|
(12.3 |
%) |
| Accrued charter revenue |
|
|
(0.5 |
) |
|
|
(2.8 |
) |
|
|
2.3 |
|
|
460.0 |
% |
| Voyage revenue adjusted on a cash basis |
|
$ |
119.8 |
|
|
$ |
102.7 |
|
|
$ |
(17.1 |
) |
|
(14.3 |
%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Vessels' operational data |
|
Three-month period ended
March 31, |
|
|
|
|
|
|
| 2016 |
|
2017 |
|
Change |
|
|
Percentage Change |
|
| |
|
|
|
|
|
|
|
|
|
|
| Average number of vessels |
|
54.0 |
|
52.0 |
|
(2.0 |
) |
|
(3.7 |
%) |
| Ownership days |
|
4,914 |
|
4,678 |
|
(236 |
) |
|
(4.8 |
%) |
| Number of vessels under dry-docking |
|
3 |
|
1 |
|
(2 |
) |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Voyage Revenue
Voyage revenue decreased by 12.3%, or $14.8 million, to $105.5 million during the three-month period ended March 31, 2017,
from $120.3 million during the three-month period ended March 31, 2016. The decrease is mainly attributable to (i) decreased
charter rates for certain of our vessels, (ii) revenue not earned by three vessels sold for demolition during 2016 (one vessel on
August 5, 2016) and the first quarter of 2017 (the Romanos on January 17, 2017 and the Marina on March 3, 2017)
and (iii) revenue not earned due to decreased calendar days by one day during the first quarter of 2017 (90 calendar days)
compared to the first quarter of 2016 (91 calendar days); partly offset by decreased off-hire days of our fleet during the
three-month period ended March 31, 2017 compared to the three-month period ended March 31, 2016.
Voyage revenue adjusted on a cash basis (which eliminates non-cash "Accrued charter revenue"), decreased by 14.3%, or $17.1
million, to $102.7 million during the three-month period ended March 31, 2017, from $119.8 million during the three-month period
ended March 31, 2016. Accrued charter revenue for the three month periods ended March31, 2016 and 2017, amounted to $0.5 million
and $2.8 million respectively.
Voyage Expenses
Voyage expenses were $0.7 million and $0.6 million, during the three-month periods ended March 31, 2017 and 2016,
respectively. Voyage expenses mainly include (i) off-hire expenses of our vessels, mainly related to fuel consumption and (ii)
third party commissions.
Voyage Expenses - related parties
Voyage expenses - related parties in the amount of $0.8 million and $0.9 million during the three-month periods ended March
31, 2017 and 2016, respectively, represent fees of 0.75% in the aggregate on voyage revenues charged by Costamare Shipping
Company S.A. ("Costamare Shipping") and by Costamare Shipping Services Ltd. ("Costamare Services") pursuant to the Framework
Agreement between Costamare Shipping and us dated November 2, 2015 (the "Framework Agreement"), the Services Agreement between
Costamare Services and our vessel-owning subsidiaries dated November 2, 2015 (the "Services Agreement") and the individual
ship-management agreements pertaining to each vessel.
Vessels' Operating Expenses
Vessels' operating expenses, which also include the realized gain / (loss) under derivative contracts entered into in relation
to foreign currency exposure, decreased by 6.3%, or $1.7 million, to $25.3 million during the three-month period ended March 31,
2017, from $27.0 million during the three-month period ended March 31, 2016.
General and Administrative Expenses
General and administrative expenses were $1.2 million for each of the three-month periods ended March 31, 2016 and 2017 and
both include $0.63 million which is part of the annual fee that Costamare Services receives based on the Services Agreement.
Management Fees - related parties
Management fees paid to our managers were $4.7 million during the three-month period ended March 31, 2017 and $4.8 million
during the three-month period ended March 31, 2016. Such fees are pursuant to the Framework Agreement, in effect from November 2,
2015.
General and administrative expenses - non-cash component
General and administrative expenses - non-cash component for the three-month period ended March 31, 2017 amounted to $1.0
million, representing the value of the shares issued to Costamare Services on March 30, 2017, pursuant to the Services Agreement.
For the three-month period ended March 31, 2016, the general and administrative expenses - non-cash component amounted to $1.3
million, representing the value of the shares issued to Costamare Services on March 30, 2016 pursuant to the Services
Agreement.
Amortization of Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs was $1.9 million for each of the three-month periods ended March
31, 2017 and 2016. During the three-month period ended March 31, 2017, one vessel underwent and completed its special survey.
