Costamare Inc. (NYSE: CMRE) reported net income of $75.3 million ($0.62 per share) for the first quarter of 2026. Adjusted net income stood at $76 million ($0.63 per share). Liquidity reached $644.4 million.
Voyage revenue fell 7.2% year-on-year to $201.6 million. Lower charter rates on certain vessels and increased dry-docking days drove the decline. Income from leaseback vessel investments rose 66.7% to $9.5 million, reflecting the growing activity of Neptune Maritime Leasing (NML).
The fleet remains well covered. Costamare has fixed 97% of its containership capacity for 2026 and 94% for 2027. Total contracted revenues stand at $6.2 billion with a TEU-weighted duration of 6.1 years.
The headline news is a major newbuilding programme. Costamare signed 16 shipbuilding contracts backed by long-term charters, adding approximately $2.8 billion in incremental contracted revenues. Twelve vessels of 9,200 TEU will deliver between Q3 2028 and Q2 2030, each commencing a 15-year time charter with COSCO. Four vessels of 3,100 TEU will deliver between Q4 2027 and Q4 2028, each on an 8-year charter with COSCO. Pre- and post-delivery financing has been arranged for all 16 vessels with two leading Chinese financial institutions.
Costamare also agreed to acquire two secondhand 5,600 TEU vessels built in 2001. Delivery is expected in Q4 2026, after which each vessel will commence a 42-month charter with a leading liner operator.
CFO Gregory Zikos said the 16-newbuilding transaction deepens the company’s long-standing relationship with COSCO and secures long-term cash flows from high-quality counterparties.
Management will recommend to the board an increase in the quarterly dividend from $0.115 to $0.125 per common share, effective Q2 2026.
