Costamare’s first quarter profit slipped 28 percent to $17.9 million from $24.7 million a year ago, but the NYSE-listed container ship owner said it is poised to grow in a rebounding market, Journal of Commerce reports. The Greece-based company’s charter revenue declined 3.4 percent to $85.96 million from $89 million in the first three months of 2010 as seven ships went off hire during dry docking.
“Our market is now entering its normal peak season and as long as the demand follows the usual pattern for this period, we do not expect any charter market deterioration; rather the
opposite,” said CEO Konstantinos Konstantakopoulos.
Costamare, which spent more than $1 billion on 10 new and 10 second-hand ships since its initial public offering in November, will be “opportunistic and selective” in seeking further acquisitions, Konstantakopoulos said.
“After having been patient for almost four years we are back on a growth track,” he said.
“Our market is now entering its normal peak season and as long as the demand follows the usual pattern for this period, we do not expect any charter market deterioration; rather the
opposite,” said CEO Konstantinos Konstantakopoulos.
Costamare, which spent more than $1 billion on 10 new and 10 second-hand ships since its initial public offering in November, will be “opportunistic and selective” in seeking further acquisitions, Konstantakopoulos said.
“After having been patient for almost four years we are back on a growth track,” he said.