1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The main contract of container shipping index futures for European routes fluctuates. The recommended strategy is to go long on the December contract and short on the October contract, and short the October contract on rallies [7]. - The August contract price of container shipping is in a high - level oscillation, with a game around delivery. The CMA still has an expectation to support prices in August. The October contract is mainly for short - allocation in the off - season, and the focus is on the downward slope of the freight rate. The December contract follows the pattern of peak and off - seasons, but the risk lies in whether the Suez Canal will reopen [3][4]. 3. Summary According to the Table of Contents 3.1 Market Analysis - Online quotes: Different shipping companies have different quotes for the Shanghai - Rotterdam route. For example, Maersk's price for WEEK31 from Shanghai to Rotterdam is 1855/3110, while HPL's quotes for the second half of July and the first half of August are 2035/3335 and 2235/3535 respectively [1]. - Geopolitical situation: The Yemeni Houthi rebels launched a military operation with three drones against two locations in Israel on the 15th, and they will continue military actions until Israel stops the aggression against Gaza and lifts the blockade [2]. - Shipping capacity: The average weekly shipping capacity from China to European base ports in the remaining three weeks of July is 303,500 TEU, and the monthly average weekly shipping capacity in August is 310,000 TEU. There are 5 blank sailings in July and 2 in August. Maersk will add two extra - sailing vessels in August, with a total capacity of about 29,000 TEU [2]. 3.2 Contract Analysis - August contract: The freight rate is in a high - level oscillation, with a game around delivery. The CMA still has an expectation to support prices in August. The estimated SCFIS from July 21st to July 28th is between 2300 - 2400 points. Historically, the freight rate from Shanghai to European base ports generally peaks around WEEK34 [3]. - October contract: It is mainly for short - allocation in the off - season, and the focus is on the downward slope of the freight rate. Normally, the price in October is 20% - 30% lower than that in August [4]. - December contract: The peak - off - season pattern still exists, but the risk lies in whether the Suez Canal will reopen. Usually, the price in December is more than 10% higher than that in October [4]. 3.3 Futures and Spot Prices - Futures prices: As of July 15, 2025, the total open interest of all contracts of the container shipping index futures for European routes is 85,457 lots, and the single - day trading volume is 159,135 lots. The closing prices of different contracts are provided, such as EC2602 at 1516.40, EC2604 at 1319.00, etc. [5]. - Spot prices: On July 11, the SCFI for the Shanghai - Europe route was 2099.00 US dollars/TEU, for the Shanghai - US West route was 2194.00 US dollars/FEU, and for the Shanghai - US East route was 4172.00 US dollars/FEU. On July 14, the SCFIS for the Shanghai - Europe route was 2421.94 points, and for the Shanghai - US West route was 1266.59 points [6]. 3.4 Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of July 11, 2025, 141 container ships have been delivered, with a total capacity of 1.194 million TEU. Among them, 46 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 689,300 TEU, and 7 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 159,880 TEU [6]. 3.5 Strategy - Unilateral: The main contract fluctuates. - Arbitrage: Go long on the December contract and short on the October contract, and short the October contract on rallies [7].

Financial Performance - GXO Logistics reported quarterly earnings of $0.29 per share, exceeding the Zacks Consensus Estimate of $0.26 per share, but down from $0.45 per share a year ago, representing an earnings surprise of 11.54% [1] - The company posted revenues of $2.98 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.24%, compared to year-ago revenues of $2.46 billion [2] - Over the last four quarters, GXO has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Stock Performance - GXO Logistics shares have declined approximately 13.1% since the beginning of the year, while the S&P 500 has decreased by 4.7% [3] - The current consensus EPS estimate for the upcoming quarter is $0.49 on revenues of $3.05 billion, and for the current fiscal year, it is $2.44 on revenues of $12.57 billion [7] Industry Outlook - The Transportation - Air Freight and Cargo industry, to which GXO belongs, is currently ranked in the bottom 23% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of GXO Logistics may be influenced by the overall outlook for the industry, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

Group 1 - Costamare Bulkers Holdings Limited has completed its separation from Costamare Inc. and began trading on the NYSE under the symbol "CMDB" on May 7, 2025 [1][6] - Each holder of Costamare Inc. common shares received one common share of Costamare Bulkers for every five shares held as of April 29, 2025 [1] - Costamare Bulkers is an international owner and operator of dry bulk vessels, providing transportation of dry bulk commodities globally [2][3] Group 2 - The fleet of Costamare Bulkers consists of 37 vessels with a total carrying capacity of approximately 2,940,000 deadweight tons (dwt) [3] - The company also owns a dry bulk operating platform (CBI) that charters in/out dry bulk vessels and engages in contracts of affreightment and forward freight agreements [3] - A new global website for Costamare Bulkers has been launched, accessible at www.costamarebulkers.com [2]

