Costamare(US:CMRE)2026-02-18 14:32Financial Data and Key Metrics Changes - The company generated a net income of approximately $73 million for the fourth quarter and about $370 million for the entire year, with liquidity standing at $590 million [3][4] - Adjusted net income for 2025 was around $376 million or $3.12 per share, while adjusted net income for the quarter was about $72 million or $0.60 per share [4][5] Business Line Data and Key Metrics Changes - The company has forward-chartered 12 vessels with a TEU weighted average duration of six years, resulting in incremental contracted revenues of approximately $940 million [3][5] - Fleet deployment is currently at 96% for 2026 and 92% for 2027, with total contracted revenues reaching $3.4 billion and a remaining time charter duration of 4.5 years [3][5] Market Data and Key Metrics Changes - The charter market remains strong with an idle fleet of less than 1%, indicating high demand for tonnage and limited supply of vessels available for charter [4][6] - Charter rates in the container market are at robust levels, with the added fleet remaining at very low levels of 0.5% [6] Company Strategy and Development Direction - The company is focused on securing long-term cash flows from high-quality counterparties in a healthy market environment [3] - Investments in Neptune Maritime Leasing have exceeded $665 million, with 54 shipping assets funded or in commitment status [4][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's low leverage and prudent debt repayment strategy, indicating no immediate need for early debt prepayment [11] - The management emphasized that deferred revenues are primarily an accounting treatment and should not be a concern, focusing instead on cash revenue [12][16] Other Important Information - The company has agreed to pre- and post-delivery financing for six newbuild vessels and has refinanced two container ships at a lower funding cost [5][6] - The company maintains a long, uninterrupted dividend track record [6] Q&A Session Summary Question: Regarding debt repayment and investment expectations - Management indicated that the company has low leverage and does not foresee the need to prepay debt earlier than the original maturity, although some refinancing may occur [11] Question: Amortization of deferred revenues - Management clarified that the increase in deferred revenues is mainly an accounting treatment related to charter hire fluctuations and should not be a concern, as cash revenue is the focus [12][16]