Greece's Costamare Q3 voyage revenue falls on lower charter rates

By Reuters News


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

  • Oct 28 - Scorpio Tankers Q3 profit beats on strong demand, refining margins

  • Oct 26 - Noble Q3 net loss widens on rigs transitioning between contracts; co lowers FY revenue guidance


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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