Costamare Inc WKN A1C8A6 - 500 Beiträge pro Seite
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Meistdiskutierte Wertpapiere
| Platz | vorher | Wertpapier | Kurs | Perf. % | Anzahl | ||
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| 1. | 1. | 18.668,00 | -0,69 | 205 | |||
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ATHENS, GREECE--(Marketwire - 01/24/11) - Costamare Inc. (the "Company") (NYSE:CMRE - News), one of the world's leading owners and providers of containerships for charter, announced today that it has finalized the financing arrangements for the three newbuilding contracts which were identified in its initial public offering ("IPO") prospectus in November 2010. The containerships, each with a capacity of about 9,000 TEU, will be constructed by Shanghai Jiangnan Changxing Heavy Industry Co., Ltd. for a contract price of $95,080,000 per vessel and are scheduled to be delivered between November 2013 and January 2014.
The Company has entered into time charter agreements with MSC for the employment of each vessel immediately upon delivery, for duration of ten years at a daily charter rate of $43,000.
The Company also announced the following acquisitions:
(a) The purchase of a 2,020 TEU vessel, built in 1991, which was acquired for a price of $7,500,000. The vessel was delivered on January 7, 2011 and after its scheduled dry-docking is expected to be available to commence service in February 2011.
(b) The purchase of a 1,162 TEU vessel, built in 1995, which was acquired for a price of $8,300,000. The vessel is expected to be delivered by the end of January 2011.
(c) The purchase of a 1,504 TEU vessel, built in 1996, which was acquired for a price of $9,500,000. The vessel is expected to be delivered before the end of March 2011.
All three second hand vessels have been acquired with own funds.
Management Commentary
Konstantinos Konstantakopoulos, Chairman and Chief Executive Officer of the Company said: "We are pleased to announce the conclusion of the financing arrangements for the three new building contracts with the participation of some of the most respected Chinese and European financial institutions. These vessels are expected to contribute approximately $460 million of contracted revenues."
"At the same time we are expanding our fleet with acquisitions of second hand assets, which, based on the vessels' technical specifications and our operational track record, we expect to charter at rates comparable to those offered for younger tonnage. Over the last four months we have acquired a total of 10 vessels, with a total TEU capacity in excess of 45,000 TEUs. Our balance sheet, together with cash flow from operations and access to undrawn credit lines and bank debt, will allow us to grow significantly on a prudent basis."
About Costamare Inc.
Costamare Inc. is one of the world's leading owners and providers of containerships for charter. Costamare Inc. has 35 years of history in the international shipping industry and a fleet of 51 containerships, with a total capacity of 256,972 TEU. Costamare Inc.'s common shares trade on The New York Stock Exchange under the symbol "CMRE."
Forward-Looking Statement
This press release contains "forward-looking statements." In some cases, you can identify these statements by forward-looking words such as "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "could," and "expect" and similar expressions. These statements are not historical facts but instead represent only Costamare's belief regarding future results, many of which, by their nature, are inherently uncertain and outside of Costamare's control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in Costamare Inc.'s Registration Statement on Form F-1 (File No. 333-170033) under the caption "Risk Factors."
Contact:
Contacts:
Company Contact:
Gregory Zikos
Chief Financial Officer
Konstantinos Tsakalidis
Business Development / Investor Relations
Costamare Inc., Athens, Greece
Tel: (+30) 210-949-0000
Email: ir@costamare.com
Investor Relations Advisor/ Media Contact:
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (+1) 212-661-7566
E-mail: costamare@capitallink.com
The Company has entered into time charter agreements with MSC for the employment of each vessel immediately upon delivery, for duration of ten years at a daily charter rate of $43,000.
The Company also announced the following acquisitions:
(a) The purchase of a 2,020 TEU vessel, built in 1991, which was acquired for a price of $7,500,000. The vessel was delivered on January 7, 2011 and after its scheduled dry-docking is expected to be available to commence service in February 2011.
(b) The purchase of a 1,162 TEU vessel, built in 1995, which was acquired for a price of $8,300,000. The vessel is expected to be delivered by the end of January 2011.
(c) The purchase of a 1,504 TEU vessel, built in 1996, which was acquired for a price of $9,500,000. The vessel is expected to be delivered before the end of March 2011.
All three second hand vessels have been acquired with own funds.
