Costamare, Inc. Q4 FY2024 earnings call

• Containerships: Red Sea crisis led to diversions via Cape of Good Hope route, strong cargo demand absorbed incremental new building capacity. Chartered 12 containerships forward with estimated contracted revenues of ~$330 million.
• Dry Bulk: Strategy to renew owned fleet and increase average size; acquired 1 Capesize and 2 Ultramax vessels, disposed of 1 Handysize, agreed to sell 1 Panamax. Financed 36/38 dry bulk vessels and secured $100 million for dry bulk acquisitions.
• CBI: Manages a fleet of 51 ships, majority on index-linked charter-in agreements. Neptune Maritime Leasing platform grows with pipeline over $500 million in investments/commitments.

Containership Sector

• In the fourth quarter, chartered 12 containerships forward with an average time charter duration of about 2.5 years and estimated contracted revenues of close to $330 million. The containership fleet employment stands at 96% for 2025 and 69% for 2026. Total contracted revenues amount to $2.4 billion with a remaining time charter duration of about 3.4 years.

Dry Bulk Market

• Charter rates dropped to lowest levels in 2024 during the last quarter. Eased congestion, China steel market pressures, and less grain ton-mile demand led to tonnage oversupply. During the quarter, acquired 1 Capesize and 2 Ultramax vessels, disposed of 1 Handysize ship, and agreed to sell 1 Panamax vessel. CBI manages a fleet of 51 ships, mostly on index-linked charter-in agreements.

Neptune Maritime Leasing

• The platform continues to grow with a healthy pipeline, having total investments and commitments exceeding $500 million.

• Containership fleet employment is 96% for 2025 and 69% for 2026. Total contracted revenues are $2.4 billion with remaining time charter duration of ~3.4 years.
• Dry bulk strategy: Sell older/smaller ships, focus on larger assets like Capes. Neptune Maritime Leasing to maintain balanced approach for CBI positions with pipeline over $500 million.

• Red Sea crisis could lead to release of tonnage and distortion of supply/demand if liners return to Suez route.
• Dry bulk market oversupply due to congestion easing, China steel market pressures, and less grain ton-mile demand.

Q: Ben Nolan asks about CBI's Q4 contribution and future profit contribution given dry bulk market.

A: CBI's contribution and dry bulk owned fleet info will be in segmental reporting 6-K. CBI aims for balanced book, currently has a long position.

Q: Clement Mullins asks about chartering discussions on containerships post-Red Sea normalization.

A: Charter rates stable, normalization uncertain, no immediate pressure on rates/durations.

Q: Clement Mullins asks about Neptune Maritime Leasing pipeline and additional investments.

A: Pipeline over $500 million, investment depends on Neptune's leverage, will consider back leverage for optimized returns.