Costamare Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2024
Costamare Inc. (NYSE: CMRE) reported its Q4 and full-year 2024 financial results. The company achieved FY 2024 Net Income of $290.7 million ($2.44 per share) and Adjusted Net Income of $329.7 million ($2.76 per share). For Q4 2024, Net Income was $29.7 million ($0.25 per share) with Adjusted Net Income of $82.3 million ($0.69 per share).
The company maintains strong liquidity of $941.6 million and has secured its containership fleet with 96% and 69% fixed charter rates for 2025 and 2026, respectively. Contracted revenues for the containership fleet amount to $2.4 billion with a 3.4-year duration. Recent activities include forward fixing 12 containerships, generating incremental revenues of $332.6 million, and completing multiple vessel transactions including the acquisition of three dry bulk vessels and the sale of one vessel.
The company has also concluded refinancing of 36 dry bulk vessels through four bilateral term loan facilities totaling $339.3 million and prepaid €100 million in unsecured bonds.
Costamare Inc. (NYSE: CMRE) ha riportato i risultati finanziari per il quarto trimestre e per l'intero anno 2024. L'azienda ha registrato un utile netto per l'anno fiscale 2024 di $290.7 milioni ($2.44 per azione) e un utile netto rettificato di $329.7 milioni ($2.76 per azione). Per il quarto trimestre 2024, l'utile netto è stato di $29.7 milioni ($0.25 per azione) con un utile netto rettificato di $82.3 milioni ($0.69 per azione).
L'azienda mantiene una solida liquidità di $941.6 milioni e ha assicurato la propria flotta di portacontainer con tariffe di noleggio fisse del 96% e del 69% per il 2025 e il 2026, rispettivamente. I ricavi contrattati per la flotta di portacontainer ammontano a $2.4 miliardi con una durata di 3.4 anni. Le attività recenti includono il fissaggio anticipato di 12 portacontainer, generando ricavi incrementali di $332.6 milioni, e il completamento di più transazioni navali, tra cui l'acquisizione di tre navi per carichi secchi e la vendita di una nave.
L'azienda ha inoltre concluso il rifinanziamento di 36 navi per carichi secchi attraverso quattro linee di prestito bilaterali, per un totale di $339.3 milioni, e ha rimborsato anticipatamente €100 milioni in obbligazioni non garantite.
Costamare Inc. (NYSE: CMRE) informó sus resultados financieros del cuarto trimestre y del año completo 2024. La empresa logró un ingreso neto para el año fiscal 2024 de $290.7 millones ($2.44 por acción) y un ingreso neto ajustado de $329.7 millones ($2.76 por acción). Para el cuarto trimestre de 2024, el ingreso neto fue de $29.7 millones ($0.25 por acción) con un ingreso neto ajustado de $82.3 millones ($0.69 por acción).
La empresa mantiene una sólida liquidez de $941.6 millones y ha asegurado su flota de buques portacontenedores con tasas de flete fijas del 96% y del 69% para 2025 y 2026, respectivamente. Los ingresos contratados para la flota de buques portacontenedores ascienden a $2.4 mil millones con una duración de 3.4 años. Las actividades recientes incluyen el aseguramiento anticipado de 12 buques portacontenedores, generando ingresos incrementales de $332.6 millones y la finalización de múltiples transacciones de embarcaciones, incluida la adquisición de tres buques de carga seca y la venta de un buque.
La empresa también ha concluido el refinanciamiento de 36 buques de carga seca a través de cuatro facilidades de préstamos bilaterales que totalizan $339.3 millones y ha amortizado anticipadamente €100 millones en bonos no garantizados.
Costamare Inc. (NYSE: CMRE)는 2024년 4분기 및 연간 재무 결과를 발표했습니다. 이 회사는 2024 회계연도에 2억 9070만 달러($2.44 주당)의 순이익과 3억 2970만 달러($2.76 주당)의 조정 순이익을 달성했습니다. 2024년 4분기 동안 순이익은 2970만 달러($0.25 주당)였으며 조정 순이익은 8230만 달러($0.69 주당)였습니다.
회사는 9억 4160만 달러의 강력한 유동성을 유지하고 있으며, 2025년과 2026년을 위해 각각 96%와 69%의 고정 차터 요율로 화물선 함대를 확보했습니다. 화물선 함대의 계약 수익은 24억 달러에 달하며, 계약 기간은 3.4년입니다. 최근 활동에는 12척의 화물선을 사전 고정하여 3억 3260만 달러의 추가 수익을 창출하고, 세 척의 건화물선 인수 및 한 척의 선박 매각을 포함한 여러 선박 거래를 완료한 것도 포함됩니다.
회사는 또한 3억 3930만 달러의 네 개의 양자간 기한 대출 시설을 통해 36척의 건화물선 재정리도 완료했으며, 1억 유로의 무담보 채권을 조기 상환했습니다.
Costamare Inc. (NYSE: CMRE) a annoncé ses résultats financiers du quatrième trimestre et de l'année complète 2024. L'entreprise a réalisé un bénéfice net pour l'exercice 2024 de 290,7 millions de dollars (2,44 dollars par action) et un bénéfice net ajusté de 329,7 millions de dollars (2,76 dollars par action). Pour le quatrième trimestre 2024, le bénéfice net était de 29,7 millions de dollars (0,25 dollar par action) avec un bénéfice net ajusté de 82,3 millions de dollars (0,69 dollar par action).
L'entreprise maintient une solide liquidité de 941,6 millions de dollars et a sécurisé sa flotte de porte-conteneurs avec des taux de charter fixes de 96 % et 69 % pour 2025 et 2026, respectivement. Les revenus contractés de la flotte de porte-conteneurs s'élèvent à 2,4 milliards de dollars avec une durée de 3,4 ans. Les activités récentes incluent la fixation anticipée de 12 porte-conteneurs, générant des revenus supplémentaires de 332,6 millions de dollars, et la réalisation de multiples transactions navales, y compris l'acquisition de trois navires de charge sèche et la vente d'un navire.
L'entreprise a également conclu le refinancement de 36 navires de charge sèche par le biais de quatre facilités de prêt bilatérales totalisant 339,3 millions de dollars et a remboursé par anticipation 100 millions d'euros d'obligations non sécurisées.
Costamare Inc. (NYSE: CMRE) hat die finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 bekannt gegeben. Das Unternehmen verzeichnete für das Geschäftsjahr 2024 einen Nettogewinn von 290,7 Millionen USD (2,44 USD pro Aktie) und einen bereinigten Nettogewinn von 329,7 Millionen USD (2,76 USD pro Aktie). Im vierten Quartal 2024 betrug der Nettogewinn 29,7 Millionen USD (0,25 USD pro Aktie) bei einem bereinigten Nettogewinn von 82,3 Millionen USD (0,69 USD pro Aktie).
Das Unternehmen verfügt über eine starke Liquidität von 941,6 Millionen USD und hat seine Containerschiffsflotte für 2025 und 2026 zu jeweils 96% und 69% festen Charterraten gesichert. Die vertraglichen Einnahmen aus der Containerschiffsflotte belaufen sich auf 2,4 Milliarden USD mit einer Laufzeit von 3,4 Jahren. Zu den jüngsten Aktivitäten gehört die frühzeitige Fixierung von 12 Containerschiffen, die zusätzliche Einnahmen von 332,6 Millionen USD generiert, sowie der Abschluss mehrerer Schiffsverträge, einschließlich der Übernahme von drei Schüttgutfrachtern und dem Verkauf eines Schiffes.
Das Unternehmen hat auch die Refinanzierung von 36 Schüttgutfrachtern über vier bilaterale Darlehensfazilitäten mit insgesamt 339,3 Millionen USD abgeschlossen und 100 Millionen Euro an unbesicherten Anleihen vorzeitig zurückgezahlt.
