Costamare Inc. (NYSE:CMRE) Q3 2023 Earnings Call Transcript

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Gregory Zikos: Yes. Look, I cannot predict the future. I cannot tell you like whether we’re going to be doing any more buybacks in Q4 or if we do, what’s going to be the size of it, et cetera, it depends. But we bought back common, as you rightly said and not like preferred because we think that the common is definitely undervalued. However, you look at it in terms of NAV, in term of profitability. However, you look at it. We did some buybacks of preferred in the past when it was trading at $15, $16. Now it’s trading or at par or likely slightly above par, we have $150 million there to buy back. But we have been focusing on the common up to now, which does make sense. However, I cannot predict what like we’re going to be doing the next quarters. We put back in total $60 million worth of common shares. We have a program for 30 more but this program can be easily extended, we’ll see. We take it quarter-by-quarter.

Ben Nolan: Yeah. All right. I appreciate. Thank you.

Gregory Zikos: Thank you, Ben.

Operator: The next question comes from Climent Molins with Value Investors Edge. Please go ahead.

Climent Molins: Good morning. Thank you for taking my questions. I would like to start by asking…

Gregory Zikos: Good morning.

Climent Molins: Good morning. I would like to start by asking about the change in reporting. You previously provided a breakdown on a segment-by-segment basis, which was really helpful. But the aforementioned breakdown was not provided for this quarter. Should we expect this change to be permanent?

Gregory Zikos: The breakdown we had in the previous quarter was of no use at all because in any case, you can find the numbers in the 6-K filing. So I’m afraid I will have to refer you to the 6-K filing, where like you’re going to be able to see the breakdown. It didn’t provide with any value. It has made the press release longer. This is the reason we took it out.

Climent Molins: Right. Makes sense. Chris, Ben and Omar already asked about CBI, but could you provide some additional insight on how your owned dry bulk vessels performed during the quarter, for example, the TCE you realized on that side of the fleet?

Gregory Zikos: Look, the profitability of the dry bulk vessel is going to be again part of our 6-K filing. We have a mixed number of – since we have right handies [ph] We have now a couple of capes, we have panamaxes. I think overall, based on the fleet that we have, it has performed fine, it has performed well. But I don’t want to go into more detail what was the TCE of the of the handies xyz and then what was the rating of every vessel, et cetera. Most of the vessels or like all of them actually with some – with very few exceptions, they are trading on the spot market. So we do follow the index.

Climent Molins: Makes sense. Thanks for the color. That’s all from me. Thank you for taking my questions.

Gregory Zikos: Thank you.

Operator: Thank you. This concludes our question-and-answer session. I would now like to pass the floor to Mr. Zikos for his closing remarks.

Gregory Zikos: Thank you very much for dialing in, in today’s call. We are looking forward to speaking with you again in the next quarterly results call. Thank you.

Operator: Thank you. That does conclude our conference for today. Thank you all for participating. You may now disconnect your lines.

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