Costamare Inc.

Thank you for standing by, ladies and gentlemen, and welcome to the Coastal Mayor Inc. conference call on the first quarter 2026 financial results. We have with us Mr. Gregory Zekos, Chief Financial Officer of the company. At this time, all participants are in 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, then 1 on your telephone keypad and wait for your name to be announced. I must advise you that this conference call is being recorded today, Wednesday, April 29th, 2026. We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read slide number two on the presentation, which contains the forward-looking statements. And I will now pass the floor over to your speaker today, Mr. Zicos. Please go ahead, sir.

Thank you, and good morning, ladies and gentlemen. During the first quarter of the year, the company generated an income of about 75 million. Total liquidity amounted to about 645 million. Executing another 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. Twelve of the ships are 9,200 EUs and four 3,100 EUs capacity. 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 charges with Costco shipping of 15 and 8 years for the 209,000 T.U. ships and the four 3,100 T.U. vessels, respectively. We are pleased to expand our value of the long-lasting relationship with Costco through the completion of our latest 16 new building transactions. 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 term of up to 15 years has been arranged for 16 ships with two leading Chinese financial institutions. In addition to the above, we have agreed to acquire two second-hand 5,600 EU vessels built in 2001. The acquisitions are expected to be completed in Q4-26, upon which each person shall commence a 42-month time charter with a leading line operator. As a consequence, total contracted revenues have reached $6.2 billion, with a remaining time charter duration of 6.1 years. In light of the above, management is pleased to recommend to the Board of Directors to increase the quarterly dividend per share from 11.5 to 12.5 cents. 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. Moving now to the slide presentation. On the first slide, you can see our first quarter results. Adjustment 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. Management has announced the invitation to recommend a dividend increase to the board. Subject to approval, the quarterly dividend would increase from $11.5 to $12.5 per share, starting with the second quarter of 2026. Slide 4. We have concluded new building contracts for 16 containers with expected deliveries between June 4, 2027 and June 2, 2030, bringing the total number of our presses at the construction to 22. Upon delivery, each presser will commence a long-term charter with a leading land company. We have already arranged pre- and post-delivery financing for all the new buildings. Slide 5. Here we show our new building program. In total, we now have 22 verses under construction, increasing the weighted average duration of our chartered book by about two years. All our new buildings have long-term employment and signed pre- and post-delivery financing already in place. Slide six. This slide highlights the effect of the new building program on our fleet age. By 2030, the program reduces average fleet age by about 3.7 years, compared to the average percentage of our fleet had we not entered in the new bidding contracts. Slide 7. Regarding SAP activity, we have agreed to acquire two second-hand 5,600 EU capacity container ships with expected delivery in Q4-26. Upon delivery, each vessel shall commence a 42-month time charter with a leading line-up. Both acquisitions are expected to be financed through debt and cash on hand. 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 the DEU-weighted remaining time-traded duration of 6.1 years. And moving to the last slide, child rates in the Tennessee market remain at robust levels. The added fleet remains at very low levels, at 1%, indicating a fully employed market. With that, we conclude our presentation, and we can now take questions. Thank you. Operator, we can take questions now.

Thank you. As a reminder, if you would wish 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 star, then 2. That's star 1 to ask a question. As there are no further questions, I would like to pass the call over to Mr. Zicos for any closing remarks.

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

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