ATHENS-based shipowner Costamare Inc posted a fourth-quarter operating profit of US$74.7 million, up 32.8 per cent year on year, drawn on voyage revenues of $102 million, up 19 per cent.
Losses involving the disastrous breakup and the sinking of its chartered ship, the 3,360-TEU MSC Rena, off the coast of New Zealand in the last quarter were only mentioned briefly.
"In the three-month period ended December 31, the vessel Rena was determined to be a constructive total loss ("CTL") for insurance purposes in October 2011," said the company statement accompanying the results.
The company's fleet size increased to an average of 47.8 vessels by the end of 2011 from 42.4 vessels a year earlier.
To enlarge its fleet, the company has chartered a 4,132 TEU, 2002-built containership MSC Ulsan, which will be delivered within the next few weeks for a term of 63 month at a daily rate of $16,500.
Additionally, it has agreed to sell the 1984-built 2,922 TEU vessel Garden for scrapping for $6 million. The vessel was delivered to the scrap yard on December 30.
Said chief financial office Gregory Zikos: "In 2011, we executed our growth plans investing, at an opportune time, in excess of $1 billion in newbuildings and second hand ships. Debt funding for our capital commitments has been arranged in order to minimise financing risk.
Looking ahead, Mr Zikos said the company's "contracted cash flows combined with our low leverage" has helped the company react quickly to the ups and downs of the market.