After a refinancing of loan [ds_preview]facility and despite a loss-making last quarter and a decrease of net income in the full year, New York-listed shipowner Costamare and its CFO Gergory Zikos are looking for new asset acquisitions.
The Chief Financial Officer evaluates the fourth quarter of the container ship owner as »solid«, having chartered in total 8 ships opening. »As mentioned in the past, our goal is to strengthen the Company and enhance long term shareholder value. At the same time we are actively looking at new transactions in a distressed asset value environment«, Zikos said. Regarding the dividend and the Dividend Reinvestment Plan currently in place, members of the founding family have again decided to reinvest in full the fourth quarter cash dividends.
The balance sheet was influenced by the refinancing of a loan facility, which was originally expiring in 2018. »Under the new agreement, the balloon payment of US $30 million due in 2018, has been extended to be amortized over a three year period until 2021«, Zikos added.
The refinancing was finalized in December 2016, and the credit facility was secured with the 2006-built, 9,469TEU containership »Cosco Guangzhou«. The new $32 million facility entered into with an unnamed European financial institution, will be payable in variable installments over five years starting from 2017.
For the threemonth period ended on December 31, Costamare reported a net loss of 11 mill. $, after the same period of 2015 ended with a net income of 38 mill. $. The adjusted net result for the full year 2016 was 115 mill. $, which is 11,7 % below the result of 2015.
The owner of charter tonnage deploys a fleet of 70 containerships, with a total capacity of approximately 459,000 TEU, including six newbuild containerships to be delivered. Eighteen of the vessels, including six newbuilds on order, have been acquired pursuant to the Framework Deed with York Capital Management by vessel-owning joint venture entities in which Costamare holds a minority equity interest.
