Feb. 5 at 11:37 AM
$CMRE Costamare reports Q4 adjusted EPS 69c, consensus 65c
Reports Q4 revenue
$542.12M vs.
$490.52M last year. The company said, "During the fourth quarter of the year, the Company generated adjusted Net Income of about
$82 million. Our liquidity stands at around
$940 million after repaying during the year a fixed rate bond of 100 million Euro and redeeming the Series E preferred stock of approximately
$115 million. In the containership sector the Red Sea crisis led to diversions via the much longer Cape of Good Hope route. These diversions, together with strong cargo demand, absorbed the incremental new building capacity.
The commercially idle fleet remained low during 2024 and at the start of 2025. Should however liners gradually return to the Suez route, the release of tonnage, combined with new building capacity, could potentially distort the current supply and demand dynamics. During the quarter we chartered on a forward basis 12 containerships with an average time charter duration of about two and a half years and estimated contracted revenues of close to
$330 million. The containership fleet employment stands at 96% and 69% for 2025 and 2026, respectively. Total contracted revenues amount to
$2.4 billion with a remaining time charter duration of 3.4 years.
On the dry bulk market, charter rates dropped to their lowest levels of 2024 during the last quarter and have started 2025 on a similarly soft note. The easing of congestion, along with pressures in the China steel market and less grain ton-mile demand have resulted in tonnage oversupply. As per our strategy to renew the owned fleet and increase its average size during the quarter we concluded the acquisition of one Capesize and two Ultramax vessels as well as the disposal of one Handysize ship, while we have agreed to sell one Panamax vessel. CBI manages a fleet of 51 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, and we view the vessel-owning and the trading platform as highly complementary activities. Finally, with regards to Neptune Maritime Leasing, the platform continues to grow with a healthy pipeline, having total investments and commitments exceeding
$500 million."
