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Costamare Inc. – CMRE – Dividend for the second quarter ended June 30, 2012, of $0.27 per share

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Costamare Inc. (NYSE: CMRE) reported unaudited financial results for the second quarter and six months ended June 30, 2012.

CMRE – Financial Highlights

  • Voyage revenues of $96.0 million and $196.1 million for the three and the six months ended June 30, 2012, respectively.
  • Voyage revenues adjusted on a cash basis of $96.5 million and $197.1 million for the three and the six months ended June 30, 2012, respectively.
  • Adjusted EBITDA of $61.0 million and $128.1 million for the three and the six months ended June 30, 2012, respectively.
  • Net income of $21.1 million or $0.31 per share and $45.7 million or $0.71 per share for the three and the six months ended June 30, 2012, respectively.
  • Adjusted Net Income of $21.6 million or $0.32 per share and $46.8 million or $0.73 per share for the three and six months ended June 30, 2012, respectively.

CMRE – New Business Developments


  • Took delivery of the 1998-built 3,842 TEU vessels Koroni and Kyparissia which commenced the charter with Evergreen replacing the vessels Genius I and Gifted. The total acquisition cost for the two vessels was approximately $24.9 million and was partly funded with debt drawn from a credit facility.
  • Delivered to buyers the 1984-built, 2,922 TEU container vessels Gifted and Genius I which were sold for demolition. The total sale price for the vessels was approximately $12.3 million.
  • Entered into an agreement to time charter the 1991-built, 1,068 TEU containership Horizon to APL, for a period of minimum three months and maximum six months at a daily rate of $6,000. The vessel was delivered to APL at the end of May 2012.
  • The Company has agreed to purchase from an insolvency administrator over the assets of a German KG, the 1,078 TEU capacity, 2001-built container vessel Stadt Luebeck. The purchase price will be $11.3 million and the vessel is expected to be delivered to the Company by the end of July 2012. The vessel is currently chartered to CMA CGM for a period until the end of August 2012, at a daily rate of $5,800. The acquisition will be funded entirely out of bank financing provided by an existing lender to the Company under an amended credit facility as part of a broader agreement between the Company and the vessel’s current lending bank.

CMRE Dividend Announcements

  • On July 9, 2012, the Company declared a dividend for the second quarter ended June 30, 2012, of $0.27 per share, payable on August 7, 2012 to stockholders of record at the close of trading of the Company’s common stock on the New York Stock Exchange on July 23, 2012. This was the Company’s seventh consecutive quarterly dividend since it commenced trading on the New York Stock Exchange.

About Costamare Inc. – CMRE

Costamare Inc. (CMRE) is one of the world’s leading owners and providers of containerships for charter. The Company has 37 years of history in the international shipping industry and a fleet of 57 containerships, with a total capacity of approximately 327,000 TEU, including 10 newbuilds on order.

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edliston
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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