During the three-month period ended March 31, 2016 one vessel underwent and completed and two were in process of completing the
respective special survey.
Depreciation
Depreciation expense decreased by 4.7% or $1.2 million, to $24.1 million during the three-month period ended March 31, 2017,
from $25.3 million during the three-month period ended March 31, 2016. The decrease was mainly attributable (i) to decreased
calendar days by one day during the first quarter of 2017 (90 calendar days) compared to the first quarter of 2016 (91 calendar
days) and (ii) to depreciation expense not charged during the three month period ended March 31, 2017, due to the sale of three
vessels during 2016 and the first quarter of 2017.
Amortization of Prepaid Lease Rentals
Amortization of prepaid lease rentals was $2.2 million during the three-month period ended March 31, 2017. Amortization of
prepaid lease rentals was $1.2 million during the three-month period ended March 31, 2016.
Loss on sale / disposal of vessels
During the three-month period ended March 31, 2017, we recorded a loss of $3.0 million from the sale of the vessel
Marina and a loss of $0.6 million from the sale of the vessel Romanos which was classified as Asset held for
sale as at December 31, 2016. There were no vessels disposed of during the three-month period ended March 31, 2016.
Foreign Exchange Losses
Foreign exchange losses were $nil and $0.1 million during the three-month periods ended March 31, 2017 and 2016,
respectively.
Interest Income
Interest income amounted to $0.6 million and $0.3 million for the three-month periods ended March 31, 2017 and 2016,
respectively.
Interest and Finance Costs
Interest and finance costs decreased by 5.3%, or $1.0 million, to $17.9 million during the three-month period ended March 31,
2017, from $18.9 million during the three-month period ended March 31, 2016. The decrease is partly attributable to the decreased
average loan balance during the three-month period ended March 31, 2017 compared to the three-month period ended March 31,
2016.
Equity Gain / (Loss) on Investments
The equity gain on investments of $0.2 million for the three-month period ended March 31, 2017, represents our share of the
net gain of eighteen jointly owned companies pursuant to the Framework Deed dated May 15, 2013, as amended and restated on May
18, 2015 (the "Framework Deed"), between the Company and a wholly-owned subsidiary on the one hand, and York Capital Management
Global Advisors LLC and an affiliated fund (collectively, together with the funds it manages or advises, "York") on the other
hand, and is mainly attributable to the income generated by certain new-build vessels that were delivered from the shipyard
during 2016 and commenced their charters. This gain is partly off-set by losses related to certain new-build vessels that were
delivered in 2016 and 2017, but will commence their commercial operations in the second quarter of 2017. We hold a range of 25%
to 49% of the capital stock of the companies jointly owned pursuant to the Framework Deed.
Loss on Derivative Instruments
The fair value of our 17 interest rate derivative instruments which were outstanding as of March 31, 2017 equates to the
amount that would be paid by us or to us should those instruments be terminated. As of March 31, 2017, the fair value of these 17
interest rate derivative instruments in aggregate amounted to a liability of $8.5 million. The effective portion of the change in
the fair value of the interest rate derivative instruments that qualified for hedge accounting is recorded in "Other
Comprehensive Income" ("OCI") while the ineffective portion is recorded in the consolidated statements of income. The change in
the fair value of the interest rate derivative instruments that did not qualify for hedge accounting is recorded in the
consolidated statement of income. For the three-month period ended March 31, 2017, a net gain of $4.0 million has been included
in OCI and a net loss of $0.3 million has been included in Loss on derivative instruments in the consolidated statement of
income, resulting from the fair market value change of the interest rate derivative instruments during the three-month period
ended March 31, 2017.
Cash Flows
Three-month periods ended March 31, 2017 and 2016
| Condensed cash flows |
|
Three-month period ended March 31, |
|
| (Expressed in millions of U.S. dollars) |
|
2016 |
|
|
2017 |
|
| Net Cash Provided by Operating Activities |
|
$ |
57.4 |
|
|
$ |
52.8 |
|
| Net Cash Provided by / (Used in) Investing Activities |
|
$ |
(7.0 |
) |
|
$ |
4.4 |
|
| Net Cash Used in Financing Activities |
|
$ |
(69.3 |
) |
|
$ |
(81.6 |
) |
| |
|
|
|
|
|
|
|
|
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the three-month period ended March 31, 2017, decreased by $4.6 million to
$52.8 million, compared to $57.4 million for the three-month period ended March 31, 2016. The decrease is mainly attributable to
the decreased cash from operations of $17.1 million; partly off-set by decreased special survey costs of $1.9 million during the
three-month period ended March 31, 2017 compared to the three-month period ended March 31, 2016, decreased payments for interest
(including swap payments) during the period of $3.4 million and the favorable change in working capital position, excluding the
current portion of long-term debt and the accrued charter revenue (representing the difference between cash received in that
period and revenue recognized on a straight-line basis) of $9.0 million.
