Costamare Inc (CMRE) 2025 Q1 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Inc. conference call on the first-quarter 2025 financial results. We have with us Mr. Gregory Zikos, Chief Financial Officer of the company. (Operator Instructions)

女士們、先生們，感謝各位的支持，歡迎參加 Costamare Inc. 2025 年第一季財務業績電話會議。我們邀請到了公司財務長 Gregory Zikos 先生。（操作員指示）

I must advise you that this conference is being recorded today, Thursday, May 8, 2025. 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.

我必須告訴您，本次會議將於今天，即 2025 年 5 月 8 日星期四進行錄製。我們想提醒您，本次電話會議包含前瞻性陳述。請花一點時間閱讀簡報的第 2 張投影片，其中包含前瞻性陳述。

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

現在我將發言權交給今天的發言人齊科斯先生。先生，請繼續。

Thank you, and good morning, ladies and gentlemen. During the first quarter of the year, the company generated net income of about $95 million. As announced on May 7, we have successfully completed the spin-off of Costamare Bulkers, which encompasses the 37 owned dry bulk vessels as well as the CBI operating platform.

謝謝大家，女士們、先生們，早安。今年第一季度，該公司淨收入約為9,500萬美元。正如 5 月 7 日宣布的那樣，我們已成功完成 Costamare Bulkers 的剝離，其中包括 37 艘自有乾散貨船以及 CBI 運營平台。

Costamare Inc. remains the sole shareholder of the 68 containerships as well as the controlling shareholder of Neptune Maritime Leasing. This business separation unlocks hidden value and better positions the two separate listed companies to pursue distinct operating and strategic initiatives in the containership and the dry bulk sector.

Costamare Inc. 仍是這 68 艘貨櫃船的唯一股東，也是 Neptune Maritime Leasing 的控股股東。此次業務分離釋放了隱藏的價值，並使兩家獨立的上市公司能夠更好地在貨櫃運輸和乾散貨領域推行不同的營運和策略舉措。

Regarding the containership market, while geopolitical challenges and economic uncertainties impact global trade, demand for containership vessels has up to now maintained momentum. The commercially idle fleet remains below 1%, indicating a fully employed market.

就貨櫃船市場而言，儘管地緣政治挑戰和經濟不確定性影響全球貿易，但貨櫃船的需求迄今仍保持強勁勢頭。商業閒置船隊比例仍低於1%，顯示市場已充分發揮作用。

Regarding the proposed USTR fees, fleet redeployment and network reorganizations may initially resulted in efficiencies boosting tonnage demand. Our containership fleet employment stands at 100% and 73% for 2025 and '26, respectively. Total contracted revenues amount to $2.3 billion with a remaining time charter duration of 3.3 years.

關於擬議的美國貿易代表費用，船隊重新部署和網路重組最初可能會提高效率，從而增加噸位需求。到 2025 年和 2026 年，我們的貨櫃船隊就業率分別達到 100％ 和 73％。合約總收入為23億美元，剩餘租船期限為3.3年。

On the dry bulk sector, both Capesize and Panamax markets experienced a challenging start of the year. The Cape market rebounded strongly in March, supported by improved Australia and Brazil iron ore shipments and tighter vessel availability.

在乾散貨領域，好望角型船和巴拿馬型船市場今年開局都面臨挑戰。受澳洲和巴西鐵礦石出貨量增加以及船舶供應緊張的支撐，好望角市場 3 月強勁反彈。

The Panamax activity picked up as expected post-Chinese New Year, supported by recovering grain flows. Finally, with regards to Neptune Maritime Leasing, the leasing platform, total investments and commitments are exceeding $530 million with a healthy pipeline.

受穀物流量回升的支撐，巴拿馬型船活動在中國春節後如預期般回升。最後，關於海王星海事租賃公司（Neptune Maritime Leasing），該租賃平台的總投資和承諾超過 5.3 億美元，並且擁有健康的管道。

Moving now to the slide presentation. On slide 3, you can see our first quarter results. Net income for the quarter was $95 million or $0.79 per share. Adjusted net income was $73 million or $0.61 per share. Our liquidity stands at about $1 billion.

現在進入幻燈片簡報。在投影片 3 上，您可以看到我們的第一季業績。本季淨收入為 9,500 萬美元，即每股 0.79 美元。調整後的淨收入為 7,300 萬美元，即每股 0.61 美元。我們的流動資金約為10億美元。

Slide 4, we have concluded successfully the spin-off of our dry bulk business. Every Costamare Inc. shareholder will be receiving as dividend one share of Costamare Bulkers for every five shares of Costamare Inc.

