Costamare Upsizing Fleet
Costamare has reported a net income of $290.7 million as part of its unaudited financial results for the fourth quarter and year ended December 31, 2024, also noting its plans to renew its owned fleet.
Gregory Zikos, Chief Financial Officer of Costamare, said: “In the container ship sector the Red Sea crisis led to diversions via the much longer Cape of Good Hope route. These diversions, together with strong cargo demand, absorbed the incremental new building capacity. The commercially idle fleet remained low during 2024 and at the start of 2025. Should however liners gradually return to the Suez route, the release of tonnage, combined with new building capacity, could potentially distort the current supply and demand dynamics.”
The company reported forward fixing for 12 container ships for a period ranging from 16 to 38 months with incremental revenues of $332.6 million since the Q3 2024 earnings release.
Currently, 96% and 69% of the company’s container ship fleet is fixed for 2025 and 2026, respectively.
“On the dry bulk market, charter rates dropped to their lowest levels of 2024 during the last quarter and have started 2025 on a similarly soft note,” said Zikos. “The easing of congestion, along with pressures in the China steel market and less grain ton-mile demand, have resulted in tonnage oversupply.
“As per our strategy to renew the owned fleet and increase its average size during the quarter we concluded the acquisition of one Capesize and two Ultramax vessels as well as the disposal of one Handysize ship, while we have agreed to sell one Panamax vessel.”
The company acquired the 2011-built, 179,546 DWT capacity dry bulk vessel, Magnes (ex. Nord Magnes), the 2014-built, 61,090 DWT capacity dry bulk vessel, Alwine (ex. Alwine Oldendorff) and the 2015-built, 61,090 DWT capacity dry bulk vessel, August (ex. August Oldendorff).
It has secured the refinancing/ financing of 36 dry bulk vessels through four bilateral term loan facilities with European financial institutions for the total drawn amount of $339.3 million.
Costamare Bulkers Inc. has currently fixed a fleet of 51 dry bulk vessels on period charters, consisting of 36 Newcastlemax/ Capesize vessels and 15 Kamsarmax vessels.
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