Costamare (CMRE) Q2 2024 earnings summary

Executive summary

• Q2 2024 net income available to common stockholders was $91.3 million ($0.77 per share), with adjusted net income at $91.4 million ($0.77 per share).

• Liquidity as of June 30, 2024, stood at $1,118.3 million, supporting future growth and including cash, short-term investments, and undrawn credit.

• Containership fleet is fully fixed for 2024 and 88% fixed for 2025, with $2.4 billion in contracted revenues and a TEU-weighted charter duration of 3.5 years.

• Full redemption of Series E Preferred Stock, saving $10.1 million annually in cash flow.

• Dry bulk segment expanded with the sale of older vessels and acquisition of two 2012-built Capesize ships.

Financial highlights

• Q2 2024 adjusted net income per share was $0.77, up from $0.56 in Q2 2023.

• Total voyage revenue for Q2 2024 was $509.3 million, a 39.2% increase year-over-year.

• Net cash provided by operating activities for Q2 2024 was $147.0 million.

• Regular Q2 2024 dividend of $0.115 per share declared, marking 55 consecutive quarterly dividends.

• Net sale proceeds from vessel disposals totaled $7.1 million (Adventure) and an estimated $4.0 million (Oracle, pending).

Outlook and guidance

• 100% of containership fleet fixed for 2024 and 88% for 2025; TEU-weighted charter duration is 3.5 years.

• $115.8 million available for vessel acquisitions through two facilities until December 2025.

• Lease financing platform NML has financed 25 shipping assets, with $285 million provided and a healthy deal pipeline expected.

• Container charter rates remain strong due to vessel diversions and high cargo demand.

• Dry bulk platform remains a long-term strategic focus, with ongoing fleet renewal and expansion.