Costamare has reported a net income of $290.7 million as part of its unaudited financial results for the fourth quarter and year ended December 31, 2024, also noting its plans to renew
Costamare has reported a net income of $290.7 million as part of its unaudited financial results for the fourth quarter and year ended December 31, 2024, also noting its plans to renew its owned fleet.
Gregory Zikos, Chief Financial Officer of Costamare, said: “In the container ship sector the Red Sea crisis led to diversions via the much longer Cape of Good Hope route. These diversions, together with strong cargo demand, absorbed the incremental new building capacity. The commercially idle fleet remained low during 2024 and at the start of 2025. Should however liners gradually return to the Suez route, the release of tonnage, combined with new building capacity, could potentially distort the current supply and demand dynamics.”
The company reported forward fixing for 12 container ships for a period ranging from 16 to 38 months with incremental revenues of $332.6 million since the Q3 2024 earnings release.
Currently, 96% and 69% of the company’s container ship fleet is fixed for 2025 and 2026, respectively.
“On the dry bulk market, charter rates dropped to their lowest levels of 2024 during the last quarter and have started 2025 on a similarly soft note,” said Zikos. “The easing of congestion, along with
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