0001140361-26-007868
SEC filingCostamare Inc. reported FY 2025 revenues of $877.9M, down 1.2% from $888.5M in FY 2024, driven by lower voyage revenue of $846.7M despite income from leaseback vessels rising to $31.2M from $23.9M. Operating income declined 6.9% to $456.2M from $489.7M, reflecting higher voyage expenses ($52.0M vs $25.8M), vessels' operating expenses ($162.5M vs $157.9M), and dry-docking amortization ($19.8M vs $17.3M). Net income from continuing operations fell 2.7% to $396.5M, with net income attributable to Costamare Inc. at $364.6M. EPS from continuing operations was $3.09, down from $3.15. Cash from continuing operations was $536.9M, down from $586.9M. Total assets stood at $3.86B, with stockholders' equity at $2.16B. The fleet averaged 68.3 vessels with ownership days of 24,934. Discontinued dry bulk operations reported a $27.5M loss. Strong charter coverage supports stability amid market volatility.
Costamare Inc. delivered FY 2025 revenues of $877.9M, a 1.2% decline from $888.5M in FY 2024, primarily due to lower voyage revenue of $846.7M despite leaseback income growth to $31.2M (+30.5% YoY). Operating income fell 6.9% to $456.2M amid higher voyage expenses ($52.0M vs $25.8M) and dry-docking costs ($19.8M vs $17.3M). Net income from continuing operations was $396.5M (-2.7% YoY), with EPS at $3.09 (down from $3.15). Cash from continuing operations decreased 8.5% to $536.9M. Total assets stood at $3.86B, equity at $2.16B. Fleet averaged 68.3 vessels (ownership days 24,934). Discontinued dry bulk ops showed $27.5M loss. Strong charter coverage (4.4 years weighted average) and $570.3M liquidity position the company for stability.
Voyage revenue, the core driver, declined 2.1% to $846.7M from $864.5M, impacted by lower accounting revenue from two sales-type lease vessels and net rate decreases, offset by charterer reimbursements for EUAs/FuelEU penalties and revenue from acquired Maersk Puelo. NML segment grew 30.5% to $31.2M from $23.9M due to expanded operations. Container vessels segment (98.7% of revenue) showed cash-adjusted voyage revenue down 1.5% to $845.7M. Five major customers (A.P. Moller-Maersk, MSC, Evergreen, Hapag Lloyd, ZIM) represented 74% of revenue, stable from 76% YoY. No geographic breakdown disclosed.
Gross margins not explicitly stated, but operating margin contracted to ~52% ($456.2M/$877.9M) from ~55% ($489.7M/$888.5M) due to cost pressures. Voyage expenses surged 101.6% to $52.0M (EUAs, FuelEU), vessels' op ex up 2.9% to $162.5M (daily $6,516 vs $6,345). Dry-docking amortization rose 14.5% to $19.8M (14 vessels vs 8). Depreciation steady at $129.5M. Interest costs fell 16.6% to $91.4M on lower debt/SOFR. Net margin from continuing ops ~45% ($396.5M/$877.9M).
Operating cash flow from continuing ops $536.9M (-8.5% YoY), impacted by lower net income, working capital changes, higher dry-dockings ($20.9M). Investing outflow $179.0M (newbuild advances $69.0M, NML investments $233.1M, offset by leaseback collections $123.0M). Financing outflow $507.6M (net debt paydown $331.4M, $100M Spin-Off contribution, $79.3M dividends). Balance sheet: assets $3.86B (vessels $2.74B), debt $1.52B (net $1.51B), equity $2.16B. Liquidity $570.3M (cash $519.8M + restricted $50.4M). Nine unencumbered vessels.
Management highlights strong charter coverage (avg 4.4 years, $3.6B contracted revenue). Capital commitments $541.4M (newbuilds, NML deals). NML investment increased to $247.8M commitment ($182.2M invested). Fleet expansion via 10 newbuilds (deliveries Q2 2027-Q4 2028). Risks: trade protectionism (China port fees suspended), geopolitical tensions (Red Sea rerouting), vessel oversupply (orderbook 34% of fleet). Dry bulk spin-off completed May 2025 enhances focus on containerships/leasing.