Monaco-based Costamare Inc. on Wednesday, November 1, reported earnings of $61.1 million in its third quarter.

On a per-share basis, the company said it had net income of 45 cents. Earnings, adjusted for non-recurring costs, came to 46 cents per share. The shipping company posted revenue of $400.4 million in the period.

Mr Gregory Zikos, Chief Financial Officer of Costamare Inc., commented: “During the third quarter of the year, the company generated Net Income of about $53 million. As of quarter end, liquidity was close to $1 billion.

“In the containership sector, larger ships continue to enjoy a tight market, while smaller vessels experience deteriorating conditions. Overall, the market outlook remains uncertain due to the large orderbook and insufficient vessel demolition.

“On the dry bulk side, as part of our strategy to renew the fleet and increase its average size, we acquired one ultramax and two capesize vessels and at the same time we disposed of two older supramax vessels.

“Our owned dry bulk vessels continue to trade on a spot basis while the trading platform has grown to a fleet of 59 ships. Having invested $200 million in the dry bulk operating platform, we are committed long term to the sector whose fundamentals we view positively.”