Costamare Inc ( CMRE ) has one of the oldest fleets, and management has started to renew it. Meanwhile, shareholders dividends have been frozen for the last few years despite the company experiencing its mostWith a professional background spanning multiple industries, from logistics, construction to retail, I bring a diverse perspective to investing. My international education and career experiences have provided me with a global outlook and the ability to analyze market dynamics from different cultural and ...

I am giving a hold rating to Costamare Inc. ( CMRE ). The company is very interesting to follow thanks to the recent spin-off of its dry bulk activity to only be a containership lessor. However, relative to peersI am a dynamic finance professional with a Master’s in Banking & Finance from Université Paris 1 Panthéon-Sorbonne. My investing background mix corporate finance, M&A, and investment analysis, with a focus on real estate, renewable energy, and equity markets. I specialize in financial modelling, val ...

Core Viewpoint - Costamare is identified as the stronger business compared to Robin Energy based on various financial metrics and analyst recommendations [7]. Group 1: Ownership and Institutional Support - 58.1% of Costamare shares are held by institutional investors, while 23.2% are held by company insiders, indicating strong institutional confidence in Costamare's long-term performance [1]. Group 2: Profitability Metrics - Costamare has a net margin of 22.23%, return on equity of 15.15%, and return on assets of 7.91%, while Robin Energy's profitability metrics are not available [2]. Group 3: Analyst Ratings - Costamare has a consensus rating score of 2.00, with 3 hold ratings and no buy or strong buy ratings, while Robin Energy has no ratings at all [4]. Group 4: Earnings and Valuation - Costamare's gross revenue is $2.08 billion, with a net income of $319.92 million and earnings per share of $2.50, compared to Robin Energy's gross revenue of $6.87 million, net income of $1.05 million, and earnings per share of $0.04 [6]. - Costamare's price-to-earnings ratio is 6.43, significantly lower than Robin Energy's 21.49, indicating that Costamare is more affordable [6]. Group 5: Summary of Comparison - Costamare outperforms Robin Energy in 10 out of 12 comparative factors, reinforcing its position as the more favorable investment option [7].

Costamare (CMRE) has strong technical momentum and just set a new 52-week high. Shares have a 100% technical “Buy” opinion from Barchart. CMRE stock is up nearly 30% in just the last month. Analyst sentiment is mixed, but Morningstar sees CMRE as 19% undervalued and Seeking Alpha rates it a “Strong Buy.” Today’s Featured Stock Valued at $1.9 billion, Costamare (CMRE) is a containership owner chartering its vessels to liner companies. The company deploys its containership fleet principally under ...

Financial Data and Key Metrics Changes - The company generated net income of approximately $99 million for the third quarter, with additional net income reported at $98 million or $0.81 per share, and net income for the quarter around $93 million or $0.77 per share [2][3][4] - Total contracted revenues amount to $2.6 billion, with a remaining time charter duration of about 3.2 years [3][4] - Liquidity stands at about $560 million [4] Business Line Data and Key Metrics Changes - The company remains the sole shareholder of 69 containerships and the controlling shareholder of Neptune Maritime Leasing [2] - Eight vessels have been fixed with a forward start for periods ranging from 12 to 38 months, resulting in increased contracted revenues of about $310 million [2][4] - The fleet deployment is at 100% for 2025 and 80% for 2026 [2][4] Market Data and Key Metrics Changes - The charter market remains strong with an idle fleet of less than 1%, indicating a fully employed market [3][5] - Charter rates in the containership market are stable and healthy, supported by a vessel shortage and steady demand [3][5] - The positive outcome from trade discussions between the U.S. and China is expected to contribute to increased global trade flows [3] Company Strategy and Development Direction - The company has concluded newbuild contracts for two additional 3,100 TEU containerships, bringing the total newbuilding orders to six, with expected delivery in Q1 2028 [4] - The company is focusing on both newbuildings and potential second-hand acquisitions, indicating a proactive approach to fleet expansion [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted that the charter market remains healthy, with demand for ships easily absorbed, despite geopolitical events that may affect future conditions [10][11] - There is uncertainty regarding the sustainability of recent increases in freight rates, which may be influenced by external factors such as geopolitical tensions [17][19] Other Important Information - Neptune Maritime Leasing has funded or committed to fund 50 shipping assets for a total amount exceeding $650 million [3][5] - The company maintains a long uninterrupted dividend track record [5] Q&A Session Summary Question: How has chartering activity developed over the past couple of months? - Management indicated that box rates have been increasing, particularly on the US West Coast trade route, and that there is a shortage of ships, leading to a healthy charter market [10] Question: Is the recent increase in freight rates sustainable? - Management acknowledged that the increase may be due to front-running and cannot predict long-term sustainability, as historical trends show a negative trajectory [17][19] Question: Can you discuss the acquisition of the second-hand vessel and future opportunities? - The acquisition was a structured sale-and-leaseback deal with Maersk, and management expressed that there may be more opportunities in the future [12] Question: What is the likelihood of Maersk exercising charter options? - Management stated that it is up to the charterer to decide based on market conditions, and they have conservatively factored in a one-year time charter period [19]

