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Costamare's (CMRE) CFO Gregory Zikos on Q1 2018 Results - Earnings Call Transcript

May 02, 2018 12:45 PM ETCostamare Inc. (CMRE)1 Comment
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Costamare Inc. (NYSE:CMRE) Q1 2018 Earnings Conference Call May 3, 2018 8:30 AM ET


Gregory Zikos - CFO


Noah Parquette - JP Morgan

Ben Nolan - Stifel

Michael Webber - Wells Fargo Securities

Donald McLee - Berenberg

Max Scherzer - Morgan Stanley


Thank you for standing by, ladies and gentleman, and welcome to the Costamare, Inc. Conference Call on the First Quarter 2018 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. [Operator Instructions] I must advise you that this conference is being recorded today, Wednesday, May 2, 2018.

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.

Gregory Zikos

Thank you and good morning, ladies and gentlemen. During the first quarter of the year, the market continued with a positive momentum across the board with larger vessels capturing most of the upswing. During the same period the company delivered profitable results.

On April 27th, we accepted delivery of the containership vessel Polar Brasil, which is the second of the two 3,800 TEU newbuildings ordered together with our partners York. Upon delivery, the vessel commenced its seven-year time charter to Maersk line. In April, we acquired the 2008 built, 1,300 TEU sister containerships [meeting current rate]. These acquisitions were funded with available cash.

On the chartering side, we chartered in total 16 ships since last quarter and today we have no ships laid up. Finally, on the dividends, we declared our 30th consecutive quarterly dividend since going

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