Net Cash Provided by / (Used in) Investing Activities
Net cash provided by investing activities was $4.4 million in the three-month period ended March 31, 2017, which mainly
consisted of $9.9 million in proceeds we received from the sale of two vessels; partly off-set by $5.4 million (net of $0.3
million we received as dividend distributions) in payments for working capital injected into certain entities pursuant to the
Framework Deed.
Net cash used in investing activities was $7.0 million in the three-month period ended March 31, 2016, which mainly consisted
of $6.5 million (net of $2.7 million we received as dividend distributions) in advance payments for the construction of one
newbuild vessel and the acquisition of a secondhand vessel, pursuant to the Framework Deed.
Net Cash Used in Financing Activities
Net cash used in financing activities was $81.6 million in the three-month period ended March 31, 2017, which mainly consisted
of (a) $44.4 million of indebtedness that we repaid, (b) $7.3 million we repaid relating to our sale and leaseback agreements,
(c) $23.2 million we paid for the prepayment of two of our credit facilities, (d) $3.6 million we paid for dividends to holders
of our common stock for the fourth quarter of 2016 and (e) $1.0 million we paid for dividends to holders of our 7.625% Series B
Cumulative Redeemable Perpetual Preferred Stock ("Series B Preferred Stock"), $2.1 million we paid for dividends to holders of
our 8.500% Series C Cumulative Redeemable Perpetual Preferred Stock ("Series C Preferred Stock") and $2.2 million we paid for
dividends to holders of our 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock ("Series D Preferred Stock"), for the
period from October 15, 2016 to January 14, 2017.
Net cash used in financing activities was $69.3 million in the three-month period ended March 31, 2016, which mainly consisted
of (a) $47.9 million of indebtedness that we repaid, (b) $3.5 million we repaid relating to our sale and leaseback agreements (c)
$21.9 million we paid for dividends to holders of our common stock for the fourth quarter of 2015, and (d) $1.0 million we paid
for dividends to holders of our Series B Preferred Stock, $2.1 million we paid for dividends to holders of our Series C
Preferred Stock and $2.2 million we paid for dividends to holders of our Series D Preferred Stock, for the period from October
15, 2015 to January 14, 2016.
Liquidity and Capital Expenditures
Cash and cash equivalents
As of March 31, 2017, we had a total cash liquidity of $184.0 million, consisting of cash, cash equivalents and restricted
cash.
Debt-free vessels
As of April 27, 2017, the following vessels were free of debt.
| |
| Unencumbered Vessels |
| (Refer to fleet list for full details) |
| Vessel Name |
|
Year
Built |
|
TEU
Capacity |
| ELAFONISSOS |
|
1999 |
|
2,526 |
| MONEMVASIA |
|
1998 |
|
2,472 |
| ARKADIA |
|
2001 |
|
1,550 |
| |
|
|
|
|
Capital commitments
As of April 27, 2017, we had outstanding equity commitments relating to two contracted newbuilds aggregating approximately
$2.1 million payable until the vessels are delivered in 2018. The amount represents our interest in the relevant jointly-owned
entities under the Framework Deed.
Conference Call details:
On Friday, April 28, 2017 at 8:30 a.m. ET, Costamare's management team will hold a conference call to discuss the financial
results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-844-887-9405 (from
the US), 0808 238 9064 (from the UK) or +1-412-317-9258 (from outside the US). Please quote "Costamare".
A replay of the conference call will be available until May 28, 2017. The United States replay number is +1-877-344-7529; the
standard international replay number is +1-412-317-0088; and the access code required for the replay is: 10105977.
Live webcast:
There will also be a simultaneous live webcast over the Internet, through the Costamare Inc. website (www.costamare.com) under the "Investors" section. Participants to the live webcast should
register on the website approximately 10 minutes prior to the start of the webcast.
About Costamare Inc.
