ATHENS, GREECE -- (Marketwired) -- 04/24/13 -- Costamare Inc. ("Costamare" or the "Company") (NYSE: CMRE) today reported unaudited financial results for the first quarter ended March 31, 2013.
•Voyage revenues of $91.5 million for the three months ended March 31, 2013.
•Voyage revenues adjusted on a cash basis $94.8 million for the three months ended March 31, 2013.
•Adjusted EBITDA of $61.2 million for the three months ended March 31, 2013.
•Net income of $24.7 million or $0.33 per share for the three months ended March 31, 2013.
•Adjusted net income of $21.9 million or $0.29 per share for the three months ended March 31, 2013.
New Business Developments
•On March 14 and April 8, 2013, the Company took delivery of the 8,827 TEU newbuild containership vessels MSC Athens and MSC Athos, which were both built by Sungdong Shipbuilding and Marine Engineering in South Korea. Upon delivery, both vessels commenced their 10-year charters with Mediterranean Shipping Company, S.A. ("MSC").
•Sold the 1984-built, 3,584 TEU containership MSC Austria for demolition for approximately $7.9 million. The vessel was delivered to its buyers on April 24, 2013. The sale of the MSC Austria resulted in a book gain of approximately $4.0 million.
•Agreed with MSC to replace the 1981-built, 3,876 TEU containership MSC Kyoto in the charter party of the MSC Austria which was sold for demolition.
•Entered into an agreement to charter the 1996-built, 1,504 TEU containership Prosper to COSCO, for a period of approximately one year at a daily rate of $7,350. The vessel was delivered to its charterers on April 16, 2013.
•Exercised the option to extend the charter of the 1995-built, 1,162 TEU containership Zagora with MSC for a further period of two years starting from May 1, 2013. The daily rate for the first year of the extension was set at $5,700, based on the closest category on the ConTex Index.
•On April 10, 2013, the Company declared a dividend for the first quarter ended March 31, 2013, of $0.27 per share, payable on May 8, 2013, to stockholders of record at the close of trading of the Company's common stock on the New York Stock Exchange on April 24, 2013. This will be the Company's tenth consecutive quarterly dividend since it commenced trading on the New York Stock Exchange.
Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:
"During the first quarter of the year, the Company delivered positive results.
In accordance with our new-building program, we took delivery of the first two 9,000 TEU newbuild containership vessels. Both vessels commenced their 10-year charters with MSC. This addition, along with the remaining eight vessels currently on order and scheduled for delivery within the next 10 months, will contribute in excess of $1.3 billion of contracted revenues throughout the duration of their charters.
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