ATHENS-based shipowner for charter, costamare Inc, posted a third quarter 157 per cent year-on-year profit increase to US$107.4 million, drawn on revenues of $216.2 million, up 100.4 per cent.
'The container market rebound that began in the second half of last year is continuing, drawing strength from favorable supply and demand dynamics,' said Costamare chief financial officer Gregory Zikos.
'The availability of containerships in the market has been stretched thin due to high cargo volumes and strong tonnage demand, that has been exacerbated by port congestion and an overall shortage of equipment.
'All our containerships chartered during the quarter have been fixed at increasingly high levels of hire,' Mr Zikos said.
The Greek and Marshall Islands corporation that provides containerships for charter, took delivery of another 20 dry bulk carriers (total delivered fleet of 34 vessels), with three additional vessels expected to be delivered within 2021.
Delivery of the 2009-built, 4,578-TEU containership Gialova which commenced its time charter with Zim for a period of 32 to 36 months.
Costamare also announced the sale of the 2003-built, 5,928-TEU Venetiko (capital gain of $16.5 million in Q3 2021).
Also sold was the 2002-built, 4,992-TEU Zim Shanghai (estimated capital gain of $13.8 million in the next quarter) was noted.
So too was the 2001-built, 5,576-TEU Ensenada (co-owned with York Capital). This sale resulted in a capital gain of $5.7 million in Q3 2021.
Costamare also agreed to sell the 2002-built, 4,992-TEU Zim New York, which is expected to be concluded in 2021.
The company also reported the forward fixture of the 2006-built, 5,642-TEU vessel Glen Canyon for a period of 39 to 42 months at a daily rate of $62,500, with estimated delivery to the new charterer between the first and second quarters of 2022.
Costamare also reported a new agreement for the financing of future dry bulk vessel acquisitions in the form of a hunting licence facility for an aggregate amount of $150 million with a European financial institution.
Company liquidity stands at $303.1 million as of the end of Q3 2021 (including our share of cash amounting to $4.7 million held in companies co-owned with York Capital), which coupled with the $254.7 million of undrawn funds from our three hunting licence facilities, amounts to $557.8 million.
Voyage revenue increased by 49.4 per cent, or $168.5 million, to $509.7 million during the nine-month period ended September 30, 2021, from $341.2 million during the nine-month period ended September 30, 2020.
The increase is mainly attributable to revenue earned by five container vessels acquired during the second half of 2020 as well as the 16 container vessels and 26 dry bulk vessels acquired during the nine-month period ended September 30.
SeaNews Turkey
'The container market rebound that began in the second half of last year is continuing, drawing strength from favorable supply and demand dynamics,' said Costamare chief financial officer Gregory Zikos.
'The availability of containerships in the market has been stretched thin due to high cargo volumes and strong tonnage demand, that has been exacerbated by port congestion and an overall shortage of equipment.
'All our containerships chartered during the quarter have been fixed at increasingly high levels of hire,' Mr Zikos said.
The Greek and Marshall Islands corporation that provides containerships for charter, took delivery of another 20 dry bulk carriers (total delivered fleet of 34 vessels), with three additional vessels expected to be delivered within 2021.
Delivery of the 2009-built, 4,578-TEU containership Gialova which commenced its time charter with Zim for a period of 32 to 36 months.
Costamare also announced the sale of the 2003-built, 5,928-TEU Venetiko (capital gain of $16.5 million in Q3 2021).
Also sold was the 2002-built, 4,992-TEU Zim Shanghai (estimated capital gain of $13.8 million in the next quarter) was noted.
So too was the 2001-built, 5,576-TEU Ensenada (co-owned with York Capital). This sale resulted in a capital gain of $5.7 million in Q3 2021.
Costamare also agreed to sell the 2002-built, 4,992-TEU Zim New York, which is expected to be concluded in 2021.
The company also reported the forward fixture of the 2006-built, 5,642-TEU vessel Glen Canyon for a period of 39 to 42 months at a daily rate of $62,500, with estimated delivery to the new charterer between the first and second quarters of 2022.
Costamare also reported a new agreement for the financing of future dry bulk vessel acquisitions in the form of a hunting licence facility for an aggregate amount of $150 million with a European financial institution.
Company liquidity stands at $303.1 million as of the end of Q3 2021 (including our share of cash amounting to $4.7 million held in companies co-owned with York Capital), which coupled with the $254.7 million of undrawn funds from our three hunting licence facilities, amounts to $557.8 million.
Voyage revenue increased by 49.4 per cent, or $168.5 million, to $509.7 million during the nine-month period ended September 30, 2021, from $341.2 million during the nine-month period ended September 30, 2020.
The increase is mainly attributable to revenue earned by five container vessels acquired during the second half of 2020 as well as the 16 container vessels and 26 dry bulk vessels acquired during the nine-month period ended September 30.
SeaNews Turkey