The following is a summary of the Costamare Inc. (CMRE) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Costamare Inc. reported a net income of approximately $91 million for Q2 2024.

• Liquidity was reported to be above $1.1 billion.

• A full redemption of Series E Preferred Stock led to annual cash flow savings of approximately $10.1 million.

Business Progress:

• The company has chartered seven containerships on a forward basis for a minimum period of two to three years, expecting to generate over $220 million in incremental contracted revenues.

• Total contracted revenues amount to $2.4 billion with a time charter duration average of 3.5 years.

• On the dry bulk side, Costamare is renewing its owned fleet, concluding the sale of older vessels and acquiring two newer Capesize ships.

• Neptune Maritime Leasing has funded 25 shipping assets totaling approximately $285 million.

Opportunities:

• Costamare's containership market sees a continuous increase in charter rates amid a higher-than-expected cargo demand and vessel diversions around Africa.

Risks:

• The principal threat to the containership markets remains the continuous injection of new building capacity.

More details: Costamare IR

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