Costamare, a New York-listed owner of boxships, reveals busy S&P activity in its unaudited financial results for the second quarter and six-month period ended June 30.
The company, founded by the Greek captain Vasileios Konstantakopoulos in 1975, reported the disposal of two secondhand container vessels, the 2002-built Porto Kagio and Porto Germeno.
The sales are expected to be finalized by the end of the first quarter of 2027, with the estimated sale proceeds after respective debt prepayment to be at $54.5m.
Greece’s Costamare, during the second quarter of 2026, also reported adjusted net income from continuing operations available to common stockholders of $75.1m ($0.62 per share).
It also concluded new financing agreements for $920m and refinanced existing obligations.
Regarding the market, charter rates are on a firming trend in an active market with a number of fixtures concluded across most vessel sizes.
97% and 94% of the company’s containership fleet is fixed for 2026 and 2027, respectively, while contracted revenues have reached approximately $6.1bn with a TEU-weighted duration of 5.9 years.
Gregory Zikos, chief financial officer of Costamare, commented: “During the second quarter of the year, the company generated net income of about $77 million. Total liquidity amounted to $423 million.
“We have concluded numerous bilateral debt refinancing agreements for a total of $920 million and we expect to finalize during Q3 the documentation for additional refinancings of a total of $331 million. Credit approvals for the latter financial arrangements have been obtained.
“All new agreements relate to vessels in our existing fleet and provide interest cost savings. As a result of the recent financing activity, we will have no debt maturities till 2030.”
The company has a fleet portfolio of 69 containerships in the water, including the two vessels already agreed to be sold, with a total capacity of approximately 520,000 TEU. It also has 22 newbuild containerships under construction and has agreed to acquire two secondhand containerships. These 24 vessels have a total capacity of approximately 152,600 TEU.
