Costamare (CMRE) ended the recent trading session at $13.91, demonstrating a +0.94% swing from the preceding day's closing price. The stock outpaced the S&P 500's daily loss of 0.29%. On the other hand, the Dow registered a loss of 0.25%, and the technology-centric Nasdaq decreased by 0.31%. The the stock of shipping company has fallen by 0.58% in the past month, lagging the Transportation sector's gain of 4.32% and the S&P 500's gain of 1.57%. The investment community will be closely monitoring the perform ...

Costamare (CMRE) closed the latest trading day at $13.53, indicating a +1.65% change from the previous session's end. This move outpaced the S&P 500's daily gain of 0.75%. Elsewhere, the Dow gained 0.58%, while the tech-heavy Nasdaq added 1%. The the stock of shipping company has fallen by 5.47% in the past month, lagging the Transportation sector's gain of 2.69% and the S&P 500's gain of 4.03%. The investment community will be paying close attention to the earnings performance of Costamare in its upcoming ...

Costamare (CMRE) has displayed an impressive performance, with its shares appreciating 22.6% year to date. This growth is impressive and has outperformed its industry. CMRE stock has also performed better than other shipping stocks like Frontline plc (FRO) and Star Bulk Carriers (SBLK) . The bullishness in the stock is fueled by favorable market sentiments pertaining to dry bulk shipping and its focus on fleet modernization and capacity enhancement. YTD Price Performance Zacks Investment Research Image Sour ...

COSTAMARE INC. Consolidated Balance Sheets As of December 31, 2023 and June 30, 2024 (Expressed in thousands of U.S. dollars) | | | December 31, 2023 | | June 30, 2024 | | --- | --- | --- | --- | --- | | ASSETS | | (Audited) | | (Unaudited) | | CURRENT ASSETS: | | | | | | Cash and cash equivalents (Note 1) | $ | 745,544 | $ | 894,915 | | Restricted cash (Note 1) | | 10,645 | | 7,528 | | Margin deposits (Note 22(d)) | | 13,748 | | 10,840 | | Accounts receivable, net (Note 3) | | 50,684 | | 65,682 | | Invento ...

Financial Data and Key Metrics Changes - The company generated net income of approximately $91 million for Q2 2024, translating to $0.77 per share [4][2] - Liquidity was reported to be above $1.1 billion, providing the company with a strong financial position [2][6] - The full redemption of Series E Preferred Stock resulted in annual cash flow savings of approximately $10.1 million [4][5] Business Line Data and Key Metrics Changes - The containership sector experienced an upward trajectory in charter rates due to higher-than-expected cargo demand and short supply of prompt tonnage [2][6] - The company chartered seven containerships for a minimum period of two to three years, expected to generate incremental contracted revenues of over $220 million [2][4] - Fleet employment stood at 100% for 2024 and 88% for 2025, with total contracted revenues amounting to $2.4 billion and a remaining time charter duration of 3.5 years [3][4] Market Data and Key Metrics Changes - Charter rates in the containership markets have increased across all segments since the beginning of the year, with idle fleet levels remaining low at 0.6% [6] - The dry bulk market is characterized by a strategy to renew the owned fleet, with the acquisition of larger vessels and the sale of smaller ones [3][5] Company Strategy and Development Direction - The company is focused on renewing its dry bulk fleet and increasing its average size, having sold older vessels while acquiring newer, larger ones [3][5] - The Neptune Maritime Leasing platform is growing steadily, currently funding 25 shipping assets for approximately $285 million [3][5] Management's Comments on Operating Environment and Future Outlook - Management noted that the continuous injection of new building capacity remains a principal threat to the containership market [6] - The company is price-sensitive regarding dry bulk purchases and is strategically moving towards larger vessels based on market conditions [9] Other Important Information - The company has refinanced existing indebtedness of three dry bulk vessels without increasing leverage, improving funding costs and extending maturities [5][6] - The company maintains a long uninterrupted dividend track record, indicating a commitment to returning value to shareholders [5] Q&A Session Summary Question: Context on the rate levels for the new containership charters - Management indicated that the new containerships were chartered at healthy rates in the mid-30s, but specific rates were not disclosed [8] Question: Outlook on dry bulk purchase activity - Management explained that the slowdown in dry bulk purchases is due to price sensitivity and market conditions, with a focus on acquiring larger vessels at attractive prices [9] Question: Strategy on the CBI segment and fixed contracts - Management confirmed a slight increase in fixed-rate charters due to specific market deals, emphasizing flexibility in chartering strategies based on market conditions [11][12] Question: Appetite for redeeming additional preferred stock or prepaying debt - Management stated that while the redemption of the Series E Preferred Stock was completed, future decisions on redeeming other preferred stocks or repaying debt would depend on capital allocation considerations [13][14]

Costamare (CMRE) came out with quarterly earnings of $0.77 per share, beating the Zacks Consensus Estimate of $0.72 per share. This compares to earnings of $0.56 per share a year ago. These figures are adjusted for nonrecurring items. Over the last four quarters, the company has surpassed consensus EPS estimates three times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the e ...

Costamare (CMRE) is scheduled to release second-quarter 2024 results on Jul 31, before market open. The Zacks Consensus Estimate for the to-be-reported quarter's earnings and revenues is pegged at 72 cents per share and $380.41 million, respectively. Image Source: Zacks Investment Research Image Source: Zacks Investment Research Our proven model does not conclusively predict an earnings beat for Costamare this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) ...

MONACO, July 26, 2024 (GLOBE NEWSWIRE) -- Costamare Inc. (NYSE:CMRE), announced today that it will release its results for the second quarter ended June 30, 2024 before the market opens in New York on Wednesday, July 31, 2024. On Wednesday, July 31, 2024 at 8:30 a.m. ET, Costamare's management team will hold a conference call to discuss the financial results. A replay of the conference call will be available until August 7, 2024. The United States replay number is +1- 877-344-7529; the standard internationa ...

MONACO, July 26, 2024 (GLOBE NEWSWIRE) -- Costamare Inc. (NYSE:CMRE), announced today that it will release its results for the second quarter ended June 30, 2024 before the market opens in New York on Wednesday, July 31, 2024. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-844- 887-9405 (from the US), 0808-238-9064 (from the UK) or +1-412-317-9258 (from outside the US). Please quote "Costamare". Forward-Looking Statements Earnings Release: Wednesda ...

Shares of marine shipping company Costamare Inc. (CMRE) have had a good time on the bourses this year, driven by tailwinds like favorable market sentiments pertaining to dry bulk shipping and its focus on fleet modernization and capacity enhancement. Costamare, one of the leading owners and providers of containerships and dry bulk vessels for charter across the globe, has gained in excess of 40% on a year-to-date basis, outperforming not only its industry but also other shipping companies like Danaos Corpor ...