|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