SeaNews Turkey - Costamare quarterly profit up 32.8pc to US$75, revenues rise 19pc

Home

FAQ

RSS

Links

Site Map

Contact

Wednesday, 22.May.2013, 21:56 (GMT+3)

Keyword:

[Advance Search]

All News

COLUMNISTS

»	CAHIT ISTIKBAL

»	NILUFER ORAL

»	STEVE PELECANOS

»	SULEYMAN SAVAS

WORLD SHIPPING

SHIPPING NEWS

»	TURKISH STRAITS

»	HELLENIC SHIPPING NEWS

»	CRUISE NEWS

»	PILOTAGE&TOWAGE

»	SAFETY&SECURITY

»	Environmental

»	Towage & Salvage

»	Anatolian Agency

»	Hurriyet Daily News

»	HDAILYNEWS

LLOYD'S LIST

INSIGHT/OPINION

SHIPBROKER REPORTS

Poll

What you expect from freight market in 2013?

	Better than 2012.
	Worse than 2012.
	Continue recovering.
	Steady up.
	Rapid rise.
	None

SHIPPING NEWS

Costamare quarterly profit up 32.8pc to US$75, revenues rise 19pc

ATHENS-based shipowner Costamare Inc posted a fourth-quarter operating profit of US$74.7 million, up 32.8 per cent year on year, drawn on voyage revenues of $102 million, up 19 per cent.

Losses involving the disastrous breakup and the sinking of its chartered ship, the 3,360-TEU MSC Rena, off the coast of New Zealand in the last quarter were only mentioned briefly.

"In the three-month period ended December 31, the vessel Rena was determined to be a constructive total loss ("CTL") for insurance purposes in October 2011," said the company statement accompanying the results.

The company's fleet size increased to an average of 47.8 vessels by the end of 2011 from 42.4 vessels a year earlier.

To enlarge its fleet, the company has chartered a 4,132 TEU, 2002-built containership MSC Ulsan, which will be delivered within the next few weeks for a term of 63 month at a daily rate of $16,500.

Additionally, it has agreed to sell the 1984-built 2,922 TEU vessel Garden for scrapping for $6 million. The vessel was delivered to the scrap yard on December 30.

Said chief financial office Gregory Zikos: "In 2011, we executed our growth plans investing, at an opportune time, in excess of $1 billion in newbuildings and second hand ships. Debt funding for our capital commitments has been arranged in order to minimise financing risk.

Looking ahead, Mr Zikos said the company's "contracted cash flows combined with our low leverage" has helped the company react quickly to the ups and downs of the market.

Read: 2819 Times-

Costamare, Opertaing Profit, - Follow @SeaNews_Tr

Rating (Votes: 0)

Add your comment(Existing: 0)

Tell friend

COMMENTS ( 0 Existing)

Related Articles:

