Costamare Inc. (NYSE:CMRE) Q1 2023 Earnings Conference Call May 15, 2023 8:30 AM ET

Company Participants

Gregory Zikos - Chief Financial Officer

Conference Call Participants

Chris Wetherbee - Citigroup

Omar Nokta - Jefferies

Ben Nolan - Stifel

Operator

Thank you for standing by ladies and gentlemen and welcome to the Costamare Inc. Conference Call on the First Quarter 2023 Financial Results. We have with us Mr. Gregory Zikos, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] I must advise you that this conference is being recorded today Monday, May 15, 2023.

We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read slide number two of the presentation which contains the forward-looking statements.

And I will now pass the floor to your speaker today, Mr. Zikos. Please go ahead sir.

Gregory Zikos

Thank you and good morning ladies and gentlemen. During the first quarter of the year, the company generated net income of $142 million. As of the quarter end liquidity was about $1 billion.

In the containership market charter rates are on a rising trend with high demand across the board, while fixture periods are increasing in duration. The order book, however, remains the principal threat to the market. We have covered nearly 100% of our containership open days for 2023 and we have proactively arranged long-term employment on a forward basis for a number of containerships coming off charter between 2023 and 2025, having secured for our fleet contracted revenues of $3.1 billion and a TEU weighted duration of four years.

On the dry bulk side, our owned dry bulk vessels continue to trade in the spot market while the trading platform has been growing with a fleet of about 50 ships already fixed under period charters. Having agreed to invest up to $200 million, our goal is to grow the dry bulk operating platform business on a prudent basis and thus realize healthy returns for our shareholders.

Finally, during the quarter we became the leading investor in Neptune Maritime Leasing, a growth-oriented maritime leasing platform, having agreed to invest up to $200 million. Considering current asset values, we believe the Neptune Leasing investment is a favorable employment of the Company’s increased liquidity. This new venture is synergetic to the existing ship owning platform and is expected to further enhance the strong relationships built over the last decades with shipowners and commercial lenders in the ship financing sector.