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.”
Latest News
Cosco: Container Traffic Decline at Piraeus Port Continues
This strategic shift has diminished Piraeus's standing as a prominent Mediterranean port and a key transshipment hub post-Suez Canal.
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight
ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y
The same price index had decreased 20.8% from May 2022 to May 2023
Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated
Specifically, the option "Subjective opinions are prioritized over objective data" ranked highest in importance for young employees, with a score of 3.89 out of 4
OECD: Job Vacancies on the Rise in Greece
By the fourth quarter of 2023, job vacancies per unemployed person had risen by more than 4, with the index reaching 446 units compared to 100 units in late 2019