Management Commentary
Konstantinos Konstantakopoulos, Chairman and Chief Executive Officer of the Company said: "We are pleased to announce the conclusion of the financing arrangements for the three new building contracts with the participation of some of the most respected Chinese and European financial institutions. These vessels are expected to contribute approximately $460 million of contracted revenues."
"At the same time we are expanding our fleet with acquisitions of second hand assets, which, based on the vessels' technical specifications and our operational track record, we expect to charter at rates comparable to those offered for younger tonnage. Over the last four months we have acquired a total of 10 vessels, with a total TEU capacity in excess of 45,000 TEUs. Our balance sheet, together with cash flow from operations and access to undrawn credit lines and bank debt, will allow us to grow significantly on a prudent basis."
About Costamare Inc.
Costamare Inc. is one of the world's leading owners and providers of containerships for charter. Costamare Inc. has 35 years of history in the international shipping industry and a fleet of 51 containerships, with a total capacity of 256,972 TEU. Costamare Inc.'s common shares trade on The New York Stock Exchange under the symbol "CMRE."
Forward-Looking Statement
This press release contains "forward-looking statements." In some cases, you can identify these statements by forward-looking words such as "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "could," and "expect" and similar expressions. These statements are not historical facts but instead represent only Costamare's belief regarding future results, many of which, by their nature, are inherently uncertain and outside of Costamare's control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in Costamare Inc.'s Registration Statement on Form F-1 (File No. 333-170033) under the caption "Risk Factors."
Contact:
Contacts:
Company Contact:
Gregory Zikos
Chief Financial Officer
Konstantinos Tsakalidis
Business Development / Investor Relations
Costamare Inc., Athens, Greece
Tel: (+30) 210-949-0000
Email: ir@costamare.com
Investor Relations Advisor/ Media Contact:
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (+1) 212-661-7566
E-mail: costamare@capitallink.com
Costamare confirms new orders are committed to MSC - Purchases ships [Print]
02 Feb 11 - Costamare Inc. today confirmed that the two 8,800-9,000 teu ships it contracted recently with Sungdong Shipbuilding (See related news) are committed to MSC for 10 years and will be delivered in end 2012. Both the contract price and the daily charter rate are similar to those agreed last September for the three 9,000 teu vessels contracted with China Shipbuilding Trading Company Limited and Shanghai Jiangnan Changxing Heavy Industry Co (i.e. around USD 95 M per ship and a charter hire of USD 43,000 per day).
Costamare expects to finance the two fresh orders by own funds and a new credit facility, without using any currently available credit lines. The two ships are identical to the four units recently ordered by MSC at Sungdong. These six ships bring to 12 the number of wide beam 9,000 teu ships committed to MSC and believed aimed at the Far East-ECSA trade, as they add to the six ships ordered last September by Costamare and Schulte Group (three ships each) (See related news). The options for six more 9,000 teu units at Shanghai Jiangnan Changxing (three for Costamare, three for Schulte Group) are believed to have lapsed.
Separately, Costamare has also purchased from the APM-Maersk Goup three 2,024 teu ships built 1991-1992, also committed to MSC, the MAERSK VERMONT, MAERSK MARYLAND and MAERSK MAINE. They are to be delivered by March 2011 and will substitute the MSC NAMIBIA, MSC SUDAN and MSC SIERRA in their respective charter party agreements. These three latter ships, aged 34-35 years, belong to the B-463 series (MSC NAMIBIA, MSC SUDAN, MSC SIERRA). These Polish-built ships were designed for the Europe-Caribbean trade in the mid-1970s, with a significant 'porthole' reefer capacity (Conair-patent), mostly operated within the 'CAROL' consortium (Caribbean Overseas Line). The 'porthole' capacity was desactivated during the early 2000s after these ships were replaced by more modern units on the Caribbean sector. They are expected to be scrapped.
02 Feb 11 - Costamare Inc. today confirmed that the two 8,800-9,000 teu ships it contracted recently with Sungdong Shipbuilding (See related news) are committed to MSC for 10 years and will be delivered in end 2012. Both the contract price and the daily charter rate are similar to those agreed last September for the three 9,000 teu vessels contracted with China Shipbuilding Trading Company Limited and Shanghai Jiangnan Changxing Heavy Industry Co (i.e. around USD 95 M per ship and a charter hire of USD 43,000 per day).
