GREEK shipowner Costamare has reported third quarter net profits of US$37.1 million, an increase of 77 per cent compared to the same quarter a year earlier, drawn on revenues of $124.7 million.
The company attributed the higher results mainly to the expansion of its containership fleet that continued during the third quarter, with another acquisition under its partnership with York Capital Management.
Under the agreement between the two parties, the 1999-built, 2,526-TEU Elafonisos was acquired from an unnamed owner for $7.7 million, paying for the vessel with equity, reported Lloyd's List.
Costamare owns a 49 per cent interest in the ship, the maximum stake it can have under the understanding with York Capital.
The Elafonisos has already been chartered to AP Moller-Maersk at a daily rate of $6,250 for a period starting from October 26, to January 10, 2015 at the earliest and April 30, 2015 at latest.
At almost the same time, the New York-listed owner sold the 17-year-old 3,152-TEU Akritas for demolition, achieving a sale price of $7.3 million and booking a gain of $1.8 million from the transaction.
Costamare currently has nine major newbuildings on order under its pact with York Capital.
Voyage revenues in the third quarter rose by 13.3 per cent year on year largely as a result of the increase in the number of vessels to 55, on average, from 51 at the same stage of 2013.
Chief financial officer Gregory Zikos said shipowner aimed to continue growing "selectively and on healthy grounds".
WORLD SHIPPING
07 November 2014 - 22:54
Costamare's 3Q profits rise 77pc amid on-going fleet expansion
GREEK shipowner Costamare has reported third quarter net profits of US$37.1 million, an increase of 77 per cent compared to the same quarter a year earlier, drawn on revenues of $124.7 million.
WORLD SHIPPING
07 November 2014 - 22:54
Costamare's 3Q profits rise 77pc amid on-going fleet expansion
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