Costamare Inc (CMRE) 2025 Q2 法說會逐字稿

Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Inc. Conference Call on the Second 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，感謝大家的支持，歡迎參加 Costamare Inc. 2025 年第二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, July 31, 2025. 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.

我必須告知您，本次會議將於今天，即 2025 年 7 月 31 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二張投影片，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 second quarter of the year, the company generated net income of about $99 million. In May, we have successfully completed the spin-off of Costamare Bulkers, which encompasses the own dry bulk fleet as well as the CBI operating platform. Costamare Inc. remains the sole shareholder of the 68 containerships as well as the controlling shareholder of Neptune Maritime Leasing.

謝謝大家，女士們、先生們，早安。今年第二季度，該公司淨收入約為 9,900 萬美元。五月，我們成功完成了Costamare Bulkers的剝離，其中包括自己的乾散貨船隊以及CBI運營平台。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。

In July, we ordered four newbuilding containerships from a Chinese shipyard, each one of approximately 3,100 TEU capacity. The vessels are expected to be delivered between the second and fourth quarters of 2027. Upon delivery, they will commence an eight year time charter with a first-class liner company.

7月份，我們從一家中國造船廠訂購了四艘新建貨櫃船，每艘運力約為3,100 TEU。這些船舶預計將於2027年第二季至第四季交付。交付後，他們將與一流的班輪公司簽訂為期八年的定期租船合約。

At the same time, we chartered 6,500 TEU containerships for a three-year period and on a forward basis, commencing from Q1 and Q2 2026. The above transactions resulted in an increase in contracted revenues of about $310 million.

同時，我們租用了 6,500 TEU 貨櫃船，租期為三年，並按遠期計算，從 2026 年第一季和第二季開始。上述交易導致合約收入增加約3.1億美元。

Our fleet deployment stands at 100% and 75% for 2025 and '26, respectively. Total contracted revenues amount to $2.5 billion with a remaining time charter duration of about 3.2 years. Regarding the market, with less than 1% of the fleet being commercially idle, the containership fleet can be considered as fully employed.

到 2025 年和 2026 年，我們的船隊部署率分別達到 100% 和 75%。合約總收入為 25 億美元，剩餘租船期限約為 3.2 年。就市場而言，由於商業閒置的貨櫃船隊不足1%，因此貨櫃船隊可視為充分利用。

Current low fixing activity is mainly the result of low availability of prompt tonnage rather than lack of demand. Charter rates remain healthy across the board and the short supply keeps rates at robust levels. Finally, with regards to Neptune Maritime Leasing, the growing leasing platform, 47 shipping assets have been funded or committed and total commitments and investments are exceeding $650 million.

目前低定價活動主要是由於即期噸位供應量低而非需求不足所造成的。租船費率整體上保持健康，供應短缺使費率保持在強勁水平。最後，就不斷發展的租賃平台 Neptune Maritime Leasing 而言，已有 47 項航運資產獲得資助或承諾，總承諾和投資超過 6.5 億美元。

Moving now to the slide presentation. On slide 3, you can see our quarter results. Net income for the quarter was $99 million or $0.83 per share. Adjusted net income was around $92 million or $0.77 per share. Our liquidity starts at above $0.5 billion.

現在轉到幻燈片演示。在投影片 3 上，您可以看到我們的季度業績。本季淨收入為 9,900 萬美元，即每股 0.83 美元。調整後的淨收入約為 9,200 萬美元，即每股 0.77 美元。我們的流動資金起始於 5 億美元以上。

Slide 4, we have concluded newbuilding contracts for four 3,100 TEU containerships with expected deliveries between Q2 and Q4 2027. Upon delivery, each vessel will commence an eight-year charter with a leading liner company. On the employment side, we have forward fixing of two containerships, which along with the previously mentioned eight-year charters have incremental contracted revenues of more than $310 million.

投影片 4，我們已經簽訂了四艘 3,100 TEU 貨櫃船的新造船合同，預計將於 2027 年第二季至第四季交付。每艘船舶交付後，將與一家領先的班輪公司簽訂為期八年的租船合約。在僱用方面，我們已簽訂了兩艘貨櫃船的遠期合同，加上前面提到的八年租船合同，合約收入增量超過 3.1 億美元。

In addition, as already mentioned, our revenue days are fixed 100% for '25 and 75% for '26, while our contracted revenues are $2.5 billion with a remaining time charter duration on a TEU-weighted basis of 3.2 years.

此外，如前所述，我們的收入天數在 2025 年固定為 100%，在 2026 年固定為 75%，而我們的合約收入為 25 億美元，剩餘的定期租船期限（以 TEU 加權計算）為 3.2 年。

Slide 5, regarding our financing arrangements, we have agreed to refinance six containerships with no increase in leverage. We have no major maturities up until 2027.

