Costamare Posts $89.4 Million in Adjusted Third-Quarter Income, Beats Per-Share Estimates
Key Facts
Costamare reported unaudited results on October 28 for the third quarter ended September 30, 2026, posting adjusted net income from continuing operations available to common shareholders of $89.4 million, or $0.74 per share. Earnings per share exceeded the consensus estimate of $0.66, according to an Investing.com report, while the company reported adjusted net income of $98.0 million in the same quarter of 2025. This marked a year-over-year decline in earnings despite beating quarterly estimates. Voyage revenue was $212.1 million, down 1.8% from the year-earlier period. Results showed total revenue of $220.4 million, compared with $225.2 million a year earlier.
For the nine months ended September 30, adjusted net income from continuing operations fell to $240.5 million from $290.8 million in the same period of 2025. Adjusted earnings per share for the period declined to $1.99 from $2.42. The company attributed the revenue decline to lower charter rates for some vessels and more off-hire days during scheduled dry-dock maintenance. Contractual compensation for emissions allowances and revenue from a vessel acquired in the third quarter of 2025 partly offset those factors. Costamare presents dry-bulk activity as discontinued operations following the completion of its separation on May 6, 2025, placing the comparison on a continuing-operations basis.
Costamare had liquidity of $733.1 million in the third quarter, including cash and cash equivalents, including restricted cash, as well as $19.8 million in short-term investments in U.S. Treasury bills. The company said it had drawn $1.3 billion since the end of the second quarter to refinance existing obligations on 39 vessels. It also signed a $92 million loan agreement with an Asian bank to finance two vessels, with the drawdown expected in the fourth quarter of 2026. Chief Financial Officer Gregory Zikos said the refinancing agreements provide interest cost savings and that the company expects to complete about $90 million in additional financing during the fourth quarter. He added that debt maturities extend through 2030, pushing the cited maturity date to that year.
In its container business, Costamare said 100% of its fleet was fixed on contracts for 2026 and 99% for 2027, as of October 27. It estimated the fleet’s contracted revenue at about $6.0 billion, with a capacity-weighted average duration of 5.8 years. Management linked market conditions to limited vessel availability at short notice and strong cargo demand. It said the return of shipping services through the Suez Canal had not yet affected market fundamentals, and that the number of idle vessels “remains at low levels below 1%.” The reported contract coverage and revenue provide operating context for the company’s results, while comments on demand and vessel availability are attributed to management.
The company’s activities also include Neptune Maritime Leasing, in which it holds a controlling stake. Costamare said the platform had 47 maritime assets financed or committed, with investments and commitments exceeding $650 million as of October 27. On distributions, the company announced on October 1 a regular cash dividend of $0.125 per share, payable on November 5 to shareholders of record on October 20. In trading, CMRE shares closed at $14.35 on October 27, compared with a close of $13.93 in the previous session. An Investing.com report said the stock rose 2.5% in premarket trading on October 28 following the announcement. The next financing step identified by the company is completing the additional financing expected during the fourth quarter of 2026.