MAJOR Greek shipowner and lessor Costamare Inc has posted a 11.6 per cent year-on-year profit increase to US$115. 08 million in 2014, drawn on revenues of $483.9 million, which increased 16.8 per cent.
Fourth quarter profit was up 14.7 per cent to $30.8 million, drawn on revenues of $121.6 million, up 4.1 per cent.
"Our cash on balance sheet, coupled with debt free assets, low leverage and positive cash flow from operations allow us to continue to grow selectively and on healthy grounds," said Costamare chief financial officer Gregory Zikos.
"In December we concluded, with a leading Chinese financial institution, the financing of the five 14,000 TEU newbuildings chartered to Evergreen with delivery in 2016," he said.
"The transaction was on a sale and leaseback basis and finances our pre-delivery instalments to the shipyard, releasing additional equity for further transactions.
"Recently we acquired the 2004-built, 2,586-TEU containership Lakonia for a price of $8.2 million. The vessel has been chartered to Evergreen for a period of approximately two years," he said.
WORLD SHIPPING
05 February 2015 - 21:39
Costamare profit up 11.6pc to US$115 million as revenues rise 16.8pc
MAJOR Greek shipowner and lessor Costamare Inc has posted a 11.6 per cent year-on-year profit increase to US$115. 08 million in 2014, drawn on revenues of $483.9 million, which increased 16.8 per cent.
WORLD SHIPPING
05 February 2015 - 21:39
Costamare profit up 11.6pc to US$115 million as revenues rise 16.8pc
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