Core Viewpoint - Costamare Inc. has announced the spin-off of its dry bulk business into a new entity, Costamare Bulkers Holdings Limited, with the transaction expected to be completed on May 6, 2025 [1][4][6]. Spin-off Details - The spin-off will be executed through a pro rata distribution, where shareholders of Costamare Inc. will receive one share of Costamare Bulkers for every five shares of Costamare Inc. they hold as of the record date, April 29, 2025 [5][6]. - The timeline for the spin-off includes several key dates: - April 29, 2025: Record date and start of "due-bill" trading for Costamare Inc. shares - May 1, 2025: Start of "when-issued" trading for Costamare Bulkers shares and "ex-distribution" trading for Costamare Inc. shares - May 6, 2025: Distribution of Costamare Bulkers shares and end of "due-bill," "when-issued," and "ex-distribution" trading - May 7, 2025: Regular trading of Costamare Bulkers shares begins [3][4][5]. Company Profiles - Costamare Bulkers Holdings Limited will operate as an international owner and operator of dry bulk vessels, with a fleet of 38 vessels totaling approximately 3,017,000 deadweight tons (dwt) [7]. - Costamare Inc. is a leading owner and provider of containerships, with a fleet of 68 owned containerships and a total capacity of approximately 513,000 twenty-foot equivalent units (TEU) [8].

Company Performance - Costamare (CMRE) closed at $8.92, reflecting a -1.22% change from the previous day, underperforming the S&P 500's daily loss of 0.17% [1] - Over the past month, Costamare's shares have decreased by 12.25%, while the Transportation sector and S&P 500 have lost 7.62% and 3.94%, respectively [1] Earnings Expectations - The upcoming earnings report for Costamare is expected to show an EPS of $0.48, which is a 23.81% decline compared to the same quarter last year [2] - The Zacks Consensus Estimate for revenue is projected at $412.67 million, down 13.2% from the previous year [2] Full Year Projections - For the full year, the Zacks Consensus Estimates predict earnings of $2.52 per share and revenue of $1.74 billion, representing changes of -8.7% and -16.58% from the prior year [3] - Recent changes to analyst estimates for Costamare may indicate evolving short-term business trends, with positive revisions reflecting analyst optimism [3] Valuation Metrics - Costamare currently has a Forward P/E ratio of 3.59, indicating a discount compared to its industry's Forward P/E of 8.44 [5] Industry Context - The Transportation - Shipping industry ranks in the bottom 21% of all industries, with a current Zacks Industry Rank of 197 [6] - The Zacks Industry Rank assesses the strength of industry groups based on the average Zacks Rank of individual stocks, with top-rated industries outperforming the bottom half by a factor of 2 to 1 [6]

Company Performance - Costamare's stock closed at $9.84, reflecting a -1.2% change from the previous session, underperforming compared to the S&P 500's 0.55% gain [1] - Over the past month, Costamare's shares decreased by 2.16%, outperforming the Transportation sector's loss of 7.37% and the S&P 500's loss of 6.22% [1] Earnings Projections - The upcoming earnings report for Costamare is projected to show earnings per share (EPS) of $0.48, a decrease of 23.81% from the same quarter last year [2] - Revenue is estimated at $412.67 million, down 13.2% from the prior-year quarter [2] Full Year Estimates - For the full year, earnings are projected at $2.52 per share and revenue at $1.74 billion, representing changes of -8.7% and -16.58% respectively from the previous year [3] - Recent modifications to analyst estimates indicate the dynamic nature of near-term business trends, with positive revisions suggesting analyst optimism [3] Valuation Metrics - Costamare has a Forward P/E ratio of 3.96, significantly lower than the industry average Forward P/E of 8.75, indicating a potential discount [6] - The Transportation - Shipping industry is currently ranked 155 in the Zacks Industry Rank, placing it in the bottom 39% of over 250 industries [6] Zacks Rank System - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has a strong track record, with 1 rated stocks averaging an annual return of +25% since 1988 [5] - Costamare currently holds a Zacks Rank of 3 (Hold), with the consensus EPS estimate remaining unchanged over the last 30 days [5]

Core Viewpoint - Costamare Inc. is set to spin off its dry bulk business into a new entity, Costamare Bulkers, with an Analyst and Investor Day scheduled for April 9, 2025, to discuss the new company's operations and strategic outlook [1][2][3]. Group 1: Spin-Off Details - The spin-off will create a standalone company, Costamare Bulkers, which will manage Costamare Inc.'s dry bulk vessels and the CBI operating platform [1][3]. - The board of Costamare Inc. believes that the separation will unlock inherent value and provide unique growth prospects for both companies [3][4]. - The shares of Costamare Bulkers are expected to be listed on the New York Stock Exchange, with the spin-off targeted for completion within the current calendar year, pending regulatory approvals [4]. Group 2: Management and Presentation - The Analyst and Investor Day will feature discussions led by Gregory Zikos, who serves as both CEO and CFO of Costamare Inc., along with other key executives [1][2][7]. - The agenda will cover Costamare Bulkers' core business, investment highlights, and strategic outlook, followed by a Q&A session [2]. Group 3: Company Overview - Costamare Inc. is a prominent owner and provider of containerships and dry bulk vessels, with a fleet of 68 owned containerships and 38 owned dry bulk vessels [5]. - The total capacity of the containership fleet is approximately 513,000 TEU, while the dry bulk vessels have a total capacity of about 3,016,000 DWT [5].