Costamare Inc. is one of the world's leading owners and providers of containerships for charter. The Company has 43 years of
history in the international shipping industry and a fleet of 72 containerships, with a total capacity of approximately 473,000
TEU, including three newbuild and three secondhand containerships to be delivered. Eighteen of our containerships, including
three newbuilds on order, have been acquired pursuant to the Framework Deed with York Capital Management by vessel-owning joint
venture entities in which we hold a minority equity interest. The Company's common stock, Series B Preferred Stock, Series C
Preferred Stock and Series D Preferred Stock trade on the New York Stock Exchange under the symbols "CMRE", "CMRE PR B", "CMRE PR
C" and "CMRE PR D", respectively.
Forward-Looking Statements
This earnings release contains "forward-looking statements". In some cases, you can identify these statements by
forward-looking words such as "believe", "intend", "anticipate", "estimate", "project", "forecast", "plan", "potential", "may",
"should", "could" and "expect" and similar expressions. These statements are not historical facts but instead represent only
Costamare's belief regarding future results, many of which, by their nature, are inherently uncertain and outside of Costamare's
control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking
statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in
Costamare Inc.'s Annual Report on Form 20-F (File No. 001-34934) under the caption "Risk Factors".
Fleet List
The tables below provide additional information, as of April 27, 2017, about our fleet of containerships, including our
newbuilds on order, the vessels acquired pursuant to the Framework Deed and those vessels subject to sale and leaseback
agreements. Each vessel is a cellular containership, meaning it is a dedicated container vessel.
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Vessel Name |
|
Charterer |
|
Year Built |
|
Capacity (TEU) |
|
Current Daily Charter Rate (U.S. dollars) |
|
Expiration of Charter (1) |
| 1 |
|
TRITON(i)(ii) |
|
Evergreen |
|
2016 |
|
14,424 |
|
(*) |
|
March 2026 |
| 2 |
|
TITAN(i)(ii) |
|
Evergreen |
|
2016 |
|
14,424 |
|
(*) |
|
April 2026 |
| 3 |
|
TALOS(i)(ii) |
|
Evergreen |
|
2016 |
|
14,424 |
|
(*) |
|
July 2026 |
| 4 |
|
TAURUS(i)(ii) |
|
Evergreen |
|
2016 |
|
14,424 |
|
(*) |
|
August 2026 |
| 5 |
|
THESEUS(i)(ii) |
|
Evergreen |
|
2016 |
|
14,424 |
|
(*) |
|
August 2026 |
| 6 |
|
CAPE AKRITAS(i) |
|
(**) |
|
2016 |
|
11,010 |
|
(**) |
|
(**) |
| 7 |
|
CAPE TAINARO(i) |
|
(**) |
|
2017 |
|
11,010 |
|
(**) |
|
(**) |
| 8 |
|
CAPE KORTIA(i) |
|
(**) |
|
2017 |
|
11,010 |
|
(**) |
|
(**) |
| 9 |
|
CAPE SOUNIO(i) |
|
(**) |
|
2017 |
|
11,010 |
|
(**) |
|
(**) |
| 10 |
|
COSCO GUANGZHOU |
|
COSCO |
|
2006 |
|
9,469 |
|
36,400 |
|
December 2017 |
| 11 |
|
COSCO NINGBO |
|
COSCO |
|
2006 |
|
9,469 |
|
36,400 |
|
