Costamare Inc. (Costamare) (NYSE: CMRE) yesterday reported unaudited financial results for the third quarter and nine-months ended September 30, 2016.
- Voyage revenues adjusted on a cash basis of $115.5 million and $353.2 million for the three and nine-months ended September 30, 2016, respectively.
- Adjusted EBITDA of $80.8 million and $250.1 million for the three and nine-months ended September 30, 2016, respectively.
- Adjusted Net income available to common stockholders of $28.1 million or $0.37 per share and $92.1 million or $1.21 per share for the three and nine-months ended September 30, 2016, respectively.
New Business Developments
A. New charter agreements The Company entered into the following charter arrangements:
- Agreed to extend the charter of the 2010-built, 8,531 TEU containership Navarino with PIL for a period of 12 to 18 months starting from November 13, 2016, at a daily rate of $9,000.
- Charterers declared their second round voyage option and extended the charter of the 1998-built, 3,842 TEU containership Itea for a period expiring at the charterer’s option during the period from November 20, 2016 through November 25, 2016, at a daily rate of $6,250.
- Agreed to extend the charter of the 1992-built, 3,351 TEU containership Marina with Evergreen for a period expiring at the charterer’s option during the period from November 30, 2016 through February 28, 2017, at a daily rate of $5,500.
- Agreed to extend the charter of the 2000-built, 2,474 TEU containership Areopolis with Evergreen for a period of 6 to 10 months starting from September 20, 2016, at a daily rate of $5,950.
- Agreed to charter the 1998-built, 1,645 TEU containership Padma with Evergreen for a period of 30 to 90 days starting from August 29, 2016, at a daily rate of $6,500. Subsequently, agreed to charter the vessel with Evergreen for a further period of 6 to 9 months at a daily rate of $7,000, starting from November 22, 2016.
- Agreed to charter the 1996-built, 1,504 TEU containership Prosper with Sea Consortium for a period of 3 to 6 months starting from August 16, 2016, at a daily rate of $6,900.
- Agreed to extend the charter of the 1994-built, 1,162 TEU containership Petalidi with CMA CGM for a period of 8 to 12 months starting from October 3, 2016, at a daily rate of $6,950.
- Agreed to charter the 2001-built, 1,078 TEU containership Stadt Luebeck with Sea Consortium for a period of 32 to 90 days starting from August 26, 2016, at a daily rate of $6,500.
B. Newbuild vessel deliveries
- On September 5, 2016, October 4, 2016 and October 24, 2016, respectively, we accepted delivery of the 14,424 TEU containerships Talos, Taurus and Theseus, three containerships 2 acquired pursuant to our joint venture with York. The vessels commenced their 10-year time charters with Evergreen. Costamare holds a 40% interest in the entities that own each vessel. The deliveries mark the completion of this particular project.
- On September 30, 2016, we accepted delivery of the 11,010 TEU containership Cape Akritas acquired pursuant to our joint venture with York.
C. Newbuild vessel delivery deferrals
- In September 2016, we reached an agreement with Hanjin Heavy Industries to defer the deliveries of the remaining four 11,010 TEU containerships ordered pursuant to our joint venture with York. Delivery of the vessels is now scheduled for the first quarter 2017.
D. Dividend announcements
- On October 4, 2016, we declared a dividend for the third quarter ended September 30, 2016, of $0.10 per share on our common stock, payable on November 4, 2016, to stockholders of record on October 21, 2016.
- On October 4, 2016, 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 October 17, 2016 to holders of record on October 14, 2016.
E. New dividend reinvestment plan
- On July 6, 2016, we implemented a dividend reinvestment plan (the “plan”). The plan offers holders of Company common stock the opportunity to purchase additional shares by having their cash dividends automatically reinvested in Company common stock. Participation in the plan is optional, and shareholders who decide not to participate in the plan will continue to receive cash dividends, as declared and paid in the usual manner.
The terms and conditions of the plan are set forth under the heading “Description of Plan” in the prospectus available as part of the registration statement filed by the Company with the Securities and Exchange Commission (the “SEC”) on the SEC’s website at http://www.sec.gov