Costamare reports Q3 adjusted EPS 68c vs. 46c last year
The Fly

Costamare reports Q3 adjusted EPS 68c vs. 46c last year

Reports Q3 revenue $538.4M vs. $397.3M last year. Gregory Zikos, CFO of Costamare (CMRE), commented: “During the third quarter of the year, the Company generated Net Income of about $80M. As of quarter end, liquidity was above $1B. In the containership sector, with idle vessels of less than 1%, the fleet can still be considered as ‘fully employed’. The market is split between the larger sizes which remain in limited supply, and smaller vessels where the availability of tonnage is greater. As the pool of bigger tonnage is unable to meet demand, charter rates continue to evolve at firm levels. During the quarter we chartered 7 containerships at healthy levels. The new charter agreements are expected to generate incremental contracted revenues of above $165M. The containership fleet employment stands at 100% and 94% for 2024 and 2025, respectively. Total contracted revenues amount to $2.3B with a remaining time charter duration of 3.3 years. On the dry bulk side, we progress with our strategy to renew the owned fleet and increase its average size; during the quarter we agreed to acquire two 2014 and 2015 built Ultramax vessels and one 2011-built Capesize ship, while progressing with the disposal of smaller tonnage. CBI manages a fleet of 56 ships, the majority of which are on index-linked charter-in agreements. We have a long-term commitment to the sector, and we view the vessel-owning and the trading platform as highly complementary activities. Finally, with regards to Neptune Maritime Leasing, the platform continues to grow with committed funding for 32 shipping assets, reflecting total funding commitments exceeding $410M on the back of a healthy pipeline.”

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