Costamare’s third quarter net income fell to $12.5 million from $17.4 million a year ago as the Greek container ship owner’s charter revenue slipped 5 percent to $94.9 million.
The NYSE-listed company reported adjusted earnings before interest, tax, depreciation and amortization of $62.5 million, down from $72.9 million in the third quarter of 2011.
“In a challenging market, we have fixed all the vessels that were coming out of charter during the remainder of the year. At the same time, we have minimized our rechartering risk,” said Gregory Zikos, chief financial officer.
Vessels scheduled for rechartering in 2013 and 2014 account for only 4 percent and 3 percent, respectively, of Costamare’s 2013 and 2014 contracted revenue.
“We believe that going forward we are well positioned to pursue new business opportunities in a market environment that favors well capitalized players,” Zikos said.
Costamare raised $98 million from a sale of 7 million shares earlier this month, which it said may be used to fund vessel acquisitions. It had $296 million in cash at the end of June.
The Athens-based company has a fleet of 57 ships with an aggregate capacity of 329,000 20-foot-equivalent units, including 10 vessels on order.