Greece's Costamare Deliver Positive 2012 Financial Results

Press Release
Wednesday, January 23, 2013

In a challenging market, Costamere has minimized its re-chartering risk, identifies possibilites to expand in container ship market.

Costamare Inc. is a leading international owner of containerships. Through its subsidiaries Costamare Inc. owns a fleet of 58 vessels aggregating approximately 330,000 TEU.

Financial Highlights

  • Voyage revenues of $95.2 million and $386.2 million for the three months and year ended December 31, 2012, respectively.
  • Voyage revenues adjusted on a cash basis of $97.6 million and $392.4 million for the three months and year ended December 31, 2012, respectively.
  • Adjusted EBITDA of $62.5 million and $253.1 million for the three months and year ended December 31, 2012, respectively.
  • Net income of $22.9 million or $0.31 per share and $81.1 million or $1.20 per share for the three months and the year ended December 31, 2012, respectively.
  • Adjusted net income of $23.6 million or $0.32 per share and $91.3 million or $1.35 per share for the three months and year ended December 31, 2012, respectively.

Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:  "During the fourth quarter of the year, the Company continued to deliver positive results.

On the ship management front, the Co-operation Agreement between our manager and V-Ships provides us both with the resources needed to achieve our growth plans and the flexibility to adjust the size of our fleet depending on market conditions in a highly cyclical industry.

Regarding new transactions, we bought a 2003 built approx. 6,000 TEU container vessel for a purchase price of $22.2 million. The vessel has been chartered for a period of 12-15 months at a rate yielding attractive returns with a lot of upside.

At the same time we took advantage of a strong demolition market and sold a 29 - year old vessel; the transaction resulted in an accounting gain of approximately $3.2 million.

In a challenging market we have minimized our re-chartering risk. The charters for the vessels opening in 2013 and 2014 account for approximately 4% and 3% of our 2013 and 2014 contracted revenues respectively."
 

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

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Port Authority Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1460 sec (7 req/sec)