Costamare Inc. (NYSE:CMRE) Q1 2022 Results Conference Call May 5, 2022 8:30 AM ET

Company Participants

Gregory Zikos - CFO

Conference Call Participants

Eli Winski - Citi

Ben Nolan - Stifel

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Inc. Conference Call on the First Quarter 2022 Financial Results. We have with us Mr. Gregory Zikos, Chief Financial Officer of the company. [Operator Instructions] I must advise you that this conference is being recorded today, Thursday, May 5, 2022.

We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read Slide number 2 of the presentation, which contains the forward-looking statements.

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

Gregory Zikos

Thank you, and good morning, ladies and gentlemen. During the quarter, the company delivered strong results. Revenues more than doubled to approximately $270 million, and net income reached $115 million compared to $60 million for the same period of last year. As of quarter end liquidity stood at $640 million.

Fundamental strong charter rates for the container market remained unchanged. Commercially full employed contained lead with no vessels available on short notice. Congestion shows no signs to easing, while recent events are, in fact, contributing to further increases. In such an opportune market environment, we have covered all of our containership open days for 2022, and we have about 95% coverage for 2023.

Contracted revenues for the containership fleet in the water amount to $3.3 billion with a remaining time charter duration of 4.1 years. On the dry bulk side, the market continues to be strong with smaller ship sharing a premium to the larger ones, also benefiting from container spillover. Supply and demand dynamics remains healthy, underpinned by historically low order book.

Moving now to the slide presentation. On Slide 3, you can see our first quarter results, which was the best Q1 since our listing. Net income was $115 million or $0.93 per share. Adjusted net income was around $105 million or $0.84 per share. Our liquidity is up over $400 million year-over-year to more than $640 million.

Moving to the next slide. For 2022, our containership revenue days are 100% fixed. And for next year, we're about 95% covered, locking in $3.3 billion in contracted revenues over the next 4 years. At the bottom of the slide, you can see some spot fixtures for our dry bulk fleet.