January 2018 |
| 12 |
|
COSCO YANTIAN |
|
COSCO |
|
2006 |
|
9,469 |
|
36,400 |
|
February 2018 |
| 13 |
|
COSCO BEIJING |
|
COSCO |
|
2006 |
|
9,469 |
|
36,400 |
|
April 2018 |
| 14 |
|
COSCO HELLAS |
|
COSCO |
|
2006 |
|
9,469 |
|
37,519 |
|
May 2018 |
| 15 |
|
MSC AZOV(ii) |
|
MSC |
|
2014 |
|
9,403 |
|
43,000 |
|
November 2023 |
| 16 |
|
MSC AJACCIO(ii) |
|
MSC |
|
2014 |
|
9,403 |
|
43,000 |
|
February 2024 |
| 17 |
|
MSC AMALFI(ii) |
|
MSC |
|
2014 |
|
9,403 |
|
43,000 |
|
March 2024 |
| 18 |
|
MSC ATHENS(ii) |
|
MSC |
|
2013 |
|
8,827 |
|
42,000 |
|
January 2023 |
| 19 |
|
MSC ATHOS(ii) |
|
MSC |
|
2013 |
|
8,827 |
|
42,000 |
|
February 2023 |
| 20 |
|
VALOR |
|
Evergreen |
|
2013 |
|
8,827 |
|
41,700 |
|
April 2020(3) |
| 21 |
|
VALUE |
|
Evergreen |
|
2013 |
|
8,827 |
|
41,700 |
|
April 2020(3) |
| 22 |
|
VALIANT |
|
Evergreen |
|
2013 |
|
8,827 |
|
41,700 |
|
June 2020(3) |
| 23 |
|
VALENCE |
|
Evergreen |
|
2013 |
|
8,827 |
|
41,700 |
|
July 2020(3) |
| 24 |
|
VANTAGE |
|
Evergreen |
|
2013 |
|
8,827 |
|
41,700 |
|
September 2020(3) |
| 25 |
|
NAVARINO |
|
PIL |
|
2010 |
|
8,531 |
|
9,000 |
|
November 2017 |
| 26 |
|
MEGALOPOLIS |
|
Maersk |
|
2005 |
|
7,471 |
|
16,000 |
|
May 2022 |
| 27 |
|
MAERSK KAWASAKI |
|
Maersk |
|
1997 |
|
7,403 |
|
37,000 |
|
May 2017(4) |
| 28 |
|
MAERSK KURE |
|
Maersk |
|
1996 |
|
7,403 |
|
37,000 |
|
June 2017(4) |
| 29 |
|
MAERSK KOKURA |
|
Maersk |
|
1997 |
|
7,403 |
|
37,000 |
|
June 2017(4) |
| 30 |
|
MSC METHONI |
|
MSC |
|
2003 |
|
6,724 |
|
29,000 |
|
September 2021 |
| 31 |
|
SEALAND NEW YORK |
|
Maersk |
|
2000 |
|
6,648 |
|
26,100 |
|
March 2018 |
| 32 |
|
MAERSK KOBE |
|
Maersk |
|
2000 |
|
6,648 |
|
26,100 |
|
May 2018 |
| 33 |
|
SEALAND WASHINGTON |
|
Maersk |
|
2000 |
|
6,648 |
|
26,100 |
|
June 2018 |
| 34 |
|
SEALAND MICHIGAN |
|
Maersk |
|
2000 |
|
6,648 |
|
26,100 |
|
August 2018 |
| 35 |
|
SEALAND ILLINOIS |
|
Maersk |
|
2000 |
|
6,648 |
|
26,100 |
|
October 2018 |
| 36 |
|
MSC KOLKATA |
|
Maersk |
|
2003 |
|
6,644 |
|
26,100 |
|
November 2019 |
| 37 |
|
MSC KINGSTON |
|
Maersk |
|
2003 |
|
6,644 |
|
26,100 |
|
February 2020 |
| 38 |
|
MSC KALAMATA |
|
Maersk |
|
2003 |
|
6,644 |
|
26,100 |
|
April 2020 |
| 39 |
|
VENETIKO |
|
Hapag Lloyd |
|
2003 |
|
5,928 |
|
6,600 |
|
August 2017 |
| 40 |
|
ENSENADA (i) |
|
PIL |
|
2001 |
|
5,576 |
|
6,950 |
|
September 2017 |
| 41 |
|
ZIM NEW YORK |
|
ZIM |
|
2002 |
|
4,992 |
|
7,736 |
|
September 2017(5) |
| 42 |
|
ZIM SHANGHAI |
|
ZIM |
|
2002 |
|
4,992 |
|
7,736 |
|
September 2017(5) |
| 43 |
|
PIRAEUS |
|
TS Lines |
|
2004 |
|
4,992 |
|
5,100 |
|
August 2017 |
| 44 |
|
LEONIDIO |
|
Maersk |
|
2014 |
|
4,957 |
|
14,200(6) |
|
December 2024 |
| 45 |
|
KYPARISSIA |
|
Maersk |
|
2014 |
|
4,957 |
|
14,200(7) |
|
November 2024 |
| 46 |
|
OAKLAND EXPRESS |
|
Hapag Lloyd |
|
2000 |
|
4,890 |
|
5,500 |
|
March 2017-January 2018(8) |
| 47 |
|
HALIFAX EXPRESS |
|
Hapag Lloyd |
|
2000 |
|
4,890 |
