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Costamare Inc. is a leading international owner and operator of containerships and dry bulk vessels, headquartered in Athens, Greece, with a corporate presence in the Marshall Islands. Established with decades of experience in the maritime industry, the company plays a pivotal role in global trade by facilitating the transportation of containerized and dry bulk cargoes. Its operations are strategically aligned to serve liner companies and other customers requiring reliable and efficient shipping solutions.
Core Business Operations
Costamare's primary business revolves around the ownership and chartering of a diversified fleet of vessels. The company’s containerships are chartered to major ocean carriers under long-term and short-term agreements, ensuring a steady revenue stream. These vessels are integral to the global supply chain, transporting a wide array of goods across international markets. In addition to containerships, Costamare has expanded its operations into the dry bulk sector, chartering vessels to a broad range of customers for the transportation of commodities such as grain, coal, and iron ore.
Fleet and Operational Excellence
Costamare boasts a modern and versatile fleet, which includes a mix of containerships and dry bulk vessels tailored to meet diverse market demands. The company places a strong emphasis on operational safety, reliability, and environmental compliance, aligning with international maritime standards. Its fleet management strategy includes regular maintenance, fleet renewal, and the acquisition of high-quality vessels to enhance efficiency and profitability.
Revenue Generation and Market Position
The company generates the majority of its revenue through charter agreements with global shipping lines. These agreements provide predictable cash flows and reduce exposure to market volatility. Costamare’s strategic focus on securing long-term charters and maximizing fleet utilization has positioned it as a trusted partner in the maritime industry. Additionally, the company benefits from its operations in the United States, a key market that contributes significantly to its revenue base.
Strategic Diversification
In recent years, Costamare has diversified its business model to include dry bulk trading and leasing platforms, reflecting its commitment to long-term growth and risk mitigation. The dry bulk trading platform manages a large fleet of vessels, many of which operate under index-linked charter agreements. This approach allows the company to adapt to market fluctuations while capitalizing on favorable conditions. Moreover, its Neptune Maritime Leasing platform has gained traction, funding shipping assets and creating additional revenue streams.
Industry Challenges and Competitive Landscape
Operating in the highly cyclical maritime industry, Costamare faces challenges such as fluctuating charter rates, regulatory pressures, and economic uncertainties affecting global trade. However, the company’s focus on fleet efficiency, customer satisfaction, and strategic diversification helps it navigate these challenges. Costamare competes with other major shipping companies by leveraging its operational expertise, extensive fleet, and long-standing relationships with key customers.
Commitment to Sustainability
Costamare is committed to sustainable practices, investing in technologies and initiatives that minimize its environmental impact. The company adheres to stringent international regulations and continuously explores ways to enhance fuel efficiency and reduce emissions across its fleet.
In summary, Costamare Inc. stands out as a dynamic and resilient player in the maritime industry. Its strategic focus on operational excellence, fleet diversification, and customer-centric solutions underscores its role as a key enabler of global trade.
Costamare Inc. (NYSE: CMRE), an international owner and provider of containerships and dry bulk vessels for charter, held its virtual annual meeting of stockholders on October 3, 2024. At the meeting, two Class II directors were elected: Gregory Zikos and Vagn Lehd Møller. They will hold office for a term ending at the annual meeting of stockholders in 2027 and until their successors have been duly elected and qualified.
Additionally, stockholders ratified the appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A. as the Company's independent auditors for the fiscal year ending December 31, 2024.
Costamare Inc. (NYSE: CMRE) has announced quarterly dividend declarations for its preferred and common stock. For the preferred stock, the company will pay:
- US $0.476563 per share on Series B (NYSE: CMRE PR B)
- US $0.531250 per share on Series C (NYSE: CMRE PR C)
- US $0.546875 per share on Series D (NYSE: CMRE PR D)
These dividends cover the period from July 15, 2024, to October 14, 2024, and will be paid on October 15, 2024, to holders of record as of October 11, 2024.
For the common stock, a quarterly dividend of US $0.115 per share has been declared for the quarter ended September 30, 2024. This dividend is payable on November 6, 2024, to holders of record as of October 21, 2024.
The company notes that dividend declarations are subject to Board discretion and depend on various factors including earnings, financial condition, and cash availability.
Costamare (NYSE: CMRE) has announced its Q2 2024 and six-month financial results, reporting a net income of $91.3 million ($0.77 per share). The company ended Q2 with liquidity of $1.118 billion.
