Revenue was $99.9 million for the quarter versus $88.6 million in the third quarter of 2010.
The company said it had reached a number of deals with MSC:
- Agreed to acquire the 6,724 TEU, 2003-built containership MSC Methoni for $60 million. The vessel was delivered on Oct. 17, 2011 and commenced a time charter with MSC for 10 years, at a daily rate of $29,000.
- Agreed to acquire to 4,132 TEU, 2002-built containership MSC Ulsan for $30.0 million. The vessel is expected to be delivered within the first quarter of 2012 will be chartered to MSC for 63 months at a daily rate of $16,500.
It also agreed to sell the 1978-built vessels MSC Tuscany and MSC Fado for demolition, with delivery due to the buyers by mid-December 2011, for a total sale price of approximately $8.8 million. Costamare said it expects to realize capital gains of approximately $5 million from these disposals.
Costamare is also the owner and operator of the containership Rena which went aground off New Zealand earlier this month. Gregory Zikos, the company’s chief financial officer said Costamare has been “transparent and cooperative in order to find the causes of the accident. Together with our managers and insurance underwriters, we have engaged salvors, contractors and other experts in doing everything we can in order to minimize the effects of the incident.” It said it also had finalized the financing arrangements for five new ships ordered from Sungdong Shipbuilding & Marine Engineering Korea. The ships will be chartered to Evergreen.
