ATHENS-BASED, New York-listed Costamare has posted a 28 per cent first quarter profit decline to US$17.9 million year on year, drawn on revenues of $85.96 million, which fell 3.4 per cent.

CEO Konstantinos Konstantakopoulos said the company had been spending on new tonnage, but was now poised to grow, reported Newark's Journal of Commerce. "After Chinese New Year, the charter market developed as expected, so we are chartering our recently acquired vessels at favourable rates," he said.

Costamare has spent over $1 billion on 10 new and 10 second-hand ships since its going public in November.

"Our market is now entering its normal peak season and as long as the demand follows the usual pattern for this period, we do not expect any charter market deterioration - rather the opposite," said Mr Konstantakopoulos.

The company said it has ordered Sungdong Shipbuilding & Marine Engineering Co to build five containerships to be delivered between the first and the third quarters of 2013.

Costamare has "entered into long-term time charter agreements with members of the Evergreen Group for the employment of each vessel immediately upon delivery."

Mr Konstantakopoulos said he is keen on further acquisitions. "After having been patient for almost four years, we are back on a growth track," he said.