Stock Track | Costamare Surges 5.44% on Strong Q2 Results and Upbeat Outlook

Stock Track08-01

Shares of Costamare Inc. (NYSE: CMRE), a leading global provider of containerships and dry bulk vessels, soared 5.44% on Wednesday after the company reported robust financial results for the second quarter of 2024 and provided an optimistic outlook for the remainder of the year.

The Monaco-based shipping company reported net income of $102.9 million, or $0.77 per share, for the three months ended June 30, 2024, representing a significant increase from $67.4 million, or $0.52 per share, in the same period last year. Total voyage revenue surged 39.2% year-over-year to $509.3 million, driven by higher charter rates, increased volumes from the company's dry bulk operating platform, and the acquisition of new vessels.

Costamare's strong performance was underpinned by favorable market conditions in the containership and dry bulk sectors. The company's containership fleet employment stood at 100% and 88% for 2024 and 2025, respectively, with total contracted revenues amounting to $2.4 billion and a remaining time charter duration of 3.5 years. Additionally, Costamare's dry bulk operating platform, Costamare Bulkers Inc. (CBI), managed a fleet of 54 dry bulk vessels on period charters, with the majority on index-linked agreements.

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