Costamare remains profitable in Q2 and first half

Greek shipowner Costamare Inc., controlled by Kostis Konstantakopoulos, remained profitable in both the second quarter and the first half of 2026, while advancing a major fleet expansion program backed by 6.1 billion dollars in contracted revenue.

For the second quarter, the New York-listed container ship owner reported net income from continuing operations attributable to common shareholders of 77.4 million dollars, or 0.64 per share. Adjusted net income from continuing operations stood at 75.1 million dollars, or 0.62 per share.

Voyage revenue totaled 200.8 million dollars, compared with 210.9 million in the second quarter of 2025.

For the first six months of the year, net income from continuing operations reached 165.8 million, while net income attributable to common shareholders amounted to 152.6 million, or1.27 per share.

Adjusted net income declined to 151.1 million from 192.8 million in the corresponding period last year.

Voyage revenues for the six-month period fell to 402.3 million from 428.1 million, mainly due to lower charter rates for certain vessels.

Chief Financial Officer Grigoris Zikos said the company generated approximately 77 million dollars in net income during the quarter and ended the period with total liquidity of 423 million euros.

He added that Costamare completed bilateral refinancing agreements totaling 920 million and expects to finalize additional refinancing of up to 331 million dollars during the third quarter. Following the new agreements, the company will have no debt maturities until 2030.

Fleet expansion

Costamare is continuing to expand its fleet through an extensive newbuilding program.

The company, which currently owns 69 vessels on the water, has already paid the initial installments for the 16 newbuild container ships announced in the first quarter of 2026, while the required equity contribution has been fully funded.

In total, Costamare has 22 container ships under construction and has also agreed to acquire two second-hand vessels.

Fleet employment remains strong, with 97% of the fleet chartered for 2026 and 94% for 2027.

The company said it has approximately 6.1 billion dollars in contracted revenue, with a weighted average remaining charter duration of 5.9 years, measured on a TEU-weighted basis.

Regarding Neptune Maritime Leasing, in which Costamare holds a controlling interest, the company said 50 maritime assets have either been financed or committed, while total investments and commitments exceed 700 million dollars.

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