Costamare will distribute 15% dividend

Shipping company Costamare of the Konstantakopoulos family announced increased revenues and profits for the first quarter of 2021 compared to the corresponding period of 2020 and is proposing an increased dividend for shareholders

The NYSE-listed shipping company, which recently listed its first shipping bond on the Greek stock exchange, reported revenue of $ 126.725 million against $ 121.404 million in the first quarter of 2020 and profits of $ 68.141 million against profits of $ 32.776 million a year ago.

The very good results pushed the management of the company to propose to its Board of Directors an increase of the dividend distributed for the first quarter by 15%.

Mr. Grigorios Zikos, Chief Financial Officer of Costamare Inc., commented, among other things, that the company recorded another profitable quarter. The market recovery that began in the second half of last year continued due to favorable dynamics in supply and demand.

Strong demand for goods and stockpiling, on the one hand, and a balanced market for container vessels have helped charter fares reach levels we have not seen in a decade.

Costamare, since the beginning of the year, has agreed to buy a total of 15 used ships while receiving the last two new vessels which are already engaged in ten year charters. In total, the new ships added to the company’s fleet, second hand and newly built, with their charters will bring revenue of $ 830 million to Costamare.

The company, as Mr. Zikos pointed out, in the last quarter chartered a total of 17 ships with new contracts at higher levels than before, while it still has an additional 234 ships that are expected to renew their charters in favorable conditions in the near future if the very good prospects, of the market, continue.

In terms of financing, Costamare recently completed the issuance of the first shipping bond on the Greek stock exchange amounting to 100 million euros.

Finally, Mr. Zikos emphasizes that based on these business developments and the growing long-term cash flows and liquidity, the management is happy to propose to the Board of Directors to increase the dividend by 15% in the second quarter of 2021.