Costamare Inc. Reports Results for the First Quarter Ended March 31, 2025

Profitability and Liquidity - Costamare reported a Q1 2025 net income available to common stockholders of $95.0 million, equivalent to $0.79 per share, and an adjusted net income of $73.3 million, or $0.61 per share [8][14] - The company's liquidity stood at approximately $1,022.6 million as of March 31, 2025, which includes cash, cash equivalents, short-term investments, and margin deposits [58] Completion of Spin-Off - The spin-off of Costamare's dry bulk business into a standalone public company, Costamare Bulkers Holdings Limited (CMDB), was completed on May 6, 2025, with shareholders receiving one share of CMDB for every five shares of Costamare held [2][14] Owned Fleet Charter Update - Costamare's containership fleet is fully employed, with 100% and 73% of the fleet fixed for 2025 and 2026, respectively, and contracted revenues amounting to approximately $2.3 billion with a TEU-weighted duration of 3.3 years [9][15][17] Sale and Purchase Activity - The company completed the sale of the dry bulk vessel Rose in April 2025, generating net sale proceeds of $4.1 million after debt prepayment, and has an agreement for the sale of another vessel, Resource, expected to conclude in Q2 2025 [10][11] Financial Performance Comparison - Total voyage revenue decreased by 6.3%, or $29.6 million, to $440.6 million in Q1 2025 compared to Q1 2024, primarily due to decreased revenue from Costamare Bulkers and lower charter rates [32][33] - Voyage expenses decreased to $88.3 million in Q1 2025 from $95.4 million in Q1 2024, while charter-in hire expenses also decreased to $111.5 million from $144.3 million [35][36] Cash Flows - Net cash provided by operating activities increased to $143.1 million in Q1 2025 from $138.0 million in Q1 2024, attributed to favorable changes in working capital and decreased interest payments [52] - Net cash provided by investing activities was $1.5 million in Q1 2025, a decrease from $34.6 million in Q1 2024, which was primarily due to proceeds from vessel sales in the prior year [53][54] Debt and Financing - Costamare has no significant debt maturities until 2027, and it prepaid $150.2 million of its dry bulk vessels bank debt in April 2025 [11][16] - The company refinanced existing indebtedness of Polar Brasil through a $23.5 million loan facility agreement with a European financial institution, maintaining leverage levels [7] Dividend Announcements - The company declared a dividend of $0.115 per share on common stock, paid on May 6, 2025, along with dividends on its preferred stock series [14][16]