Costamare revenue and profit explosion – What containerships and bulkers brought

Costamare doubled its revenue and increased its profits fivefold in the third quarter of 2021 compared to the same period last year as a result of the rapid growth of its fleet and the significant improvement of freight rates in containerships and bulk carriers.

The company that first listed a shipping bond on the Greek stock exchange announced for the third quarter of 2021 revenues of $ 216.2 million against $ 107.9 million a year ago and profits of $ 115.2 million against profits $ 25.2 million in the third quarter of 2020.

Indicative of how the Costamare fleet evolved is the fact that the results of the third quarter of 2020 reflect a fleet of 59.5 ships (average) while in 2021 a fleet of 91.7 ships.

It is noted that Costamare at the end of the third quarter of 2020 declared a fleet (including ships under purchase and sale, etc.) of 72 container vessels and now declares a fleet of 78 container vessels and 37 bulk carriers dry cargo.

Revenue from containerships during the quarter was $ 182.4 million and revenue from bulk carriers $ 33.8 million. Also, of the $ 115.2 million in profits, $ 15.2 million comes from bulk carriers and $ 84 million from containerships, while another $ 16 million comes from financial gains, etc.

Favorable conditions in the container and bulk dry cargo markets were reflected in the results in addition to the significant increase in the number of ships in the company’s fleet.

Indicatively, it is reported that two of the containerships that renewed charters within the last quarter “Laconia” and “Areopolis” achieved fares of $ 26,500 per day each of the $ 17.000 that was the previous fare.

Also, many bulk cargo ships, from handysize to panamax, are chartered at fares of $ 38,000 to $ 47,000 per day.

Grigoris Zikos, financial director of the company, noted, among other things, that “the recovery of the container market that began in the second half of last year continues, due to the favorable dynamic supply and demand.

On the bulk cargo side, we received an additional 20 vessels, bringing the number of bulk vessels delivered to us to 34. The remaining three vessels are expected to be delivered by the end of the year. “Contract revenue has reached $ 3.3 billion and the average charter period is more than four years.”