- Strong liquidity position of $941.6 million
- 96% of containership fleet secured for 2025
- Contracted revenues of $2.4 billion for containership fleet
- FY 2024 Adjusted Net Income of $329.7 million ($2.76 per share)
- New charter agreements generating $332.6 million in incremental revenues
- Q4 2024 Net Income declined to $29.7 million from $96.6 million in Q4 2023
- Total voyage revenue decreased 9.6% to $443.2 million in Q4 2024
- Soft market conditions in dry bulk sector with charter rates at lowest levels
- Potential market disruption if vessels return to Suez route
Insights
Costamare's Q4 2024 results demonstrate strategic adaptability in challenging market conditions. The 10.5% increase in total voyage revenue to
Three key strategic elements stand out:
- Containership Portfolio Strength: Securing
$332.6 million in new contracts with 96% fleet utilization for 2025 provides exceptional revenue visibility and downside protection - Debt Optimization: The refinancing of 36 dry bulk vessels through
$339.3 million in facilities with 5+ year terms and improved costs significantly enhances financial flexibility - Market Adaptation: The expansion of index-linked charter agreements for bulk carriers (42 out of 51 vessels) demonstrates prudent risk management in volatile market conditions
The company's proactive fleet renewal strategy, evidenced by three strategic bulk vessel acquisitions and selective disposals, positions it well for market recovery. The growing lease financing platform, with
MONACO, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported unaudited financial results for the fourth quarter (“Q4 2024”) and year ended December 31, 2024.
I. PROFITABILITY AND LIQUIDITY
- FY 2024 Net Income available to common stockholders of
$290.7 million ($2.44 per share). - FY 2024 Adjusted Net Income available to common stockholders1 of
$329.7 million ($2.76 per share). - Q4 2024 Net Income available to common stockholders of
$29.7 million ($0.25 per share). - Q4 2024 Adjusted Net Income available to common stockholders1 of
$82.3 million ($0.69 per share). - Liquidity of
$941.6 million 2.
II. OWNED FLEET CHARTER UPDATE3 - FULLY EMPLOYED CONTAINERSHIP FLEET FOR 2025
- Forward fixing of 12 containerships for a period ranging from 16 to 38 months with incremental revenues of
$332.6 million since the Q3 2024 earnings release. 96% and69% of the containership fleet4 fixed for 2025 and 2026, respectively.- Contracted revenues for the containership fleet of approximately
$2.4 billion with a TEU-weighted duration of 3.4 years5. - Entered into more than 50 chartering agreements for the owned dry bulk fleet since Q3 2024 earnings release.
III. SALE AND PURCHASE ACTIVITY
Vessel Acquisitions
- Conclusion of the acquisition of:
- the 2011-built, 179,546 DWT capacity dry bulk vessel, Magnes (ex. Nord Magnes).
- the 2014-built, 61,090 DWT capacity dry bulk vessel, Alwine (ex. Alwine Oldendorff).
- the 2015-built, 61,090 DWT capacity dry bulk vessel, August (ex. August Oldendorff).
Vessel Disposals
- Conclusion of the sale of the 2012-built, 37,019 DWT capacity dry bulk vessel, Discovery generating net sale proceeds after debt prepayment of
$7.7 million . - Agreement for the sale of the 2008-built, 76,619 DWT capacity dry bulk vessel, Rose (expected conclusion of the sale within Q1 – Q2 2025). Estimated net sale proceeds after debt prepayment of
$4.1 million .
IV. NEW DEBT FINANCING / PREPAYMENT OF UNSECURED BONDS
- Conclusion of refinancing/ financing of 36 dry bulk vessels through four bilateral term loan facilities with European financial institutions. More specifically:
- Total drawn amounts:
$339.3 million . - No increase in leverage with respect to the refinancings.
- Repayment tenor of at least 5 years.
- Improvement of funding cost.
- Total drawn amounts:
- No significant debt maturities until 2027.
- Conclusion of the full prepayment with cash on hand of
€100 million aggregate principal amount of unsecured bonds issued by our wholly owned subsidiary, Costamare Participations Plc. - Secured
$100 million hunting license agreement with a European financial institution.
V. DRY BULK OPERATING PLATFORM
- Costamare Bulkers Inc. (“CBI”) has currently fixed a fleet of 51 dry bulk vessels on period charters, consisting of:
- 36 Newcastlemax/ Capesize vessels.
- 15 Kamsarmax vessels.
- Majority of the fixed fleet is on index linked charter-in agreements, consisting of:
- 32 charters for Newcastlemax/ Capesize vessels that are index linked.
- 10 charters for Kamsarmax vessels that are index linked.
- Average remaining tenor for the Newcastlemax/ Capesize and Kamsarmax chartered-in fleet of 13 and 14 months, respectively.
VI. LEASE FINANCING PLATFORM
- Controlling interest in Neptune Maritime Leasing Limited (“NML”).
- Company’s current investment in NML of
$123.3 million . - Growing leasing platform, currently funding or committed to funding 37 shipping assets as of the date of this press release, representing a total investment of approximately
$505.7 million , on the back of what we believe is a healthy pipeline.
VII. DIVIDEND ANNOUNCEMENTS – SHARE REPURCHASE PROGRAM
- On January 2, 2025, the Company declared a dividend of
$0.11 5 per share on the common stock, which is payable on February 6, 2025, to holders of record of common stock as of January 21, 2025. - On January 2, 2025, the Company declared a dividend of
$0.47 6563 per share on the Series B Preferred Stock,$0.53 1250 per share on the Series C Preferred Stock and$0.54 6875 per share on the Series D Preferred Stock, which were all paid on January 15, 2025 to holders of record as of January 14, 2025.
_________________________________
1 Adjusted Net Income available to common stockholders and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare’s financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I.
2 Including margin deposits relating to our forward freight agreements (“FFAs”) and bunker swaps of
3 Please refer to the Containership Fleet List table for additional information on vessel employment details for our containership fleet.
4 Calculated on a TEU basis.
5 As of February 4, 2025.
Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:
“During the fourth quarter of the year, the Company generated adjusted Net Income of about
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
The containership fleet employment stands at
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
| Financial Summary | ||||||||||||
| Year ended December 31, | Three-month period ended December 31, | |||||||||||
| (Expressed in thousands of U.S. dollars, except share and per share data) | 2023 | 2024 | 2023 | 2024 | ||||||||
| Voyage revenue | ||||||||||||
| Voyage revenue – related parties | - | - | ||||||||||
| Total voyage revenue | ||||||||||||
| Accrued charter revenue (1) | ||||||||||||
| Amortization of time-charter assumed | ||||||||||||
| Total voyage revenue adjusted on a cash basis (2) | ||||||||||||
| Income from investments in leaseback vessels | ||||||||||||
| Adjusted Net Income available to common stockholders (3) | ||||||||||||
| Weighted Average number of shares | 120,299,172 | 119,299,405 | 118,042,187 | 119,805,639 | ||||||||
| Adjusted Earnings per share (3) | ||||||||||||
| Net Income | ||||||||||||
| Net Income available to common stockholders | ||||||||||||
| Weighted Average number of shares | 120,299,172 | 119,299,405 | 118,042,187 | 119,805,639 | ||||||||
| Earnings per share | ||||||||||||
(1) Accrued charter revenue represents the difference between cash received during the period and revenue recognized on a straight-line basis. In the early years of a charter with escalating charter rates, voyage revenue will exceed cash received during the period and during the last years of such charter cash received will exceed revenue recognized on a straight-line basis. The reverse is true for charters with descending rates.