|
5,500 |
|
March 2017-January 2018(8) |
| 48 |
|
SINGAPORE EXPRESS |
|
Hapag Lloyd |
|
2000 |
|
4,890 |
|
5,500 |
|
March 2017-January 2018(8) |
| 49 |
|
MSC MANDRAKI |
|
MSC |
|
1988 |
|
4,828 |
|
20,000 |
|
June 2017 |
| 50 |
|
MSC MYKONOS |
|
MSC |
|
1988 |
|
4,828 |
|
20,000 |
|
August 2017 |
| 51 |
|
MSC ULSAN |
|
MSC |
|
2002 |
|
4,132 |
|
16,500 |
|
May 2017 |
| 52 |
|
MSC KORONI |
|
MSC |
|
1998 |
|
3,842 |
|
13,500(9) |
|
September 2018 |
| 53 |
|
ITEA |
|
ACL |
|
1998 |
|
3,842 |
|
6,000(10) |
|
September 2017 |
| 54 |
|
LAKONIA |
|
Evergreen |
|
2004 |
|
2,586 |
|
5,800 |
|
June 2017 |
| 55 |
|
ELAFONISOS(i) |
|
MSC |
|
1999 |
|
2,526 |
|
6,200 |
|
February 2018 |
| 56 |
|
AREOPOLIS |
|
Evergreen |
|
2000 |
|
2,474 |
|
5,950 |
|
May 2017 |
| 57 |
|
MONEMVASIA(i) |
|
Maersk |
|
1998 |
|
2,472 |
|
9,250 |
|
November 2021 |
| 58 |
|
MESSINI |
|
Evergreen |
|
1997 |
|
2,458 |
|
5,800 |
|
May 2017 |
| 59 |
|
MSC REUNION |
|
MSC |
|
1992 |
|
2,024 |
|
6,800 |
|
July 2017 |
| 60 |
|
MSC NAMIBIA II |
|
MSC |
|
1991 |
|
2,023 |
|
6,800 |
|
July 2017 |
| 61 |
|
MSC SIERRA II |
|
MSC |
|
1991 |
|
2,023 |
|
6,800 |
|
June 2017 |
| 62 |
|
MSC PYLOS |
|
MSC |
|
1991 |
|
2,020 |
|
6,000 |
|
January 2018 |
| 63 |
|
PADMA(i) |
|
Evergreen |
|
1998 |
|
1,645 |
|
7,000 |
|
May 2017 |
| 64 |
|
NEAPOLIS |
|
Evergreen |
|
2000 |
|
1,645 |
|
6,900 |
|
May 2017 |
| 65 |
|
ARKADIA(i) |
|
Evergreen |
|
2001 |
|
1,550 |
|
10,600 |
|
August 2017 |
| 66 |
|
PROSPER |
|
Sea Consortium |
|
1996 |
|
1,504 |
|
6,750 |
|
June 2017 |
| 67 |
|
ZAGORA |
|
MSC |
|
1995 |
|
1,162 |
|
6,200 |
|
June 2017 |
| 68 |
|
PETALIDI(i) |
|
CMA CGM |
|
1994 |
|
1,162 |
|
6,950 |
|
June 2017 |
| 69 |
|
STADT LUEBECK |
|
Sea Consortium |
|
2001 |
|
1,078 |
|
6,500 |
|
May 2017 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Newbuilds
| |
|
Vessel Name |
|
Shipyard |
|
Capacity (TEU) |
|
Charterer |
|
Expected Delivery (2) |
| 1 |
|
NCP0152(i) |
|
Hanjin Subic Bay |
|
11,010 |
|
(**) |
|
Q2 2017 |
| 2 |
|
YZJ1206(i) (ii) |
|
Jiangsu New Yangzi |
|
3,800 |
|
Hamburg Süd |
|
Q1 2018 |
| 3 |
|
YZJ1207 (i) (ii) |
|
Jiangsu New Yangzi |
|
3,800 |
|
Hamburg Süd |
|
Q2 2018 |
| |
|
|
|
|
|
|
|
|
|
|
(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) Based on latest shipyard production schedule, subject to change.
(3) 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
(4) Based on an agreement with the charterers, the vessels will be redelivered to the Company earlier than the original
redelivery date, which was in December 2017 for Maersk Kure and Maersk Kawasaki and February 2018 for Maersk Kokura. The
expiration dates shown above, are the new redelivery dates. Charterers have the option to employ each vessel for an additional
period of up to six months, commencing on the new redelivery date, paying a daily hire rate of $10,500 per day per vessel for the
first two months and $14,000 per day per vessel thereafter.
