Costamare Inc. (NYSE:CMRE) Q4 2022 Earnings Conference Call February 8, 2023 8:30 AM ET

Company Participants

Gregory Zikos - Chief Financial Officer

Conference Call Participants

Chris Wetherbee - Citigroup

Omar Nokta - Jefferies

Climent Molins - Value Investor's Edge

Operator

Thank you for standing by ladies and gentlemen and welcome to the Costamare Inc. Conference Call on the Fourth Quarter 2022 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 Wednesday, February 8th, 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. 2022 has been a record year for Costamare. With a fleet of 117 vessels including 45 dry bulk ships, the company generated net income of about $520 million. As of the end of the year, liquidity stood at around $970 million.

On the containership side, 2022 was a unique year with the first half drawing upon favorable market conditions with strong demand and logistical disruptions continue to impact the sector, while during the second half, charter rates and asset values normalized as a result of reduced cargo demand and the return of capacity previously tied up by congestion.

We chartered the total of 16 secondhand containerships during the year, which added incremental contracted revenues of more than $550 million. Total contracted revenues amount to $3.2 billion with a weighted average remaining time charter duration of about 4.2 years.

We are above 95% covered 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. At the same time, we are in the process of disposing of some older tonnage at prices fixed during a tight market environment.

On the dry bulk side, the new dry bulk operated platform previously announced commenced operations during the quarter. With a negative commitment of up to $200 million, our goal is to grow the business on a prudent basis, realizing healthy returns for our shareholders.