Costamare expects to finance the two fresh orders by own funds and a new credit facility, without using any currently available credit lines. The two ships are identical to the four units recently ordered by MSC at Sungdong. These six ships bring to 12 the number of wide beam 9,000 teu ships committed to MSC and believed aimed at the Far East-ECSA trade, as they add to the six ships ordered last September by Costamare and Schulte Group (three ships each) (See related news). The options for six more 9,000 teu units at Shanghai Jiangnan Changxing (three for Costamare, three for Schulte Group) are believed to have lapsed.
Separately, Costamare has also purchased from the APM-Maersk Goup three 2,024 teu ships built 1991-1992, also committed to MSC, the MAERSK VERMONT, MAERSK MARYLAND and MAERSK MAINE. They are to be delivered by March 2011 and will substitute the MSC NAMIBIA, MSC SUDAN and MSC SIERRA in their respective charter party agreements. These three latter ships, aged 34-35 years, belong to the B-463 series (MSC NAMIBIA, MSC SUDAN, MSC SIERRA). These Polish-built ships were designed for the Europe-Caribbean trade in the mid-1970s, with a significant 'porthole' reefer capacity (Conair-patent), mostly operated within the 'CAROL' consortium (Caribbean Overseas Line). The 'porthole' capacity was desactivated during the early 2000s after these ships were replaced by more modern units on the Caribbean sector. They are expected to be scrapped.
Die Aktie steigt und steigt, hat fast wöchentlich positive Neuigkeiten und keiner zeigt hier Interesse?
USD 16,85 und immer noch kein Interesse? Der Containermarkt steigt!
Press Release Source: Capital Link, Inc. On Monday March 21, 2011, 11:12 am
NEW YORK, NY--(Marketwire - 03/21/11) - Key industry executives to present at the 5th Annual Invest in International Shipping Forum. The Forum is hosted by Capital Link in cooperation with NYSE Euronext and NASDAQ OMX on Thursday, March 24, 2011 at the Metropolitan Club in New York City. For further information and to register, please visit http://forums.capitallink.com/shipping/2011newyork/index.htm…
Forum Deion
The 5th Annual Invest in International Shipping Forum is regarded as one of the most highly anticipated shipping events of the year. It gathers influential executives of U.S. and foreign listed shipping companies, financiers, analysts and other market participants to examine the volatile landscape that is shaping the global shipping community.
The Forum aims to provide investors with a comprehensive review and outlook of the global shipping marketplace. It features panel discussions, company presentations and one-on-one meetings with company management. The Forum covers industry sectors including dry bulk, tankers (products & crude oil), containers, commodities, banking and shipping, capital markets and shipping as well as the global economy and how it affects shipping markets.
INTERTANKO Delivers Keynote Address on State of the Shipping Industry
Mr. Joseph Angelo, Managing Director at INTERTANKO, will provide an outlook on the present state of the shipping industry. Introductory remarks will be by Mr. Richard du Moulin, President of Intrepid Shipping and former Chairman of INTERTANKO.
Participating Listed Shipping Companies
Executives from the following listed shipping companies will participate on panel discussions and/or company presentations:
* American Feeder Lines Holding LP (private)
* Costamare Inc. (NYSE:CMRE - News)
* Danaos Corporation (NYSE
AC - News)
* Excel Maritime Carriers Ltd (NYSE:EXM - News)
* Euroseas Ltd (NASDAQ:ESEA - News)
* General Maritime Corporation (NYSE:GMR - News)
* Globus Maritime Limited (NASDAQ:GLBS - News)
* Navios Maritime Holdings (NYSE:NM - News)
* Navios Maritime Partners L.P. (NYSE:NMM - News)
* Paragon Shipping Inc. (NYSE:PRGN - News)
* Safe Bulkers Inc. (NYSE:SB - News)
* Seanergy Maritime Holdings Corp. (NASDAQ:SHIP - News)
* Star Bulk Carriers Corp. (NASDAQ:SBLK - News)
* TBS International (NASDAQ:TBSI - News)
* TORM A/S (NASDAQ:TRMD - News)
* Tsakos Energy Navigation Ltd (NYSE:TNP - News)
Participating Banks / Other Organizations
* ABN AMRO
* Bank of America Merrill Lynch
* Citi
* DVB Bank
* Goldman Sachs
* HSH Nordbank
* Jefferies
* Knight Capital Americas, L.P. (NYSE:KCG - News)
* Morgan Stanley
* Wells Fargo Securities, LLC
* Fried, Frank, Harris, Shriver & Jacobson LLP
* Morgan, Lewis & Bockius LLP
* Seward & Kissel LLP
* Watson, Farley & Williams LLP
* Heidmar, Inc
* Koenig & Cie
* Poten & Partners
* PwC
* Germanischer Lloyd (GL)
* GMS
* International Registries, Inc
Sector Panels and Presentations
The Forum features sector panels and presentations as listed below:
Sector Panels
* Containers
* Dry Bulk
* Tankers (Crude and Product)
* Capturing Opportunities Across Shipping Markets to Maximize Shareholder Value
* Emerging Economies and their Impact on Shipping
* Analyst Panel - Investor Attitudes and Market Outlook
* Shipping and Bank Financing
* Private Equity and Shipping
* Are Capital Markets Open to Shipping? Is there Room / Need for more IPOs?
