Costamare(US:CMRE)2026-03-04 21:25Revenue Performance - Voyage revenue decreased by 6.9%, or $15.0 million, to $202.7 million for the three-month period ended December 31, 2025, compared to $217.7 million for the same period in 2024[8] - Voyage revenue decreased by 2.1%, or $17.8 million, to $846.7 million during the year ended December 31, 2025, from $864.5 million in 2024[34][36] - Voyage revenue for 2024 is expected to be $864.5 million, while for 2025 it is projected at $846.7 million[75] Investment Income - Income from investments in leaseback vessels increased by 47.6%, from $6.3 million in Q4 2024 to $9.3 million in Q4 2025[10] - Income from investments in leaseback vessels increased by 30.5%, from $23.9 million in 2024 to $31.2 million in 2025, due to increased operational volume[38] Expense Analysis - Voyage expenses increased by 132.8%, from $6.1 million in Q4 2024 to $14.2 million in Q4 2025, primarily due to costs associated with EU Emissions Allowances and increased idle days[11] - Voyage expenses increased significantly by 101.6%, from $25.8 million in 2024 to $52.0 million in 2025, primarily due to costs associated with EUAs and Fuel EU Maritime penalties[39] - Daily vessels' operating expenses increased from $6,263 in Q4 2024 to $6,676 in Q4 2025[13] - Vessels' operating expenses rose to $162.5 million in 2025 from $157.9 million in 2024, with daily operating expenses increasing from $6,345 to $6,516[41] - General and administrative expenses decreased from $4.2 million in Q4 2024 to $3.6 million in Q4 2025[14] - General and administrative expenses decreased from $16.3 million in 2024 to $13.0 million in 2025, reflecting a reduction of 20.2%[42] - Depreciation expense increased from $31.9 million in Q4 2024 to $33.4 million in Q4 2025[18] Cash Flow - Net cash provided by operating activities decreased by $27.3 million to $118.1 million for the three-month period ended December 31, 2025, from $145.4 million in Q4 2024[25] - Net cash provided by operating activities was $536.9 million in 2025, down from $586.9 million in 2024, indicating a decline of 8.5%[52] - Net cash used in investing activities was $26.7 million in Q4 2025, mainly for advance payments for the construction of two newbuild container vessels and upgrades for existing vessels[26] - Net cash used in investing activities increased significantly to $179.0 million in 2025 from $32.8 million in 2024, primarily due to advance payments for newbuild container vessels and acquisitions[54][55] - Net cash used in financing activities was $90.7 million for the three-month period ended December 31, 2025, compared to $269.5 million for the same period in 2024, reflecting a decrease of 66.4%[28][29] - Net cash used in financing activities was $507.6 million in 2025, a decrease from $613.9 million in 2024, mainly due to reduced debt financing payments and dividend distributions[56][57] Financial Position - As of December 31, 2025, the company had cash and cash equivalents of $570.3 million, along with $19.3 million invested in short-dated U.S. Treasury Bills[58] - Total current assets decreased from $1,040,216 in 2024 to $690,668 in 2025, a decline of approximately 33.5%[77] - Total assets decreased from $5,148,687 in 2024 to $3,862,662 in 2025, a reduction of approximately 25%[78] - Current portion of long-term debt increased from $287,360 in 2024 to $268,131 in 2025, a rise of about 7.2%[78] - Total stockholders' equity increased from $2,571,059 in 2024 to $2,158,956 in 2025, reflecting a decrease of approximately 16%[78] - Total non-current liabilities increased from $1,834,521 in 2024 to $1,305,138 in 2025, a decrease of about 29%[78] Earnings Performance - Net income available to common stockholders is anticipated to be $290.7 million in 2024, decreasing to $343.7 million in 2025[75] - The company reported a net income from continuing operations of $407.3 million for 2024, compared to $396.5 million in 2025[75] - Adjusted Net Income available to common stockholders from continuing operations was $386,274 in 2024, down to $375,616 in 2025, a decrease of approximately 2.3%[80] - Earnings per common share for 2024 is projected at $2.44, compared to $2.86 in 2025[75] - Earnings per share from continuing operations decreased from $3.15 in 2024 to $3.09 in 2025, a decline of about 1.9%[80] - Adjusted Earnings per Share from Continuing Operations increased to $3.24 in 2024 from $3.12 in 2025, representing a rise of approximately 3.8%[85] Fleet and Operations - The company operates a fleet of 69 containerships with a total capacity of approximately 520,000 TEU and has six newbuild containerships under construction with a total capacity of 18,600 TEU[64] - The average number of vessels in the owned fleet increased slightly from 68.0 in 2024 to 68.3 in 2025, representing a growth of 0.4%[35] - The company has a diverse charter fleet, with vessels under long-term contracts, ensuring stable revenue streams[68] - The company plans to continue expanding its fleet and investing in new technologies to enhance operational efficiency and market competitiveness[65] - The company has several newbuildings under construction, each with a capacity of 3,100 TEU, expected to be delivered between Q2 2027 and Q1 2028[70] - The expiration of charters for several vessels extends into 2029 and 2030, indicating long-term commitments[70] Management and Future Outlook - The management team will hold a conference call on February 18, 2026, to discuss financial results and future strategies[62] - The company emphasizes its commitment to maintaining liquidity and managing debt effectively to support growth initiatives[65] - Forward-looking statements indicate potential uncertainties in achieving future results, highlighting the importance of risk management[65] - Total revenues for 2024 are projected to be $888.5 million, compared to $877.9 million in 2025, indicating a slight increase[75]