Dry bulk business results included in discontinued operations for Q2 and H1 2025
Costamare Inc. has reported robust financial results for the second quarter and the first half of 2025, following the spin-off of its dry bulk business on May 6, 2025. The company achieved a Net Income from Continuing Operations of $99.6 million ($0.83 per share) and an Adjusted Net Income of $92.5 million ($0.77 per share), AInvest said.
Key highlights include the ordering of four new 3,100 TEU containerships with 8-year charters upon delivery in 2027, and securing forward fixtures for two containerships. These actions increased contracted revenues by over $310 million. The company maintains strong liquidity of $524.5 million and has secured bilateral commitments for $365 million in refinancing. The containership fleet is 100% employed for 2025 and 75% for 2026, with total contracted revenues of approximately $2.5 billion. The company's leasing platform, Neptune Maritime Leasing Limited, has grown to 47 shipping assets with investments exceeding $650 million.
The financial results reflect the spin-off of Costamare Bulkers Holdings Limited into a standalone public company. The results of the dry bulk business are presented as discontinued operations for all periods shown. For the three- and six-month periods ended June 30, 2025, the results of discontinued operations include the dry bulk business up to May 6, 2025, the effective date of the spin-off. In comparison, the corresponding periods of 2024 include the results of discontinued operations of the dry bulk business for the entire three- and six-month periods, respectively [1].
Gregory Zikos, Chief Financial Officer of Costamare Inc., commented on the company's performance: "During the second quarter of the year, the Company generated Net Income from Continuing operations of about $99 million. In May, we successfully completed the spin-off of Costamare Bulkers Holdings Limited, which encompassed Costamare’s owned dry bulk fleet as well as the CBI operating platform at that time. Costamare Inc. remains the sole shareholder of the 68 containerships as well as the controlling shareholder of Neptune Maritime Leasing. In July, we ordered four newbuild containerships from a Chinese shipyard, each one of approximately 3,100 TEU capacity. The vessels are expected to be delivered between the second and fourth quarters of 2027. Upon delivery, they will commence an 8-year time charter with a first class liner company. At the same time, we chartered two 6,500 TEU containership vessels for a three-year period and on a forward basis commencing from Q1 and Q2 2026. The above transactions resulted in an increase in contracted revenues of above $310 million. Our fleet employment stands at 100% and 75% for 2025 and 2026, respectively. Total contracted revenues amount to $2.5 billion with a remaining time charter duration of 3.2 years"