* Shipping and the Bond Markets
Presentations
* Global Economy, Commodities and Energy
* Regulation and Shipping
* Potential Business Impact of Regulatory Accounting Changes to the Shipping Industry
* Valuation Disparities Between Public and Private Markets
* Investment Opportunities in Ship Recycling
Sponsors & Media Partners
ABN AMRO and Tsakos Energy Navigation, Ltd (NYSE:TNP - News) are the Global Lead Sponsors of the Forum. Global Gold Sponsors are Knight Capital Americas, L.P. (NYSE:KCG - News) and DVB Bank, while PwC and International Registries, Inc. are the Global Silver Sponsors.
Corporate Sponsors include American Feeder Lines, Bank of America Merrill Lynch, Chinsay, Citi, Costamare Inc. (NYSE:CMRE - News), Danaos Corporation (NYSEAC - News), Euroseas Ltd (NASDAQ:ESEA - News), Excel Maritime Carriers Ltd (NYSE:EXM - News), Future Care, Fried, Frank, Harris, Shriver & Jacobson LLP, Germanischer Lloyd, Globus Maritime Limited (NASDAQ:GLBS - News), GMS, Goldman Sachs, HSH Nordbank, Jefferies, Morgan, Lewis & Bockius LLP, Morgan Stanley, Navios Maritime Holdings (NYSE:NM - News), Paragon Shipping Inc. (NYSE:PRGN - News), Safe Bulkers Inc. (NYSE:SB - News), Seanergy Maritime Holdings Corp. (NASDAQ:SHIP - News), Seward & Kissel LLP, Star Bulk Carriers Corp. (NASDAQ:SBLK - News), TBS International (NASDAQ:TBSI - News), Q88.com, Veson Nautical, Watson, Farley & Williams LLP and Wells Fargo Securities.
Veson Nautical is the Breakfast Sponsor, while Tsakos Energy Navigation, Ltd (NYSE:TNP - News) is the Sponsor for the Networking Cocktail Reception.
International Media Partners are Barron's, Lloyd's List, The Maritime Executive, Seeking Alpha, Ship to Shore, TradeWinds and Worldoils.
For further information and to register, please visit
http://forums.capitallink.com/shipping/2011newyork/index.htm…
About Capital Link, Inc.
Capital Link is a New York-based Advisory, Investor Relations and Financial Communications firm. Among other activities, Capital Link has made a strategic commitment to the shipping industry becoming the largest provider of Investor Relations and Financial Communications services to international shipping companies listed on the US and European Exchanges. Capital Link's headquarters are in New York with a presence in London and Athens. Capital Link is a member of the Baltic Exchange.
Contact:
Contact
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue - Suite 1536
New York, N.Y. 10169
Tel. (212) 661-7566
Fax (212) 661-7526
E-mail: forum@capitallink.com
http://www.capitallinkshipping.com
http://www.capitallink.com
Follow Yahoo! Finance on Twitter; become a fan
NEW YORK, NY--(Marketwire - 03/21/11) - Key industry executives to present at the 5th Annual Invest in International Shipping Forum. The Forum is hosted by Capital Link in cooperation with NYSE Euronext and NASDAQ OMX on Thursday, March 24, 2011 at the Metropolitan Club in New York City. For further information and to register, please visit http://forums.capitallink.com/shipping/2011newyork/index.htm…
Forum Deion
The 5th Annual Invest in International Shipping Forum is regarded as one of the most highly anticipated shipping events of the year. It gathers influential executives of U.S. and foreign listed shipping companies, financiers, analysts and other market participants to examine the volatile landscape that is shaping the global shipping community.
