NYSE-listed Costamare closed the second quarter of 2024 with liquidity totaling 1.118 billion dollars. During the same period, the company recorded net profits of 102 million dollars and revenues of 509 million dollars. Adjusted net income available to shareholders amounted to 91.4 million dollars (0.77 dollars per share).
The group has carried out a continuous expansion program, apart from the traditional fleet of containerships. It has invested in bulk carriers, developed a bulk carrier charter platform, as well as Neptune Leasing, which provides financing to third-party shipping companies.
The company has signed agreements for 100% and 88% of the net operating days of the containership fleet for 2024 and 2025, respectively.
Contracted revenue for the containership fleet stands at approximately 2.4 billion dollars with a weighted term of 3.5 years.
In the period from the first quarter until now the company has signed charter agreements for seven containerships, six of them on a forward basis, for a period ranging from 24 to 36 months and with additional contractual income of 224 million dollars.
It has also signed more than 25 charter agreements for the company’s fleet of bulk carriers.
The company owns a fleet of 68 containerships, 39 bulk carriers, while through the platform it manages a fleet of 54 ships.
According to the company’s financial director, Grigoris Zikos, “in the containership sector, the ongoing ship diversions around Africa and an early peak period, with higher than expected cargo demand, resulted in high freight rates amid a climate of undersupply.”
“On the dry bulk side, we are progressing with our strategy to renew our fleet and increase its average size, having completed the sale of a 2011 Handysize vessel and agreed the sale of a 2009 Supramax vessel, while simultaneously acquiring two Capesize ships built in 2012.
CBI, the dry bulk trading platform, commercially operates a fleet of 54 vessels, the majority of which are on index charter agreements. As we mentioned before, we have a long-term commitment to the sector, which was a strategic decision for us.
Finally, with regard to Neptune Maritime Leasing, the platform is steadily growing, having today financed 25 maritime assets totaling approximately 285 million dollars.”
