Costamare Inc. reported unaudited financial results for the third quarter and nine-months ended September 30, 2018.
- Adjusted Net Income available to common stockholders of $9.8 million or $0.09 per share and $33.6 million or $0.31 per share for the three-months and the nine-months ended September 30, 2018, respectively.
- Successfully concluded pre and post delivery financing of its five newbuild vessels, currently under construction, which will enter into 10-year charters to Yang Ming upon their delivery. The ships are expected to be delivered between the second quarter of 2020 and the second quarter of 2021.
- Purchased two 1996-built, 8,044 TEU sister containerships Maersk Kleven and Maersk Kotka in September 2018. Upon their delivery the vessels commenced a 2.5-year charter with Maersk.
- Agreed to install scrubbers on five Post Panamax container vessels (two 8,827 TEU vessels and three 9,403 TEU vessels). Following the installation of the scrubbers, the existing charter rates will be increased and the original charter expiry (ranging from 2023 to 2024) will be extended for a period of 3 years.
- Chartered in total 23 vessels over the quarter (excluding the two recent secondhand acquisitions).
- Declared dividend of $0.10 per share on its common stock and dividends on all four classes of its preferred stock.
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