The Forum aims to provide investors with a comprehensive review and outlook of the global shipping marketplace. It features panel discussions, company presentations and one-on-one meetings with company management. The Forum covers industry sectors including dry bulk, tankers (products & crude oil), containers, commodities, banking and shipping, capital markets and shipping as well as the global economy and how it affects shipping markets.
INTERTANKO Delivers Keynote Address on State of the Shipping Industry
Mr. Joseph Angelo, Managing Director at INTERTANKO, will provide an outlook on the present state of the shipping industry. Introductory remarks will be by Mr. Richard du Moulin, President of Intrepid Shipping and former Chairman of INTERTANKO.
Participating Listed Shipping Companies
Executives from the following listed shipping companies will participate on panel discussions and/or company presentations:
* American Feeder Lines Holding LP (private)
* Costamare Inc. (NYSE:CMRE - News)
* Danaos Corporation (NYSE
AC - News)* Excel Maritime Carriers Ltd (NYSE:EXM - News)
* Euroseas Ltd (NASDAQ:ESEA - News)
* General Maritime Corporation (NYSE:GMR - News)
* Globus Maritime Limited (NASDAQ:GLBS - News)
* Navios Maritime Holdings (NYSE:NM - News)
* Navios Maritime Partners L.P. (NYSE:NMM - News)
* Paragon Shipping Inc. (NYSE:PRGN - News)
* Safe Bulkers Inc. (NYSE:SB - News)
* Seanergy Maritime Holdings Corp. (NASDAQ:SHIP - News)
* Star Bulk Carriers Corp. (NASDAQ:SBLK - News)
* TBS International (NASDAQ:TBSI - News)
* TORM A/S (NASDAQ:TRMD - News)
* Tsakos Energy Navigation Ltd (NYSE:TNP - News)
Participating Banks / Other Organizations
* ABN AMRO
* Bank of America Merrill Lynch
* Citi
* DVB Bank
* Goldman Sachs
* HSH Nordbank
* Jefferies
* Knight Capital Americas, L.P. (NYSE:KCG - News)
* Morgan Stanley
* Wells Fargo Securities, LLC
* Fried, Frank, Harris, Shriver & Jacobson LLP
* Morgan, Lewis & Bockius LLP
* Seward & Kissel LLP
* Watson, Farley & Williams LLP
* Heidmar, Inc
* Koenig & Cie
* Poten & Partners
* PwC
* Germanischer Lloyd (GL)
* GMS
* International Registries, Inc
Sector Panels and Presentations
The Forum features sector panels and presentations as listed below:
Sector Panels
* Containers
* Dry Bulk
* Tankers (Crude and Product)
* Capturing Opportunities Across Shipping Markets to Maximize Shareholder Value
* Emerging Economies and their Impact on Shipping
* Analyst Panel - Investor Attitudes and Market Outlook
* Shipping and Bank Financing
* Private Equity and Shipping
* Are Capital Markets Open to Shipping? Is there Room / Need for more IPOs?
* Shipping and the Bond Markets
Presentations
* Global Economy, Commodities and Energy
* Regulation and Shipping
* Potential Business Impact of Regulatory Accounting Changes to the Shipping Industry
* Valuation Disparities Between Public and Private Markets
* Investment Opportunities in Ship Recycling
Sponsors & Media Partners
ABN AMRO and Tsakos Energy Navigation, Ltd (NYSE:TNP - News) are the Global Lead Sponsors of the Forum. Global Gold Sponsors are Knight Capital Americas, L.P. (NYSE:KCG - News) and DVB Bank, while PwC and International Registries, Inc. are the Global Silver Sponsors.
