Added Capacity Pushes Costamare Further into Black

Added Capacity Pushes Costamare Further into Black

Athens-based ocean container carrier Costamare ended 2014 with USD 115.1 million net income, USD 13 million more compared to 2013.

Costamare recorded USD 484 million in voyage revenues in 2014, improving the 2013 results by approximately USD 70 million.

Better operating results translate to good news for the company’s shareholders, with the company planning to increase the quarterly dividend from USD 0.28 to USD 0.29 per common share, starting with the first quarter 2015.

In December 2014, Costamare entered into a financing agreement with a leading Chinese financial institution regarding the five 14,000 TEU vessels ordered from Samsung Heavy Industries and chartered to Evergreen. The financing is under the structure of a sale and leaseback transaction.

The same month the company ompany purchased the 2004-built, 2,586 TEU containership Lakonia for a price of USD 8.2 million. The vessel was delivered on December 18, 2014. Costamare agreed to charter the vessel to Evergreen, for a period of approximately two years at a daily rate of USD 8,600. The vessel is expected to commence its charter beginning March 2015.

During the year ended December 31, 2014 and 2013, Costamare had an average of 54.5 and 49.6 vessels, respectively, in the fleet. In the year ended December 31, 2014, the company accepted delivery of the newbuild vessels MSC Azov, MSC Ajaccio and MSC Amalfi with an aggregate TEU capacity of 28,209 and the secondhand vessels Neapolis, Areopolis and Lakonia with an aggregate TEU capacity of 6,705. Costamare sold the vessels Konstantina, MSC Kyoto and Akritas with an aggregate TEU capacity of 10,379 in 2014.  Furthermore, pursuant to the Framework Agreement with York, a jointly-owned vessel entity accepted delivery of the secondhand vessel Elafonisos with a TEU capacity of 2,526.

Image: Watermark Consultants

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