Costamare on the up

Costamare is well positioned for further expansion after posting a fourth-quarter profit, management told investors Monday.
Costamare trades under the ticker CMRE and celebrates its 40th birthday this year.

Costamare trades under the ticker CMRE and celebrates its 40th birthday this year.

In the Greek containership operator’s latest earnings report finance chief Greg Zikos said his company plans to “continue to grow selectively” on the back of recent orders totally nearly $1bn.

The executive noted the joint venture between Costamare and York Capital has penned nine newbuildings over the past eight months and recently chartered five 14,000-teu units to Evergreen.

The commentary followed a period in which the operator watched adjusted net income for the three months to 31 December rise to $30.5m from $23.6m year-on-year as fourth-quarter revenue climbed from $95.2m to $112.5m.

For the year ended 31 December 2013, Costamare reported an adjusted profit of $108.8m, versus an annual gain of $91.3m in 2012. Voyage revenue from its fleet of nearly 50 containerships rose to $414.3m from $386.1m as a result of the addition of fresh tonnage.

Costamare
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