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Costamare quarterly profit flat at US$13.6 million, revenues up 22pc

MAJOR Greek shipowner Costamare's year-on-year first quarter profit was flat at US$13

Costamare quarterly profit flat at US$13.6 million, revenues up 22pc

MAJOR Greek shipowner Costamare's year-on-year first quarter profit was flat at US$13

26 April 2019 - 19:00

MAJOR Greek shipowner Costamare's year-on-year first quarter profit was flat at US$13.6 million, drawn on revenues of $113 million, up 22 per cent.

'During the first quarter of the year the company delivered solid results,' said Monaco-based chief financial officer Gregory Zikos.



Including non-cash items such as loss on the sale of a containership, the company reported a $9.3 million loss to common shareholders, reported New York's FreightWaves.



Gains were credited to the addition of 10 vessels to its fleet since the first quarter of 2018 and decreased idle days for its other vessels. But those gains were offset by decreases in charter rates for other vessels and the loss of revenue from two ships sold for demolition in the first quarter.


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