Costamare Report Positive Financial Results

Press Release
Tuesday, July 24, 2012

Greece-based shipowners, Costamare Inc., report financial statement 2Q & 6 month period ending 30, June 2012

Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:

"During the second quarter of the year, the Company continued to deliver positive results.

"In May we accepted delivery of two 1998-built, second hand vessels, which replaced two 1984-built vessels in their respective charter arrangements; for an incremental cost of approximately six million per vessel we extended the useful life of those assets by 14 years.

"Last week we agreed to buy from an insolvency administrator a 2001-built 1,078 TEUs container vessel. The acquisition will be funded 100% with bank debt and forms part of a broader agreement between the Company and the vessel's current lending bank.

"At the same time, we have reduced our re-chartering risk for the coming years. The charters for the vessels coming out of employment during the remaining of 2012 and 2013 account for 2% and 4% of our 2012 and 2013 contracted revenues respectively.

"Finally, on July 9 we declared a dividend for the second quarter of $ 0.27 per share. Consistent with our dividend policy, we continue to offer an attractive dividend, which we consider to be sustainable based on the size of our contracted cash flows, the quality of our charterers and the prudent amortization of our debt.

"We believe that going forward the Company is well positioned to pursue new business opportunities in a volatile market environment."

Financial Highlights
    •    Voyage revenues of $96.0 million and $196.1 million for the three and the six months ended June 30, 2012, respectively.
    •    Voyage revenues adjusted on a cash basis of $96.5 million and $197.1 million for the three and the six months ended June 30, 2012, respectively.
    •    Adjusted EBITDA of $61.0 million and $128.1 million for the three and the six months ended June 30, 2012, respectively.
    •    Net income of $21.1 million or $0.31 per share and $45.7 million or $0.71 per share for the three and the six months ended June 30, 2012, respectively.
    •    Adjusted Net Income of $21.6 million or $0.32 per share and $46.8 million or $0.73 per share for the three and six months ended June 30, 2012, respectively.
 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Wärtsilä Reports Healthy Ship Power Sector in Q1 2014

In its interim financial report January to March 2014 Wärtsilä notes healthy development in ship power and services offsetting challenges in power generation markets.

No Lift for Konecranes as Q1 2014 Profit Slips

Finnish crane maker Konecranes on Thursday reported a 32-percent fall in its core quarterly operating profit amid slow demand and tight competition. January-March 2014 operating profit,

GulfMark Offshore Records Highest Ever Q1 Revenue

Houston-based GulfMark Offshore President & CEO Quintin Kneen commented on his company's first quarter 2014 financial report: "We recorded our highest first quarter revenue ever,

Finance

Wärtsilä Reports Healthy Ship Power Sector in Q1 2014

In its interim financial report January to March 2014 Wärtsilä notes healthy development in ship power and services offsetting challenges in power generation markets.

No Lift for Konecranes as Q1 2014 Profit Slips

Finnish crane maker Konecranes on Thursday reported a 32-percent fall in its core quarterly operating profit amid slow demand and tight competition. January-March 2014 operating profit,

GulfMark Offshore Records Highest Ever Q1 Revenue

Houston-based GulfMark Offshore President & CEO Quintin Kneen commented on his company's first quarter 2014 financial report: "We recorded our highest first quarter revenue ever,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1262 sec (8 req/sec)