Costamare (CMRE) Q3 2025 earnings summary

Executive summary

• Q3 2025 adjusted net income from continuing operations was $98.0 million ($0.81 per share), with reported net income of $92.6 million ($0.77 per share).

• Liquidity at quarter-end was $569.6 million.

• Completed the spin-off of the dry bulk business in May 2025; results now focus on containership operations.

• Fleet consists of 69 containerships and six newbuilds on order, with 100% and 80% of fleet fixed for 2025 and 2026, respectively.

• Declared quarterly dividend of $0.115 per common share, marking 60 consecutive quarterly dividends.

Financial highlights

• Q3 2025 voyage revenue from continuing operations was $215.9 million, down 1.6% year-over-year.

• Adjusted net income from continuing operations for Q3 2025 was $98.0 million ($0.81/share), compared to $103.1 million ($0.86/share) in Q3 2024.

• Total contracted revenues for the containership fleet are approximately $2.6 billion, with a TEU-weighted duration of 3.2 years.

• Corporate leverage on a market value basis remains below 30%.

• No significant debt maturities until 2027.

Outlook and guidance

• 100% of the containership fleet is fixed for 2025 and 80% for 2026, providing strong revenue visibility.

• Market outlook remains positive, supported by strong charter rates, low idle fleet, and favorable trade developments.

• Future growth expected in the lease financing platform, supported by a healthy deal pipeline.