(2) Total voyage revenue adjusted on a cash basis represents Voyage revenue after adjusting for non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates. However, Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. GAAP. We believe that the presentation of Total voyage revenue adjusted on a cash basis is useful to investors because it presents the charter revenue for the relevant period based on the then current daily charter rates. The increases or decreases in daily charter rates under our charter party agreements of our fleet are described in the notes to the “Fleet List” tables below.
(3) Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are non-GAAP measures. Refer to the reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share.
Non-GAAP Measures
The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the three-month periods and the years ended December 31, 2024 and 2023. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue or net income as determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income available to common stockholders and (iii) Adjusted Earnings per Share.
Exhibit I
Reconciliation of Net Income to Adjusted Net Income available to common stockholders and Adjusted Earnings per Share
| Year ended December 31, | Three-month period ended December 31, | ||||||||||
| (Expressed in thousands of U.S. dollars, except share and per share data) | 2023 | 2024 | 2023 | 2024 | |||||||
| Net Income | $ | 381,019 | $ | 316,334 | $ | 104,675 | $ | 31,916 | |||
| Earnings allocated to Preferred Stock | (31,068) | (23,796) | (7,767) | (5,230) | |||||||
| Deemed dividend of Series E Preferred Stock | - | (5,446) | - | - | |||||||
| Non-Controlling Interest | 4,730 | 3,585 | (322) | 3,056 | |||||||
| Net Income available to common stockholders | 354,681 | 290,677 | 96,586 | 29,742 | |||||||
| Accrued charter revenue | 3,293 | (6,781) | (1,222) | (3,754) | |||||||
| Deferred charter-in expense | - | 89 | - | (211) | |||||||
| General and administrative expenses - non-cash component | 5,850 | 8,427 | 1,556 | 1,919 | |||||||
| Amortization of time-charter assumed | (197) | (625) | (56) | (242) | |||||||
| Realized (gain) /loss on Euro/USD forward contracts (1) | (729) | (687) | (193) | 100 | |||||||
| Vessels’ impairment loss | 434 | - | 205 | - | |||||||
| (Gain) / Loss on sale of vessels, net | (112,220) | (3,788) | 971 | (440) | |||||||
| Loss on vessels held for sale | 2,305 | - | 2,305 | - | |||||||
| (Gain) / Loss on sale of vessels, net, by jointly owned companies with York Capital included in equity gain on investments (1) | 493 | - | - | - | |||||||
| Non-recurring, non-cash write-off of loan deferred financing costs | 1,484 | 1,809 | 45 | 1,404 | |||||||
| (Gain) / Loss on derivative instruments, excluding realized (gain) / loss on derivative instruments (1) | (4,801) | 36,753 | (18,629) | 53,137 | |||||||
| Other non-cash items | (1,587) | 3,776 | (1,587) | 647 | |||||||
| Adjusted Net Income available to common stockholders | $ | 249,006 | $ | 329,650 | $ | 79,981 | $ | 82,302 | |||
| Adjusted Earnings per Share | $ | 2.07 | $ | 2.76 | $ | 0.68 | $ | 0.69 | |||
| Weighted average number of shares | 120,299,172 | 119,299,405 | 118,042,187 | 119,805,639 | |||||||
Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after earnings allocated to preferred stock, deemed dividend of Series E Preferred Stock and Non-Controlling Interest, but before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, deferred charter-in expense, amortization of time-charter assumed, loss on vessels held for sale, vessels’ impairment loss, realized (gain)/loss on Euro/USD forward contracts, (gain)/loss on sale of vessels, net, (gain)/loss on sale of vessels, net, by jointly owned companies with York Capital included in equity gain on investments, non-recurring, non-cash write-off of loan deferred financing costs, general and administrative expenses - non-cash component, (gain)/loss on derivative instruments, excluding realized (gain)/loss on derivative instruments and other non-cash items. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share generally eliminates the effects of the accounting effects of capital expenditures and acquisitions, certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income available to common stockholders and Adjusted Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
(1) Items to consider for comparability include gains and charges. Gains positively impacting Net Income available to common stockholders are reflected as deductions to Adjusted Net Income available to common stockholders. Charges negatively impacting Net Income available to common stockholders are reflected as increases to Adjusted Net Income available to common stockholders.
Results of Operations
Three-month period ended December 31, 2024 compared to the three-month period ended December 31, 2023
During the three-month periods ended December 31, 2024 and 2023, we had an average of 104.7 and 111.6 vessels, respectively, in our owned fleet. In addition, during the three-month periods ended December 31, 2024 and 2023, through our dry bulk operating platform Costamare Bulkers Inc. (“CBI”) we chartered-in an average of 66.4 and 63.3 third party dry bulk vessels, respectively. As of February 4, 2025, CBI charters-in 51 dry bulk vessels on period charters.
During the three-month period ended December 31, 2024, we took delivery of the secondhand dry bulk vessels Magnes, Alwine and August with an aggregate DWT of 301,726 and we sold the dry bulk vessel Discovery with a DWT of 37,019.
During the three-month period ended December 31, 2023, we sold the dry bulk vessels Peace, Pride and Cetus with an aggregate DWT of 143,941 and the container vessel Oakland with a TEU capacity of 4,890.
Furthermore, during the three-month period ended December 31, 2023, we acquired the
As of December 31, 2024, we have invested in NML the amount of
In the three-month periods ended December 31, 2024 and 2023, our fleet ownership days totaled 9,633 and 10,267 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.
Consolidated Financial Results and Vessels’ Operational Data
| (Expressed in millions of U.S. dollars, except percentages) | Three-month period ended December 31, | Change | Percentage Change | |||||||
| 2023 | 2024 | |||||||||
| Voyage revenue | $ | 490.5 | $ | 443.2 | $ | (47.3) | ( | |||
| Voyage revenue – related parties | - | 99.0 | 99.0 | n.m. | ||||||
| Total voyage revenue | $ | 490.5 | $ | 542.2 | 51.7 | |||||
| Income from investments in leaseback vessels | 4.3 | 6.3 | 2.0 | |||||||
| Voyage expenses | (90.0) | (93.3) | 3.3 | |||||||
| Charter-in hire expenses | (166.3) | (185.1) | 18.8 | |||||||
| Voyage expenses – related parties | (3.7) | (6.9) | 3.2 | |||||||
| Vessels’ operating expenses | (64.0) | (59.7) | (4.3) | ( | ||||||
| General and administrative expenses | (3.9) | (6.3) | 2.4 | |||||||
| Management and agency fees – related parties | (12.3) | (14.0) | 1.7 | |||||||
| General and administrative expenses - non-cash component | (1.5) | (1.9) | 0.4 | |||||||
| Amortization of dry-docking and special survey costs | (5.3) | (6.3) | 1.0 | |||||||
| Depreciation | (41.8) | (41.7) | (0.1) | ( | ||||||
| Gain on sale of vessels, net | (1.0) | 0.4 | 1.4 | n.m. | ||||||
| Loss on vessels held for sale | (2.3) | - | (2.3) | n.m. | ||||||
| Vessel’s impairment loss | (0.2) | - | (0.2) | n.m. | ||||||
| Foreign exchange gains / (losses) | 3.9 | (6.4) | (10.3) | n.m. | ||||||
| Interest income | 6.9 | 7.0 | 0.1 | |||||||
| Interest and finance costs | (34.4) | (33.2) | (1.2) | ( | ||||||
| Income / (loss) from equity method investments | 0.1 | - | (0.1) | n.m. | ||||||
| Other | 1.2 | 0.5 | (0.7) | ( | ||||||
| Gain /(loss) on derivative instruments, net | 24.5 | (69.7) | (94.2) | n.m. | ||||||
| Net Income | $ | 104.7 | $ | 31.9 | ||||||
| (Expressed in millions of U.S. dollars, except percentages) | Three-month period ended December 31, | Change | Percentage Change | |||||||
| 2023 | 2024 | |||||||||
| Total voyage revenue | $ | 490.5 | $ | 542.2 | $ | 51.7 | ||||
| Accrued charter revenue | (1.2) | (3.8) | (2.6) | n.m | ||||||
| Amortization of time-charter assumed | (0.1) | (0.2) | (0.1) | ( | ||||||
| Total voyage revenue adjusted on a cash basis (1) | $ | 489.2 | $ | 538.2 | $ | 49.0 | ||||
| Vessels’ operational data | Three-month period ended December 31, | Percentage Change | ||||||||
| 2023 | 2024 | Change | ||||||||
| Average number of vessels | 111.6 | 104.7 | (6.9) | ( | ||||||
| Ownership days | 10,267 | 9,633 | (634) | ( | ||||||
| Number of vessels under dry-docking and special survey | 7 | 3 | (4) | |||||||
(1) Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Refer to “Consolidated Financial Results and Vessels’ Operational Data” above for the reconciliation of Total voyage revenue adjusted on a cash basis.
