NYSE:CMRE Costamare Q1 2025 Earnings Report $8.44 +0.06 (+0.72%) Closing price 05/29/2025 03:59 PM EasternExtended Trading$8.46 +0.02 (+0.18%) As of 07:58 AM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. ProfileEarnings HistoryForecast Costamare EPS ResultsActual EPS$0.61Consensus EPS $0.52Beat/MissBeat by +$0.09One Year Ago EPSN/ACostamare Revenue ResultsActual Revenue$440.54 millionExpected Revenue$330.14 millionBeat/MissBeat by +$110.40 millionYoY Revenue GrowthN/ACostamare Announcement DetailsQuarterQ1 2025Date5/8/2025TimeBefore Market OpensConference Call DateThursday, May 8, 2025Conference Call Time8:30AM ETUpcoming EarningsCostamare's Q2 2025 earnings is scheduled for Wednesday, July 30, 2025, with a conference call scheduled at 8:30 AM ET. Check back for transcripts, audio, and key financial metrics as they become available.Conference Call ResourcesConference Call AudioConference Call TranscriptSlide DeckPress Release (8-K)Earnings HistoryCompany ProfileSlide DeckFull Screen Slide DeckPowered by Costamare Q1 2025 Earnings Call TranscriptProvided by QuartrMay 8, 2025 ShareLink copied to clipboard.PresentationSkip to Participants Operator00:00:00Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Inc. Conference Call on the First Quarter twenty twenty five Financial Results. We have with us Mr. Gregory Zikos, Chief Financial Officer of the company. At this time, all participants are in a listen only mode. Operator00:00:18There will be a presentation followed by a question and answer session. I must advise you that this conference is being recorded today, Thursday, 05/08/2025. We would like to remind you that this conference call contains forward looking statements. Please take a moment to read Slide number two of the presentation, which contains the forward looking statements. And I will now pass the floor to your speaker today, Mr. Operator00:01:02Zikos. Please go ahead, sir. Gregory ZikosCFO & Director at Costamare00:01:05Thank you, and good morning, ladies and gentlemen. During the first quarter of the year, the company generated net income of about €95,000,000 As announced on May 7, we have successfully completed the spin off of Costamare Bulkers, which encompasses the 37 owned dry bulk vessels as well as the CBI operating platform. Costa Amare Inc. Remains the same re sole shareholder of the six ks container ships as well as the controlling shareholder of Neptune Maritime Blazing. This business separation unlocks hidden value and better positions the two separate listed companies to pursue distinct operating and strategic initiatives in the containership and the drybulk sectors. Gregory ZikosCFO & Director at Costamare00:01:46Regarding the containership market, while geopolitical challenges economic uncertainties impact global trade, demand for containership vessels has had to now maintain momentum. The commercially idle fleet remains below 1%, indicating a fully employed market. Regarding the proposed USTR fees, fleet redeployments and network reorganizations may initially result in inefficiencies boosting furnace demand. Our eco tenancy fleet employment stands at 73% for 2025 and 2026, respectively. Total contracted revenues amount to €2,300,000,000 with the remaining time charter duration of three point three years. Gregory ZikosCFO & Director at Costamare00:02:27For the drybulk sector, both Capesize and Panamax markets experienced a challenging start of the year. The Cape market rebounded strongly in March, supported by improved Australian and Brazil iron ore shipments and tighter vessel availability. The Panamax activity picked up as expected post Chinese New Year, supported by recovering grain flows. Finally, with regards to Neptune Multi Time Leasing, the leasing platform, total investments and commitments are exceeding $530,000,000 with a healthy pipeline. Moving now to the slides presentation. Gregory ZikosCFO & Director at Costamare00:03:03On Slide three, you can see our first quarter results. Net income for the quarter was $95,000,000 or $0.79 per share. Adjusted net income was €73,000,000 or $0.61 per share. Our liquidity stands at above $1,000,000,000 Slide four. We have concluded successfully the spin off of our drybulk business. Gregory ZikosCFO & Director at Costamare00:03:23Every Costa Amari Inc. Shareholder will be receiving as dividend one share of Costa Amari Parkers for every five shares of Costa Amari Inc. Turning to the Container Ship side. Our revenues days are fixed, as already mentioned, 100% for 2025 and seventy three percent for 2026, while our contracted revenues are €2,300,000,000 with a TEU weighted remaining time charter duration of about three point three years. Slide five. Gregory ZikosCFO & Director at Costamare00:03:50Regarding our SAP activity for the Span of Dry business, we have concluded the sale of one Panamax ship and agreed to sell one handysize vessel. Vessel proceeds are expected to be used for the acquisition of larger vessels subject to market conditions. Slide six. Regarding our financing arrangements, we have refinanced our contingency vessel with no increased leverage, but with a maturity extension. The remaining company has no major maturities until 2027. Gregory ZikosCFO & Director at Costamare00:04:19On the drybulk side, we have repurchased $150,000,000 of bank debt, and we have entered into a new hunting license facility of up to $100,000,000 for financing of future acquisitions. Moving to Slide seven. Regarding the CBI fleet, we have