Significant updates include the full redemption of its 8.875% Series E preferred stock, saving $10.1 million annually. The containership fleet is fully employed for 2024, securing $2.4 billion in contracted revenues. New fixtures for seven containerships are expected to generate $224 million in incremental revenues.
The company sold the 2011-built vessel 'Adventure' for $7.1 million and agreed to sell the 2009-built vessel 'Oracle' with expected proceeds of $4 million. Costamare acquired two 2012-built Capesize vessels.
New debt financing of $15.8 million was secured to refinance three dry bulk vessels. The company's dry bulk platform manages 54 vessels, and the leasing platform Neptune Maritime Leasing has funded 25 shipping assets worth $285 million.
Dividends of $0.115 per common share and various amounts for preferred shares were declared, totaling $30 million available for common share repurchases and $150 million for preferred shares.
Costamare Inc. (NYSE:CMRE) has announced the schedule for its Second Quarter 2024 financial results release and conference call. The company will release its results for the quarter ended June 30, 2024, before the market opens on Wednesday, July 31, 2024. Following the release, Costamare's management team will host a conference call at 8:30 a.m. ET on the same day to discuss the financial results.
Participants can join the call by dialing specific numbers for the US, UK, or international callers. A replay of the conference call will be available until August 7, 2024. Additionally, a live webcast of the call will be accessible through the Costamare Inc. website.
Costamare Inc. (NYSE: CMRE) has completed the full redemption of its 4,574,100 outstanding shares of 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock. The redemption price was set at $25.00 per share, plus accrued and unpaid dividends up to July 15, 2024. Prior to the redemption, the company paid a quarterly dividend of $0.554688 per share on July 15, 2024, to holders of record as of July 12, 2024. The redemption was funded with cash on hand. Following this action, no Series E Preferred Stock remains outstanding, and all associated rights have ceased, except for the holders' right to receive the redemption price. The New York Stock Exchange has suspended trading of the Series E Preferred Stock and initiated the delisting process.
Costamare announced its 2024 annual meeting of stockholders, set for October 3, 2024. The meeting will be held virtually. Stockholders of record by August 8, 2024, can vote and participate. Meeting details and the company's proxy statement will be sent around August 9, 2024. Costamare, listed on NYSE under the symbol CMRE, is engaged in owning and chartering containerships and dry bulk vessels.
Costamare (NYSE: CMRE) has declared cash dividends on its preferred and common stock. The dividends are $0.476563 per share for its 7.625% Series B, $0.531250 for its 8.50% Series C, $0.546875 for its 8.75% Series D, and $0.554688 for its 8.875% Series E preferred stocks. These dividends cover the period from April 15, 2024, to July 14, 2024. Payment will be made on July 15, 2024, to shareholders on record as of July 12, 2024. Notably, Series E shares will be redeemed at $25.00 per share on July 15, 2024. Additionally, Costamare declared a $0.115 per share dividend on its common stock for Q2 2024, payable on August 6, 2024, to shareholders on record as of July 19, 2024. The board's discretion, company earnings, financial conditions, and global economic factors influence dividend declarations.
On June 14, 2024, Costamare announced the redemption of all outstanding shares of its Series E Cumulative Redeemable Perpetual Preferred Stock, which carries an 8.875% dividend rate. The redemption will occur on July 15, 2024, at a price of $25.00 per share plus any accrued and unpaid dividends up to the redemption date. Currently, there are 4,574,100 outstanding shares of Series E Preferred Stock. After the redemption, these shares will no longer be outstanding, terminating all associated rights except the right to receive the redemption payment. The redemption will be managed through The Depository Trust Company and facilitated by Equiniti Trust Company,
Costamare Inc. reported unaudited financial results for Q1 2024, with Net Income available to common stockholders of $94.2 million and Adjusted Net Income of $75.2 million. Liquidity stood at $1.1 billion. Containership fleet contracted revenues totaled $2.3 billion. The company concluded vessel sales and acquisitions. Neptune Maritime Leasing platform shows steady growth. Dividends were declared for common and preferred stock. Financial performance improved compared to Q1 2023.
Costamare Inc. (NYSE:CMRE) will release its first quarter 2024 results on May 10, 2024, before the market opens in New York. A conference call, scheduled for 8:30 a.m. ET on the same day, will discuss the financial results. Participants can join the call by dialing in using the provided numbers. A replay of the call will be available until May 17, 2024. Additionally, a live webcast will be accessible through Costamare Inc.'s website.
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