Costamare achieved another major goal in 2024.
The company has been one of the world’s largest independent containership companies for half a century, but in recent years it has made dynamic openings in dry bulk and shipping financing.
These investments resulted in breaking the 2.0-billion-dollar barrier in revenue at the end of last year.
In particular, the NYSE-listed shipping company ended the year with record revenue of 2.05 billion dollars, compared to 1.5 billion dollars a year earlier.
At the same time, Costamare’s adjusted profits stood at 329.6 million, up from 249 million a year earlier.
The company ended the year with liquidity of 940 million dollars and contracted revenues of 2.4 billion dollars.
“During the fourth quarter of the year, the company generated adjusted net income of approximately 82 million dollars.
Our liquidity stands at approximately 940 million after the repayment of a fixed-rate bond of approximately 100 million dollars during the year and the redemption of preferred shares of approximately 115 million dollars,” Costamare CFO Gregory Zikos said in a statement.
Regarding the containership market, Zikos noted that the crisis in the Red Sea led to ship diversions via the much longer Cape of Good Hope route.
“These diversions, combined with strong cargo demand, absorbed the additional new capacity. The commercially inactive fleet remained at low levels during 2024 and early 2025.
However, if containerships gradually return to Suez, the additional capacity, combined with new capacity entering the market, could potentially distort the supply and demand dynamics today.”
In the last quarter of last year, the company chartered 12 container ships on a forward basis with an average time charter duration of approximately two and a half years and estimated contractual revenues of close to 330 million dollars.
