Costamare Inc. reported unaudited financial results for the second quarter and six-month period ended June 30, 2025.
PROFITABILITY AND LIQUIDITY
- Q2 2025 Net Income from Continuing operations available to common stockholders of $99.6 million ($0.83 per share).
- Q2 2025 Adjusted Net Income from Continuing operations available to common stockholders of $92.5 million ($0.77 per share).
- Q2 2025 liquidity of $524.5 million.
CONCLUSION OF SHIPBUILDING CONTRACTS AND CHARTERING FOR FOUR 3,100 TEU CONTAINERSHIPS
- Conclusion of four newbuilding contracts with a Chinese shipyard.
- Delivery of the vessels is expected between Q2 2027 and Q4 2027.
- Upon delivery, each vessel will commence an 8-year charter with a leading liner company.
- Investment is expected to be financed with cash on hand and debt.
OWNED FLEET CHARTER UPDATE – FULLY EMPLOYED CONTAINERSHIP FLEET FOR 2025
- 100% and 75% of the containership fleet fixed for 2025 and 2026, respectively.
- Increase in contracted revenues in excess of $310 million, stemming from:
- Forward fixing of two containerships for a period ranging from 36 to 37 months, and,
- The 8-year charters for the four newbuild containerships.
- Contracted revenues for the containership fleet of approximately $2.5 billion with a TEU-weighted duration of 3.2 years.
NEW DEBT FINANCING
- Bilateral commitments, subject to final documentation, from two European financial institutions for the refinancing of four of our 14,424 TEU vessels and two of our 12,690 TEU vessels. More specifically:
- Total amount of these bilateral facilities of up to approximately $365.0 million.
- Tenor of 5 years.
- Costamare has no significant debt maturities until 2027.
LEASE FINANCING PLATFORM
- Controlling interest in Neptune Maritime Leasing Limited (“NML”).
- Company’s current investment in NML of $182.2 million, representing 91.1% of our total committed investment.
- Growing leasing platform with 47 shipping assets already funded or on a commitment status basis, representing total investments and commitments of more than $650.0 million, supported by what we believe is a healthy pipeline.
DIVIDEND ANNOUNCEMENTS
On July 1, 2025, the Company declared a dividend of $0.115 per share on the common stock, which will be paid on August 6, 2025, to holders of record of common stock as of July 21, 2025.
On July 1, 2025, the Company declared a dividend of $0.476563 per share on the Series B Preferred Stock, $0.531250 per share on the Series C Preferred Stock and $0.546875 per share on the Series D Preferred Stock, which were all paid on July 15, 2025 to holders of record as of July 14, 2025.
Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:
“During the second quarter of the year, the Company generated Net Income from Continuing operations of about $99 million.
In May, we successfully completed the spin-off of Costamare Bulkers Holdings Limited, which encompassed Costamare’s owned dry bulk fleet as well as the CBI operating platform at that time. Costamare Inc. remains the sole shareholder of the 68 containerships as well as the controlling shareholder of Neptune Maritime Leasing.
In July, we ordered four newbuild containerships from a Chinese shipyard, each one of approximately 3,100 TEU capacity. The vessels are expected to be delivered between the second and fourth quarters of 2027. Upon delivery they will commence an 8-year time charter with a first class liner company. At the same time, we chartered two 6,500 TEU containership vessels for a three-year period and on a forward basis commencing from Q1 and Q2 2026. The above transactions resulted in an increase in contracted revenues of above $310 million.
Our fleet employment stands at 100% and 75% for 2025 and 2026, respectively. Total contracted revenues amount to $2.5 billion with a remaining time charter duration of 3.2 years.
Regarding the market, with less than 1% of the fleet commercially idle, the containership fleet can be considered fully employed. Current low fixing activity is the result of low availability of prompt tonnage rather than lack of demand. Charter rates remain healthy across the board and the short supply keeps rates at robust levels.
Finally, with regards to Neptune Maritime Leasing, the growing leasing platform, 47 shipping assets have been funded or are on a commitment status basis and total investments and commitments are exceeding $650 million.”