Total Voyage Revenue
Total voyage revenue increased by
Total voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”) increased by
Income from investments in leaseback vessels
Income from investments in leaseback vessels was
Voyage Expenses
Voyage expenses were
Charter-in Hire Expenses
Charter-in hire expenses were
Voyage Expenses – related parties
Voyage expenses – related parties were
Vessels’ Operating Expenses
Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were
General and Administrative Expenses
General and administrative expenses were
Management and Agency Fees – related parties
Management fees charged by our related party managers were
General and Administrative Expenses - non-cash component
General and administrative expenses - non-cash component for the three-month period ended December 31, 2024 amounted to
Amortization of Dry-Docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs was
Depreciation
Depreciation expense for the three-month periods ended December 31, 2024 and 2023 was
Gain on Sale of Vessels, net
During the three-month period ended December 31, 2024, we recorded a gain of
Loss on Vessels Held for Sale
We did not record any loss on any vessels held for sale during the three-month period ended December 31, 2024. During the three-month period ended December 31, 2023, we recorded a loss on vessels held for sale of
Vessel’s Impairment Loss
During the three-month period ended December 31, 2024, no impairment loss was recorded. During the three-month period ended December 31, 2023, we recorded an impairment loss in relation to one of our dry bulk vessels in the amount of
Interest Income
Interest income amounted to
Interest and Finance Costs
Interest and finance costs were
Income / (Loss) from Equity Method Investments
Income/(loss) from equity method investments for the three-month period ended December 31, 2024, was nil (compared to income of
Gain / (loss) on Derivative Instruments, net
As of December 31, 2024, we hold derivative financial instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in “Other Comprehensive Income” (“OCI”). The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income.
As of December 31, 2024, the fair value of these instruments, in aggregate, amounted to a net liability of
Cash Flows
Three-month periods ended December 31, 2024 and 2023
| Condensed cash flows | Three-month period ended December 31, | |||||||
| (Expressed in millions of U.S. dollars) | 2023 | 2024 | ||||||
| Net Cash Provided by Operating Activities | $ | 152.9 | $ | 128.9 | ||||
| Net Cash Used in Investing Activities | $ | (33.3 | ) | $ | (70.7 | ) | ||
| Net Cash Used in Financing Activities | $ | (101.0 | ) | $ | (157.0 | ) | ||
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the three-month period ended December 31, 2024, decreased by
Net Cash Used in Investing Activities
Net cash used in investing activities was
Net cash used in investing activities was
Net Cash Used in Financing Activities
Net cash used in financing activities was
Net cash used in financing activities was
Results of Operations
Year ended December 31, 2024 compared to the year ended December 31, 2023
During the years ended December 31, 2024 and 2023, we had an average of 105.6 and 111.4 vessels, respectively, in our owned fleet. In addition, during the years ended December 31, 2024 and 2023, through CBI we chartered-in an average of 62.3 and 43.1 third-party dry bulk vessels, respectively. As of February 4, 2025, CBI has chartered-in 51 dry bulk vessels on period charters.
During the year ended December 31, 2024, we took delivery of the secondhand dry bulk vessels Miracle, Prosper, Frontier, Magnes, Alwine and August with an aggregate DWT of 843,679 and we sold the dry bulk vessels Manzanillo, Progress, Konstantinos, Merida, Alliance, Pegasus, Adventure, Oracle, Titan I and Discovery with an aggregate DWT capacity of 433,033.
During the year ended December 31, 2023, we (i) sold our
In addition, during the year ended December 31, 2023, we acquired the secondhand dry bulk vessels Enna, Dorado and Arya with an aggregate DWT of 417,241 and we sold the container vessels Maersk Kalamata, Sealand Washington and Oakland with an aggregate TEU capacity of 18,182 and the dry bulk vessels Miner, Taibo, Comity, Peace, Pride and Cetus with an aggregate DWT of 248,655.
As of December 31, 2024, we have invested in NML the amount of
In the years ended December 31, 2024 and 2023, our fleet ownership days totaled 38,661 and 40,652 days, respectively. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.
Consolidated Financial Results and Vessels’ Operational Data
| (Expressed in millions of U.S. dollars, except percentages) | Year ended December 31, | Change | Percentage Change | |||||||
| 2023 | 2024 | |||||||||
| Voyage revenue | $ | 1,502.5 | $ | 1,849.9 | $ | 347.4 | ||||
| Voyage revenue – related parties | - | 210.1 | 210.1 | n.m. | ||||||
| Total voyage revenue | 1,502.5 | 2,060.0 | 557.5 | |||||||
| Income from investments in leaseback vessels | 8.9 | 23.9 | 15.0 | |||||||
| Voyage expenses | (275.9) | (371.1) | 95.2 | |||||||
| Charter-in hire expenses | (340.9) | (706.6) | 365.7 | |||||||
| Voyage expenses – related parties | (14.0) | (21.6) | 7.6 | |||||||
| Vessels’ operating expenses | (258.1) | (240.2) | (17.9) | ( | ||||||
| General and administrative expenses | (18.4) | (25.0) | 6.6 | |||||||
| Management and agency fees – related parties | (56.3) | (59.3) | 3.0 | |||||||
| General and administrative expenses – non-cash component | (5.8) | (8.4) | 2.6 | |||||||
| Amortization of dry-docking and special survey costs | (19.8) | (23.6) | 3.8 | |||||||
| Depreciation | (166.3) | (164.2) | (2.1) | ( | ||||||
| Gain on sale of vessels, net | 112.2 | 3.8 | (108.4) | ( | ||||||
| Loss on vessels held for sale | (2.3) | - | (2.3) | n.m. | ||||||
| Vessels’ impairment loss | (0.4) | - | (0.4) | n.m. | ||||||
| Foreign exchange gains / (losses) | 2.6 | (5.4) | (8.0) | n.m. | ||||||
| Interest income | 32.4 | 33.2 | 0.8 | |||||||
| Interest and finance costs | (144.4) | (133.1) | (11.3) | ( | ||||||
| Income from equity method investments | 0.8 | - | (0.8) | n.m. | ||||||
| Other | 6.9 | 2.8 | (4.1) | ( | ||||||
| Gain /(Loss) on derivative instruments, net | 17.3 | (48.9) | (66.2) | n.m. | ||||||
| Net Income | $ | 381.0 | $ | 316.3 | ||||||
| (Expressed in millions of U.S. dollars, except percentages) | Year ended December 31, | Change | Percentage Change | |||||||
| 2023 | 2024 | |||||||||
| Total voyage revenue | $ | 1,502.5 | $ | 2,060.0 | $ | 557.5 | ||||
| Accrued charter revenue | 3.3 | (6.8) | (10.1) | n.m. | ||||||
| Amortization of time-charter assumed | (0.2) | (0.6) | (0.4) | n.m. | ||||||
| Total voyage revenue adjusted on a cash basis (1) | $ | 1,505.6 | $ | 2,052.6 | $ | 547.0 | ||||
| Vessels’ operational data | Year ended December 31, | Change | Percentage Change | |||||||
| 2023 | 2024 | |||||||||
| Average number of vessels | 111.4 | 105.6 | (5.8) | ( | ||||||
| Ownership days | 40,652 | 38,661 | (1,991) | ( | ||||||
| Number of vessels under dry-docking and special survey | 25 | 12 | (13) | |||||||
(1) Total voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles (“GAAP”). Refer to “Consolidated Financial Results and Vessels’ Operational Data” above for the reconciliation of Total voyage revenue adjusted on a cash basis.
