Costamare Inc (CMRE) 2025 Q3 法說會逐字稿

Good day, and welcome to the Costamare third-quarter 2025 financial results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Costamare 2025 年第三季財務業績電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Gregory Zikos, CFO. Please go ahead.

現在我將把會議交給財務長格雷戈里·齊科斯。請繼續。

Thank you, and good morning, ladies and gentlemen. During the third quarter of the year, the company generated net income of about $99 million. After the spin-off of Costamare Partners Holdings Limited, Costamare Inc., remains the sole shareholder of 69 containerships as well as the controlling shareholder of Neptune Maritime Leasing.

謝謝大家，女士們、先生們，早安。今年第三季度，該公司實現淨利潤約 9,900 萬美元。在 Costamare Partners Holdings Limited 分拆後，Costamare Inc. 仍然是 69 艘貨櫃船的唯一股東，也是 Neptune Maritime Leasing 的控股股東。

In September, following up from our previously announced order of 3,100 TEU capacity containerships, we exercised our option for two more sister ships to be delivered in Q1 2028. Upon delivery, they will also commence an eight-year time charter with the first-class liner company.

9 月，在我們先前宣布訂購 3,100 TEU 容量的貨櫃船之後，我們行使了另外兩艘姊妹船的選擇權，將於 2028 年第一季交付。交付後，他們還將與這家一流的班輪公司簽訂為期八年的定期租船合約。

Since last quarter, we have also fixed eight vessels with a forward start for periods ranging from 12 to 38 months. These transactions resulted in increased contracted revenues of about $310 million.

自上個季度以來，我們還確定了八艘船舶的遠期開工日期，期限從 12 個月到 38 個月不等。這些交易使合約收入增加了約 3.1 億美元。

Our fleet deployment stands at 100% and 80% for 2025 and '26, respectively. Total contracted revenues amount to $2.6 billion, with a remaining time charter duration of about 3.2 years.

我們2025年和2026年的機隊部署率分別為100%和80%。合約總收入達 26 億美元，剩餘租約約 3.2 年。

Regarding the market, the positive outcome from the latest trade discussion between US and China and the delay in the implementation of port fees should positively contribute to global increased trade flows. Without the fleet of less than 1%, the charter market remains strong with rates fixed at healthy and stable levels on the back of vessel shortage and steady demand.

就市場而言，中美最新貿易談判的正面成果以及港口收費實施的推遲，應該會對全球貿易流量的成長起到積極作用。由於船隊規模不足 1%，船舶短缺和穩定的需求使得租船市場依然強勁，租金維持在健康穩定的水平。

Finally, with regards to Neptune Maritime Leasing, the growing leasing platform, 50 shipping assets have been funded or are committed and total investments and commitments are exceeding $650 million.

最後，關於 Neptune Maritime Leasing 這個不斷發展的租賃平台，已有 50 項航運資產獲得融資或已承諾投資，總投資和承諾金額超過 6.5 億美元。

Moving now to the slide presentation. On slide 3, you can see our third quarter results. Adjusted net income was $98 million or $0.81 per share. Net income for the quarter was around $93 million or $0.77 per share. Our liquidity stands at about $560 million.

接下來進入投影片簡報環節。在投影片 3 中，您可以看到我們第三季的業績。調整後淨利為9,800萬美元，即每股0.81美元。該季度淨利潤約為 9,300 萬美元，即每股 0.77 美元。我們的流動資金約為5.6億美元。

Slide 4. We have concluded newbuild contracts for another 3,100 TEU containerships with expected delivery in Q1 '28, bringing the total number of newbuilding orders to 6. Upon delivery, each vessel will commence an eight-year charter with a leading liner company.

幻燈片 4。我們已簽訂了另外 3,100 TEU 貨櫃船的新造船合同，預計將於 2028 年第一季交付，使新造船訂單總數達到 6 艘。交付後，每艘船舶將與一家領先的班輪公司簽訂為期八年的租約。

On the employment side, we have increased our contracted revenues through new chartering agreements by more than $310 million. In addition, our revenue days are 100% fixed for '25 and 80% for '26, while our contracted revenues are $2.6 billion with a TEU-weighted remaining duration of 3.2 years.

