[300713.EN.SEA] Costamare 6-month Profit Hits US$50 Million On $192 Million In Revenue

COSTAMARE Inc, one of the world's leading owners and providers of containerships for charter headquartered in Athens, Greece, has reported first half year-on-year profit of US$49.6 million.

The unaudited financial results show that voyage revenues amounted to $100 million in the first quarter and $191.6 million in the first half.

Despite challenging market conditions, the company said in a statement that it minimised its re-chartering risk, with charters for vessels opening in 2013 and 2014 accounting for four per cent of contracted revenues over this period.

"During the second quarter of the year, the company delivered positive results," said chief financial officer Gregory Zikos said. "In accordance with our newbuilding programme, we accepted delivery of the third and fourth 9,000-TEU newbuild vessels (built by Sungdong Shipbuilding and Marine Engineering) out of a series of ten. Both vessels commenced their charters with Evergreen.

"This addition to the fleet, together with the new buildings already delivered and the remaining six vessels currently on order and subject to charters, will contribute in excess of $1.3 billion of contracted revenues throughout the duration of their charters," Mr Zikos said.

New business developments include the acquisition of three second-hand vessels pursuant to the framework agreement with York Capital Management, which were subsequently chartered in July. Costamare holds a 49 per cent equity percentage in each of the three vessels.

Source : HKSG.