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3. GlobeNewswire reveals that Tesla’s stock price reached a new all-time high of $900 per share following the announcement of record-breaking sales numbers for the quarter. The electric car company reported a 70% increase in revenue compared to the same period last year.: 2025-02-05 05:59:00

Costamare Inc. reported FY 2024 Net Income of $290.7 million and Q4 2024 Net Income of $29.7 million. Liquidity stands at $941.6 million. 12 containerships forward fixed with incremental revenues of $332.6 million. Containership fleet employment at 96% for 2025 and 69% for 2026 with contracted revenues of $2.4 billion.

Vessel acquisitions include Magnes, Alwine, and August dry bulk vessels. Vessel disposals include Discovery and Rose generating net sale proceeds. Refinancing of 36 dry bulk vessels with European financial institutions. Full prepayment of unsecured bonds. $100 million hunting license agreement secured.

Costamare Bulkers Inc. has a fleet of 51 dry bulk vessels on period charters. Majority on index linked charter-in agreements. Average remaining tenor for chartered-in fleet is 13 months for Newcastlemax/ Capesize and 14 months for Kamsarmax vessels. Investment in Neptune Maritime Leasing Limited of $123.3 million.

Dividend declared for common stock and preferred stock. Mr. Gregory Zikos, CFO, commented on adjusted Net Income of $82 million and liquidity of $940 million. Red Sea crisis led to diversions impacting containership sector. 12 containerships forward fixed with estimated revenues of $330 million. Dry bulk market facing soft charter rates. The easing of congestion, China steel market pressures, and decreased grain ton-mile demand have led to tonnage oversupply in the shipping industry. CBI acquired one Capesize and two Ultramax vessels, sold one Handysize ship, and agreed to sell one Panamax vessel to renew its fleet. The company manages a fleet of 51 ships, focusing on index-linked charter-in agreements and long-term commitment to the sector. Neptune Maritime Leasing continues to grow, with investments and commitments exceeding $500 million.

Financially, for the year ended December 31, 2024, CBI reported total voyage revenue of $2,059,947 and adjusted net income available to common stockholders of $329,650. In the three-month period ended December 31, 2024, the company had total voyage revenue of $542,124 and adjusted net income available to common stockholders of $82,302. Adjusted earnings per share for the year was $2.76 and for the three-month period was $0.69. Non-GAAP financial measures include Voyage revenue adjusted on a cash basis, Adjusted Net Income available to common stockholders, and Adjusted Earnings per Share. Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are key indicators of financial health, showing our ability to service debt and make investments. Gains and charges impact these figures, reflecting our operating performance. In the three months ending December 31, 2024, we saw increased voyage revenue of $542.2 million, up 10.5% from the previous year. This growth was driven by increased operations and vessel acquisitions, offset by vessels sold. Additionally, income from investments in leaseback vessels rose to $6.3 million in 2024. NML’s income from leaseback vessels rose due to increased operations in December 2024 compared to 2023. Voyage expenses were $93.3M in 2024 and $90M in 2023. Charter-in hire expenses were $185.1M in 2024 and $166.3M in 2023. Vessels’ operating expenses were $59.7M in 2024 and $64M in 2023.

General and administrative expenses were $6.3M in 2024 and $3.9M in 2023, with $0.67M paid to a related service provider each year. Management fees by related party managers were $10.7M in 2024 and $11.7M in 2023. Amortization of dry-docking and survey costs was $6.3M in 2024 and $5.3M in 2023.

Depreciation was $41.7M in 2024 and $41.8M in 2023. A gain of $0.4M was recorded from selling a vessel in 2024, while a net loss of $1M was incurred in 2023. There was no loss on vessels held for sale in 2024, but a loss of $2.3M was recorded in 2023. No impairment loss was recorded in December 2024. During the three-month period ended December 31, 2023, an impairment loss of $0.2 million was recorded for a dry bulk vessel. Interest income was $7.0 million in 2024 and $6.9 million in 2023. Interest and finance costs were $33.2 million in 2024 and $34.4 million in 2023 due to decreased interest expenses.

Income/(loss) from equity method investments for 2024 was nil, compared to $0.1 million in 2023. Gain/(loss) on derivative instruments, net, showed a net liability of $7.4 million in 2024. Cash flows for the three-month period ended December 31, 2024, included $128.9 million in net cash provided by operating activities, a decrease from $152.9 million in 2023. During the three-month period ended December 31, 2024, net cash provided by operating activities decreased due to changes in working capital, despite increased cash from operations. Net cash used in investing activities was $70.7 million, mainly for vessel acquisitions and upgrades. Net cash used in financing activities was $157.0 million, including debt payments and dividends.

Comparatively, in the same period in 2023, net cash used in investing activities was $33.3 million, primarily for vessel acquisitions and upgrades. Net cash used in financing activities was $101.0 million, including debt payments and dividends. Operating activities saw a decrease due to changes in working capital.

In the years ended December 31, 2024 and 2023, the company owned an average of 105.6 and 111.4 vessels, respectively. Through charter-in agreements, they chartered an average of 62.3 and 43.1 third-party dry bulk vessels, respectively. As of February 4, 2025, 51 dry bulk vessels are chartered-in on period charters.

In 2024, the company acquired multiple secondhand dry bulk vessels and sold several vessels to adjust their fleet. In 2023, ownership changes included selling equity interests in certain vessels and acquiring new vessels to maintain fleet capacity. NML has been a part of the company’s financial statements since Q2 2023.