在就業方面，我們透過新的包機協議增加了超過 3.1 億美元的合約收入。此外，我們 2025 年的收入天數 100% 固定，2026 年的收入天數 80% 固定，而我們的合約收入為 26 億美元，以標準箱加權計算的剩餘期限為 3.2 年。

Moving to slide 5. Regarding our financing arrangements, we have agreed to the pre- and post-delivery financing of our four newbuildings. We have no major maturities till 2027. On the S&P side, we have concluded the acquisition of 6,500 TEU container vessel.

切換到第5張投影片。關於我們的融資安排，我們已經就四艘新船的交付前和交付後融資達成協議。2027年之前我們沒有重大到期債務。在標普方面，我們已經完成了對一艘6500標準箱貨櫃船的收購。

Slide 6. On our leasing platform, we have invested around $180 million. NML has funded or committed to fund 50 shipping assets for a total amount of more than $650 million. Finally, we continue to have a long uninterrupted dividend track record.

幻燈片 6。我們在租賃平台上的投資約為1.8億美元。 NML已出資或承諾出資投資 50 項航運資產，總金額超過 6.5 億美元。最後，我們一直保持著長期不間斷的分紅紀錄。

Moving to slide 7, the last slide. Charter rates in the containership market remain at firm levels. The idle fleet remains at low levels at about 0.9%, indicating a fully employed market.

接下來是第 7 張投影片，也是最後一張投影片。貨櫃船市場的租船費率保持堅挺。閒置車隊比例仍維持在較低水平，約 0.9%，顯示市場已充分就業。

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

至此，我們的報告就結束了，現在可以回答問題了。謝謝。

Operator, we can take questions now.

操作員，現在可以開始提問了。

(Operator Instructions) Omar Nokta, Jefferies.

（操作說明）奧馬爾諾克塔，傑富瑞。

Thank you. Hi, Greg. Good afternoon. Just a couple from me. Obviously, just looking at your chartering activity, you've been able to add a good amount of visibility forward fixing several ships. It looks like maybe an average of at least two years or so from what's on the -- from where they were before. But I just wanted to get your sense in terms of how has chartering activity in general sort of developed here over the past maybe couple of months because you've had obviously a very volatile year for, say, the underlying freight market where there's been huge swings upwards and downwards for freight rates. They bottomed about a month ago. Now they've jumped. Just want to get a sense from you, given just how active you are in the chartering market, have you noticed any shift in liner appetite? Have things changed here over the past several weeks? Any kind of color you can give on developments on charter it would be great. Thank you.

謝謝。嗨，格雷格。午安.我這裡也有幾個例子。顯然，僅從你們的租船活動來看，你們已經能夠透過提前租賃多艘船舶來提高可視性。從他們之前的情況來看，平均下來可能需要至少兩年左右的時間。但我只是想了解一下，在過去的幾個月裡，這裡的租船活動總體上是如何發展的，因為很明顯，今年的基礎貨運市場波動非常劇烈，運費出現了巨大的上下波動。大約一個月前，他們的股價跌至谷底。現在他們跳了。鑑於您在租船市場上的活躍程度，我想了解您的看法，您是否注意到班輪需求有任何變化？過去幾週這裡的情況有什麼改變嗎？如果您能為憲章上的進展提供任何色彩，那就太好了。謝謝。

Sure. First of all, regarding the box rates, you are right. I mean, last week and last month in general, box rates have been up, especially on the US West Coast trade route.

當然。首先，關於包裹價格，您說得對。我的意思是，上週以及上個月整體而言，包裹運費都在上漲，尤其是美國西岸的貿易路線。

Now, regarding the charter market, there is a shortage of ships, especially larger vessels. So I mean, whichever ships come out, there are definitely candidates to have them chartered in. So still, the market remains at very healthy levels. There is demand and ships are easily absorbed. And I think the main indicator, or someone needs to look at is the idle vessels, where if you back out any dry dockings or sort of technical issues, this is less than 1%. So less than 1% idle fleet means that practically we have a fully employed market.

