The following is a summary of the Costamare Inc. (CMRE) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Costamare Inc. reported Q3 2024 net income of $80 million and adjusted net income of $81 million, both reflecting robust profitability.

• Liquidity remains strong with over $1 billion available, indicating solid financial health.

• Total contracted revenues in containership sector reached $2.3 billion with a TEU-weighted remaining charter duration of 3.3 years.

Business Progress:

• The company has successfully chartered seven containerships, generating over $165 million in incremental contracted revenues.

• Costamare is advancing in its dry bulk strategy by acquiring larger vessels and disposing of smaller tonnages, enhancing fleet efficiency.

• Maintained full employment of the containership fleet, with revenue days fixed at 100% for 2024 and 94% for 2025.

Opportunities:

• Strategic acquisitions of larger dry bulk vessels coupled with the sale of smaller ships suggest an emphasis on optimizing fleet composition and operational efficiency.

• Secured charter agreements provide stable revenue and strategic positioning in both bulk and container market segments.

Risks:

• Increased competition and potential overvaluation in asset prices, especially in new-build containerships and larger dry bulk vessels, pose financial risks regarding future fleet expansion investments.

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