Corporate Sponsors include American Feeder Lines, Bank of America Merrill Lynch, Chinsay, Citi, Costamare Inc. (NYSE:CMRE - News), Danaos Corporation (NYSE
AC - News), Euroseas Ltd (NASDAQ:ESEA - News), Excel Maritime Carriers Ltd (NYSE:EXM - News), Future Care, Fried, Frank, Harris, Shriver & Jacobson LLP, Germanischer Lloyd, Globus Maritime Limited (NASDAQ:GLBS - News), GMS, Goldman Sachs, HSH Nordbank, Jefferies, Morgan, Lewis & Bockius LLP, Morgan Stanley, Navios Maritime Holdings (NYSE:NM - News), Paragon Shipping Inc. (NYSE:PRGN - News), Safe Bulkers Inc. (NYSE:SB - News), Seanergy Maritime Holdings Corp. (NASDAQ:SHIP - News), Seward & Kissel LLP, Star Bulk Carriers Corp. (NASDAQ:SBLK - News), TBS International (NASDAQ:TBSI - News), Q88.com, Veson Nautical, Watson, Farley & Williams LLP and Wells Fargo Securities.Veson Nautical is the Breakfast Sponsor, while Tsakos Energy Navigation, Ltd (NYSE:TNP - News) is the Sponsor for the Networking Cocktail Reception.
International Media Partners are Barron's, Lloyd's List, The Maritime Executive, Seeking Alpha, Ship to Shore, TradeWinds and Worldoils.
For further information and to register, please visit
http://forums.capitallink.com/shipping/2011newyork/index.htm…
About Capital Link, Inc.
Capital Link is a New York-based Advisory, Investor Relations and Financial Communications firm. Among other activities, Capital Link has made a strategic commitment to the shipping industry becoming the largest provider of Investor Relations and Financial Communications services to international shipping companies listed on the US and European Exchanges. Capital Link's headquarters are in New York with a presence in London and Athens. Capital Link is a member of the Baltic Exchange.
Contact:
Contact
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue - Suite 1536
New York, N.Y. 10169
Tel. (212) 661-7566
Fax (212) 661-7526
E-mail: forum@capitallink.com
http://www.capitallinkshipping.com
http://www.capitallink.com
Follow Yahoo! Finance on Twitter; become a fan
Trading Spotlight
Smooth Seas for 5 Container Ship Chartering Companies
7 comments | by: J. Bruun March 25, 2011 | about: CMRE, DAC, GSL, SSW
If you want pure exposure to the container ship chartering space there are few direct ways to get this. Today, since I've finished analyzing Danaos (DAC), I'm ready with a comparative analysis of the five companies I follow in this space.
Valuation methodology
As I have previously written, the companies have very stable cash flow as they enter into long term agreements 8 - 15 years, hedge their interest exposure and have few operational costs. I therefore think a discounted cash flow model/maximum dividend model is the most appropriate. For more details on how I have valued each company see here.
Seaspan (SSW)
Fair price: 26, upside from yesterday's close: 57%
Average ship age when fleet is fully built: 2.5 years
Average outstanding charter agreements: 10 years
Average ship size when fleet is fully built: 6159
Seaspan is my top pick. It has a very strong management and has recently entered into an exiting partnership that will help it acquire ships at favourable rates. It currently stands to acquire up to 20 additional 10.000 TEU ships. It can do this because its cash flow and financial position is so strong that its net debt to ship value is rapidly falling. It is the one that varies the least in value when varying the discount and TC rates. It is finally increasing its dividend rapidly.
Costamare (CMRE)
Fair price: 18-20, upside from yesterday's close: 8-20%
Average ship age when fleet is fully built: 9.75 years
Average outstanding charter agreements: 6.3 years
Average ship size when fleet is fully built: 5400
Of the companies listed in the U.S., Costamare has the highest dividend yield. Costamare has the least leverage of the group and the dividend is very safe. It has the oldest ships, meaning it is the one that varies the most with how prices develop for older second hand tonnage. I must admit I properly overstated the second hand value of CMRE large ships in my prior article. These are hard to price as most transactions take place in small ships and new buildings. On the other hand I think second hand values are set to rise as they seem too low relative to the current TC rates.
Global Ship Lease (GSL)
Fair price: 7.35, upside from yesterday's close: 10%
Average ship age when fleet is fully built: 5.2 years
Average outstanding charter agreements: 8.9 years
Average ship size when fleet is fully built: 3937
GSL has been the top performer off its lows. It is about to issue either shares and/or preferred perpetuals/similar and then reinstate the dividend. I really don't know how this transaction is going to pan out so I will stay away from GSL for now. GSL has a very active and good message board on yahoo so I encourage readers to have a look at that. GSL currently has its entire fleet chartered to CMA CGM but I expect it will bring in ZIM for two vessels in December.
