Costamare Inc.

Thank you for standing by, ladies and gentlemen, and welcome to the Casa Mare, Inc. conference call on the second quarter, 2025 financial results. We have with us Mr. Gregory Zingos, Chief Financial Officer of the company. At this time, all participants are in a listen-only month. There will be a presentation followed by a question and answer session,

at

which time, if you wish

to ask a

question,

if you wish to ask a question, please press the strong key followed by zero on your telephone keypad and wait for your name to be announced. 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. And I will

now pass the floor to your speaker today, Mr. Zingos. Please go ahead.

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 screen-off of Casa Mare Parkes, which encompasses the own drive-by fleet, as well as the control of the 68 containers, as well as the control of the next maritime fleet. In July, we ordered four new British containers from a training shipyard, each one of approximately 3,100 T.U. 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 company. At the same time, we drafted two 6,500 T.U. containers for a three-year period, and then the forward basis commencing from Q1 and Q2, 2036. The effective actions resulted in an increase in contracted revenues of about $310 million. Our previous employment staff was 100% and 75% for 2025 and 2036 respectively. Total contracted revenues amounted to $2.5 billion, with a remaining time saturation of about 3.2 years. Regarding the market, with less than 1% of the fleet being commercially idle, the contingency fleet can be considered as fully employed. Current load-fixing activity is mainly the result of low availability of all prompt donors, rather than lack of demand. Further rates remain shared across the board, and the source of light is raised at robust levels. Finally, with regard to nepsum-idone freezing, the growing use of tarpon, all the furnishings being added have been funded or committed, and total commitments and investments are exceeding $350 million. Moving now to the slide presentation. For slide 3, you can see our quarter results. In Etihad for the quarter, it was $99 million, or 83 cents per share. Adapth and Nijinkan was around $92 million, or 77 cents per share. Our liquidity has had about $500 million. Slide 4, we have concluded new bidding orders for 3,100 EU contingencies with expected delivers between 2022 and 2024, 2027. Upon delivery, each vessel will commence an 8-year charter with a leading line company. On the employment side, we have 4 or 6 new contingencies which, along with the previous dimension of 8-year charters, have incremental contracted revenues of more than $310 million. In addition, as already mentioned, our revenue date of 600% for 25 and 75% for 26 while our contracted revenues are $2.5 billion with a remaining current valuation on a 2-year weighted basis of 3.2 years. Slide 5, regarding our furnishing arrangements, we have agreed to refinance 6 contingencies with our increasing levers. We have no major maturities up until 2027. Slide 6, on our leasing platform, we have reinvested around $180 million. Natural maritime leasing has funded or committed to find 47 shipping assets for a total amount of more than $650 million. Finally, we continue to have a lot of uninterrupted dividends track records. Moving to the last slide, slide 7, truck rates in the condensation market remain at firm levels. The continued rise of supply of tonnage along with the increase in demand due to the closure of the Shrove Canal is supporting the current rates. The island fleet remains at low levels at .25% indicating a full inflow is marked. With that, we have a good presentation and we can now take questions. Thank you. Operator,

we can take any questions now.

Thank you. As a reminder, if you would like to ask a question, please press star, then 1 on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, please press the star, then 2. Again, that's star, 1 to ask a question. And your first question comes from the line of Omar Naka of Jefferies. Go ahead, please.

Hi, Jeff. Thanks for the update. I just wanted to

ask

you, morning

or afternoon, you spun off the dry bolters now. You're taking these orders for the full container shift. It's your first orders in some time. Is this reshift in focus? Correctively more, is this a, I'm trying to ask, I guess, perhaps is this a renewed effort now that you're back to almost effectively a pure plate container company? Is it now time to invest a lot more in the sector or was this more of like an isolated opportunity that one of those four new builds?

Okay, no, I don't think it is reshift in focus. We didn't put any of these orders in containers during COVID or after COVID, simply because we found after prices to be extremely high compared to the factor rates that like were available combined with the factor rate periods. This means for the four 2000 EU vendors, in terms of price, in terms of counterparty, in terms of factor periods on a -to-past phases, made sense. So it's not that we should just focus, we have been focusing on containers, it's just that the added 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 after prices in the market.

Okay, no, that makes sense. Thank you. And it that you're back to container focus platform on the web net, I guess, is there any change in strategy or approach with the customer platform now going forward as a result of this new focus?

No, definitely not. I think it is the same strategy we have been following since November 2010 that we've been public and still to the same strategy we just have as a primus entity. So as long as we know that there are opportunities, we will proceed right now. Otherwise, you know, in times of elevated high prices, we haven't been patient. And we can see the way we do have a fleet of 68 containers today, all servers with very good traffic numbers for 25, 26, and for the years to come, with solid counterparties, with low leverage. So we don't have to do any new transactions, unless the deal by themselves justifying entering into those deals. Otherwise, we can just sit and wait. Now, this was a deal that we feel it made sense. Also, it made sense to start on a forward basis from 2006 onwards to six and a half thousand T2 measures. So selectively, we will be doing changes that we have always been doing in the past.

Yep, that's clear. Okay, thank you Greg. I'll have it back. Thanks.

Our next question comes from the

Hi,

thank you for taking my questions. You've continued to deploy capital into Neptune maritime using and you're now at around 90% of the capital you initially committed. Would you talk a bit about how the venture is developing and about whether there is potential to increase investment above the amount you initially committed?

Yeah, I mean, I think that Neptune has been progressing well. We have in total, we have been far more committed to fund the 47% from various sizes than the various size of assets. You are right, we have employed close to 90% of our initially committed capital. So far, this investment goes well now. Whether we're going to be employing more and at what terms, etc. 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 and I have to remind you that all this growth has been affected in a relatively short time period.

Makes sense. Thanks for the call. And following up on Omar's question and strategy, given the increased visibility you now have on the business after spinning off the Boeing site, should we expect any changes on shareholder returns based on the business with more shareholder purchases?

I think the dividend policy, first of all, this is a board decision, which is a dividend, the dividend policy is periodic, but the dividend policy remains the same, irrespective of whether we have the dry-water versus in a span of entity. We, you know, we're a bank and we still pay 11.5 cents per share per quarter, which we do feel is a dividend, but of course, I cannot exclude any changes in the dividend policy being in terms of shareholder actions or the dividend increases, etc. But this is affected to the post decision. We do pay dividends, but at the same time, we feel that an aggressive employment of capital should be invested into new business rather than paying one-off dividends.

Yeah, thanks for the call. Thank you for taking my questions.

Sure. Again, if you have a question, please

press star then one.

Thank

you.

This concludes the question and answer session. Mr. Zikos, please have your closing remarks.

Yeah, thank you for dialing in today and for your interest in the customizing. We look forward to speaking with you again during our next quarterly business article. Thank you. Operator, we can go now. Thank you.

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