Highlights (1/4) Third Quarter 2025 Financial Results Conference Call November 4, 2025 Forward-Looking Statements This presentation contains certain "forward-looking statements" (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). All statements, other than statements of historical facts, that address activities, events or developments that Costamare Inc. (the "Company") expects, projects, believes or anticipates will or may occur in the future, including, without lim ...

Revenue and Income - Voyage revenue decreased by 1.6%, or $3.6 million, to $215.9 million for the three-month period ended September 30, 2025, compared to $219.5 million for the same period in 2024[8] - Income from investments in leaseback vessels increased by 50.0%, from $6.2 million in 2024 to $9.3 million in 2025, due to increased operational volume[10] - Net income from continuing operations was $99.4 million for the three-month period ended September 30, 2025, down from $111.1 million in 2024[5] - Voyage revenue decreased by 0.4%, or $2.8 million, to $644.0 million for the nine-month period ended September 30, 2025, compared to $646.8 million for the same period in 2024[38] - Income from investments in leaseback vessels increased to $22.0 million for the nine-month period ended September 30, 2025, up from $17.7 million in 2024, due to increased operational volume[40] - Net Income from Continuing Operations for the nine-month period ended September 30, 2024, was $312,788,000, compared to $317,397,000 for the same period in 2025, reflecting a decrease of approximately 1.9%[92] Expenses - Voyage expenses rose significantly by 94.6%, from $7.4 million in 2024 to $14.4 million in 2025, primarily due to liabilities for EU Emissions Allowances and increased relevant expenses[11] - Voyage expenses increased to $37.8 million for the nine-month period ended September 30, 2025, from $19.6 million in 2024, primarily due to liabilities for EUAs and Fuel EU Maritime penalties[41] - Daily vessels' operating expenses increased from $6,369 in 2024 to $6,520 in 2025, reflecting higher operational costs[14] - General and administrative expenses decreased by 56.0%, from $5.0 million in 2024 to $2.2 million in 2025[15] - General and administrative expenses decreased to $9.4 million for the nine-month period ended September 30, 2025, from $12.0 million in 2024[45] Cash Flow - Net cash provided by operating activities decreased by $16.6 million to $135.6 million in the three-month period ended September 30, 2025, from $152.2 million in 2024[26] - Net cash provided by operating activities decreased by $22.7 million to $418.8 million for the nine-month period ended September 30, 2025, compared to $441.5 million for the same period in 2024[56] - Net cash used in investing activities was $44.5 million in the three-month period ended September 30, 2025, mainly for advance payments for newbuild container vessels and the acquisition of a secondhand vessel[27] - Net cash used in investing activities increased significantly to $152.3 million in the nine-month period ended September 30, 2025, from $25.8 million in the same period of 2024[57][58] - Net cash used in financing activities was $237.6 million for the three-month period ended September 30, 2024, including $104.4 million for debt financing and $116.0 million for the full redemption of Series E Preferred Stock[30] - Net cash used in financing activities was $416.9 million for the nine-month period ended September 30, 2025, compared to $344.5 million for the same period in 2024[59][60] Assets and Liabilities - As of September 30, 2025, the company had cash and cash equivalents of $569.6 million[62] - Total current assets increased to $1,040,216, up from $663,827, representing a growth of 56.7%[84] - Total assets rose to $5,148,687, up from $3,860,967, indicating an increase of 33.3%[85] - Total current liabilities rose to $745,560, up from $394,565, representing an increase of 88.9%[84] - Current portion of long-term debt increased to $287,360 from $272,074, an increase of 5.3%[84] Fleet and Operations - Average number of vessels in the fleet slightly increased from 68.0 in 2024 to 68.2 in 2025, indicating a stable fleet size[6] - The company has a fleet of 69 containerships with a total capacity of approximately 520,000 TEU and six newbuild containerships under construction with a total capacity of 18,600 TEU[68] - The company made advance payments for the construction of four newbuild container vessels as part of its investing activities[57] - The average remaining duration of charters for the fleet is weighted on a TEU basis, reflecting the company's strategic planning for fleet management[76] Financial Metrics - Interest income decreased by 55.4%, from $8.3 million in 2024 to $3.7 million in 2025, reflecting lower interest rates and reduced cash balances[20] - Interest income decreased to $15.5 million for the nine-month period ended September 30, 2025, down from $24.8 million in 2024[50] - Interest and finance costs decreased to $66.8 million for the nine-month period ended September 30, 2025, from $82.1 million in 2024, due to lower average loan balances and reduced SOFR rates[51] - The company reported a decrease in interest payments during the nine-month period ended September 30, 2025, compared to the same period in 2024[56] - The company believes that Adjusted Net Income and Adjusted Earnings per Share are useful metrics for evaluating operating performance and liquidity compared to other companies in the industry[92] Shareholder Information - Net income available to common stockholders for the nine months ended September 30, 2024, was $260,935,000, compared to $271,041,000 in 2025, showing a decrease of 3.93%[81] - Earnings per common share for the nine months ended September 30, 2024, was $2.19, compared to $2.26 in 2025, reflecting a decline of 3.09%[81] - Adjusted Earnings per share from continuing operations was $2.47 for the nine-month period ended September 30, 2024, compared to $2.42 for 2025, representing a decrease of approximately 2.0%[92] - The weighted average number of shares for the nine-month period ended September 30, 2024, was 119,129,429, while for 2025 it increased to 120,119,317, showing a growth of about 0.8%[92]

