Costamare (CMRE) Q4 2024 earnings summary

Executive summary

• FY 2024 net income available to common stockholders was $290.7 million ($2.44/share); adjusted net income was $329.7 million ($2.76/share). Q4 2024 adjusted net income was $82.3 million ($0.69/share).

• Liquidity stood at $941.6 million as of year-end, including cash, short-term investments, margin deposits, and a $100 million facility.

• The company chartered 12 containerships forward, securing $332.6 million in contracted revenues since Q3 2024.

• Fleet renewal included acquiring up to six dry bulk vessels and disposing of up to ten, with net sale proceeds and further sales expected in 2025.

• Declared quarterly dividend of $0.115/share on common stock, with additional preferred dividends paid.

Financial highlights

• Adjusted net income for FY 2024 was $329.7 million ($2.76/share), up from $249.0 million in FY 2023.

• Contracted revenues for the containership fleet reached $2.4 billion, with a TEU-weighted duration of 3.4 years.

• Debt refinancing/financing of 36 dry bulk vessels through four bilateral term loan facilities, totaling $339.3 million drawn.

• Operating cash flow for FY 2024 increased to $537.7 million from $331.4 million in 2023.

• No significant loan/lease maturities until 2027.

Outlook and guidance

• 96% of the containership fleet is fixed for 2025 and 69% for 2026.

• Forward fixing of 12 containerships in Q4 2024 added $332.6 million in incremental revenues.

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

• Dry bulk market started 2025 on a soft note due to easing congestion, China steel market pressures, and lower grain demand.

• Management notes potential risks to containership supply/demand if Suez route reopens.