Costamare Inc reports results for second quarter

Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:

“During the second quarter of the year, the Company generated Net Income of about US$91 million. As of quarter end, liquidity was above US$1.1 billion.

In the containership sector, continued vessel diversions around Africa and an early peak season, withhigher than expected cargo demand, have resulted in charter rates remaining on an upward trajectory against a backdrop of short supply of prompt tonnage.

During the quarter, we chartered on a forward basis seven containerships for a minimum period ofbetween 2 to 3 years. The new charter agreements are expected to generate incremental contracted revenues of above US$220 million.

The containership fleet employment stands at 100% and 88% for 2024 and 2025, respectively, and total contracted revenues amount to US$2.4 billion with a remaining time charter duration of 3.5 years.

On the dry bulk side, we progress with our strategy to renew the owned fleet and increase its average size having concluded the sale of one 2011-built Handysize and agreed the sale of one 2009-built Supramax vessel while simultaneously acquiring two 2012-built Capesize ships.

CBI, our dry bulk trading platform, is commercially managing a fleet of 54 ships, the majority of which are on index-linked charter in agreements. As mentioned in the past, we have a long-term commitment to the sector, which has been a strategic decision for us.

Finally, with regards to Neptune Maritime Leasing, the platform has been steadily growing, having currently funded 25 shipping assets for a total amount of approximately US$285 million on the back of a healthy pipeline.”

Read the article online at: https://www.drybulkmagazine.com/shipping/05082024/costamare-inc-reports-results-for-second-quarter/