Costamare Inc. Reports Results for the Second Quarter and Six-Month Period Ended June 30, 2025

About this update from Costamare Bulkers Holdings Limited

[{"type":"image","alt":"Costamare Inc","displaySize":"","headline":null,"caption":"Costamare Inc","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":65,"url":"https://media.zenfs.com/en/globenewswire.com/fb5804657f78cf60d23fb411f82ff38c"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/EyFenM.yCGGxEPdKETZmgw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTkxO2NmPXdlYnA-/https://media.zenfs.com/en/globenewswire.com/fb5804657f78cf60d23fb411f82ff38c","width":300,"height":65}},"lazy":false},{"type":"text","content":"MONACO, July 31, 2025 (GLOBE NEWSWIRE) -- Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported unaudited financial results for the second quarter and six-month period ended June 30, 2025.","length":208,"tagName":"p"},{"type":"text","content":" Discontinued operations as a result of Costamare Bulkers Holdings Limited Spin-Off ","length":82,"tagName":"p"},{"type":"text","content":"The financial results for the three- and six-month periods ended June 30, 2025, reflect the spin-off of Costamare’s dry bulk business (consisting of Costamare’s dry bulk owned fleet and its dry bulk operating platform, Costamare Bulkers Inc. (“CBI”)) into a standalone public company, which was completed on May 6, 2025. Accordingly, the results of the dry bulk business are presented as discontinued operations for all periods shown.","length":434,"tagName":"p"},{"type":"text","content":"For the three- and six-month periods ended June 30, 2025, the results of discontinued operations include the dry bulk business up to May 6, 2025, the effective date of the spin-off. In comparison, the corresponding periods of 2024 include the results of discontinued operations of the dry bulk business for the entire three- and six-month periods, respectively. These differences in reporting periods should be taken into account when evaluating the results of discontinued operations between periods.","length":501,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" PROFITABILITY AND LIQUIDITY ","length":27,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Q2 2025 Net Income from Continuing operations available to common stockholders of $99.6 million ($0.83 per share).","length":114,"tagName":"p"}]},{"val":[{"type":"text","content":"Q2 2025 Adjusted Net Income from Continuing operations available to common stockholders 1 of $92.5 million ($0.77 per share).","length":124,"tagName":"p"}]},{"val":[{"type":"text","content":"Q2 2025 liquidity of $524.5 million 2 .","length":37,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":275,"olType":false}]},{"val":[{"type":"text","content":" CONCLUSION OF SHIPBUILDING CONTRACTS AND CHARTERING FOR FOUR 3,100 TEU CONTAINERSHIPS ","length":85,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Conclusion of four newbuilding contracts with a Chinese shipyard.","length":65,"tagName":"p"}]},{"val":[{"type":"text","content":"Delivery of the vessels is expected between Q2 2027 and Q4 2027.","length":64,"tagName":"p"}]},{"val":[{"type":"text","content":"Upon delivery, each vessel will commence an 8-year charter with a leading liner company.","length":88,"tagName":"p"}]},{"val":[{"type":"text","content":"Investment is expected to be financed with cash on hand and debt.","length":65,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":282,"olType":false}]},{"val":[{"type":"text","content":" OWNED FLEET CHARTER UPDATE 3 - FULLY EMPLOYED CONTAINERSHIP FLEET FOR 2025 ","length":73,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"100% and 75% of the containership fleet 4 fixed for 2025 and 2026, respectively.","length":79,"tagName":"p"}]},{"val":[{"type":"text","content":"Increase in contracted revenues in excess of $310 million, stemming from:","length":73,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Forward fixing of two containerships for a period ranging from 36 to 37 months, and,","length":84,"tagName":"p"}]},{"val":[{"type":"text","content":"The 8-year charters for the four newbuild containerships.","length":57,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":141,"olType":false}]},{"val":[{"type":"text","content":"Contracted revenues for the containership fleet of approximately $2.5 billion with a TEU-weighted duration of 3.2 years 5 .","length":121,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":414,"olType":false}]},{"val":[{"type":"text","content":" NEW DEBT FINANCING ","length":18,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Bilateral commitments, subject to final documentation, from two European financial institutions for the refinancing of four of our 14,424 TEU vessels and two of our 12,690 TEU vessels. More specifically:","length":203,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Total amount of these bilateral facilities of up to approximately $365.0 million.","length":81,"tagName":"p"}]},{"val":[{"type":"text","content":"Tenor of 5 years.","length":17,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":98,"olType":false}]},{"val":[{"type":"text","content":"Costamare has no significant debt maturities until 2027.","length":56,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":357,"olType":false}]},{"val":[{"type":"text","content":" LEASE FINANCING PLATFORM ","length":24,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Controlling interest in Neptune Maritime Leasing Limited (“NML”).","length":65,"tagName":"p"}]},{"val":[{"type":"text","content":"Company’s current investment in NML of $182.2 million, representing 