» Maersk hikes Asia-Europe rate US$750/TEU, undercuts Hapag Lloyd's

» Cross-NWE clean freight rates plunge on weak fundamentals: sources

» Oil-Tanker Rates Fall Most in Six Weeks as Demand Seen Stalling

» Rates plunge to their lowest level since February 2012

» Hapag-Lloyd to increase Asia-Europe rates US$1,000 per TEU July 1

» Drewry transpacific spot rates lose 4.3pc to US$2,032/FEU in one week

» Cosco hikes intra-Asia rates from Far East to Indian subcontinent May 15

» Maersk to raise intra-Asia, Mideast, East Africa Med rates from June

» Capesizes End Nine-Day Winning Streak Amid Slowing China Demand

» Asian VLCC rate hits w40 first time in 3 months on rush to cover May cargoes

» MSC adjusts bunker contribution, adds Asia-Med peak season surcharge

» Tanker Rates Extend Gains as China Auto Fuel Demand Seen Rising

» Greencarrier Freight Services acquires Trana Spedition

» Ore-Carrier Rates Climb to 10-Week High as Chinese Demand Gains

» AADA lowers bunker surcharge as fuel prices fall in HK and Korea

» OECD data shows slow change in global trade and freight in 2012

» Container carriers delay Asia-Europe rate hikes as spot market weakens

» AADA to increase China-Australia rate by US$300/TEU from May 15

» Asia-Europe rates plunge 12.2pc to US$940/TEU, Asia-Med off 11pc

» OOCL to increase its Asia-Europe rate US$550/TEU starting May 15

» Asia-USWC spot rates up to US$2,302/FEU ahead of annual contract talks

» Shippers told to brace themselves for higher rates

» Maersk ups rate US$100/TEU from north Europe to Far East on May 1

» British budget receives positive response from BIFA freight forwarders

» Asia-Europe spot rate falls again, down 11.9pc to US$1,254/TEU

» Cosco ups Asia-Europe rate $475/TEU - $300/TEU from FE to Red Sea

» Asia-Europe rates soar 42.4pc to new high in 2013 - $1,423/TEU

» MSC raises north Europe, Asia, Africa, NZ rates US$150/TEU April 1

» Wan Hai ups Asia-Mideast reefer rate US$500/TEU, China-Singapore up $50

» Asia-Europe rates reach new low for 2013 down 9.5pc to US$999/TEU

» Hamburg Sud levies Pacific-Med hike of US$150/TEU - $200/FEU from April

» Global freight rates stabilise with 4pc hike expected in 2013: Drewry

» Asia-Europe rates off 7.9pc to US$1,104/TEU, Asia-Med down 10pc

» Rickmers Maritime sees 2012 profits fall 32pc, but outlook stays upbeat

» OOCL to raise Europe to Asia rates US$200/TEU from April 1

» Drewry: Capesize Misery Continues

» Asia-Med rates lead post Lunar New Year fall, off 8.7pc to US$1,148/TEU

» Asia-Australia carriers to adjust bunker surcharge from March 23

» Tankers suffer overcapacity as low OECD oil use dogs global economy

» Asia-Europe rates dip 1.1pc to US$1,301/TEU ahead of Lunar New Year

» China Shipping levies US$700/TEU peak season surcharge March 15

» Emirates increases Far East, SE Asia-Mideast rate US$500/TEU March 15

» MSC to implement rate hike on Americas, Europe, Med, Baltic trades

» Cosco to levy heaviest March 15 Asia-Europe rate hike of US$775/TEU

» TSA announces US$400/FEU transpac general rate increase from April 1

» Asia-Europe rates off 0.8pc to US$1,316/TEU, transpac suffers similar fate

» MSC withdraws US$300/TEU Asia-Europe surcharge

» Asia-Europe rates slip 1.7pc to US$1,326/TEU, Shanghai index off 1.4pc

» Fair winds ahead, SISI expects Baltic Dry Index to rise 30pc in 2013

» Rate hikes return, Asia-Med US$1,356/TEU, Asia-Europe $1,418/TEU

Other Articles:
	WTO declares Chinese export restraints on raw materials violate trade rules (Friday,03.02.2012)
	Horizon Lines to pay US$1.5 million fine for improper handling oily water (Wednesday,01.02.2012)
	Comparing President Obama to the captain of the Costa Concordia cruise ship! (Tuesday,31.01.2012)
	NYK's December transpac eastbound up 7pc, Asia Europe westbound rises 3pc (Tuesday,31.01.2012)
	Nichio Maru: Nissan Introduces Eco Car Carrier (Tuesday,31.01.2012)
	At least 10 grain ships stranded off Iran ports as EU-Sanctions bite (Tuesday,31.01.2012)
	Belgian sea and airport strikes feared this week to protest euro austerity (Sunday,29.01.2012)
	Shipping Banks Fail to Address Vessel-Price Plunge, Lawyer Says (Sunday,29.01.2012)
	UK Chamber of Shipping Refutes Conclusion on EU ETS Findings with Respect to Shipping (Saturday,28.01.2012)
	UK P&I Club insurers take a BowTie approach to maritime risk management (Saturday,28.01.2012)