Greece's Costamare Q3 voyage revenue falls on lower charter rates
Overview
Greece-based containership lessor's Q3 voyage revenue fell 1.8% yr/yr on lower charter rates, more off-hire days
Adjusted EPS for Q3 rose to $0.74, with adjusted net income at $89.4 mln
Company completed $1.3 bln debt refinancing, extending maturities and lowering interest costs
Outlook
Company says 100% of containership fleet fixed for 2026, 99% for 2027
Company sees robust cargo demand and tight supply continuing, with low idle ship levels
Company expects to draw $92 mln loan for two vessels in Q4 2026
Result Drivers
CHARTER RATES AND OFF-HIRE DAYS - Co said lower charter rates and more off-hire days due to scheduled dry-dockings reduced voyage revenue
EU EMISSIONS COSTS - Co said higher voyage expenses were driven by increased EU Emissions Allowances and Fuel EU Maritime costs, partially offset by reimbursements from charterers
DEBT REFINANCING - Co said new financing agreements lowered interest costs and extended debt maturities
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Voyage Revenue | $212.06 mln | ||
Q3 Adjusted EPS | Beat | $0.74 | $0.68 (2 Analysts) |
Q3 Adjusted Net Income | Beat | $89.39 mln | $84.53 mln (2 Analysts) |
Q3 Net Income | $88 mln |
Analyst Coverage
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the marine freight & logistics peer group is "buy."
Wall Street's median 12-month price target for Costamare Inc. is $20.00, about 39.4% above its October 27 closing price of $14.35
The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 5 three months ago
Reuters Recommended Reads
Oct 27 - Norway's Klaveness Q3 profit rises on higher earning days and reduced dry-docking
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Oct 26 - Noble Q3 net loss widens on rigs transitioning between contracts; co lowers FY revenue guidance
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)