Costamare Inc. (CMRE) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the Costa Mare third quarter 2025 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Gregory Zikos, CFO. Please go ahead. Thank you, and good morning, ladies and gentlemen. During the third quarter of the year, the company generated net income of about $99 million. After the spinoff of Costamare Barclays Holdings Limited, Costamare Inc. remains the sole shareholder of 69 container ships, as well as the controlling shareholder of Neptune Maritime Leasing. In September, following up from our previously announced order of four 3,100-EU capacity container ships, we exercised our option for two more sister ships to be delivered in Q1 2028. Upon delivery, they will also commence an eight-year time charter with a first-class liner company. Since last quarter, we have also fixed eight vessels with a forward start for periods ranging from 12 to 38 months. These transactions resulted in increased contracted revenues of about $310 billion. Our fleet employment stands at 100% and 80% for 2025 and 2026, respectively. Total contracted revenues amount to $2.6 billion, with the remaining time traded duration of about 3.2 years. Regarding the market, the positive outcome from the latest trade discussion between the U.S. and China and the delay in the implementation of port fees should positively contribute to global increased trade flows...