投影片 5，關於我們的融資安排，我們已同意為六艘貨櫃船進行再融資，且不增加槓桿。截至 2027 年，我們沒有重大到期債務。

slide 6, on our leasing platform, we have invested around $180 million. Neptune Maritime Leasing has funded or committed to fund 47 shipping assets for a total amount of more than $650 million. Finally, we continue to have a long uninterrupted dividend track record.

投影片 6，在我們的租賃平台上，我們已經投資了約 1.8 億美元。Neptune Maritime Leasing 已資助或承諾資助 47 項航運資產，總額超過 6.5 億美元。最後，我們持續維持長期不間斷的股利紀錄。

Moving to the last slide, slide 7. Charter rates in the containership market remain at firm levels. The continued tight supply of tonnage, along with the increased ton miles due to the closure of the Suez Canal, is supporting the current charter rates. The idle fleet remains at low levels at 0.5%, indicating a fully employed market. With that, we can conclude our presentation, and we can now take questions. Thank you. Operator, we can take any questions now.

移到最後一張投影片，第 7 張。貨櫃船市場的租船費率保持穩定。持續緊張的噸位供應，加上蘇伊士運河關閉導致的噸位海裡數增加，支撐了當前的租船費率。閒置船隊比例仍處於 0.5% 的低水平，表明市場已充分就業。我們的演講到此結束，現在可以回答問題了。謝謝。接線員，我們現在可以回答任何問題。

(Operator Instructions) Omar Nokta of Jefferies.

（操作員指示） Jefferies 的 Omar Nokta。

Hi Greg, thanks for the update. Just wanted to ask you, morning or good afternoon, You spun off the dry bulkers now. You're placing these orders for the four containerships. It's your first order in some time. Is this reshift in focus effectively more -- is this -- just trying to ask, I guess, perhaps, is this a renewed effort now, now that you're back to almost effectively a pure-play container company? Is it now time to invest a lot more in the sector? Or was this more of like an isolated opportunity to acquire those four newbuilds?

嗨，格雷格，謝謝你的更新。只是想問你一下，早上好或下午好，你現在已經剝離了乾散貨船。您正在訂購四艘貨櫃船。這是您一段時間以來的第一份訂單。這種焦點轉移是否更有效地——這是——我只是想問一下，也許，這是一次新的努力嗎，現在您幾乎又回到了純粹的貨櫃公司？現在是不是應該在該領域投入更多資金了？或者這更像是收購這四艘新船的一次孤立機會？

Okay. No, I don't think it is a shift in focus. We didn't put any newbuilding orders in containers during COVID or after COVID, simply because we found asset prices to be extremely high compared to the charter rates that were available combined with the charter rate period. This deal for the four 3,000-TEU vessels in terms of price, in terms of counterparty, in terms of charter period on a back- to-back basis made sense.

好的。不，我不認為這是焦點的轉移。在 COVID 期間或 COVID 之後，我們沒有下達任何新的貨櫃建造訂單，只是因為我們發現與可用的租船費率和租船費率期限相比，資產價格非常高。就價格、交易對手和背對背租船期而言，這筆四艘 3,000 TEU 船舶的交易都是合理的。

So it's not that we shifted focus. We have been focusing on containers. It's just that asset values at those levels we've seen up to now didn't make much sense. Now if there is a correction in the market or if we find similar transactions that we feel make sense, we will definitely proceed. So the main reason had nothing to do with the dry bulk. It had to do mainly with elevated asset prices in the market.

所以這並不是說我們轉移了焦點。我們一直專注於容器。只是我們迄今為止所看到的資產價值水準並沒有多大意義。現在，如果市場出現調整，或者我們發現我們認為有意義的類似交易，我們肯定會繼續進行。因此主要原因與乾散貨無關。這主要與市場資產價格上漲有關。

Okay. No, that makes sense. And then maybe just a follow-up and perhaps a bit more bigger picture. Now that you're back to a container-focused platform, obviously, you've Neptune. But I guess just -- is there any change in strategy or approach with the customer platform now going forward as a result of this new focus?

好的。不，這很有道理。然後也許只是一個後續行動，也許是一個更宏觀的圖像。現在您回到了以容器為中心的平台，顯然，您有了 Neptune。但我想——由於這個新焦點，客戶平台的策略或方法是否會改變？

No, definitely not. I think it is the same strategy we have been following since November 2010 that we went public and still it is the same strategy we did have as a private entity. So as long as we feel that there are opportunities, we will proceed like now. Otherwise, in times of elevated high prices, we have been patient. And we can sit and wait.

不，絕對不是。我認為，這與我們自 2010 年 11 月上市以來一直遵循的策略相同，而且這仍然與我們作為私人實體時所採用的策略相同。所以只要我們覺得有機會，我們就會像現在這樣繼續下去。否則，在價格高漲的時候，我們會保持耐心。我們可以坐下來等待。

We do have a fleet of 68 containerships today, all chartered with very good charter coverage for '25, '26 and for the years to come with solid counterparties and with low leverage. So we don't have to do any new transactions unless they deal by themselves, justify entering into those deals.

