Costamare reveals significant refinancing and vessel sales, reporting $75.1 million net income and strong charter rates for 2026 and 2027.
Costamare, the New York-listed Greek boxship owner, has disclosed vessel sales and major refinancing agreements in its unaudited results for the second quarter ended June 30, reports Denmark's Shipping Telegraph.
The company announced it will dispose of the 2002-built vessels Porto Kagio and Porto Germeno, with sales expected to close by the end of the first quarter of 2027. Proceeds after debt prepayment are estimated at US$54.5 million.
Costamare reported an adjusted net income of $75.1 million, or $0.62 per share, from continuing operations in the second quarter of 2026. Chief Financial Officer Gregory Zikos stated that net income was approximately $77 million, with liquidity amounting to $423 million.
The company concluded $920 million in new financing agreements and refinanced existing obligations. Additional refinancings totaling $331 million are expected to be finalized in the third quarter, with credit approvals already secured. Mr. Zikos mentioned that the new agreements will eliminate debt maturities until 2030 and reduce interest costs.
Charter rates remain firm across vessel sizes, with 97 percent of Costamare's fleet fixed for 2026 and 94 percent for 2027. Contracted revenues stand at $6.1 billion, with a TEU-weighted duration of 5.9 years.
Costamare's fleet includes 69 containerships in service with a total capacity of approximately 520,000 TEU. The company also has 22 newbuilds under construction and has agreed to acquire two secondhand vessels, adding 152,600 TEU in capacity. Costamare was founded in 1975 by Greek captain Vasileios Konstantakopoulos.
