Q4 2024 Costamare Inc Earnings Call Transcript
Key Points
- Costamare Inc (CMRE) reported a net income of approximately $80 million for the third quarter of 2024.
- The company maintains strong liquidity with over $1 billion available.
- The containership fleet employment is at 100% for 2024 and 94% for 2025, ensuring stable revenue streams.
- New charter agreements are expected to generate incremental contracted revenues of above $165 million.
- Neptune Maritime Leasing continues to grow with committed funding for 32 shipping assets, reflecting total funding commitments of about $410 million.
- The early redemption of a €100 million bond was driven by tax and legal implications, despite its competitive interest rate.
- There are personnel changes within the CBI platform, raising questions about the stability of the trading business.
- Asset prices for new containerships and dry bulk vessels are considered high, limiting opportunities for fleet expansion.
- The dividend policy remains uncertain, with no clear indication of an increase despite improved cash flow visibility.
- The dry bulk market has not been performing well, with asset prices potentially not reflecting current chartering capacity.
Thank you for standing by ladies and gentlemen and welcome to the Costamare Inc. conference call on the third quarter, 2024 financial results. We have with us today, Mr. Gregory Zikos, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode.
There will be a presentation followed by a question-and-answer session, at which time if you wish to ask a question, please press star then one on your telephone keypad and wait for your name to be announced.
I must advise you that this conference is being recorded today. Friday, November 1st, 2024.
We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read slide number two of the presentation which contains the forward-looking statements. And I will now pass the floor to your speaker today. Mr Zikos. Please go-ahead sir.
Thank you and good morning, ladies, and gentlemen. During the third quarter of the year, the company generated Net
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
