Costamare Inc. reported a net income of $78.9 million, or $0.63 per share, for the third quarter ended September 30, 2024. The company's adjusted net income for the quarter was $0.68 per share. Total voyage revenue increased by 36% to $544.6 million compared to the third quarter of 2023.
The company maintained strong liquidity, with cash and cash equivalents exceeding $1 billion as of the quarter's end. In the containership sector, Costamare chartered seven vessels, which are expected to generate over $165 million in incremental contracted revenues. The containership fleet employment stood at 100% for 2024 and 94% for 2025, with total contracted revenues amounting to $2.3 billion over a remaining time charter duration of 3.3 years.
Costamare continued its strategy to renew and increase the average size of its owned dry bulk fleet, acquiring two Ultramax and one Capesize vessel while progressing with the disposal of smaller tonnage. Its dry bulk operating platform, CBI, managed a fleet of 56 ships. Neptune Maritime Leasing, the company's leasing platform, continued its growth with committed funding for 32 shipping assets, reflecting total funding commitments exceeding $410 million.
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