Costamare, a New York-listed owner-operator of boxships and bulkers, revealed in its financial results for the third quarter 2024 agreements for the acquisition of three dry bulk vessels. Meanwhile, the shipowner reported for the Q3 net income available to common stockholders of $75.5m ($0.63 per share) and adjusted net income available to common stockholders of $80.7m ($0.68 per share).
The company, founded by the Greek Captain Vasileios Konstantakopoulos in 1975, has agreed to buy the 2011-built, 179,546-dwt Nord Magnes (tbr. Magnes), the 2014-built, 61,090-dwt Alwine Oldendorff (tbr. Alwine) and the 2015-built, 61,090-dwt August Oldendorff (tbr. August).
The acquisition for the Nord Magnes is expected to be concluded within the Q4 2024, for the Alwine Oldendorff within the Q4 2024 and for the August Oldendorff by Q1 2025.
During that period the shipowner also reported the conclusion of the sale of the 2009-built, 58,018-dwt dry bulk vessel, Oracle. The net sale proceeds after debt repayment amounted to $4m.
It also concluded the sale of the 2009-built, 58,090-dwt dry bulk vessel, Titan I. The net sale proceeds after debt repayment amounted to $10.8m.
The company agreed for the sale of the 2012-built, 37,019-dwt dry bulk vessel, Discovery, with expected conclusion of the sale within the Q4 2024. Estimated net sale proceeds after debt prepayment of $7.7m.
During the nine-month period ended September 30, 2024, the owner took delivery of the secondhand dry bulk vessels Miracle, Prosper and Frontier with an aggregate dwt of 541,953 and it sold the dry bulk vessels Manzanillo, Progress, Konstantinos, Merida, Alliance, Pegasus, Adventure, Oracle and Titan I with an aggregate dwt capacity of 396,014.
Gregory Zikos, chief financial officer of Costamare Inc., said: “During the third quarter of the year, the company generated Net Income of about $80 million. As of quarter end, liquidity was above $1 billion.
“In the containership sector, with idle vessels of less than 1%, the fleet can still be considered as ‘fully employed’. The market is split between the larger sizes which remain in limited supply, and smaller vessels where the availability of tonnage is greater. As the pool of bigger tonnage is unable to meet demand, charter rates continue to evolve at firm levels.
“During the quarter we chartered 7 containerships at healthy levels. The new charter agreements are expected to generate incremental contracted revenues of above $165 million.
“The containership fleet employment stands at 100% and 94% for 2024 and 2025, respectively. Total contracted revenues amount to $2.3 billion with a remaining time charter duration of 3.3 years.
“On the dry bulk side, we progress with our strategy to renew the owned fleet and increase its average size; during the quarter we agreed to acquire two 2014 and 2015 built Ultramax vessels and one 2011-built Capesize ship, while progressing with the disposal of smaller tonnage.
“CBI manages a fleet of 56 ships, the majority of which are on index-linked charter-in agreements. We have a long-term commitment to the sector, and we view the vessel-owning and the trading platform as highly complementary activities.
“Finally, with regards to Neptune Maritime Leasing, the platform continues to grow with committed funding for 32 shipping assets, reflecting total funding commitments exceeding $410 million on the back of a healthy pipeline.”
