Costamare Inc. Reports Results for the Second Quarter and Six-Month Period Ended June 30, 2025

Core Viewpoint - Costamare Inc. reported its financial results for Q2 2025, highlighting the impact of the spin-off of its dry bulk business and demonstrating strong profitability and liquidity in its continuing operations [1][2][3]. Profitability and Liquidity - Q2 2025 net income from continuing operations available to common stockholders was $99.6 million, or $0.83 per share, while adjusted net income was $92.5 million, or $0.77 per share [7]. - The company reported liquidity of $524.5 million as of June 30, 2025 [7]. - Contracted revenues for the containership fleet amounted to approximately $2.5 billion, with a TEU-weighted duration of 3.2 years [7][15]. Spin-Off and Discontinued Operations - The financial results reflect the spin-off of Costamare's dry bulk business into a standalone public company, completed on May 6, 2025, with results from this segment reported as discontinued operations [2][3][13]. Fleet and Chartering Updates - Costamare's containership fleet is fully employed for 2025, with 100% and 75% of the fleet fixed for 2025 and 2026, respectively [7][15]. - The company concluded four newbuilding contracts for containerships with a Chinese shipyard, expected to be delivered between Q2 2027 and Q4 2027, commencing an 8-year charter upon delivery [7][14]. Financial Performance - Voyage revenue for Q2 2025 was $210.9 million, a slight decrease of 0.4% compared to Q2 2024 [33]. - Income from investments in leaseback vessels increased to $7.0 million in Q2 2025 from $6.2 million in Q2 2024, attributed to increased operations of Neptune Maritime Leasing [35]. - Voyage expenses rose significantly to $13.9 million in Q2 2025, primarily due to liabilities for EU Emissions Allowances and related expenses [36]. Cash Flow Analysis - Net cash provided by operating activities decreased to $136.0 million in Q2 2025 from $143.4 million in Q2 2024, mainly due to unfavorable changes in working capital [51]. - Net cash used in investing activities increased to $110.3 million in Q2 2025, reflecting payments for vessel upgrades and investments [52]. - Net cash used in financing activities was $373.6 million in Q2 2025, primarily for debt payments and dividends [54].