投影片 4，我們已成功完成乾散貨業務的剝離。每位 Costamare Inc. 股東每持有五股 Costamare Inc. 股票，即可獲得一股 Costamare Bulkers 股票作為股息。

Turning to the containership side. Our revenues days are fixed, as already mentioned, 100% for '25 and 73% for 2026. While our contracted revenues are $2.3 billion with a TEU-weighted remaining time charter duration of about 3.3 years.

轉向貨櫃船方面。我們的收入天數是固定的，如前面所提到的，2025 年為 100%，2026 年為 73%。我們的合約收入為 23 億美元，以 TEU 加權的剩餘租船期限約為 3.3 年。

Slide 5, regarding our S&P activity for the spin-off dry business, we have concluded the sale of one Panamax ship and agreed to sell one Handysize vessel. Vessel proceeds are expected to be used for the acquisition of larger vessels subject to market conditions.

投影片 5，關於我們剝離乾散貨業務的 S&P 活動，我們已經完成了一艘巴拿馬型船的出售，並同意出售一艘靈便型船。船舶收益預計將用於根據市場情況收購更大的船舶。

Slide 6, regarding our financing arrangements, we have refinanced other [indiscernible] vessels with no increased leverage, but with a maturity extension. The remaining, company has no major maturities until 2027.

投影片 6，關於我們的融資安排，我們已經為其他 [音訊不清楚] 船舶進行了再融資，沒有增加槓桿，但延長了期限。其餘的，該公司直到 2027 年都沒有重大到期債務。

On the dry bulk side, we have repaid circa $150 million of bank debt, and we have entered into a new hunting license facility of up to $100 million for financing of future acquisitions.

在乾散貨方面，我們已經償還了約 1.5 億美元的銀行債務，並且我們已簽訂了高達 1 億美元的新狩獵許可證協議，為未來的收購提供融資。

Moving to slide 7. Regarding the CBI fleet. We have chartered-in 48 period ships with the majority of the fleet being on index-linked agreements. On our leasing platform, we have invested around $123 million. NML is financing 41 assets for a total amount of $530 million.

移至幻燈片 7。關於 CBI 艦隊。我們已租賃了 48 艘定期船舶，其中大部分船舶均簽訂了指數掛鉤協議。我們在租賃平台上投資了約1.23億美元。 NML正在為 41 項資產融資，總額為 5.3 億美元。

Moving to slide 8. Charter rates in the containership market remain at firm levels. Possible large-scale fleet redeployments due to the proposed USTR fees may create inefficiencies favorable to the current strong market dynamics. The idle fleet remains at low levels at around 0.5%, indicating a fully employed market.

移至幻燈片 8。貨櫃船市場的租船費率保持穩定。由於擬議的美國貿易代表費用，可能會出現大規模的船隊重新部署，這可能會產生有利於當前強勁市場動態的低效率。閒置船隊比例仍維持在0.5%左右的低水平，顯示市場已充分就業。

And finally, on slide 9, you can see the recent dry bulk market trends in the spot and forward markets. Charter rates have recovered from their lows seen in February. The order book is at around 10% of the total fleet.

最後，在第 9 張投影片上，您可以看到現貨和遠期市場的近期乾散貨市場趨勢。租船費率已從二月的低點回升。訂單量約佔船隊總量的 10%。

With that, we conclude our presentation, and we can now take questions. Thank you. Operator, we can take questions now.

我們的演講就此結束，現在我們可以回答問題了。謝謝。接線員，我們現在可以回答問題。

(Operator Instructions) Being no questions at this time, I would like to pass the call back to Mr. Zikos for closing remarks.

（操作員指示）目前沒有問題，我想將電話轉回給 Zikos 先生，請他作最後發言。

Thank you for dialing in today and for your interest in Costamare. We are looking forward to speaking with you again in the next quarterly results call. Thank you. Operator, I think we have concluded. Thank you.

感謝您今天的撥入以及對 Costamare 的關注。我們期待在下次季度業績電話會議中再次與您交談。謝謝。接線員，我想我們已經結束了。謝謝。

Thank you. That does conclude our conference for today. Thank you all for participating. You may now disconnect your lines.

謝謝。今天的會議就到此結束了。感謝大家的參與。現在您可以斷開線路了。