Costamare (CMRE) Q2 2025 earnings summary

Executive summary

• Q2 2025 net income from continuing operations was $106.1 million, with adjusted net income at $92.5 million ($0.77 per share).

• Liquidity stood at $524.5 million, including $18.9 million in U.S. Treasury Bills.

• Completed spin-off of the dry bulk business in May 2025, refocusing on containerships and Neptune Maritime Leasing.

• Ordered four new 3,100 TEU containerships for delivery between Q2 and Q4 2027, each with 8-year charters secured.

• Charter rates remain robust, supported by low idle fleet and Suez Canal closure increasing ton-mile demand.

Financial highlights

• Q2 2025 voyage revenue was $210.9 million, with six-month revenue at $428.1 million.

• Net income for the quarter: $106.1 million ($0.83 per share); adjusted net income: $92.5 million ($0.77 per share).

• Liquidity exceeds $500 million.

• Total contracted revenues stand at $2.5 billion, with a TEU-weighted charter duration of 3.2 years.

• Incremental contracted revenues from new charters and newbuilds exceed $310 million.

Outlook and guidance

• 100% of the containership fleet is fixed for 2025 and 75% for 2026, supporting strong revenue visibility.

• No major debt maturities until 2027.

• Dividend policy remains unchanged at $0.115 per share per quarter, with 59 consecutive quarterly dividends.

• Future growth expected in Neptune Maritime Leasing, with a healthy deal pipeline.