Costamare’s profits, revenues slip in Q2

Gregory Zikos, chief financial officer of Athens-based containership leasing company Costamare, said the company continued to deliver solid and profitable results despite a challenging market environment.    Costamare, an owner of containerships that are chartered to liner companies, reported profits of $165 million in the second quarter of 2016 compared with $168 million in the second quarter of 2015.
   Voyage revenues totaled $240 million, compared with $244 million in the second quarter of 2015.
   Echo Chief Financial Officer Gregory Zikos said the company “continued to deliver solid and profitable results.”
   Zikos added, “Regarding new financings, we have secured funding for our first two 11,000-TEU new buildings, minimizing our remaining capital commitments, and we have entered into new debt transactions financing debt free and refinancing existing assets at competitive terms.
   “On the chartering side, we continue to employ our vessels at favorable rates despite adverse market conditions, having chartered in total eight ships opening during the last three months. Regarding our new building program, we have accepted delivery, as per schedule, of the first two out of the five 14,000-TEU vessels, which have commenced their 10-year charter.”
   Looking ahead, Zikos said, “In a challenging market environment our main goal is to preserve liquidity and strengthen our balance sheet. Going forward, the board will continue reviewing our dividend policy based on market conditions and our liquidity requirements.”
   Costamare has a fleet of 72 containerships with a total capacity of approximately 467,000 TEUs, including 10 new builds that have not been delivered yet. Eighteen of Costamare’s containerships, including 10 new builds on order, have been acquired pursuant to an agreement with York Capital Management by vessel-owning joint venture entities in which Costamare holds a minority equity interest.
   Costamare’s customers include ocean carriers Evergreen Line, COSCO, MSC, PIL, Maersk Line, ZIM, Hapag-Lloyd, Yang Ming and CMA CGM.