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2016 Apr 22

Costamare Finds Work for Nine Ships in 1st Quarter

Despite a challenging container shipping market, the Athens-based containership owner Costamare Inc. managed to finds employment for nine of its ships during the first quarter of 2016.

Costamare said that it entered an agreement to charter the 1998-built, 3,842 TEU containership Itea with German shipping giant Hapag-Lloyd for a period of minimum 4 weeks and maximum 6 months starting from April 20, 2016 at a daily rate of USD 6,250.

The company also signed a deal with Evergreen for the 2000-built, 2,474 TEU containership Areopolis for a charter period of minimum 3 and maximum 8 months starting from March 31, 2016 at a daily rate of USD 5,950.

Furthermore, Costamare extended charter deals for its 2,000 TEU containerships, MSC Reunion, MSC Namibia II and MSC Sierra, at a daily rate of USD 6,800, while the company’s 1,162 TEU containership Zagora will be chartered out at a daily rate of USD 6,200. The 3,351 TEU boxship Karmen and the 1,645 TEU Padma will continue working at a daily rate of USD 6,500 and USD 7,250, respectively.

“On the market, charter rates and asset values are at historically low levels as a result of weak demand. We believe that today’s environment provides attractive opportunities and the potential to increase our shareholders’ returns,” Gregory Zikos, Chief Financial Officer of Costamare Inc., said.

Costamare’s net income for the quarter increased to USD 34.9 million, compared to USD 26.2 million seen in the corresponding period a year earlier, while the company’s earnings per share jumped to USD 0.45, against the USD 0.38 per share in the first quarter of 2015.

Source: www.worldmaritimenews.com

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