27-10-2016

Costamare quarterly profit down 40.6pc as revenue slips 7.3pc

Costamare

NEW YORK listed Monaco-based non-operating shipowner Costamare Inc posted a 40.6 per cent year-on-year third quarter net profit decline to US$20.67 million, drawn on revenues of $115.5 million, down 7.3 per cent. 

Year to date in the first nine months of 2016, the company posted a 5.5 per cent decline in net profit to $92.1 million, drawn on revenues of $353.2 million, down 2.7 per cent. 

"During the third quarter the company delivered solid results," said Costamare chief financial officer Gregory Zikos. "We continue to employ our vessels, having chartered in total eight ships opening during the last three months," he said.

"Regarding our new building programme, we have deferred the delivery of four vessels for the first quarter of 2017," he said.

Costamare has reached an agreement with South Korea's Hanjin Heavy Industries & Construction (HHIC) to defer the deliveries. Now the four newbuildings are to be delivered from HHIC's Subic Bay yard next year. 

On September 30, Costamare took delivery of its first 11,010-TEU Cape Akritas, from HHIC.

"We have accepted delivery of one 11,010-TEU vessel, brought together with our joint venture partners, and we have deferred the delivery of the remaining four vessels for the first quarter of 2017," said Mr Zikos.

He said the company has also accepted delivery of five 14,424-TEUers, which have commenced 10-year charters with Evergreen. Costamare has another two 3,800-TEUers due for delivery in the first and second quarters of 2018 from China's Jiangsu New Yangzi shipyard.

Voyage revenue decreased 4.6 per cent to $118.3 million during the three-month period ended September 30. The decrease was blamed on falling charter rates, to revenue not earned by two vessels sold for scrap and to fewer revenue days compared to the three-month last year.

This was partly offset by decreased off-hire days of our fleet during the three-month period ended September 30 compared to corresponding quarter last year. 

Costamare is one of the world's leading owners and providers of containerships for charter. The company has 42 years of history in the world shipping industry and a fleet of 71 containerships, totalling 464,000 TEU, including six newbuild containerships to be delivered. 

Source: Schdnet

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