Monaco-based shipper Costamare Inc. on Monday reported profit of $148.9 million in its first quarter on revenue of $248.8 million.
On a per-share basis, the company said it had net income of $1.16. Earnings, adjusted for non-recurring gains, were 38 cents per share.
Mr Gregory Zikos, Chief Financial Officer of Costamare Inc. said: “During the first quarter of the year, the company generated Net Income of $142 million. As of quarter- end, liquidity was above $1 billion. In the containership market, charter rates are on a rising trend with high demand across the board, while fixture periods are increasing in duration. The orderbook, however, remains the principal threat to the
market.
“We have covered nearly 100 percent of our containership open days for 2023 and we have proactively arranged long term employment on a forward basis for a number of containerships coming off charter between 2023 and 2025 having secured for our fleet contracted revenues of $3.1 billion with a TEU weighted duration of four years.
“On the dry bulk side, our owned dry bulk vessels continue to trade on the spot market while the trading platform has been growing with a fleet of 51 ships already fixed under period charters. Having agreed to invest up to $200 million, our goal is to grow the dry bulk operating platform business on a prudent basis and realise healthy returns for our shareholders.
“Finally, during the quarter we became the leading investor in Neptune Maritime Leasing Limited, a growth- oriented maritime leasing platform, having agreed to invest up to $200 million. Considering current asset values, we believe the Neptune Leasing investment is a favourable employment of the company’s increased liquidity. The new venture is synergetic to the existing ship owning platform and is expected to further enhance the strong relationships built over the last decades with shipowners and commercial lenders in the ship financing sector.”
ORIGINAL SOURCE & PHOTO: Costamare
