Costamare Inc. announced unaudited financial results for the third quarter and nine-month period ended September 30, 2025, following the spin-off of its dry bulk business, Costamare Bulkers Holdings Limited, in May 2025.
Financial Highlights
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Q3 2025 net income from continuing operations: $92.6 million ($0.77 per share)
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Q3 2025 adjusted net income from continuing operations: $98.0 million ($0.81 per share)
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Liquidity: $569.6 million
Fleet Expansion and Chartering
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Ordered two additional 3,100 TEU containerships from a Chinese shipyard, bringing total newbuild orders to six. Deliveries are expected in Q1 2028, with each vessel commencing an 8-year charter.
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Fleet employment: 100% fixed for 2025 and 80% for 2026. Contracted revenues increased by over $310 million.
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Total contracted revenues for the containership fleet: approximately $2.6 billion, with a TEU-weighted duration of 3.2 years.
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Vessel acquisition: Delivery of 6,541 TEU containership Maersk Puelo, now on a time charter with Maersk.
Financing and Leasing
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Completed refinancing of six vessels totaling $361.6 million with five-year repayment terms.
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Costamare retains a controlling 91.1% interest in Neptune Maritime Leasing, with 50 shipping assets funded or committed, totaling over $650 million in investments.
Dividends
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Common stock dividend: $0.115 per share, payable November 6, 2025
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Series B, C, and D preferred stock dividends paid October 15, 2025
Executive Comment
Gregory Zikos, CFO of Costamare, said:
“During Q3, the company generated net income of about $99 million. With the spin-off of our dry bulk operations, Costamare now focuses solely on its containership fleet and Neptune Maritime Leasing. The addition of two new 3,100 TEU vessels and forward fixing of eight ships increased contracted revenues by over $310 million. Fleet employment remains strong, and the charter market continues to benefit from vessel shortages and steady demand. Our growing leasing platform further strengthens our long-term strategy, with total investments exceeding $650 million.”
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