Costamare Inc. (CMRE) 2026 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 2026 financial results. We have with us Mr. Gregory Zikos, Chief Financial Officer of the company. (Operator Instructions) I must advise you that this conference call is being recorded today, Wednesday, April 29, 2026.

感謝各位女士、先生耐心等候，歡迎參加 Costamare Inc 2026 年第一季財務業績電話會議。我們與會者為公司財務長 Gregory Zikos 先生。（接線員指示）我必須提醒各位，本次電話會議將於今日（2026 年 4 月 29 日，星期三）錄音。

We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read slide number 2 on the presentation, which contains the forward-looking statements. And I will now pass the floor over to your speaker today, Mr. Zikos. Please go ahead, sir.

我們提醒各位，本次電話會議包含前瞻性陳述。請花一點時間閱讀簡報第 2 頁，其中載有前瞻性陳述。現在我將把時間交給今天的講者 Zikos 先生。先生，請開始。

Thank you, and good morning, ladies and gentlemen. During the first quarter of the year, the company generated net income of about $75 million. Total liquidity amounted to about $645 million.

謝謝，各位女士、先生早安。今年第一季，公司創造淨利約 7,500 萬美元。總流動性約為 6.45 億美元。

Executing on our strategy of renewing the fleet and securing long-term cash flows from high-quality counterparties, we have ordered a total of 16 new buildings from first-class Chinese shipyards. 12 of the ships are 9,200 TEUs and 4 are 3,100 TEUs capacity.

依循我們更新船隊並自高品質交易對手取得長期現金流的策略，我們已向一流的中國造船廠訂造合計 16 艘新造船。其中 12 艘為 9,200 TEU，另 4 艘為 3,100 TEU 船型。

The vessels are expected to be delivered between the fourth quarter of 2027 and the second quarter of 2030. Upon delivery, all ships will commence long-term charters with COSCO shipping of 15 and 8 years for the 12 9,000 TEU ships and the four 3,100 TEU vessels, respectively.

這些船舶預計於 2027 年第四季至 2030 年第二季間交付。交付後，所有船舶將分別與中遠海運（COSCO Shipping）展開長期租約：12 艘 9,000 TEU 船舶為 15 年期，4 艘 3,100 TEU 船舶為 8 年期。

We are pleased to expand our value and long-lasting relationship with COSCO through the completion of our latest 16 newbuilding transaction. Incremental contracted revenues for the new charters amount to about $2.8 billion. The acquisitions will be funded with equity and debt. Pre- and post-delivery financing for a tenure of up to 15 years has been arranged for all 16 ships with two leading Chinese financial institutions.

我們很高興透過完成最新的 16 艘新造船交易，進一步擴大與中遠海運（COSCO）的價值與長久合作關係。新租約帶來的新增已簽約收入約為 28 億美元。這些收購將以股權與債務資金支應。針對全部 16 艘船舶，我們已與兩家領先的中國金融機構安排最長 15 年期的交付前與交付後融資。

In addition to the above, we have agreed to acquire secondhand 5,600 TEU vessels built in 2001. The acquisitions are expected to be completed in Q4 '26, upon which each vessel shall commence a 42-month time charter with a leading liner operator. As a consequence, total contracted revenues have reached $6.2 billion with a remaining time charter duration of 6.1 years.

除上述事項外，我們已同意收購 2001 年建造的二手 5,600 TEU 船舶。該等收購預計於 2026 年第四季完成；完成交付後，每艘船舶將與一家領先的班輪業者簽訂 42 個月期的定期租船合約。因此，我們的已簽約總收入已達 62 億美元，剩餘定期租船期間為 6.1 年。

In light of the above, management is pleased to recommend to the Board of Directors to increase the quarterly dividend per share from $0.115 to $0.125. While rewarding our shareholders as a result of increased cash flows, profitability, and visibility, the payment of that dividend is not expected to affect our capacity to continue growing on a healthy basis in a volatile market environment.

鑑於上述情況，管理層很高興建議董事會將每股季度股利由 0.115 美元提高至 0.125 美元。在因現金流、獲利能力與能見度提升而回饋股東的同時，預期該股利發放不會影響我們在波動的市場環境中持續以健全方式成長的能力。

Moving now to the slide presentation, on the first slide, you can see our first quarter results. Adjusted net income for the quarter was $76 million or $0.63 per share. Net income for the quarter was $75 million or $0.62 per share. Our liquidity stands at about $640 million.