Total Voyage Revenue
Total voyage revenue increased by
Total voyage revenue adjusted on a cash basis (which eliminates non-cash “Accrued charter revenue”) increased by
Income from investments in leaseback vessels
Income from investments in leaseback vessels was
Voyage Expenses
Voyage expenses were
Charter-in Hire Expenses
Charter-in hire expenses were
Voyage Expenses – related parties
Voyage expenses – related parties were
Vessels’ Operating Expenses
Vessels’ operating expenses, which also include the realized gain/(loss) under derivative contracts entered into in relation to foreign currency exposure, were
General and Administrative Expenses
General and administrative expenses were
Management and Agency Fees – related parties
Management fees charged by our related party managers were
General and Administrative Expenses – non-cash component
General and administrative expenses - non-cash component for the year ended December 31, 2024 amounted to
Amortization of Dry-Docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs was
Depreciation
Depreciation expense for the years ended December 31, 2024 and 2023 was
Gain on Sale of Vessels, net
During the year ended December 31, 2024, we recorded a net gain of
Loss on Vessels Held for Sale
We did not record any loss on any vessels held for sale during the year ended December 31, 2024. During the year ended December 31, 2023, we recorded a loss on vessels held for sale of
Vessels’ Impairment Loss
During the year ended December 31, 2024, no impairment loss was recorded. During the year ended December 31, 2023, we recorded an impairment loss in relation to two of our dry bulk vessels in the amount of
Interest Income
Interest income amounted to
Interest and Finance Costs
Interest and finance costs were
Income /(Loss) from Equity Method Investments
Income/(loss) from equity method investments for the year ended December 31, 2024, was nil (income of
Gain / (loss) on Derivative Instruments, net
As of December 31, 2024, we hold derivative financial instruments that qualify for hedge accounting and derivative financial instruments that do not qualify for hedge accounting. The change in the fair value of each derivative instrument that qualifies for hedge accounting is recorded in “Other Comprehensive Income” (“OCI”). The change in the fair value of each derivative instrument that does not qualify for hedge accounting is recorded in the consolidated statements of income.
As of December 31, 2024, the fair value of these instruments, in aggregate, amounted to a net liability of
Cash Flows
Years ended December 31, 2024 and 2023
| Condensed cash flows | Year ended December 31, | |||||||
| (Expressed in millions of U.S. dollars) | 2023 | 2024 | ||||||
| Net Cash Provided by Operating Activities | $ | 331.4 | $ | 537.7 | ||||
| Net Cash Provided by / (Used in) Investing Activities | $ | 79.1 | $ | (79.5 | ) | |||
| Net Cash Used in Financing Activities | $ | (396.8 | ) | $ | (505.5 | ) | ||
Net Cash Provided by Operating Activities
Net cash flows provided by operating activities for the year ended December 31, 2024, increased by
Net Cash Provided by / (Used in) Investing Activities
Net cash used in investing activities was
Net cash provided by investing activities was
Net Cash Used in Financing Activities
Net cash used in financing activities was
Net cash used in financing activities was
Liquidity and Unencumbered Vessels
Cash and cash equivalents
As of December 31, 2024, we had Cash and cash equivalents (including restricted cash) of
Debt-free vessels
As of February 4, 2025, the following vessels were free of debt.
| Unencumbered Vessels (Refer to Fleet list for full details) | ||||||||
| Vessel Name | Year Built | TEU / DWT Capacity | ||||||
| Containerships | ||||||||
| KURE | 1996 | 7,403 | ||||||
| MAERSK KOWLOON | 2005 | 7,471 | ||||||
| ETOILE | 2005 | 2,556 | ||||||
| MICHIGAN | 2008 | 1,300 | ||||||
| ARKADIA | 2001 | 1,550 | ||||||
| Dry Bulk Vessels | ||||||||
| ALWINE | 2014 | 61,090 | ||||||
| AUGUST | 2015 | 61,090 | ||||||
Conference Call details:
On February 5, 2025 at 8:30 a.m. EST, Costamare’s management team will hold a conference call to discuss the financial results. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-844-887-9405 (from the US), 0808-238-9064 (from the UK) or +1-412-317-9258 (from outside the US and the UK). Please quote “Costamare”. A replay of the conference call will be available until February 12, 2025. The United States replay number is +1-877-344-7529; the standard international replay number is +1-412-317-0088; and the access code required for the replay is: 6127066.
Live webcast:
There will also be a simultaneous live webcast over the Internet, through the Costamare Inc. website (www.costamare.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About Costamare Inc.
Costamare Inc. is one of the world’s leading owners and providers of containerships and dry bulk vessels for charter. The Company has 51 years of history in the international shipping industry and a fleet of 68 containerships, with a total capacity of approximately 513,000 TEU and 38 dry bulk vessels with a total capacity of approximately 3,016,000 DWT (including one vessel we have agreed to sell). The Company also has a dry bulk operating platform which charters in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions. The Company participates in a leasing business that provides financing to third-party owners. The Company’s common stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock trade on the New York Stock Exchange under the symbols “CMRE”, “CMRE PR B”, “CMRE PR C” and “CMRE PR D”, respectively.
Forward-Looking Statements
This earnings release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and similar expressions. These statements are not historical facts but instead represent only Costamare’s belief regarding future results, many of which, by their nature, are inherently uncertain and outside of Costamare’s control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 20-F (File No. 001-34934) under the caption “Risk Factors”.
Company Contacts:
Gregory Zikos – Chief Financial Officer
Konstantinos Tsakalidis – Business Development
Costamare Inc., Monaco
Tel: (+377) 93 25 09 40
Email: ir@costamare.com
Containership Fleet List
The table below provides additional information, as of February 4, 2025, about our fleet of containerships, and those vessels subject to sale and leaseback agreements. Each vessel is a cellular containership, meaning it is a dedicated container vessel.
