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Costamare Q3 net profit declines 29.8pc to US$25 million

COSTAMARE, a leading Greek shipowner and provider of containerships for charter posted a 29

29 October 2020 - 19:00

COSTAMARE, a leading Greek shipowner and provider of containerships for charter posted a 29.8 per cent year-on-year third quarter net profit decline to US$25.2 million, drawn on revenues of $107.9 million, which fell 12.7 per cent.

For the full nine months, Costamare posted a net loss of $18.1 million after declaring a net profit of $63.1 million in 219, drawn on revenues of $341.1 million, down 3.3 per cent.



'During the third quarter the company continued its profitability,' said chief financial officer Gregory Zikos.



'As part of our fleet renewal programme, we sold for demolition two vessels with an average age of 23 years and we agreed to acquire three larger secondhand ships on average 11 years younger. The new acquisitions will be initially funded with equity,' Mr Zikos said.



'Meanwhile, our newbuilding programme is progressing on schedule, and we have now accepted delivery of three out of the five 13,000-TEU vessels, which have commenced their 10-year charters.



'On the market, the inactive containership fleet continues to shrink to levels below two per cent, on the back of healthy demand for container shipping. Charter rates have been rising and we have chartered in total 13 ships during the quarter. We have 14 ships coming off charter over the next six months which positions us favorably, should market momentum continue,' Mr Zikos said.



'With liquidity of above $200 million, no meaningful debt maturities over the next three years and minimal capex commitments we are well positioned for acquisition opportunities increasing shareholder value and returns,' he said.


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