chartered in 48 period ships with the majority of the fleet being on index linked agreements. On our leasing platform, we have invested around 123,000,000 NML is financing 41 assets for a total amount of $513,000,000 Moving to Slide eight. Charter rates in the contingency market remain at firm levels. Gregory ZikosCFO & Director at Costamare00:05:03Possible large scale fleet deployments due to the proposed USTR fees may create inefficiencies favorable to the current strong market dynamics. The early fleet remains at low levels at around 0.5%, indicating a fully employed market. And finally, on Slide nine, you can see the recent drybulk market trends in the spot and forward markets. Charter rates have recovered from their lows in February. The order book is at around 10% of the total fleet. Gregory ZikosCFO & Director at Costamare00:05:34With that, we conclude our presentation and we can now take questions. Thank you. Operator, we can take questions now. Operator00:05:42Thank Seeing no questions at this time, I would like to pass the call back to Mr. Zikos for closing remarks. Gregory ZikosCFO & Director at Costamare00:06:52Thank you for dialing in today and for your interest We are looking forward to speaking with you again in the next quarterly results call. Thank you. Operator, I think we have concluded. Thank you. Operator00:07:05Thank you. That does conclude our conference for today. Thank you all for participating. You may now disconnect your lines.Read moreParticipantsExecutivesGregory ZikosCFO & DirectorPowered by Key Takeaways Costamare reported a first‐quarter net income of €95 million (€0.79 per share) and adjusted net income of €73 million (€0.61 per share), with liquidity exceeding €1 billion. The company has successfully completed the spin-off of Costamare Bulkers, separating its 37 drybulk vessels into a distinct listed entity to unlock value and pursue targeted strategies in containerships and dry bulk. In the containership segment, 100% of 2025 and 73% of 2026 revenue days are fixed, underpinning €2.3 billion of contracted revenues with a 3.3-year weighted time charter duration and an idle fleet below 1%. Drybulk markets saw a strong March rebound in Capesize rates driven by Australian and Brazilian iron ore shipments, while Panamax activity picked up after Chinese New Year on recovering grain flows. Through Neptune Multi Time Leasing, the company has invested or committed over $530 million to date, financing 41 assets and maintaining a robust pipeline for future leasing opportunities. AI Generated. May Contain Errors.Conference Call Audio Live Call not available Earnings Conference CallCostamare Q1 202500:00 / 00:00Speed:1x1.25x1.5x2xTranscript SectionsPresentationParticipants Earnings DocumentsSlide DeckPress Release(8-K) Costamare Earnings HeadlinesCostamare Bulkers: Interesting Opportunity, But Management Has To Perform For Long-Term InvestmentMay 22, 2025 | seekingalpha.comCostamare Inc. Reports Q1 2025 Financial ResultsMay 13, 2025 | tipranks.comTrump Knows Exactly What He's DoingREVEALED: $194 Trillion Trump Market Pattern Trump fires off a tweet and stocks tank… He gives a speech and the markets soar… Now, a new Trump executive order is set to set off a wave worth a potential $194 trillion in the markets. And Wall Street insider Larry Benedict says it could hand investors who missed out on Trump’s first term a second chance.May 30, 2025 | Brownstone Research (Ad)Costamare Inc. (CMRE) Q1 2025 Earnings Call TranscriptMay 9, 2025 | seekingalpha.comCostamare Inc (CMRE) Q1 2025 Earnings Call Highlights: Strong Net Income and Strategic Spinoff ...May 9, 2025 | finance.yahoo.comCostamare Completes Spin-Off of Dry Bulk Business and Reports Strong Q1 2025 ResultsMay 8, 2025 | msn.comSee More Costamare Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Costamare? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Costamare and other key companies, straight to your email. Email Address About CostamareCostamare (NYSE:CMRE) owns and operates containerships and dry bulk vessels that are chartered to liner companies providing transportation of cargoes worldwide. As of March 19, 2024, it had a fleet of fleet of 68 containerships and 37 dry bulk vessels. The company was founded in 1974 and is based in Monaco.View Costamare ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles CrowdStrike Stock Slips: Analyst Downgrades Before Earnings Bullish NVIDIA Market Set to Surge 50% Ahead of Q1 EarningsAdvance Auto Parts: Did Earnings Defuse Tariff Concerns?Booz Allen Hamilton Earnings: 3 Bullish Signals for BAH StockAdvance Auto Parts Jumps on Surprise Earnings BeatAlibaba's Earnings Just Changed Everything for the StockCisco Stock Eyes New Highs in 2025 on AI, Earnings, Upgrades Upcoming Earnings CrowdStrike (6/3/2025)Haleon (6/4/2025)Broadcom (6/5/2025)Oracle (6/10/2025)Adobe (6/12/2025)Accenture (6/20/2025)FedEx (6/24/2025)Micron Technology (6/25/2025)Paychex (6/25/2025)NIKE (6/26/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. 