Costamare Inc. (CMRE) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by, ladies and gentlemen, and welcome to the Coastal Mayor Inc. conference call on the first quarter 2026 financial results. We have with us Mr. Gregory Zekos, Chief Financial Officer of the company. At this time, all participants are in 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, then 1 on your telephone keypad and wait for your name to be announced. I must advise you that this conference call is being recorded today, Wednesday, April 29th, 2026. We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read slide number two on the presentation, which contains the forward-looking statements. And I will now pass the floor over to your speaker today, Mr. Zicos. Please go ahead, sir. Thank you, and good morning, ladies and gentlemen. During the first quarter of the year, the company generated an income of about 75 million. Total liquidity amounted to about 645 million. Executing another strategy of renewing the fleet and securing long-term cash flows from high-quality counterparties, we have ordered a total of 16 new buildings from first-class Chinese shipyards. Twelve of the ships are 9,200 EUs and four 3,100 EUs capacity. The vessels are expected to be delivered between the fourth quarter of 2027 and the second quarter of 2030. Upon delivery, all ships will commence long-term charges with Costco shipping of 15 and 8 years for the 209,000 T.U. ships and the four 3,100 T.U. vessels, respectively. We are pleased to expand our value of the long-lasting relationship with Costco through the completion of our latest 16 new building transactions. Incremental contracted revenues for the n...