Monaco –Costamare Inc. (“Costamare” or the “Company”) (NYSE: CMRE) today reported unaudited financial results for the third quarter and nine-month period ended September 30, 2025.
Discontinued operations as a result of Costamare Bulkers Holdings Limited Spin-Off
The financial results for the nine-month period ended September 30, 2025, reflect the spin-off of Costamare’s dry bulk business (consisting of Costamare’s dry bulk owned fleet and its dry bulk operating platform, Costamare Bulkers Inc. (“CBI”)) into a standalone public company, which was completed on May 6, 2025. Accordingly, the results of the dry bulk business are presented as discontinued operations for all periods shown. For the nine-month period ended September 30, 2025, the results of discontinued operations include the dry bulk business up to May 6, 2025, the effective date of the spin-off. In comparison, the three- and nine-month periods of 2024 include the results of discontinued operations of the dry bulk business for the entire periods, respectively. These differences in reporting periods should be taken into account when evaluating the results of discontinued operations between periods.
I. PROFITABILITY AND LIQUIDITY • Q3 2025 Adjusted Net Income from Continuing operations available to common stockholders1 of $98.0 million ($0.81 per share). • Q3 2025 Net Income from Continuing operations available to common stockholders of $92.6 million ($0.77 per share). • Q3 2025 liquidity of $569.6 million.
II. CONCLUSION OF SHIPBUILDING CONTRACTS AND CHARTERING FOR ANOTHER TWO 3,100 TEU CONTAINERSHIPS • Conclusion of another two newbuilding contracts with a Chinese shipyard, bringing the total number of 3,100 TEU newbuilding orders to six. • Delivery of the vessels is expected in Q1 2028. • Upon delivery, each vessel will commence an 8-year charter with a leading liner company. 1 Adjusted Net Income from Continuing operations available to common stockholders and respective per share figures are nonGAAP measures and should not be used in isolation or as substitutes for Costamare’s financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to Exhibit I. 2 III. OWNED FLEET CHARTER UPDATE2 – FULLY EMPLOYED CONTAINERSHIP FLEET FOR 2025 • 100% and 80% of the containership fleet3 fixed for 2025 and 2026, respectively. • Increase in contracted revenues in excess of $310 million, stemming from: Forward fixing of seven of our containerships for a period ranging from 12 to 38 months, The employment of the recently acquired Maersk Puelo (as mentioned below), and, The 8-year charters for the additional two newbuild containerships that we ordered. • Contracted revenues for the containership fleet of approximately $2.6 billion with a TEUweighted duration of 3.2 years4 . IV. NEW DEBT FINANCING • Concluded the previously announced refinancing of four of our 14,424 TEU vessels and two of our 12,690 TEU vessels. More specifically: Total drawn amounts: $361.6 million. Repayment tenor of five years. • Bilateral commitment, subject to final documentation for the pre and post delivery financing of the four 3,100 TEU vessels currently under construction. • Costamare has no significant debt maturities until 2027. V. SALE AND PURCHASE ACTIVITY Vessel acquisition • Accepted delivery of the 2006-built, 6,541 TEU containership Maersk Puelo, which commenced a time charter with Maersk. VI. LEASE FINANCING PLATFORM • Controlling interest in Neptune Maritime Leasing Limited (“NML”). • Company’s current investment in NML of $182.2 million, representing 91.1% of our total committed investment. • Growing leasing platform with 50 shipping assets5 funded or on a commitment status basis, representing total investments and commitments of more than $650.0 million, supported by what we believe is a healthy pipeline. VII. DIVIDEND ANNOUNCEMENTS • On October 2, 2025, the Company declared a dividend of $0.115 per share on the common stock, which will be paid on November 6, 2025, to holders of record of common stock as of October 21, 2025. 2 Please refer to the Containership Fleet List table for additional information on vessel employment details for our containership fleet. 3 Calculated on a TEU basis. 4 As of November 3, 2025. Includes the contracted revenue of the six vessels under construction. 5 Includes assets funded as of November 3, 2025 and contractual commitments as of November 3, 2025. 3 • On October 2, 2025, the Company declared a dividend of $0.476563 per share on the Series B Preferred Stock, $0.531250 per share on the Series C Preferred Stock and $0.546875 per share on the Series D Preferred Stock, which were all paid on October 15, 2025, to holders of record as of October 14, 2025. Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented: “During the third quarter of the year, the Company generated Net Income of about $99 million. After the spin-off of Costamare Bulkers Holdings Limited, Costamare Inc. remains the sole shareholder of 69 containerships as well as the controlling shareholder of Neptune Maritime Leasing. In September, following up from our previously announced order of four 3,100 TEU capacity containership newbuildings, we exercised our option for two more sister ships, to be delivered in Q1 2028. Upon delivery they will also commence an 8-year time charter with a first class liner company. Since last quarter, we have also fixed 8 vessels with a forward start for periods ranging from 12 to 38 months. These transactions resulted in increased contracted revenues of above $310 million. Our fleet employment stands at 100% and 80% for 2025 and 2026, respectively. Total contracted revenues amount to $2.6 billion with a remaining time charter duration of 3.2 years. Regarding the market, the positive outcome from the latest trade discussions between US and China and the delay in the implementation of port fees should positively contribute to global increased trade flows. With idle fleet of less than 1% the charter market remains strong with rates fixed at healthy and stable levels on the back of vessel shortage and steady demand. Finally, with regards to Neptune Maritime Leasing, the growing leasing platform, 50 shipping assets have been funded or are on a commitment status basis and total investments and commitments are exceeding $650 million.”