| Vessel Name | Charterer | Year Built | Capacity (TEU) | Current Daily Charter Rate(1) (U.S. dollars) | Expiration of Charter(2) | |
| 1 | TRITON | Evergreen | 2016 | 14,424 | (*) | March 2026 |
| 2 | TITAN(i) | Evergreen | 2016 | 14,424 | (*) | April 2026 |
| 3 | TALOS(i) | Evergreen | 2016 | 14,424 | (*) | July 2026 |
| 4 | TAURUS(i) | Evergreen | 2016 | 14,424 | (*) | August 2026 |
| 5 | THESEUS(i) | Evergreen | 2016 | 14,424 | (*) | August 2026 |
| 6 | YM TRIUMPH(i) | Yang Ming | 2020 | 12,690 | (*) | May 2030 |
| 7 | YM TRUTH(i) | Yang Ming | 2020 | 12,690 | (*) | May 2030 |
| 8 | YM TOTALITY(i) | Yang Ming | 2020 | 12,690 | (*) | July 2030 |
| 9 | YM TARGET(i) | Yang Ming | 2021 | 12,690 | (*) | November 2030 |
| 10 | YM TIPTOP(i) | Yang Ming | 2021 | 12,690 | (*) | March 2031 |
| 11 | CAPE AKRITAS | MSC | 2016 | 11,010 | 33,000 | August 2031 |
| 12 | CAPE TAINARO | MSC | 2017 | 11,010 | 33,000 | April 2031 |
| 13 | CAPE KORTIA | MSC | 2017 | 11,010 | 33,000 | August 2031 |
| 14 | CAPE SOUNIO | MSC | 2017 | 11,010 | 33,000 | April 2031 |
| 15 | CAPE ARTEMISIO | Hapag Lloyd/(*) | 2017 | 11,010 | 36,650/(*) | March 2030(3) |
| 16 | ZIM SHANGHAI | ZIM/(*) | 2006 | 9,469 | 72,700/(*) | May 2028(4) |
| 17 | YANTIAN I (ex. ZIM YANTIAN) | ZIM/(*) | 2006 | 9,469 | 72,700/(*) | April 2028(5) |
| 18 | YANTIAN | COSCO/(*) | 2006 | 9,469 | (*)/(*) | May 2028(6) |
| 19 | COSCO HELLAS | COSCO/(*) | 2006 | 9,469 | (*)/(*) | August 2028(7) |
| 20 | BEIJING | COSCO/(*) | 2006 | 9,469 | (*)/(*) | July 2028(8) |
| 21 | MSC AZOV | MSC/(*) | 2014 | 9,403 | 35,300/(*) | December 2029(9) |
| 22 | MSC AMALFI | MSC | 2014 | 9,403 | 35,300 | March 2027 |
| 23 | MSC AJACCIO | MSC | 2014 | 9,403 | 35,300 | February 2027 |
| 24 | MSC ATHENS | MSC/(*) | 2013 | 8,827 | 35,300/(*) | January 2029(10) |
| 25 | MSC ATHOS | MSC/(*) | 2013 | 8,827 | 35,300/(*) | February 2029(11) |
| 26 | VALOR | Hapag Lloyd/(*) | 2013 | 8,827 | 32,400/(*) | April 2030(12) |
| 27 | VALUE | Hapag Lloyd/(*) | 2013 | 8,827 | 32,400/(*) | April 2030(13) |
| 28 | VALIANT | Hapag Lloyd/(*) | 2013 | 8,827 | 32,400/(*) | June 2030(14) |
| 29 | VALENCE | Hapag Lloyd/(*) | 2013 | 8,827 | 32,400/(*) | July 2030(15) |
| 30 | VANTAGE | Hapag Lloyd/(*) | 2013 | 8,827 | 32,400/(*) | September 2030(16) |
| 31 | NAVARINO | MSC/(*) | 2010 | 8,531 | 31,000/(*) | March 2029(17) |
| 32 | KLEVEN | MSC/(*) | 1996 | 8,044 | 41,500/(*) | April 2028(18) |
| 33 | KOTKA | MSC/(*) | 1996 | 8,044 | 41,500/(*) | September 2028(19) |
| 34 | MAERSK KOWLOON | Maersk | 2005 | 7,471 | 18,500 | October 2025 |
| 35 | KURE | MSC/(*) | 1996 | 7,403 | 41,500/(*) | August 2028(20) |
| 36 | METHONI | Maersk | 2003 | 6,724 | 47,453 | August 2026 |
| 37 | PORTO CHELI | Maersk | 2001 | 6,712 | 30,075 | June 2026 |
| 38 | TAMPA I | ZIM/(*) | 2000 | 6,648 | 45,000/(*) | July 2025 / June 2028(21) |
| 39 | ZIM VIETNAM | ZIM | 2003 | 6,644 | 38,500 | December 2028(22) |
| 40 | ZIM AMERICA | ZIM | 2003 | 6,644 | 38,500 | December 2028 (23) |
| 41 | ARIES | (*) | 2004 | 6,492 | 58,500 | March 2026 |
| 42 | ARGUS | (*) | 2004 | 6,492 | 58,500 | April 2026 |
| 43 | PORTO KAGIO | Maersk | 2002 | 5,908 | 28,822 | June 2026 |
| 44 | GLEN CANYON | ZIM/(*) | 2006 | 5,642 | 62,500/(*) | June 2025/ April 2028(24) |
| 45 | PORTO GERMENO | Maersk | 2002 | 5,570 | 28,822 | June 2026 |
| 46 | LEONIDIO | Maersk | 2014 | 4,957 | 18,018 | October 2026 |
| 47 | KYPARISSIA | Maersk | 2014 | 4,957 | 18,118 | October 2026 |
| 48 | MEGALOPOLIS | Maersk | 2013 | 4,957 | 14,043 | July 2025(25) |
| 49 | MARATHOPOLIS | Maersk | 2013 | 4,957 | 14,044 | July 2025(25) |
| 50 | GIALOVA | (*) | 2009 | 4,578 | (*) | March 2026 |
| 51 | DYROS | Maersk | 2008 | 4,578 | 35,500 | April 2027(26) |
| 52 | NORFOLK | (*)/(*) | 2009 | 4,259 | (*)/(*) | March 2028(27) |
| 53 | VULPECULA | ZIM | 2010 | 4,258 | Please refer to note 28 | May 2028(28) |
| 54 | VOLANS | (*) | 2010 | 4,258 | (*) | July 2027 |
| 55 | VIRGO | Maersk | 2009 | 4,258 | 35,500 | April 2027(29) |
| 56 | VELA | ZIM | 2009 | 4,258 | Please refer to note 30 | April 2028(30) |
| 57 | ANDROUSA | (*) | 2010 | 4,256 | (*) | March 2026 |
| 58 | NEOKASTRO | CMA CGM | 2011 | 4,178 | 39,000 | February 2027 |
| 59 | ULSAN | Maersk | 2002 | 4,132 | 34,730 | January 2026 |
| 60 | POLAR BRASIL (i) | Maersk | 2018 | 3,800 | 21,000 | March 2026(31) |
| 61 | LAKONIA | COSCO | 2004 | 2,586 | 23,500 | February 2027(32) |
| 62 | SCORPIUS | Hapag Lloyd | 2007 | 2,572 | 16,500 | February 2026 |
| 63 | ETOILE | (*)/(*) | 2005 | 2,556 | (*)/(*) | July 2028(33) |
| 64 | AREOPOLIS | COSCO | 2000 | 2,474 | 23,500 | March 2027(34) |
| 65 | ARKADIA | Swire Shipping | 2001 | 1,550 | 13,000 | March 2025 |
| 66 | MICHIGAN | (*)/(*) | 2008 | 1,300 | (*)/(*) | October 2027(35) |
| 67 | TRADER | (*)/(*) | 2008 | 1,300 | (*)/(*) | October 2028(36) |
| 68 | LUEBECK | (*)/(*) | 2001 | 1,078 | (*)/(*) | April 2028 (37) |
| (1) | Daily charter rates are gross, unless stated otherwise. Amounts set out for current daily charter rate are the amounts contained in the charter contracts. | |
| (2) | Charter terms and expiration dates are based on the earliest date charters (unless otherwise noted) could expire. | |
| (3) | Cape Artemisio is currently chartered to Hapag Lloyd at a daily rate of | |
| (4) | Zim Shanghai is currently chartered to ZIM at a daily rate of | |
| (5) | Yantian I (ex. Zim Yantian) is currently chartered to ZIM at a daily rate of | |
| (6) | Yantian is currently chartered to COSCO at an undisclosed rate until May 1, 2026, at the earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26 months at an undisclosed rate. | |
