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
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.