Costamere Report Favorable Financial Results

Press Release
Wednesday, October 24, 2012

Costamare Inc report unaudited financial results for the third quarter and nine months ended September 30, 2012.

Greek-based Costamere is a leading owner and provider of containerships for charter. The Company has a fleet of 57 containerships, with a total capacity of approximately 329,000 TEU, including 10 newbuild containerships on order.

Financial highlights:

    •    Voyage revenues of $94.9 million and $291.0 million for the three and the nine- months ended September 30, 2012, respectively.
    •    Voyage revenues adjusted on a cash basis of $97.8 million and $294.9 million for the three and the nine- months ended September 30, 2012, respectively.
    •    Adjusted EBITDA of $62.5 million and $190.6 million for the three and the nine- months ended September 30, 2012, respectively.
    •    Net income of $12.5 million or $0.18 per share and $58.2 million or $0.89 per share for the three and the nine- months ended September 30, 2012, respectively.
    •    Adjusted net income of $20.9 million or $0.31 per share and $67.7 million or $1.03 per share for the three and nine- months ended September 30, 2012, respectively.

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

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

In August we accepted delivery of two second hand vessels, which were acquired through distressed sales. Both vessels have been subsequently chartered for periods ranging between 6 and 18 months. As part of our fleet renewal process we have sold for demolition a 1,068 TEU 1991-built ship.

In a challenging market we have fixed all the vessels that were coming out of charter during the remainder of the year; at the same time we have minimized our rechartering 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.

We believe that going forward we are well positioned to pursue new business opportunities in a market environment that favors well capitalized players."





 

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Newport News Shipbuilding Hosts Sen. Inhofe

Huntington Ingalls Industries (HII) today hosted Sen. James M. Inhofe, R-Okla., for a tour of the company's Newport News Shipbuilding division.   The senator,

Hempel CEO Jullien Plans Retirement

Pierre-Yves Jullien, CEO of Hempel A/S since 2005, has decided to retire after nearly 40 years in the Group. He will step down from his role as CEO on March 31, 2016 at the latest.

DNV GL Launches Singapore Service Center

DNV GL's new Singapore Service Center (SSC) will streamline customer support and enhance customers’ experiences by giving them a single point of contact for all operational issues.

Finance

Baltic Index Perks up on Increased Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Thursday as rates for bigger vessels rose.

Tanker Lifts One Million Barrels of Crude at Hariga

A tanker left Libya's eastern oil port of Hariga after lifting one million barrels of crude, an oil official said on Thursday. No new tanker was expected in the next few days,

Georgia Port Increases Container Traffic

The Georgia Ports Authority increased containerized cargo in March by 27.8 percent compared to the same month a year ago, for an additional 72,499 20-foot equivalent container units (TEUs).

Container Ships

Long Beach Cargo Rises Sharply in March

Port of Long Beach sees jump in shipments with easing of congestion   Cargo surged upward in March at the Port of Long Beach with a 32 percent increase over the same month last year,

Container Volumes Jump at Port of LA

Year-over-year Port of Los Angeles container volumes for March rise by 17 percent; second busiest month in port’s history   March containerized cargo volumes at the Port of Los Angeles increased 17.

Georgia Port Increases Container Traffic

The Georgia Ports Authority increased containerized cargo in March by 27.8 percent compared to the same month a year ago, for an additional 72,499 20-foot equivalent container units (TEUs).

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.2574 sec (4 req/sec)