Rickmers Maritime, Listed in Singapore
Fair price: 0.65 USD, upside from yesterday's close: 111%
Average ship age when fleet is fully built: 3.5 years
Average outstanding charter agreements: 5.1 years
Average ship size when fleet is fully built: 4151
RM is my top pick on a valuation basis. It pays a very high dividend of 8% and is set to raise this once it feels confident it no longer needs its covenant waivers. The share is not too liquid and has very little volatility. It doesn't move with a high correlation with the rest of the space. I can't really explain this. Some think the under valuation is because of its low market cap. For the patient investor/retirement account I think it is a must. All ships are of the same size. It has a rather short duration on its outstanding charters.
Danaos (DAC)
Fair price: 6.85 USD, upside from yesterday's close: 38%
Average ship age when fleet is fully built: 5.1 years
Average outstanding charter agreements: 9.0 years
Average ship size when fleet is fully built: 5580
Danaos is the most leveraged of the five companies and therefore varies the most with changes to the discount rate and changes in the TC rates. Also it is not particularly liquid. It has quite long average charter agreements but also 11 ships that come up for renewal in 2011. This will be very interesting to follow. If you are uncomfortable with the CEO of DRYS then you should stay away from DAC as he owns 10 % of the company.
Each of the 5 companies above offer some upside (moderate to high) to their current price. I hope I have given you an idea how to pick among them depending on what you are looking for. Most of the financial stress is gone in the sector and TC rates are steadily rising. The order book relative to the fleet has been reduced significantly and owners are now so optimistic that they are ordering new ships again - the risk is that it will be too many.
7 comments | by: J. Bruun March 25, 2011 | about: CMRE, DAC, GSL, SSW
If you want pure exposure to the container ship chartering space there are few direct ways to get this. Today, since I've finished analyzing Danaos (DAC), I'm ready with a comparative analysis of the five companies I follow in this space.
Valuation methodology
As I have previously written, the companies have very stable cash flow as they enter into long term agreements 8 - 15 years, hedge their interest exposure and have few operational costs. I therefore think a discounted cash flow model/maximum dividend model is the most appropriate. For more details on how I have valued each company see here.
Seaspan (SSW)
Fair price: 26, upside from yesterday's close: 57%
Average ship age when fleet is fully built: 2.5 years
Average outstanding charter agreements: 10 years
Average ship size when fleet is fully built: 6159
Seaspan is my top pick. It has a very strong management and has recently entered into an exiting partnership that will help it acquire ships at favourable rates. It currently stands to acquire up to 20 additional 10.000 TEU ships. It can do this because its cash flow and financial position is so strong that its net debt to ship value is rapidly falling. It is the one that varies the least in value when varying the discount and TC rates. It is finally increasing its dividend rapidly.
Costamare (CMRE)
Fair price: 18-20, upside from yesterday's close: 8-20%
Average ship age when fleet is fully built: 9.75 years
Average outstanding charter agreements: 6.3 years
Average ship size when fleet is fully built: 5400
Of the companies listed in the U.S., Costamare has the highest dividend yield. Costamare has the least leverage of the group and the dividend is very safe. It has the oldest ships, meaning it is the one that varies the most with how prices develop for older second hand tonnage. I must admit I properly overstated the second hand value of CMRE large ships in my prior article. These are hard to price as most transactions take place in small ships and new buildings. On the other hand I think second hand values are set to rise as they seem too low relative to the current TC rates.
Global Ship Lease (GSL)
Fair price: 7.35, upside from yesterday's close: 10%
Average ship age when fleet is fully built: 5.2 years
Average outstanding charter agreements: 8.9 years
Average ship size when fleet is fully built: 3937
GSL has been the top performer off its lows. It is about to issue either shares and/or preferred perpetuals/similar and then reinstate the dividend. I really don't know how this transaction is going to pan out so I will stay away from GSL for now. GSL has a very active and good message board on yahoo so I encourage readers to have a look at that. GSL currently has its entire fleet chartered to CMA CGM but I expect it will bring in ZIM for two vessels in December.
