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Costamare Finds Work for Ten Vessels in Q1

Greek containership owner Costamare chartered out a total of ten vessels during the first quarter of 2019, benefiting from increases in Post-Panamax rates. 

“The larger vessels continue to benefit from strong fundamentals with low supply and strong demand,” Gregory Zikos, Chief Financial Officer of Costamare, commented.

“The number of idle ships has fallen across all vessel segments as liner companies launch new services. We have been active during the quarter and we have chartered in total 10 ships, benefiting from a rising market in the larger asset classes,” Zikos added.

From January 1 until March 31, 2019, the company signed charter deals for five Post-Panamaxes with major container shipping companies. The vessels in question are Cape Tainaro, Navarino, Maersk Kobe, Kokura and Ensenada.

In addition, Costamare agreed in Q1 to extend charters for five of its ships below 5,500 TEUs capacity.

During the first quarter, the company also sold for demolition the 2004-built vessel Piraeus and the 1991-built MSC Pylos.

Costamare ended the first quarter of this year with a net loss of USD 1.7 million, compared to a net income of USD 19.2 million seen in the corresponding period a year earlier.

Voyage revenues increased by 21.8%, or USD 20.2 million, to USD 113 million during the three-month period ended March 31, 2019, from USD 92.8 million during the three-month period ended March 31, 2018.

Ahead of the upcoming IMO sulphur cap 2020, Costamare also agreed to install scrubbers on five 14,424 TEU Post-Panamaxes.

“We have 15 Post-Panamax ships opening over the next year which positions us favorably, should market momentum continue,” Zikos concluded.

Costamare currently has a fleet of 76 containerships, with a total capacity of approximately 541,000 TEU, including five newbuild containerships currently under construction.