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GlobeNewswire·

Costamare Inc. Reports Results for the Second Quarter and Six-Month Period Ended June 30, 2026

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  • Costamare Inc. reported Q2 2026 adjusted net income of $75.1 million ($0.62 per share) and net income of $77.4 million ($0.64 per share).
  • The company's liquidity as of June 30, 2026, totaled $423.0 million, including $19.6 million in short-term U.S. Treasury Bills.
  • New bilateral financing agreements worth $920 million were concluded for the existing fleet, with an additional $331 million in refinancing commitments expected to finalize in Q3 2026.
  • A $52 million debt facility commitment was secured for the acquisition of two secondhand 5,600 TEU containerships built in 2001.
  • Upon completion of new financings, the unencumbered fleet will comprise 21 vessels, eliminating debt maturities until 2030.
  • Funding for the 16-vessel newbuilding program is on track, with initial installments paid, equity contributions fulfilled, and remaining installments to be funded by Chinese financial institutions.
  • Agreements were signed to sell two 2002-built containerships, Porto Kagio and Porto Germeno, with estimated net proceeds of $54.5 million and closing expected by Q1 2027.
  • 97% of the containership fleet was fixed for 2026 and 94% for 2027, with contracted revenues of approximately $6.1 billion and a TEU-weighted duration of 5.9 years.
  • Neptune Maritime Leasing Limited, a controlling interest platform, holds 50 shipping assets representing over $700 million in total investments and commitments.
  • A dividend of $0.125 per common share was declared on July 1, 2026, payable on August 6, 2026, to record holders as of July 21, 2026.
  • Preferred stock dividends were declared on July 1, 2026, with Series B, C, and D dividends paid on July 15, 2026.
  • Voyage revenue for the three months ended June 30, 2026, decreased 4.8% to $200.8 million, while adjusted cash-basis voyage revenue fell 7.1% to $196.3 million.
  • Net cash used in investing activities for the three-month period ended June 30, 2026, was $312.8 million, driven by newbuild payments and secondhand acquisitions.
  • Net income from continuing operations for the six-month period ended June 30, 2026, was $165.8 million, down from $218.0 million in the prior year period.