現在，就包船市場而言，船舶短缺，尤其是大型船舶。所以我的意思是，無論哪些船隻下水，肯定都有人願意租用它們。所以，市場依然處於非常健康的水平。市場需求旺盛，船舶也容易消化。我認為主要指標，或者說需要有人關注的指標，是閒置船舶的數量。如果排除任何乾船塢維修或技術問題，這個比例不到 1%。因此，閒置車隊比例低於 1%，實際上意味著我們擁有一個充分就業的市場。

So -- and charter rates, in general, they are holding up very well. Now whether this will continue or not, and for how long, it's hard to say because we have a series of geopolitical events that might affect it. But for the time being, it is a healthy market. Liners are generally eager to charter in vessels.

所以——總的來說，包機價格表現非常穩定。至於這種情況是否會持續下去，以及會持續多久，現在還很難說，因為一系列地緣政治事件可能會對其產生影響。但就目前而言，這是一個健康的市場。班輪公司通常都樂於租用船舶。

Now, you can argue that probably they may not want to go for longer periods in general compared to the past. But still, you still see like a two- or three-year time charter for secondhand vessels on a forward basis. So in that respect, I think that the fundamentals, as they stand today, considering that the supply of vessels is quite thin, the fundamentals are quite tight and quite positive, I would say.

現在，你可能會認為，與過去相比，他們可能不會總體上不想進行更長的旅行。但是，你仍然可以看到二手船舶以遠期方式簽訂兩到三年的定期租船合約。所以從這個角度來看，我認為，就目前而言，考慮到船舶供應相當緊張，基本面相當緊張且相當積極。

Thanks, Greg. And then maybe just a follow-up. I wanted to ask about the secondhand acquisition you mentioned. You bought the 06 built 6,000 TEU vessel. That looks like it's on contract to Maersk. Is that -- could you maybe talk about kind of the -- how that came about? Was this a direct acquisition from Maersk with a charter back to them? Are there more opportunities like that, do you think, in the sale and purchase?

謝謝你，格雷格。然後或許只需要後續跟進。我想問您提到的二手收購事宜。你買下了2006年建造的6000標準箱船。看起來像是和馬士基簽了合約。那是——您能談談——這件事是怎麼發生的嗎？這是馬士基直接收購並向其支付租約的行動嗎？您認為買賣過程中是否還有更多類似的機會？

Yes. I think this vessel has been chartered back to Maersk. This is a structure sale and leaseback deal. There may be more opportunities like that in the future. I mean we haven't come across anything that -- something like that, that probably would make sense.

是的。我認為這艘船已經被租回給馬士基了。這是一筆房屋售後回租交易。未來或許還有更多類似的機會。我的意思是，我們還沒有遇到類似的事情，那件事可能說得通。

And as -- but definitely, there may be. And as you've seen, we have been focusing on all the new buildings for the 3,100 TEU ships, we had concluded four previously announced in the Q2 results. We have added two more options now. Those are going to be delivered in Q1 '28.

而且——但肯定的是，可能會有。正如你所看到的，我們一直專注於所有 3100 TEU 船舶的新建造項目，我們在第二季業績報告中已經宣布完成了四個項目。我們現在又增加了兩個選項。這些產品將於 2028 年第一季交付。

On a back-to-back basis, we have pretty much arranged the charter for the first four -- sorry, the financing for the first quarter, and we are closing the commitment of the financing for the last two so which is something that also makes sense. And we are generally active. So either secondhand or even newbuildings, assuming that we feel comfortable with the residual value risk of our equity, I think we are -- we will be quite active.

我們已經基本安排好了前四個季度的包機事宜——抱歉，是第一季的融資——並且我們正在敲定最後兩個季度的融資承諾，這也是合理的。我們通常都很活躍。所以，無論是二手船還是新船，假設我們對自身權益的剩餘價值風險感到滿意，我認為我們將會非常活躍。

Climent Molins, Value Investors.