| (7) | Cosco Hellas is currently chartered to COSCO at an undisclosed rate until August 1, 2026, at the earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26 months at an undisclosed rate. | |
| (8) | Beijing is currently chartered to COSCO at an undisclosed rate until July 1, 2026, at the earliest. Following the aforementioned date, the vessel will be employed with a leading liner company for a period of 24 to 26 months at an undisclosed rate. | |
| (9) | MSC Azov is currently chartered to MSC at a daily rate of | |
| (10) | MSC Athens is currently chartered to MSC at a daily rate of | |
| (11) | MSC Athos is currently chartered to MSC at a daily rate of | |
| (12) | Valor is currently chartered to Hapag Lloyd at a daily rate of | |
| (13) | Value is currently chartered to Hapag Lloyd at a daily rate of | |
| (14) | Valiant is currently chartered to Hapag Lloyd at a daily rate of | |
| (15) | Valence is currently chartered to Hapag Lloyd at a daily rate of | |
| (16) | Vantage is currently chartered to Hapag Lloyd at a daily rate of | |
| (17) | Navarino is currently chartered to MSC at a daily rate of | |
| (18) | Kleven is currently chartered to MSC at a daily rate of | |
| (19) | Kotka is currently chartered to MSC at a daily rate of | |
| (20) | Kure is currently chartered to MSC at a daily rate of | |
| (21) | Tampa I is currently chartered to ZIM at a daily rate of | |
| (22) | ZIM Vietnam is currently chartered at a daily rate of | |
| (23) | ZIM America is currently chartered at a daily rate of | |
| (24) | Glen Canyon is currently chartered to ZIM at a daily rate of | |
| (25) | Charterer has the option to extend the current time charter for an additional period of approximately 24 months at a daily rate of | |
| (26) | Dyros is currently chartered to Maersk at a daily rate of | |
| (27) | Norfolk is currently chartered until March 2025 (earliest redelivery) - May 2025 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until March 2028 (earliest redelivery) - May 2028 (latest redelivery) at an undisclosed rate. | |
| (28) | Vulpecula is currently chartered to ZIM under a charterparty agreement which commenced in May 2023. The tenor of the charter is for a period of 60 to 64 months. For this charter, the daily rate is | |
| (29) | Virgo is currently chartered to Maersk at a daily rate of | |
| (30) | Vela is currently chartered to ZIM under a charterparty agreement which commenced in April 2023. The tenor of the charter is for a period of 60 to 64 months. For this charter, the daily rate is | |
| (31) | Polar Brasil is currently chartered at a daily rate of | |
| (32) | Lakonia is currently chartered to COSCO at a daily rate of | |
| (33) | Etoile is currently chartered until June 2026 (earliest redelivery) - September 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until July 2028 (earliest redelivery) - August 2028 (latest redelivery) at an undisclosed rate. | |
| (34) | Areopolis is currently chartered to COSCO at a daily rate of | |
| (35) | Michigan is currently chartered until October 2025 (earliest redelivery) - December 2025 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until October 2027 (earliest redelivery) - December 2027 (latest redelivery) at an undisclosed rate. | |
| (36) | Trader is currently chartered until October 2026 (earliest redelivery) - December 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until October 2028 (earliest redelivery) - December 2028 at an undisclosed rate. | |
| (37) | Luebeck is currently chartered until April 2026 (earliest redelivery) - June 2026 (latest redelivery). Upon redelivery of the vessel from its current charterer, the vessel will commence a new charter with a leading liner company until April 2028 (earliest redelivery) - June 2028 (latest redelivery) at an undisclosed rate. | |
| (i) | Denotes vessels subject to a sale and leaseback transaction. | |
(*) Denotes charterer’s identity and/or current daily charter rates and/or charter expiration dates, which are treated as confidential.
Dry Bulk Vessel Fleet List
The table below provides information, as of February 4, 2025 about our owned fleet of dry bulk vessels. Each vessel is owned by one of our subsidiaries.
| Vessel Name | Year Built | Capacity (DWT) | |
| 1 | FRONTIER | 2012 | 181,415 |
| 2 | MIRACLE | 2011 | 180,643 |
| 3 | PROSPER | 2012 | 179,895 |
| 4 | DORADO | 2011 | 179,842 |
| 5 | MAGNES | 2011 | 179,546 |
| 6 | ENNA | 2011 | 175,975 |
| 7 | AEOLIAN | 2012 | 83,478 |
| 8 | GRENETA | 2010 | 82,166 |
| 9 | HYDRUS | 2011 | 81,601 |
| 10 | PHOENIX | 2012 | 81,569 |
| 11 | BUILDER | 2012 | 81,541 |
| 12 | FARMER | 2012 | 81,541 |
| 13 | SAUVAN | 2010 | 79,700 |
| 14 | ROSE(i) | 2008 | 76,619 |
| 15 | MERCHIA | 2015 | 63,585 |
| 16 | DAWN | 2018 | 63,561 |
| 17 | SEABIRD | 2016 | 63,553 |
| 18 | ORION | 2015 | 63,473 |
| 19 | DAMON | 2012 | 63,301 |
| 20 | ARYA | 2013 | 61,424 |
| 21 | ALWINE | 2014 | 61,090 |
| 22 | AUGUST | 2015 | 61,090 |
| 23 | ATHENA | 2012 | 58,018 |
| 24 | ERACLE | 2012 | 58,018 |
| 25 | PYTHIAS | 2010 | 58,018 |
| 26 | NORMA | 2010 | 58,018 |
| 27 | CURACAO | 2011 | 57,937 |
| 28 | URUGUAY | 2011 | 57,937 |
| 29 | SERENA | 2010 | 57,266 |
| 30 | LIBRA | 2010 | 56,701 |
| 31 | CLARA | 2008 | 56,557 |
| 32 | BERMONDI | 2009 | 55,469 |
| 33 | VERITY | 2012 | 37,163 |
| 34 | PARITY | 2012 | 37,152 |
| 35 | ACUITY | 2011 | 37,152 |
| 36 | EQUITY | 2013 | 37,071 |
| 37 | BERNIS | 2011 | 35,995 |
| 38 | RESOURCE | 2010 | 31,775 |
(i) Denotes vessel we have agreed to sell.