The company’s fleet ownership days totaled 38,661 in 2024 and 40,652 in 2023. Despite changes in ownership and investments, the company continues to manage its fleet to ensure operational efficiency and financial stability. Ownership days are crucial for voyage revenue and operating expenses. Consolidated financial results show a 37.1% increase in total voyage revenue, reaching $2,060 million in 2024. Income from investments in leaseback vessels rose to $23.9 million. Voyage expenses reached $371.1 million, while charter-in hire expenses amounted to $706.6 million. Voyage expenses related to parties totaled $21.6 million. Vessels’ operating expenses were $240.2 million in 2024. General and administrative expenses reached $25.0 million, with management and agency fees at $59.3 million in 2024. Related party managers charged $10.5 million in 2024 and $14.5 million in 2023. Agency fees of $15.7 million in 2024 and $11.7 million in 2023 were charged by four related agents. General expenses included $8.4 million in 2024 and $5.8 million in 2023 for shares issued to a service provider.

Amortization of dry-docking costs was $23.6 million in 2024 and $19.8 million in 2023. Depreciation expenses were $164.2 million in 2024 and $166.3 million in 2023. Net gain from vessel sales was $3.8 million in 2024 and $112.2 million in 2023. No loss on vessels held for sale in 2024; $2.3 million loss in 2023.

No impairment loss in 2024. In 2023, $0.4 million impairment loss recorded. Interest income was $33.2 million in 2024 and $32.4 million in 2023. Interest and finance costs were $133.1 million in 2024 and $144.4 million in 2023. Income from equity method investments was nil in 2024, $0.8 million in 2023.

As of December 31, 2024, derivative financial instruments were held for hedge accounting and non-hedge accounting. The fair value changes of derivative instruments are reflected in “Other Comprehensive Income” or the consolidated statements of income. As of December 31, 2024, derivative instruments had a net liability of $7.4 million. In 2024, a net loss of $4.0 million was in OCI, and $48.9 million in Gain / (loss) on Derivative Instruments.

Net cash provided by operating activities for 2024 was $537.7 million, a $206.3 million increase from 2023. This rise was due to increased cash from operations, a favorable change in working capital, decreased interest payments, and lower dry-docking and special survey costs.

In 2024, net cash used in investing activities was $79.5 million, mainly from vessel acquisitions and upgrades. In 2023, net cash provided by investing activities was $79.1 million, primarily from vessel sales and short-term investments.

For 2024, net cash used in financing activities was $505.5 million. This was driven by debt payments, stock redemptions, bond prepayments, and dividend payments. In 2023, net cash used in financing activities was $396.8 million for similar reasons.

As of December 31, 2024, the company had $777.9 million in cash and cash equivalents, $18.5 million in short-term investments, and $45.2 million in margin deposits related to FFAs and bunker swaps. Costamare Inc. reports liquidity of $941.6 million, including $100.0 million from a hunting license facility. Debt-free vessels include containerships like KURE and MAERSK KOWLOON, and dry bulk vessels like ALWINE and AUGUST. A conference call on Feb 5 will discuss financial results, with a replay available until Feb 12. Live webcast also available.

Costamare Inc. is a leading provider of containerships and dry bulk vessels. With 68 containerships and 38 dry bulk vessels, the company has a total capacity of 513,000 TEU and 3,016,000 DWT. They participate in leasing and financing, with stocks trading on NYSE. Forward-looking statements are included in their earnings release.

A fleet list of containerships as of Feb 4, 2025, shows vessel names, charterers, year built, capacity, daily charter rates, and expiration of charters. Vessels like TRITON and TITAN are chartered to Evergreen until 2026, while others are chartered to companies like Maersk, MSC, and ZIM with varying expiration dates.

For more information, a conference call with Costamare Inc.’s management team will be held on Feb 5, 2025, to discuss financial results. Participants can dial in using the provided numbers, with a replay available until Feb 12. A live webcast will also be accessible through the company’s website. Several vessels, including MSC Azov, MSC Athens, and MSC Athos, are currently chartered to MSC at a daily rate of $35,300 until the early months of 2026. These vessels will then begin new charters with leading liner companies until 2030 at undisclosed rates. Other vessels like Valor, Value, and Valiant are also undergoing similar charter arrangements with Hapag Lloyd at a daily rate of $32,400 until 2025. Additionally, ZIM Vietnam and ZIM America are currently chartered at a daily rate of $53,000 until October 2025, with a reduced rate of $38,500 thereafter. Lastly, Virgo is chartered to Maersk at a daily rate of $21,500 until April 2025.



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1. GlobeNewswire reports that the stock market experienced a 2% drop today due to concerns over rising inflation rates. The Dow Jones Industrial Average fell 600 points, while the S&P 500 and Nasdaq also saw significant declines.

2. According to GlobeNewswire, the latest unemployment report showed a decrease in jobless claims by 10% compared to last month. The data indicates a positive trend in the labor market as businesses continue to recover from the impact of the pandemic.

3. GlobeNewswire reveals that Tesla’s stock price reached a new all-time high of $900 per share following the announcement of record-breaking sales numbers for the quarter. The electric car company reported a 70% increase in revenue compared to the same period last year.:: Costamare Inc. Reports Results for the Fourth Quarter and