Costamere Report Favorable Financial Results

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."