91.1% of our total committed investment.","length":108,"tagName":"p"}]},{"val":[{"type":"text","content":"Growing leasing platform with 47 shipping assets 6 already funded or on a commitment status basis, representing total investments and commitments of more than $650.0 million, supported by what we believe is a healthy pipeline. ","length":225,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":398,"olType":false}]},{"val":[{"type":"text","content":" DIVIDEND ANNOUNCEMENTS ","length":22,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"On July 1, 2025, the Company declared a dividend of $0.115 per share on the common stock, which will be paid on August 6, 2025, to holders of record of common stock as of July 21, 2025.","length":185,"tagName":"p"}]},{"val":[{"type":"text","content":"On July 1, 2025, the Company declared a dividend of $0.476563 per share on the Series B Preferred Stock, $0.531250 per share on the Series C Preferred Stock and $0.546875 per share on the Series D Preferred Stock, which were all paid on July 15, 2025 to holders of record as of July 14, 2025.","length":292,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":477,"olType":false}]}],"tagName":"ol","bulletedList":false,"length":2452},{"type":"readMore"},{"type":"text","content":"_____________________","length":21,"tagName":"p"},{"type":"text","content":" 1 Adjusted Net Income from Continuing operations available to common stockholders and respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare’s financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I. 2 Including short term investments in U.S. Treasury Bills amounting to $18.9 million. 3 Please refer to the Containership Fleet List table for additional information on vessel employment details for our containership fleet. 4 Calculated on a TEU basis. 5 As of July 30, 2025. Includes the contracted revenue of the four vessels under construction. 6 Includes assets funded as of June 30, 2025 and contractual commitments as of July 30, 2025, but excludes one shipping asset repaid after the end of Q2 2025.","length":999,"tagName":"p"},{"type":"text","content":" Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented: ","length":72,"tagName":"p"},{"type":"text","content":" “ During the second quarter of the year, the Company generated Net Income from Continuing operations of about $99 million.","length":121,"tagName":"p"},{"type":"text","content":"In May, we successfully completed the spin-off of Costamare Bulkers Holdings Limited, which encompassed Costamare’s owned dry bulk fleet as well as the CBI operating platform at that time. Costamare Inc. remains the sole shareholder of the 68 containerships as well as the controlling shareholder of Neptune Maritime Leasing.","length":325,"tagName":"p"},{"type":"text","content":"In July, we ordered four newbuild containerships from a Chinese shipyard, each one of approximately 3,100 TEU capacity. The vessels are expected to be delivered between the second and fourth quarters of 2027. Upon delivery they will commence an 8-year time charter with a first class liner company. At the same time, we chartered two 6,500 TEU containership vessels for a three-year period and on a forward basis commencing from Q1 and Q2 2026. The above transactions resulted in an increase in contracted revenues of above $310 million.","length":537,"tagName":"p"},{"type":"text","content":"Our fleet employment stands at 100% and 75% for 2025 and 2026, respectively. Total contracted revenues amount to $2.5 billion with a remaining time charter duration of 3.2 years.","length":178,"tagName":"p"},{"type":"text","content":"Regarding the market, with less than 1% of the fleet commercially idle, the containership fleet can be considered fully employed. Current low fixing activity is the result of low availability of prompt tonnage rather than lack of demand. Charter rates remain healthy across the board and the short supply keeps rates at robust levels.","length":334,"tagName":"p"},{"type":"text","content":"Finally, with regards to Neptune Maritime Leasing, the growing leasing platform, 47 shipping assets have been funded or are on a commitment status basis and total investments and commitments are exceeding $650 million.”","length":219,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"17","style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Financial Summary – Continuing Operations ","length":41,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"17","style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"7","style":"border-bottom:solid black 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operations available to common stockholders and Adjusted Earnings per Share from continuing operations represent Net Income from continuing operations after earnings from continuing operations allocated to preferred stock, deemed dividend allocated to continuing operations of Series E Preferred Stock and Non-Controlling Interest, but before non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, amortization of time-charter assumed, realized gain on Euro/USD forward contracts, general and administrative expenses - non-cash component, (gain)/loss on derivative instruments, excluding realized (gain)/loss on derivative instruments and other non-cash items. “Accrued charter revenue” is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnings per Share from continuing operations are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income from continuing operations available to common stockholders and Adjusted Earnin...

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