Costamare Inc. (CMRE) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by, ladies and gentlemen, and welcome to the Castamare Inc. conference call on the first quarter 2025 financial results. We have with us Mr. Gregory Zekos, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session, at which time, if you wish to ask a question, please press star 1 on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today, Thursday, May 8, 2025. We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read slide number two of the presentation, which contains the forward-looking statements. And I will now pass the floor to your speaker today, Mr. Zikos. Please go ahead, sir. Thank you, and good morning, ladies and gentlemen. During the first quarter of the year, the company generated net income of about $95 million. As announced on May 7, we have successfully completed the spin-off of Costamare Bulkers, which encompasses the 37 owned rival vessels, as well as the CBI operating platform. Costamare Inc. remains the sole shareholder of the 68 containerships, as well as the controlling shareholder of Neptune Maritime Blazing. This business separation unlocks hidden value and better positions the two separate listed companies to pursue distinct operating and strategic initiatives in the container ship and the dry park sectors. Regarding the container ship market, while geopolitical challenges and economic uncertainties impact global trade, demand for container ship vessels has had to now maintain momentum. The commercially idle fleet remains below 1%, indicating a fully employed market. Regarding the ...