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PresentationSkip to Participants Operator00:00:00Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Inc. Conference Call on the First Quarter twenty twenty five Financial Results. We have with us Mr. Gregory Zikos, Chief Financial Officer of the company. At this time, all participants are in a listen only mode. Operator00:00:18There will be a presentation followed by a question and answer session. I must advise you that this conference is being recorded today, Thursday, 05/08/2025. We would like to remind you that this conference call contains forward looking statements. Please take a moment to read Slide number two of the presentation, which contains the forward looking statements. And I will now pass the floor to your speaker today, Mr. Operator00:01:02Zikos. Please go ahead, sir. Gregory ZikosCFO & Director at Costamare00:01:05Thank you, and good morning, ladies and gentlemen. During the first quarter of the year, the company generated net income of about €95,000,000 As announced on May 7, we have successfully completed the spin off of Costamare Bulkers, which encompasses the 37 owned dry bulk vessels as well as the CBI operating platform. Costa Amare Inc. Remains the same re sole shareholder of the six ks container ships as well as the controlling shareholder of Neptune Maritime Blazing. This business separation unlocks hidden value and better positions the two separate listed companies to pursue distinct operating and strategic initiatives in the containership and the drybulk sectors. Gregory ZikosCFO & Director at Costamare00:01:46Regarding the containership market, while geopolitical challenges economic uncertainties impact global trade, demand for containership vessels has had to now maintain momentum. The commercially idle fleet remains below 1%, indicating a fully employed market. Regarding the proposed USTR fees, fleet redeployments and network reorganizations may initially result in inefficiencies boosting furnace demand. Our eco tenancy fleet employment stands at 73% for 2025 and 2026, respectively. Total contracted revenues amount to €2,300,000,000 with the remaining time charter duration of three point three years. Gregory ZikosCFO & Director at Costamare00:02:27For the drybulk sector, both Capesize and Panamax markets experienced a challenging start of the year. The Cape market rebounded strongly in March, supported by improved Australian and Brazil iron ore shipments and tighter vessel availability. The Panamax activity picked up as expected post Chinese New Year, supported by recovering grain flows. Finally, with regards to Neptune Multi Time Leasing, the leasing platform, total investments and commitments are exceeding $530,000,000 with a healthy pipeline. Moving now to the slides presentation. Gregory ZikosCFO & Director at Costamare00:03:03On Slide three, you can see our first quarter results. Net income for the quarter was $95,000,000 or $0.79 per share. Adjusted net income was €73,000,000 or $0.61 per share. Our liquidity stands at above $1,000,000,000 Slide four. We have concluded successfully the spin off of our drybulk business. Gregory ZikosCFO & Director at Costamare00:03:23Every Costa Amari Inc. Shareholder will be receiving as dividend one share of Costa Amari Parkers for every five shares of Costa Amari Inc. Turning to the Container Ship side. Our revenues days are fixed, as already mentioned, 100% for 2025 and seventy three percent for 2026, while our contracted revenues are €2,300,000,000 with a TEU weighted remaining time charter duration of about three point three years. Slide five. Gregory ZikosCFO & Director at Costamare00:03:50Regarding our SAP activity for the Span of Dry business, we have concluded the sale of one Panamax ship and agreed to sell one handysize vessel. Vessel proceeds are expected to be used for the acquisition of larger vessels subject to market conditions. Slide six. Regarding our financing arrangements, we have refinanced our contingency vessel with no increased leverage, but with a maturity extension. The remaining company has no major maturities until 2027. Gregory ZikosCFO & Director at Costamare00:04:19On the drybulk side, we have repurchased $150,000,000 of bank debt, and we have entered into a new hunting license facility of up to $100,000,000 for financing of future acquisitions. Moving to Slide seven. Regarding the CBI fleet, we have chartered in 48 period ships with the majority of the fleet being on index linked agreements. On our leasing platform, we have invested around 123,000,000 NML is financing 41 assets for a total amount of $513,000,000 Moving to Slide eight. Charter rates in the contingency market remain at firm levels. Gregory ZikosCFO & Director at Costamare00:05:03Possible large scale fleet deployments due to the proposed USTR fees may create inefficiencies favorable to the current strong market dynamics. The early fleet remains at low levels at around 0.5%, indicating a fully employed market. And finally, on Slide nine, you can see the recent drybulk market trends in the spot and forward markets. Charter rates have recovered from their lows in February. The order book is at around 10% of the total fleet. Gregory ZikosCFO & Director at Costamare00:05:34With that, we conclude our presentation and we can now take questions. Thank you. Operator, we can take questions now. Operator00:05:42Thank Seeing no questions at this time, I would like to pass the call back to Mr. Zikos for closing remarks. Gregory ZikosCFO & Director at Costamare00:06:52Thank you for dialing in today and for your interest We are looking forward to speaking with you again in the next quarterly results call. Thank you. Operator, I think we have concluded. Thank you. Operator00:07:05Thank you. That does conclude our conference for today. Thank you all for participating. You may now disconnect your lines.Read moreParticipantsExecutivesGregory ZikosCFO & DirectorPowered by