Costamare more than doubled its fourth quarter net income to $26.1 million from a year ago, as the Greek containership charter owner expanded its fleet and capped voyage operating costs.
The NYSE-listed company’s revenue surged 19 percent to $102 million in the same period. Costamare reported $11.8 million in profit in fourth quarter 2010.
The fleet averaged more than 48 vessels during the quarter compared with 42 in the year earlier period, but voyage operating expenses rose only 3.4 percent.
Full-year net income grew 7.9 percent year-over-year to $87.6 million, as revenue climbed 8.2 percent to $382.2 million. The company earlier this week filed a shelf registration statement with U.S. market regulators so that it could sell up to $300 million in stock.
“In 2011, we executed our growth plans investing, at an opportune time, in excess of $1 billion in new building and second-hand ships,” said Costamare Chief Financial Officer Gregory Zikos. “We have been selective in our investments, we remain returns-oriented and we do not seek growth at unjustified prices by assuming excessive market risk.”
Costamare has 10 newbuidlings on order and will take delivery of a second-hand 4,132 20-foot equivalent units ship in the coming weeks. The vessel will be chartered to Mediterranean Shipping for 63 months at daily rate of $16,500.
-- Contact Bruce Barnard at email@example.com.