(5) The amounts in the table reflect the current charter terms, giving effect to our agreement with Zim under its 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 2016 the
Company exercised its option to extend the charters of Zim New York and Zim Shanghai pursuant to its option for
a one year period at market rate plus $1,100 per day per vessel while the notes remain outstanding. The rate for this second
optional year has been determined at $7,736 per day.
(6) This charter rate will start on December 7, 2017. From delivery of the vessel until December 7, 2017, the charter rate will
be $6,000 per day.
(7) This charter rate will start on November 24, 2017. From delivery of the vessel until November 24, 2017, the charter rate will
be $6,000 per day.
(8) Charterers have at their option chartered two of the three vessels for a period of 7 to 13 months and the third vessel for a
period of 3 to 13 months.
(9) 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.
(10) This charter rate changes on April 30, 2017 to $7,250 per day until the earliest redelivery date.
(i) Denotes vessels acquired pursuant to the Framework Deed. The Company holds an equity interest ranging between 25% and 49% in
each of the vessel-owning entities.
(ii) Denotes vessels subject to a sale and leaseback transaction
(*) Denotes current daily charter rates that are treated as confidential.
(**) Denotes newbuild vessels chartered for periods of up to 12 months at an average rate of about $18,000 per day.
| |
|
| |
|
COSTAMARE INC.
|
|
| Consolidated Statements of Income |
|
| |
|
| |
|
Three-months ended March 31, |
|
| (Expressed in thousands of U.S. dollars, except share and per share amounts) |
|
2016 |
|
|
2017 |
|
| REVENUES: |
|
|
|
|
|
|
|
|
| Voyage revenue |
|
$ |
120,274 |
|
|
$ |
105,524 |
|
| |
|
|
|
|
|
|
|
|
| EXPENSES: |
|
|
|
|
|
|
|
|
| Voyage expenses |
|
|
(572 |
) |
|
|
(695 |
) |
| Voyage expenses - related parties |
|
|
(902 |
) |
|
|
(791 |
) |
| Vessels' operating expenses |
|
|
(26,991 |
) |
|
|
(25,335 |
) |
| General and administrative expenses |
|
|
(1,226 |
) |
|
|
(1,182 |
) |
| Management fees - related parties |
|
|
(4,785 |
) |
|
|
(4,732 |
) |
| General and administrative expenses - non-cash component |
|
|
(1,344 |
) |
|
|
(984 |
) |
| Amortization of dry-docking and special survey costs |
|
|
(1,934 |
) |
|
|
(1,899 |
) |
| Depreciation |
|
|
(25,281 |
) |
|
|
(24,075 |
) |
| Amortization of prepaid lease rentals |
|
|
(1,238 |
) |
|
|
(2,158 |
) |
| Loss on sale / disposal of vessels |
|
|
- |
|
|
|
(3,638 |
) |
| Foreign exchange gains / (losses) |
|
|
(124 |
) |
|
|
43 |
|
| Operating income |
|
$ |
55,877 |
|
|
$ |
40,078 |
|
| |
|
|
|
|
|
|
|
|
| OTHER INCOME / (EXPENSES): |
|
|
|
|
|
|
|
|
| Interest income |
|
$ |
361 |
|
|
$ |
571 |
|
| Interest and finance costs |
|
|
(18,906 |
) |
|
|
(17,901 |
) |
| Equity gain / (loss) on investments |
|
|
(207 |
) |
|
|
205 |
|
| Other |
|
|
498 |
|
|
|
238 |
|
| Loss on derivative instruments |
|
|
(2,627 |
) |
|
|
(176 |
) |
| Total other income / (expenses) |
|
$ |
(20,881 |
) |
|
$ |
(17,063 |
) |
| Net Income |
|
$ |
34,996 |
|
|
$ |
23,015 |
|
| Earnings allocated to Preferred Stock |
|
|
(5,207 |
) |
|
|
(5,149 |
) |
| Net Income available to common stockholders |
|
$ |
29,789 |
|
|
$ |
17,866 |
|
| |
|
|
|
|
|
|
|
|
| Earnings per common share, basic and diluted |
