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

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

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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.)