Costamare Defers Newbuild Vessel Delivery
Athens-based containership owner Costamare Inc. pushes back 11,000-teu newbuildings into 2017 as it reports strong third quarter figures which topped Wall Street expectations.
It has agreed to postpone the deliveries of the remaining four newbuilding 11,010 TEU containerships, ordered through the company’s joint venture with York Capital.
The four vessels, three of which were scheduled to join the company’s fleet in October 2016, are now expected to be delivered from South Korean shipbuilder Hanjin Heavy Industries in the first quarter of 2017.
During the third quarter of 2016, Costamare took delivery of three vessels. "we accepted delivery of the 14,424 TEU containerships Talos, Taurus and Theseus, three containerships acquired pursuant to our joint venture with York. The vessels commenced their 10 year time charters with Evergreen. Costamare holds a 40% interest in the entities that own each vessel. The deliveries mark the completion of this particular project," says a press statement from the company.
"On September 30, 2016, we accepted delivery of the 11,010 TEU containership Cape Akritas acquired pursuant to our joint venture with York," the statement adds.
Costamare has reported third-quarter profit of $20.7 million for Q3. The shipping company posted revenue of $118.3 million in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $114.8 million.
On a per-share basis, it has net income of 20 cents. Earnings, adjusted for non-recurring costs and amortization costs, came to 37 cents per share. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.
