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Costamare releases fourth quarter results for 2023

Published by , Editorial Assistant
Dry Bulk,


Costamare Inc. has reported its unaudited financial results for the fourth quarter and year ended 31 December 2023.

Profitability and liquidity

  • FY 2023 Net Income available to common stockholders of US$354.7 million (US$2.95 per share).
  • FY 2023 Adjusted Net Income available to common stockholders of US$249.0 million (US$2.07 per share).
  • 4Q23 Net Income available to common stockholders of US$96.6 million (US$0.82 per share).
  • 4Q23 Adjusted Net Income available to common stockholders1 of US$80.0 million (US$0.68 per share).
  • 2023 Year-end liquidity of US$989.0 million.

Dry bulk operating platform

Costamare Bulkers Inc. has currently fixed a fleet of 51 dry bulk vessels on period charters, consisting of:

  • 32 newcastlemax/capesize vessels.
  • 19 kamsarmax vessels.

Majority of the fixed fleet is on index linked charter-in agreements, consisting of:

  • 26 charters for newcastlemax/capesize vessels that are index linked.
  • Nine charters for kamsarmax vessels that are index linked.

Average remaining tenor for the newcastlemax/capesize and kamsarmax chartered-in fleet of 13 and 6 months, respectively.

Lease financing platform

  • Controlling interest in Neptune Maritime Leasing Ltd.
  • Company’s current investment in Neptune Maritime Leasing Ltd of US$123.2 million.
  • Growing leasing platform, having funded 23 shipping assets as of the date of this press release, for a total amount of approximately US$250 million, on the back of what we believe is a healthy pipeline.

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Read the article online at: https://www.drybulkmagazine.com/shipping/08022024/costamare-releases-fourth-quarter-results-for-2023/

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Dry bulk shipping market