| Consolidated Statements of Income | ||||||||||||
| Year ended December 31, | Three-months ended December 31, | |||||||||||
| (Expressed in thousands of U.S. dollars, except share and per share amounts) | 2023 | 2024 | 2023 | 2024 | ||||||||
| (Audited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| REVENUES: | ||||||||||||
| Voyage revenue | $ | 1,502,491 | $ | 1,849,860 | $ | 490,523 | $ | 443,165 | ||||
| Voyage revenue – related parties | - | 210,087 | - | 98,959 | ||||||||
| Total voyage revenue | 1,502,491 | 2,059,947 | 490,523 | 542,124 | ||||||||
| Income from investments in leaseback vessels | 8,915 | 23,947 | 4,324 | 6,279 | ||||||||
| Total revenues | $ | 1,511,406 | $ | 2,083,894 | $ | 494,847 | $ | 548,403 | ||||
| EXPENSES: | ||||||||||||
| Voyage expenses | (275,856 | ) | (371,058 | ) | (90,005 | ) | (93,267 | ) | ||||
| Charter-in hire expenses | (340,926 | ) | (706,569 | ) | (166,256 | ) | (185,138 | ) | ||||
| Voyage expenses – related parties | (13,993 | ) | (21,566 | ) | (3,731 | ) | (6,865 | ) | ||||
| Vessels’ operating expenses | (258,088 | ) | (240,207 | ) | (63,978 | ) | (59,662 | ) | ||||
| General and administrative expenses | (18,366 | ) | (25,040 | ) | (3,907 | ) | (6,342 | ) | ||||
| Management and agency fees – related parties | (56,254 | ) | (59,281 | ) | (12,304 | ) | (14,002 | ) | ||||
| General and administrative expenses – non-cash component | (5,850 | ) | (8,427 | ) | (1,556 | ) | (1,919 | ) | ||||
| Amortization of dry-docking and special survey costs | (19,782 | ) | (23,627 | ) | (5,310 | ) | (6,320 | ) | ||||
| Depreciation | (166,340 | ) | (164,206 | ) | (41,774 | ) | (41,677 | ) | ||||
| Gain / (loss) on sale of vessels, net | 112,220 | 3,788 | (971 | ) | 440 | |||||||
| Loss on vessels held for sale | (2,305 | ) | - | (2,305 | ) | - | ||||||
| Vessel’s impairment loss | (434 | ) | - | (205 | ) | - | ||||||
| Foreign exchange gains / (losses) | 2,576 | (5,440 | ) | 3,860 | (6,414 | ) | ||||||
| Operating income | $ | 468,008 | $ | 462,261 | $ | 106,405 | $ | 127,237 | ||||
| OTHER INCOME / (EXPENSES): | ||||||||||||
| Interest income | $ | 32,447 | $ | 33,185 | $ | 6,903 | $ | 6,989 | ||||
| Interest and finance costs | (144,429 | ) | (133,123 | ) | (34,406 | ) | (33,226 | ) | ||||
| Income / (loss) from equity method investments | 764 | 12 | 75 | (7 | ) | |||||||
| Other | 6,941 | 2,873 | 1,231 | 588 | ||||||||
| Gain / (loss) on derivative instruments, net | 17,288 | (48,874 | ) | 24,467 | (69,665 | ) | ||||||
| Total other expenses, net | $ | (86,989 | ) | $ | (145,927 | ) | $ | (1,730 | ) | $ | (95,321 | ) |
| Net Income | $ | 381,019 | $ | 316,334 | $ | 104,675 | $ | 31,916 | ||||
| Earnings allocated to Preferred Stock | (31,068 | ) | (23,796 | ) | (7,767 | ) | (5,230 | ) | ||||
| Deemed dividend to Series E Preferred Stock | - | (5,446 | ) | - | - | |||||||
| Net (Gain)/ loss attributable to the non-controlling interest | 4,730 | 3,585 | (322 | ) | 3,056 | |||||||
| Net Income available to common stockholders | $ | 354,681 | $ | 290,677 | $ | 96,586 | $ | 29,742 | ||||
| Earnings per common share, basic and diluted | $ | 2.95 | $ | 2.44 | $ | 0.82 | $ | 0.25 | ||||
| Weighted average number of shares, basic and diluted | 120,299,172 | 119,299,405 | 118,042,187 | 119,805,639 | ||||||||
| COSTAMARE INC. Consolidated Balance Sheets | ||||||
| (Expressed in thousands of U.S. dollars) | As of December 31, 2023 | As of December 31, 2024 | ||||
| ASSETS | (Audited) | (Unaudited) | ||||
| CURRENT ASSETS: | ||||||
| Cash and cash equivalents | $ | 745,544 | $ | 704,633 | ||
| Restricted cash | 10,645 | 18,145 | ||||
| Margin deposits | 13,748 | 45,221 | ||||
| Short-term investments | 17,492 | 18,499 | ||||
| Investment in leaseback vessels, current | 27,362 | 30,561 | ||||
| Net investment in sales type lease (Vessels), current | 22,620 | 12,748 | ||||
| Accounts receivable | 50,684 | 45,509 | ||||
| Inventories | 61,266 | 57,656 | ||||
| Due from related parties | 4,119 | 7,014 | ||||
| Fair value of derivatives | 33,310 | 10,607 | ||||
| Insurance claims receivable | 18,458 | 10,881 | ||||
| Vessels held for sale | 40,307 | - | ||||
| Time-charter assumed | 405 | 195 | ||||
| Accrued charter revenue | 9,752 | 11,929 | ||||
| Prepayments and other | 61,949 | 66,618 | ||||
| Total current assets | $ | 1,117,661 | $ | 1,040,216 | ||
| FIXED ASSETS, NET: | ||||||
| Vessels and advances, net | 3,446,797 | 3,387,012 | ||||
| Total fixed assets, net | $ | 3,446,797 | $ | 3,387,012 | ||
| NON-CURRENT ASSETS: | ||||||
| Equity method investments | $ | 552 | $ | - | ||
| Investment in leaseback vessels, non-current | 191,674 | 222,088 | ||||
| Deferred charges, net | 72,801 | 71,807 | ||||
| Finance leases, right-of-use assets (Vessels) | 39,211 | 37,818 | ||||
| Net investment in sales type lease (Vessels), non-current | 19,482 | 6,734 | ||||
| Operating leases, right-of-use assets | 284,398 | 297,975 | ||||
| Accounts receivable, non-current | 5,586 | 3,560 | ||||
| Due from related parties, non-current | - | 2,175 | ||||
| Restricted cash | 69,015 | 55,158 | ||||
| Fair value of derivatives, non-current | 28,639 | 21,382 | ||||
| Accrued charter revenue, non-current | 10,937 | 2,688 | ||||
| Time-charter assumed, non-current | 269 | 74 | ||||
| Total assets | $ | 5,287,022 | $ | 5,148,687 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| CURRENT LIABILITIES: | ||||||
| Current portion of long-term debt | $ | 347,027 | $ | 317,865 | ||
| Finance lease liability | 2,684 | 23,877 | ||||
| Operating lease liabilities, current portion | 160,993 | 205,172 | ||||
| Accounts payable | 46,769 | 49,425 | ||||
| Due to related parties | 3,172 | 6,833 | ||||
| Accrued liabilities | 39,521 | 31,885 | ||||
| Unearned revenue | 52,177 | 47,813 | ||||
| Fair value of derivatives | 3,050 | 34,221 | ||||
| Other current liabilities | 7,377 | 28,469 | ||||
| Total current liabilities | $ | 662,770 | $ | 745,560 | ||
| NON-CURRENT LIABILITIES | ||||||
| Long-term debt, net of current portion | $ | 1,999,193 | $ | 1,716,204 | ||
| Finance lease liability, net of current portion | 23,877 | - | ||||
| Operating lease liabilities, non-current portion | 114,063 | 87,424 | ||||
| Fair value of derivatives, net of current portion | 11,194 | 5,174 | ||||
| Unearned revenue, net of current portion | 27,352 | 14,620 | ||||
| Other non-current liabilities | 9,184 | 11,099 | ||||
| Total non-current liabilities | $ | 2,184,863 | $ | 1,834,521 | ||
| COMMITMENTS AND CONTINGENCIES | - | - | ||||
| Temporary equity – Redeemable non-controlling interest in subsidiary | $ | 629 | $ | (2,453 | ) | |
| STOCKHOLDERS’ EQUITY: | ||||||
| Preferred stock | $ | - | $ | - | ||
| Common stock | 13 | 13 | ||||
| Treasury stock | (120,095 | ) | (120,095 | ) | ||
| Additional paid-in capital | 1,435,294 | 1,336,646 | ||||
| Retained earnings | 1,045,932 | 1,279,605 | ||||
| Accumulated other comprehensive income | 21,387 | 17,345 | ||||
| Total Costamare Inc. stockholders’ equity | $ | 2,382,531 | $ | 2,513,514 | ||
| Non-controlling interest | 56,229 | 57,545 | ||||
| Total stockholders’ equity | 2,438,760 | 2,571,059 | ||||
| Total liabilities and stockholders’ equity | $ | 5,287,022 | $ | 5,148,687 | ||
FAQ
What was Costamare's (CMRE) net income for full year 2024?
What percentage of CMRE's containership fleet is fixed for 2025?
How much contracted revenue does CMRE's containership fleet have?
What is CMRE's current liquidity position as of Q4 2024?
How much incremental revenue did CMRE generate from new containership charters in Q4 2024?