Core Viewpoint - Costamare Inc. reported its financial results for Q3 2025, highlighting a strong performance in continuing operations following the spin-off of its dry bulk business, with significant liquidity and contracted revenues. Group I: Profitability and Financial Performance - Adjusted Net Income from Continuing operations for Q3 2025 was $98.0 million, or $0.81 per share, while Net Income from Continuing operations was $92.6 million, or $0.77 per share [7] - For the nine-month period ended September 30, 2025, the company reported a slight decrease in voyage revenue of 0.4%, totaling $644.0 million compared to $646.8 million in the same period of 2024 [60][62] - The company maintained a liquidity position of $569.6 million as of Q3 2025 [7] Group II: Fleet and Operations - Costamare's fleet was fully employed for 2025, with 100% of the containership fleet fixed for 2025 and 80% for 2026, resulting in contracted revenues of approximately $2.6 billion with a TEU-weighted duration of 3.2 years [8][15] - The company concluded two newbuilding contracts for 3,100 TEU containerships, bringing the total to six, with deliveries expected in Q1 2028 [7][14] Group III: Debt and Financing - Costamare successfully refinanced four of its 14,424 TEU vessels and two of its 12,690 TEU vessels, with total drawn amounts of $361.6 million and a repayment tenor of five years [8] - The company has no significant debt maturities until 2027, indicating a stable financial outlook [8] Group IV: Investment and Dividends - The company declared a dividend of $0.115 per share on common stock, payable on November 6, 2025, and also declared dividends on its preferred stock series [17] - Costamare's investment in Neptune Maritime Leasing Limited amounted to $182.2 million, representing 91.1% of its total committed investment [17]

Core Viewpoint - Costamare Inc. is set to release its third-quarter financial results on November 4, 2025, before the market opens in New York [1] Conference Call Details - A conference call will be held on November 4, 2025, at 8:30 a.m. ET to discuss the financial results, with participants advised to dial in 10 minutes early [2] - The replay of the conference call will be available until November 11, 2025, with specific numbers provided for both US and international participants [3] Live Webcast - A live webcast of the conference call will be available on the Costamare Inc. website, with registration recommended 10 minutes prior to the start [4] Company Overview - Costamare Inc. is a leading owner and provider of containerships for charter, with a history of 51 years in the international shipping industry and a fleet of 68 containerships totaling approximately 513,000 TEU capacity [5] - The company has four newbuild containerships under construction with a total capacity of 12,400 TEU and also participates in a leasing business [5] - The company's common stock and preferred stocks trade on the New York Stock Exchange under various symbols [5]

Company Overview - Costamare Inc. is a leading international owner and provider of containerships for charter with 51 years of history in the shipping industry [3] - The company operates a fleet of 68 containerships with a total capacity of approximately 513,000 TEU and has four newbuild containerships under construction with a total capacity of 12,400 TEU [3] - Costamare Inc.'s common stock and preferred stocks trade on the New York Stock Exchange under various symbols [3] Recent Developments - At the virtual annual meeting of stockholders, two Class III directors, Konstantinos Konstantakopoulos and Charlotte Stratos, were elected for a term ending in 2028 [2] - Stockholders ratified the appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A. as the independent auditors for the fiscal year ending December 31, 2025 [2]