Costamare Q1 Earnings Call Highlights

Key Points

• Q1 2026 results: Costamare reported net income of about $75 million (adjusted net income $76 million, or $0.63 per share) and total liquidity of roughly $645 million.
• Fleet expansion with COSCO: The company ordered 16 newbuild container vessels (12 × 9,200 TEU and 4 × 3,100 TEU) for delivery 4Q27–2Q30, all to commence long‑term charters with COSCO (15 years for the larger ships, 8 years for the smaller) and expected to add about $2.8 billion of incremental contracted revenues with financing in place.
• Stronger charter book and dividend move: Contracted revenue backlog reached $6.2 billion with a TEU‑weighted remaining charter duration of 6.1 years and revenue days fixed at 97% for 2026 (94% for 2027), and management will recommend raising the quarterly dividend to $0.125 from $0.115.

Costamare NYSE: CMRE reported first-quarter 2026 net income of about $75 million and said total liquidity stood at roughly $645 million, according to Chief Financial Officer Gregory Zikos on the company’s quarterly results conference call held April 29.

Zikos said adjusted net income for the quarter was $76 million, or $0.63 per share, while net income was $75 million, or $0.62 per share. He also highlighted the company’s fleet renewal strategy and an expanded newbuild program backed by long-term charters and financing arrangements.

Fleet renewal: 16 newbuildings with long-term COSCO charters

Zikos said Costamare has ordered 16 newbuild container vessels from Chinese shipyards, consisting of 12 ships of 9,200 TEU capacity and four ships of 3,100 TEU capacity. The vessels are expected to be delivered between the fourth quarter of 2027 and the second quarter of 2030.

Upon delivery, Zikos said all 16 vessels will begin long-term charters with COSCO Shipping. He specified that the 12 larger ships will be chartered for 15 years, while the four 3,100 TEU vessels will be chartered for eight years.

“We are pleased to expand our valued and long-lasting relationship with COSCO through the completion of our latest 16 new buildings transaction,” Zikos said. He added that incremental contracted revenues associated with the new charters total about $2.8 billion.

Zikos said the acquisitions will be funded with both equity and debt, and that pre- and post-delivery financing has been arranged for all 16 vessels with “two leading Chinese financial institutions,” with a tenor of up to 15 years.

Vessels under construction rise to 22; charter book duration increases

Including the 16 newly ordered vessels, Zikos said Costamare now has 22 ships under construction. He said the expanded program increases the weighted average duration of the company’s charter book by about two years, and that all newbuildings have long-term employment and signed pre- and post-delivery financing already in place.

He also outlined the expected impact on the company’s fleet profile, saying that by 2030 the newbuilding program would reduce the average fleet age by about 3.7 years compared to what the fleet’s average age would have been without the newbuild contracts.

Secondhand acquisitions: two 5,600 TEU vessels with 42-month charters

In addition to the newbuild program, Zikos said Costamare has agreed to acquire two secondhand 5,600 TEU container vessels built in 2001, with the transactions expected to be completed in the fourth quarter of 2026.

Upon delivery, each vessel is expected to commence a 42-month time charter with what Zikos described as a “leading liner operator.” He said the acquisitions are expected to be financed with a combination of debt and cash on hand.

Contracted revenue backlog reaches $6.2 billion

Zikos said the company’s total contracted revenues have reached $6.2 billion, with a TEU-weighted remaining time charter duration of 6.1 years. He added that revenue days are fixed at 97% for 2026 and 94% for 2027.

Addressing market conditions, Zikos said charter rates in the container shipping market “remain at robust levels,” and noted that the idled fleet is at “very low levels” of 1%, which he said indicates a fully employed market.

Management to recommend dividend increase

Zikos said management plans to recommend to the board an increase in the quarterly dividend per share to $0.125 from $0.115, subject to approval. He said the higher dividend would be supported by “increased cash flows, profitability, and visibility,” and added that the payment is not expected to affect Costamare’s ability to grow “on a healthy basis in a volatile market environment.”

The company said the increased dividend, if approved, would begin with the second quarter of 2026.

No questions were asked during the call’s question-and-answer portion.

About Costamare NYSE: CMRE

Costamare Inc is a leading owner and manager of containerships, specializing in the acquisition, chartering and operation of modern container vessels. The company secures employment for its fleet under a mix of long‐term and short‐term agreements, providing vital capacity to major shipping lines and leveraging fixed-rate charters to support cash flow stability.

Founded in 1974 and headquartered in Athens, Greece, Costamare has cultivated a disciplined approach to fleet renewal, often overseeing newbuild supervision and shipyard coordination to ensure vessels meet performance and environmental standards.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.