Greek containership owner Costamare increased its profit 24.7 percent year-over-year to $26.2 million in the second quarter.
The NYSE-listed charter owner boosted voyage revenue 5 percent year-over-year to $94.3 million due to an expansion of its fleet. Adjusted net income was $26.9 million compared with $16.1 million within the same period
“Our business model is focused on optionality,” said Costamare Chief Financial Officer Gregory Zikos.
“Should we see a temporarily depressed market, we have the capacity to move and acquire cheap assets; if however, in the mid-to-long term, we have a healthy market, we will benefit from the re-chartering of the vessels coming out of charter over the next years, while we will keep looking for new opportunities.”
Costamare controls a fleet of 59 containerships with a total capacity of 325,000 20-foot equivalent units, including the building of 10 new vessels totaling 89,000 TEUs in capacity.
Costamare in mid-July acquired a 5,000 TEUs vessel from Mediterranean Shipping Co., which it will charter back to the Geneva-based carrier for 63 months at a daily rate of $28,000.
This was the company’s eleventh acquisition since its initial public offering in New York in November. It has also ordered five new 8,800 TEUs vessels in May, taking total spending since the IPO to more than $1 billion.
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