Costamare (CMRE) Q3 2024 earnings summary

Executive summary

• Q3 2024 net income was $75.5 million ($0.63 per share), with adjusted net income at $80.7 million ($0.68 per share).

• Liquidity at quarter-end exceeded $1 billion, reaching $1,019.2 million, supporting future growth.

• 100% of the containership fleet is fixed for 2024 and 94% for 2025, with strong employment and over 30 new dry bulk chartering agreements.

• Seven containerships were chartered at firm rates, adding $166 million in incremental contracted revenues.

• Nine-month 2024 net income was $284.4 million, up from $276.3 million year-over-year.

Financial highlights

• Q3 2024 adjusted net income rose to $80.7 million from $53.9 million in Q3 2023; adjusted EPS was $0.68, up from $0.46.

• Total contracted containership revenues reached $2.3 billion, with a TEU-weighted remaining duration of 3.3 years.

• Q3 2024 total voyage revenue was $538.4 million, up 35.5% year-over-year.

• Operating cash flow for Q3 2024 was $123.7 million, up from $74.8 million in Q3 2023.

• Interest and finance costs decreased to $32.9 million in Q3 2024, reflecting lower average loan balances.

Outlook and guidance

• Container ship charter rates remain firm, especially for larger vessels, despite a decrease in box rates; idle fleet is low at 0.8%.

• No significant loan or lease maturities until 2027; $94.2 million available for vessel acquisitions through December 2025.

• Continued focus on opportunistic fleet renewal and cautious approach to asset acquisitions due to high prices and residual value risk.

• No current newbuilding commitments for container ships.

• Market for larger containerships remains tight, supporting firm charter rates.