克萊門特·莫林斯，價值投資者。

Hi, good afternoon. Thank you for taking my questions. Following up on Omar's question on the first one. Could you talk a bit about whether you believe the recent increase in freight rates is sustainable? It seems it was mostly a function of front running as tensions between the US and China increased, but those have been lowered since. So how do you think about the trade-off of having more visibility versus the front running?

您好，下午好。謝謝您回答我的問題。這是對奧馬爾第一個問題的後續提問。您能否談談您認為近期貨運價格上漲是否可持續？這似乎主要是由於中美關係緊張局勢加劇而導致的搶先行為，但此後緊張局勢有所緩和。那麼，您如何看待擁有更高曝光度與搶先機之間的權衡呢？

Yeah. For the freight rates, I mean, the box rates, this is something that could also be directly addressed to the liners who sort of may have a better visibility. I agree with you that last week and last month, freight rates push has been because of front running, may have to do with the pushback of the port fees, et cetera, rearrangement of schedules of the liner companies. Now to what extent they are sort of medium or long-term sustainable, I cannot comment on that. They are sort of -- because if you look historically at the three or six months or like one-year box rates, they have been on a negative trend.

是的。至於運費，我是指箱子的運費，這個問題也可以直接諮詢班輪公司，他們可能對運費有更清楚的了解。我同意你的看法，上周和上個月運費上漲是因為搶先交易，可能與港口費的延期、班輪公司時刻表的重新安排等有關。至於它們在多大程度上具有中長期可持續性，我無法評論。某種程度上來說是這樣——因為如果你從歷史角度來看三個月、六個月或一年的盒子價格，它們一直呈下降趨勢。

But I'm afraid I cannot forecast where box rates are going to be starting from today over the next three to six months. To some extent, this is something that also liner companies. I think they do have a greater visibility on that.

但我恐怕無法預測未來三到六個月內，包裹的起步價格會是多少。某種程度上，這也是班輪公司所面臨的問題。我認為他們在這方面確實有更清晰的認識。

Yeah, makes sense. No one can really forecast that. And also following up on Omar's second question, it seems the Maersk Puelo is fully committed until next October, but Maersk has options to extend employment until 2031. Could you talk about how likely those are to be exercised given the rate?

嗯，有道理。誰也無法真正預測這一點。另外，針對奧馬爾的第二個問題，馬士基普埃洛號似乎已完全簽約至明年十月，但馬士基可以選擇將僱用期限延長至 2031 年。鑑於目前的利率，您能否談談這些選擇權被行使的可能性有多大？

Okay. I'm afraid these are charter risk option. So as mentioned, it's up to the charter to have them exercised. So again, I cannot forecast what a third party will be doing. So I think market levels will dictate whether the charter will take those options or not.

好的。恐怕這些都是包機風險選項。如同前面所提到的，是否行使這些權利取決於章程的規定。所以，我無法預測第三方會做什麼。所以我認為市場水平將決定包機公司是否會採取這些選項。

But on a committed basis, you are right, this is a one-year charter. And from our side, we have run the numbers to -- so that being conservative, we have been factoring in this one-year time charter period. After that, it's up to the charter to decide based on its needs, based on market rates, based on the cargo demand to see whether those options one by one are going to be subsequently exercised.

但從承諾的角度來看，你說得對，這是一份為期一年的合約。而我們這邊也進行了計算——所以保守起見，我們已經將一年的定期租船期考慮在內。之後，租船方可以根據自身需求、市場價格和貨物需求來決定是否逐一行使這些選項。

That's helpful. Thank you for taking my questions.

那很有幫助。謝謝您回答我的問題。

This concludes our Q&A or question-and-answer session. I would like to turn the conference back over to Gregory Zikos for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給格雷戈里·齊科斯，請他作總結發言。

Yeah. Thank you for dialing in today and for your interest in Costamare Inc. We are looking forward to speaking with you again during the Q4 and year-end results call. Thank you.

是的。感謝您今天撥入電話會議，也感謝您對Costamare公司的關注。我們期待在第四季和年終業績電話會議上再次與您交流。謝謝。

Operator, I think we have concluded.

操作員，我想我們已經結束了。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。