Costamare Inc. reported an adjusted net income of approximately $82 million for the fourth quarter of 2024. For the full year 2024, the company achieved a net income above $290 million, or $2.44 per share, with adjusted net income reaching approximately $330 million, or $2.76 per share. Total voyage revenue for Q4 2024 increased by 10.5% to $542.2 million from $490.5 million in Q4 2023.
The company's liquidity stood at around $940 million as of the fourth quarter of 2024, following strategic capital allocation moves during the year. These included the repayment of a €100 million fixed-rate bond and the redemption of $115 million in Series E preferred stock, which was the most expensive at 8.875% and is expected to generate annual cash flow savings of approximately $10.1 million. Costamare also secured new financings of about $340 million for 36 of its 38 dry bulk vessels, improving funding costs and extending maturities, and obtained a new $100 million 'hunting license' for future dry bulk vessel acquisitions.
In the containership sector, Costamare chartered 12 vessels on a forward basis during Q4, securing estimated contracted revenues of close to $330 million over an average duration of about 2.5 years. The containership fleet employment stood at 96% for 2025 and 69% for 2026, with total contracted revenues amounting to $2.4 billion over a remaining time charter duration of 3.4 years. Neptune Maritime Leasing continued its growth, with total investments and commitments exceeding $500 million.
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