Costamare (CMRE) Q1 2025 earnings summary

Executive summary

• Q1 2025 net income was $95 million ($0.79 per share); adjusted net income was $73.3 million ($0.61 per share).

• Liquidity stood at $1.02 billion, including cash, short-term investments, margin deposits, and a $100 million facility linked to the dry bulk spin-off.

• Successfully completed the spin-off of the dry bulk business, Costamare Bulkers Holdings Limited (CMDB), distributing shares to existing shareholders.

• Containership fleet is 100% fixed for 2025 and 73% for 2026, with contracted revenues of $2.3 billion and a TEU-weighted duration of 3.3 years.

• Declared and paid dividends on common and preferred stock in April and May 2025.

Financial highlights

• Q1 2025 adjusted net income was $73.3 million, down from $75.2 million in Q1 2024.

• Net income available to common stockholders for Q1 2025 was $95 million, up slightly from $94.2 million in Q1 2024.

• Total voyage revenue for Q1 2025 was $440.6 million, down 6.3% year-over-year; adjusted on a cash basis, revenue was $438 million, down 7%.

• Operating cash flow increased to $143.1 million from $138 million year-over-year.

• Cash and cash equivalents as of March 31, 2025, were $868 million.

Outlook and guidance

• Containership market expected to remain strong, with idle fleet below 1% and robust demand.

• Dry bulk sector saw a challenging start but rebounded in March, especially in Capesize and Panamax markets; rates have recovered from February lows but remain volatile.

• Charter market remains firm with a "wait and see" approach due to tariffs; possible fleet redeployments may support strong charter dynamics.

• Lease financing platform Neptune Maritime Leasing has over $530 million in investments and commitments, with a healthy pipeline.