Costamare reports second-quarter loss

Monaco-based Costamare has reported a second-quarter loss of $76.2 million, after reporting a profit in the same period a year earlier, the company reported on Tuesday, July 28. The loss, on a per-share basis, was 70 cents. Earnings, adjusted for non-recurring costs and amortisation costs, were 26 cents per share.

The shipping company posted revenue of $111.9 million in the period. Costamare shares have fallen 46% since the beginning of the year.

On July 24, 2020, Costamare accepted delivery of the 12,690 TEU containership YM Triumph, the first of a series of five vessels ordered in May 2018. On July 25, 2020, the vessel started its ten-year charter with Yang Ming. YM Triumph, as well as the other four sister vessels currently under construction have secured pre and post delivery financing, the company said.