我們目前擁有 68 艘貨櫃船，所有船舶均已獲得非常好的租船保障，涵蓋 25 年、26 年以及未來幾年，擁有穩健的交易對手和較低的槓桿率。因此，我們不必進行任何新的交易，除非他們自己進行交易，證明進行這些交易是合理的。

Otherwise, we can just sit and wait. Now this was a deal that we feel it made sense. Also, it made sense to charter on a forward basis from 2026 onwards to 6,500 TEU vessels. So selectively, we will be doing new stuff like we have always been doing in the past.

否則，我們只能坐著等待。現在我們覺得這是一筆合理的交易。此外，從 2026 年起租賃 6,500 TEU 船舶也是有意義的。因此，我們會有選擇地做一些新的事情，就像我們過去一直在做的那樣。

Yeah, that's clear. Okay, thank you, Greg. I'll pass it back.

是的，很清楚。好的，謝謝你，格雷格。我會把它傳回去。

Climent Molins of Value Investor's Edge.

價值投資者優勢的克萊門特莫林斯 (Climent Molins)。

Hi, good afternoon. Thank you for taking my questions. You've continued to deploy capital into Neptune Maritime Leasing, and you're now at around 90% of the capital you initially committed. Could you talk a bit about how the venture is developing and about whether there is potential to increase your investment above the amount you initially committed?

嗨，下午好。感謝您回答我的問題。您繼續向 Neptune Maritime Leasing 投入資金，目前已達到最初承諾資本的 90% 左右。您能否談談該合資企業的發展以及是否有可能增加您最初承諾的投資金額？

Yeah, I mean -- I think that Neptune has been progressing well. We have -- in total, we have been far more committed to fund 47 vessels from various sizes and various types of assets. You are right, we have employed close to 90% of our initially committed capital.

是的，我的意思是──我認為海王星進展順利。總的來說，我們已更加致力於為 47 艘不同規模和不同資產類型的船隻提供資金。你說得對，我們已經使用了接近 90% 的初始承諾資本。

So far, this investment goes well now whether we're going to be employing more and at what terms, et cetera, I'm not prepared to tell you now. But, in general, I think that this investment has been going as initially planned a couple of years ago. And I have to remind you that all this growth has been affected in a relatively shorter time period.

到目前為止，這項投資進展順利，至於我們是否會僱用更多員工、以什麼條件僱用員工等等，我現在還不準備告訴你們。但總的來說，我認為這項投資的進展與幾年前的初步計畫一致。我必須提醒大家，所有這些成長都是在相對較短的時間內受到影響的。

Makes sense. And following up on Omar's question on strategy, given the increased visibility you now have on the business after spinning off the bulk side, should we expect any changes on shareholder returns, be it on the dividend or with more share repurchases?

有道理。接下來回答奧馬爾關於策略的問題，鑑於在剝離大宗業務後，你們對業務的了解有所增加，我們是否應該預期股東回報會發生任何變化，無論是股息還是更多股票回購？

I think the dividend policy -- first of all, this is a Board decision, which is repeating the dividend policy periodically. But the dividend policy remains the same, irrespective of like whether we had the dry bulk vessels or sort of in a spun-off entity. We were paying and we still pay $0.115 per share per quarter, which we do feel is a healthy dividend.

我認為股利政策－首先，這是董事會的決定，董事會會定期重複股利政策。但股利政策保持不變，無論我們是否擁有乾散貨船或分拆實體。我們過去支付並且現在仍支付每季每股 0.115 美元的股息，我們確實認為這是一筆健康的股息。

But of course, I cannot exclude any changes in the dividend policy being in terms of share buybacks or sort of dividend increases, et cetera, but this is subjected to the Board's decision. We do pay dividends, but at the same time, we feel that an accretive deployment of our capital should be invested into new business rather than paying one-off dividends.

但當然，我不能排除股利政策的任何變化，例如股票回購或增加股利等，但這取決於董事會的決定。我們確實會支付股息，但同時，我們認為應該將資本的增值部署投資於新業務，而不是支付一次性股息。

(Operator Instructions) This concludes the question-and-answer session. Mr. Zikos, please have your closing remarks.

（操作員指示）問答環節到此結束。齊科斯先生，請發表您的結束語。

Thank you for dialing in today and for your interest in Costamare Inc. We look forward to speaking with you again during our next quarterly results call. Thank you.

感謝您今天的撥入以及您對 Costamare Inc. 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。

Operator, we can conclude now. Thank you.

接線員，我們現在可以得出結論了。謝謝。

Thank Thank you. This does conclude our conference for today. Thank you all for participating. You may now disconnect.

謝謝謝謝。今天的會議就到此結束了。感謝大家的參與。您現在可以斷開連線。