Rickmers Maritime, Listed in Singapore
Fair price: 0.65 USD, upside from yesterday's close: 111%
Average ship age when fleet is fully built: 3.5 years
Average outstanding charter agreements: 5.1 years
Average ship size when fleet is fully built: 4151
RM is my top pick on a valuation basis. It pays a very high dividend of 8% and is set to raise this once it feels confident it no longer needs its covenant waivers. The share is not too liquid and has very little volatility. It doesn't move with a high correlation with the rest of the space. I can't really explain this. Some think the under valuation is because of its low market cap. For the patient investor/retirement account I think it is a must. All ships are of the same size. It has a rather short duration on its outstanding charters.
Danaos (DAC)
Fair price: 6.85 USD, upside from yesterday's close: 38%
Average ship age when fleet is fully built: 5.1 years
Average outstanding charter agreements: 9.0 years
Average ship size when fleet is fully built: 5580
Danaos is the most leveraged of the five companies and therefore varies the most with changes to the discount rate and changes in the TC rates. Also it is not particularly liquid. It has quite long average charter agreements but also 11 ships that come up for renewal in 2011. This will be very interesting to follow. If you are uncomfortable with the CEO of DRYS then you should stay away from DAC as he owns 10 % of the company.
Each of the 5 companies above offer some upside (moderate to high) to their current price. I hope I have given you an idea how to pick among them depending on what you are looking for. Most of the financial stress is gone in the sector and TC rates are steadily rising. The order book relative to the fleet has been reduced significantly and owners are now so optimistic that they are ordering new ships again - the risk is that it will be too many.
USD 17,40 und immer noch kein Interesse? Der Containermarkt steigt!
"Seeking Alpha" schreibt:
Costamare Inc. (CMRE): Shipping Industry. Market cap of $1.03B. Dividend Yield: 5.84%. The stock is currently trading 0.42% above its 20-day MA, 0.08% above its 50-day MA, and 14.13% above its 200-day MA. Target price at $22.67 vs. current price at $17.12 (implies a potential upside of 32.42%).
http://seekingalpha.com/article/273485-15-rallying-high-yiel…
Costamare Inc. (CMRE): Shipping Industry. Market cap of $1.03B. Dividend Yield: 5.84%. The stock is currently trading 0.42% above its 20-day MA, 0.08% above its 50-day MA, and 14.13% above its 200-day MA. Target price at $22.67 vs. current price at $17.12 (implies a potential upside of 32.42%).
http://seekingalpha.com/article/273485-15-rallying-high-yiel…
CMA CGM hat die Raten erhöht. Bin in Costamare mal eingestiegen, finde den Titel für 13 USD recht günstig.
Ups, nun steht Costamare bei 15.03 USD
Da sich meiner unmaßgeblichen Meinung nach der Containerschiffmarkt allerspätestens 2014 wieder erholen sollte, halte ich u.a.diese sehr gut aufgestellte Gesellschaft für weiterhin kaufenswert. Bei einer Markterholung sind hier neben den laufenden Dividenden noch zwischen 50-150% auf diese Sicht drin.
Da sich meiner unmaßgeblichen Meinung nach der Containerschiffmarkt allerspätestens 2014 wieder erholen sollte, halte ich u.a.diese sehr gut aufgestellte Gesellschaft für weiterhin kaufenswert. Bei einer Markterholung sind hier neben den laufenden Dividenden noch zwischen 50-150% auf diese Sicht drin.
Gestern kam ein "böses" IPO- 7 Mio neue Titel zu 14 USD.
Der Kurs ist daraufhin natürlich erstmal gefallen. Kurzfristig unerfreulich, langfristig sehr interessant. Mit den 98Mio USD Brutto können die jetzt billig neue Schiffe kaufen ohne den Verschuldungsgrad zu erhöhen. Ausserdem kauft die Familie 700k Papiere. Für mich eine gute Gelegenheit nochmal günstig an Stücke zu kommen.
Der Kurs ist daraufhin natürlich erstmal gefallen. Kurzfristig unerfreulich, langfristig sehr interessant. Mit den 98Mio USD Brutto können die jetzt billig neue Schiffe kaufen ohne den Verschuldungsgrad zu erhöhen. Ausserdem kauft die Familie 700k Papiere. Für mich eine gute Gelegenheit nochmal günstig an Stücke zu kommen.
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