CMRE · Costamare Inc.

Costamare Inc. reported Q1 2026 results from continuing operations, reflecting its containership fleet post the May 2025 spin-off of its dry bulk business into Costamare Bulkers Holdings Limited (NYSE: CMDB). Voyage revenue declined 7.2% to $201.6 million from $217.2 million in Q1 2025, driven by lower charter rates, increased off-hire days from dry-dockings (7 vessels in process vs. 2 prior year), and lower accounting revenue from sale-type leases, partially offset by EU emissions reimbursements and revenue from a Q3 2025 acquisition. Adjusted Net Income available to common stockholders fell to $76.0 million ($0.63/share) from $100.3 million ($0.84/share), with GAAP Net Income at $75.3 million ($0.62/share) versus $106.1 million ($0.88/share). Key expense increases included vessels' operating expenses to $42.2 million (daily $6,789 vs. $6,283), voyage expenses to $15.4 million due to EU-related costs (largely reimbursed), and G&A to $5.2 million. Interest and finance costs improved to $19.0 million from $23.0 million on lower debt balances. Operating cash flow decreased to $112.4 million from $147.2 million, impacted by lower operations and higher dry-docking costs, offset by lower interest payments. Liquidity stood strong at $644.4 million. Management highlighted strategic fleet renewal with 16 newbuilds (12x 9,200 TEU on 15-year COSCO charters, deliveries Q3 2028-Q2 2030; 4x 3,100 TEU on 8-year charters, Q4 2027-Q4 2028), fully financed pre/post-delivery for matching tenors, adding $2.8 billion revenues and extending fleet duration by 1.8 years to 6.1 years ($6.2 billion total contracted). Two 5,600 TEU 2001-built acquisitions set for Q4 2026 with 42-month charters. CFO Gregory Zikos noted robust cash flows enabling a proposed dividend hike to $0.125/share from Q2 2026, balancing growth amid volatility. Fleet utilization remains high at 97% fixed for 2026, 94% for 2027 (TEU basis, including pending deals).