接著看簡報，在第一張投影片中，您可以看到我們第一季的業績。該季調整後淨利為 7,600 萬美元，或每股 0.63 美元。該季淨利為 7,500 萬美元，或每股 0.62 美元。我們的流動性約為 6.40 億美元。

Management has announced its intention to recommend a dividend increase to the Board. Subject to approval, the quarterly dividend would increase from $0.115 to $0.125 per share, starting with the second quarter of 2026.

管理層已宣布其意圖向董事會建議提高股利。若獲核准，季度股利將自 2026 年第二季起由每股 0.115 美元提高至每股 0.125 美元。

Slide 4, we have concluded newbuilding contracts for 16 containers with expected deliveries between Q4 '27 and Q2 2030, bringing the total number of our vessels under construction to 22. Upon delivery, each vessel will commence a long-term charter with a leading liner company. We have already arranged pre- and post-delivery financing for all the newbuilding.

投影片 4：我們已就 16 艘貨櫃船簽訂新造船合約，預計交付時間為 2027 年第四季至 2030 年第二季，使我們在建船舶總數增至 22 艘。交付後，每艘船舶將與一家領先的班輪公司展開長期租約。我們也已為所有新造船安排交付前與交付後融資。

Slide 5, here, we show our newbuilding program. In total, we now have 22 vessels under construction, increasing the weighted average duration of our charter book by about two years. All our newbuildings have long-term employment and signed pre- and post-delivery financing already in place.

投影片 5：此處展示我們的新造船計畫。總計目前有 22 艘船舶在建，使我們租約組合的加權平均期間延長約兩年。我們所有新造船均已取得長期租用安排，且交付前與交付後融資亦已簽妥到位。

Slide 6, this slide highlights the effect of the newbuilding program on our fleet age. By 2030, the program reduces average fleet age by about 3.7 years compared to the average age of our fleet had been not entered in the newbuilding contracts.

投影片 6：本頁強調新造船計畫對船隊船齡的影響。到 2030 年，與未簽訂新造船合約時的船隊平均船齡相比，該計畫可使平均船齡降低約 3.7 年。

Slide 7, regarding SAP activity, we have agreed to acquire secondhand 5,600 TEU capacity containerships with expected delivery in Q4 '26. Upon delivery, each vessel shall commence a 42-month time charter with a leading liner. Both acquisitions are expected to be financed with debt and cash on hand.

投影片 7：關於 SAP 活動，我們已同意收購二手 5,600 TEU 貨櫃船，預計於 2026 年第四季交付。交付後，每艘船舶將與一家領先的班輪公司簽訂 42 個月期的定期租船合約。兩項收購預計以債務與手頭現金融資。

On the employment side, our revenue days are fixed 97% for '26 and 94% for '27, while our contracted revenues are $6.2 billion with a TEU weighted remaining time charter duration of 6.1 years. And moving to the last slide, charter rates in the containership market remain at robust levels. Yet the fleet remains at very low levels at 1%, indicating a fully employed market.

在營運配置方面，我們 2026 年的收入日已鎖定 97%，2027 年已鎖定 94%；而我們的已簽約收入為 62 億美元，按 TEU 加權的剩餘定期租船期間為 6.1 年。接著到最後一張投影片，貨櫃船市場的租金水準仍維持強勁。然而，閒置船隊仍處於非常低的 1% 水準，顯示市場幾乎滿載運作。

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

以上為我們的簡報內容，現在可以開始提問。謝謝。接線員，我們現在可以開始提問。

(Operator Instructions) As there are no further questions, I would like to pass the call over to Mr. Zikos for any closing remarks.

（接線員指示）由於沒有其他問題，我想將電話交回給 Zikos 先生，請他做任何結語。

Thank you for dialing in and for your interest in the Costamare Q1 results call. We're looking forward to speaking with you again during the next quarterly results call. Thank you.

感謝各位撥冗參與並關注 Costamare 第一季業績電話會議。我們期待在下一次季度業績電話會議再次與各位交流。謝謝。

Operator, we can conclude the call now.

接線員，我們現在可以結束會議。

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

謝謝。今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。