Costamare’s revenue and earnings grew in the fourth quarter of 2013 from a year earlier as the Greek charter shipowner boosted its fleet.
The NYSE-listed company posted net income of $25.9 million against $22.9 million in the final three months of 2012 as voyage revenue from a fleet of nearly 50 container vessels jumped more than 18 percent to $112.6 million from $95.2 million.
Adjusted earnings before interest, tax, depreciation and amortization rose to $75.7 million from $62.5 million.
The Athens-based company took delivery of seven of 10 post-Panamax ships on order during the year, including an 8,827-TEU vessel in the fourth quarter that has begun a long term charter to Taiwanese carrier Evergreen.
Chief Financial Officer Gregory Zikos said the company, which has placed orders for nine ships valued at nearly $1 billion with its joint venture partner York Capital Management in the past eight months, “is well positioned to grow selectively.”
Costamare has stakes of between 25 percent and 49 percent in the ships, which range from 9,000 TEUs to 14,000 TEUs in capacity and will begin to be delivered at the end of 2015.
Five 14,000-TEU ships will operate long-term charters for Evergreen for a total cumulative revenue of around $850 million.
Full-year revenue rose to $414.2 million from $386.2 million in 2012, and net income was $103.1 million against $81.1 million.
Costamare Inc. owns a fleet of 60 vessels totaling about 350,000 TEUs (including vessels on order), which it time charters to a geographically diverse group of liner companies.