Friday, July 29, 2011

Costamare plans new order

Greek containership owner Costamare is prepared to pursue new opportunities.

The New York-listed company reported net income of $26.2m in the three months to 30 June, compared to a profit of $21m a year prior.

In a statement, finance chief Greg Zikos told investors: “Our business model is focused on optionality; should we see a temporarily depressed market, we have the capacity to move fast and acquire cheap assets; if however, in the mid-to-long term, we have a healthy market, we will benefit from the re-chartering of the vessels coming out of charter over the next years, while we will keep looking for new opportunities.”

Costamare said its adjusted profit weighed in at $26.9m while earnings before interest, taxes, depreciation and amortisation was $65.8m.

Voyage revenues increased by 5% year-on-year to $94.3m.

Costamare said it ended the quarter with cash liquidity of $114.4m and $120m worth of undrawn credit lines.

As of July 22nd, the owner had outstanding commitments related to contracted newbuilds aggregating $810.7m, payable in installments until the vessels are delivered, it said.

Published : July 28, 2011

Source: Asiasis


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