|
$ |
0.40 |
|
|
$ |
0.20 |
|
| Weighted average number of shares, basic and diluted |
|
|
75,400,044 |
|
|
|
91,036,935 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
| COSTAMARE INC. |
|
| Consolidated Balance Sheets |
|
| |
|
| |
|
As of December 31, |
|
|
As of
March 31, |
|
| (Expressed in thousands of U.S. dollars) |
|
2016 |
|
|
2017 |
|
| ASSETS |
|
|
|
|
|
|
|
|
| CURRENT ASSETS: |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
164,898 |
|
|
$ |
140,558 |
|
| Restricted cash |
|
|
6,882 |
|
|
|
6,609 |
|
| Accounts receivable |
|
|
971 |
|
|
|
941 |
|
| Inventories |
|
|
11,415 |
|
|
|
10,098 |
|
| Due from related parties |
|
|
3,447 |
|
|
|
3,343 |
|
| Fair value of derivatives |
|
|
- |
|
|
|
26 |
|
| Insurance claims receivable |
|
|
2,886 |
|
|
|
2,500 |
|
| Prepaid lease rentals |
|
|
8,752 |
|
|
|
8,752 |
|
| Asset held for sale |
|
|
6,256 |
|
|
|
- |
|
| Accrued charter revenue |
|
|
408 |
|
|
|
408 |
|
| Prepayments and other |
|
|
3,914 |
|
|
|
3,962 |
|
| Total current assets |
|
$ |
209,829 |
|
|
$ |
177,197 |
|
| FIXED ASSETS, NET: |
|
|
|
|
|
|
|
|
| Capital leased assets |
|
$ |
384,872 |
|
|
$ |
381,775 |
|
| Vessels, net |
|
|
1,688,285 |
|
|
|
1,660,129 |
|
| Total fixed assets, net |
|
$ |
2,073,157 |
|
|
$ |
2,041,904 |
|
| NON-CURRENT ASSETS: |
|
|
|
|
|
|
|
|
| Equity method investments |
|
$ |
153,126 |
|
|
$ |
158,759 |
|
| Prepaid lease rentals, non-current |
|
|
51,670 |
|
|
|
49,512 |
|
| Deferred charges, net |
|
|
20,367 |
|
|
|
18,808 |
|
| Accounts receivable, non-current |
|
|
1,575 |
|
|
|
1,575 |
|
| Restricted cash |
|
|
38,783 |
|
|
|
36,808 |
|
| Fair value of derivatives, non-current |
|
|
762 |
|
|
|
2,536 |
|
| Accrued charter revenue |
|
|
185 |
|
|
|
84 |
|
| Other non-current assets |
|
|
8,970 |
|
|
|
9,079 |
|
| Total assets |
|
$ |
2,558,424 |
|
|
$ |
2,496,262 |
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
| CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
| Current portion of long-term debt |
|
$ |
198,277 |
|
|
$ |
188,995 |
|
| Accounts payable |
|
|
3,848 |
|
|
|
4,540 |
|
| Due to related parties |
|
|
191 |
|
|
|
217 |
|
| Capital lease obligations |
|
|
29,059 |
|
|
|
29,345 |
|
| Accrued liabilities |
|
|
11,109 |
|
|
|
11,089 |
|
| Unearned revenue |
|
|
19,668 |
|
|
|
20,275 |
|
| Fair value of derivatives |
|
|
16,161 |
|
|
|
11,083 |
|
| Other current liabilities |
|
|
1,673 |
|
|
|
1,402 |
|
| Total current liabilities |
|
$ |
279,986 |
|
|
$ |
266,946 |
|
| NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
| Long-term debt, net of current portion |
|
$ |
856,330 |
|
|
$ |
798,393 |
|
| Capital lease obligations, net of current portion |
|
|
331,196 |
|
|
|
323,769 |
|
| Unearned revenue, net of current portion |
|
|
16,488 |
|
|
|
13,596 |
|
| Total non-current liabilities |
|
$ |
1,204,014 |
|
|
$ |
1,135,758 |
|
| COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
| Preferred stock |
|
$ |
- |
|
|
$ |
- |
|
| Common stock |
|
|
9 |
|
|
|
9 |
|
| Additional paid-in capital |
|
|
1,057,423 |
|
|
|
1,063,831 |
|
| Retained earnings |
|
|
31,416 |
|
|
|
40,122 |
|
| Accumulated other comprehensive loss |
|
|
(14,424 |
) |
|
|
(10,404 |
) |
| Total stockholders' equity |
|
$ |
1,074,424 |
|
|
$ |
1,093,558 |
|
| Total liabilities and stockholders' equity |
|
$ |
2,558,424 |
|
|
$ |
2,496,262 |
|
| |
|
|
|
|
|
|
|
|