Costamare Inc.

Thank you for standing by, ladies and gentlemen, and welcome to the Kastamare, Inc. Conference call on the first quarter 2025 financial results. We have with us Mr. Gregory Zikos, Chief Financial Officer of the company. At this time, all participants are in a listen only mode. There will be a presentation followed by a question and answer session, at which time, if you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today, Thursday, May 8th, 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. And I will now pass the floor to your speaker today, Mr. Zikos. Please go ahead, sir.

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 Kastamare Balkes, which encompasses the 37 owned dry park vessels, as well as the CBI operating platform. Kastamare Inc. remains the same, the sole shareholder of the 68 container ships, as well as the controlling shareholder of Neptune Maritime Blazing. This business separation allows hidden value and better positions of the two separate listed companies to pursue distinct operating and strategic initiatives in the container ship and the dry park sector. Regarding the container ship market, while geopolitical challenges and economic uncertainties impact global trade, demand for container ship vessels has had to now maintain momentum. The commercially idle fleet remains below 1%, indicating a full employed market. Regarding the proposed USTR fees, fleet redeployments and network reorganizations may initially result in inefficiencies, boosting tourist demand. Our container ship fleet employment stands at 100%, 73% for 2025 and 26 respectively. Total contracted revenues amount to 2.3 billion, with the remaining time for the duration of 3.3 years. For the dry park sector, both Cape size and Panama's markets experienced a challenging start of the year. The Cape market rebounded strongly in March, supported by improved Australian, Brazil, island shipments, and tighter dresser availability. The Panama's activity picked up, as expected, post-Chinese New Year, supported by recovering grain flows. Finally, with regards to Neptune Maritime Blazing, the leasing platform, total investments and commitments are exceeding $530 million with the Shelty pipeline. Moving now to the slides presentation. On slide three, you can see our first quarter results. Nettingham for the quarter was 95 million, or 79 cents per share. And Duffin and Tinker was 73 million, or 61 cents per share. Our liquidity stands at about $1 billion. Slide four, we have a really successful spin-off of our dry park business. Every Costa Mare Inc shareholder will be receiving as dividend one share of Costa Mare parkers for every five shares of Costa Mare Inc. Turning to the convenience side, our revenues days are fixed, as already mentioned, 100% for 2025 and 73% for 2026, while our contracted revenues are 2.3 billion, with a T-year weighted remaining time for the duration of about 3.3 years. Slide five, regarding our SAP activity for the spin-off dry business, we have concluded the sale of one Panama ship and agreed to sell one hand-sized vessel. Vessel proceeds are expected to be used for the acquisition of larger vessels, subject to market conditions. Slide six, regarding our financing arrangements, we have refinanced one Cotennanese vessel with no increased leverage, but with a maturity extension. The remaining company has no major maturity till 2027. On the dry park side, we have prepared circa $150 million of bank debt, and we have entered into a new hunting glasses facility of up to $100 million for financing of future acquisitions. Moving to slide seven, regarding the CBI fleet, we have chartered 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. Moving to slide eight, charter rates in the Cotennanese 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 early fleet remains at low levels, at around 0.5%, indicating a fully employed market. And finally, on slide nine, you can see the recent dry-bar market trends in the spot and forward markets. Charter rates have recovered from their lows in February. The order book is at around 10% of the total fleet. With that, we conclude our presentation, and we can now take questions. Thank you. Operator, we'll collect any questions now.

Thank you. As a reminder, if you would like to ask a question, please press star one on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, please press star two. Again, that's star one to ask a question. At this time, we'll pause momentarily to assemble a roster. Again, to ask a question, you may press star and then the number one on your telephone keypad. Again, to ask a question, you may press star and then the number one on your telephone keypad. Seeing no questions at this time, I would like to pass the call back to Mr. Zikos for closing remarks.

Thank you for dialing in today and for your testing, Kostamara. 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.

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