Costamare Inc. (CMRE) reported first‑quarter 2026 revenue of $211.1 million, a slight decline from the $217.2 million recorded in Q1 2025. Adjusted revenue was $208.8 million, and net income was $75.3 million, translating to earnings per share of $0.62 and an adjusted EPS of $0.63. The adjusted EPS missed analyst consensus of $0.69 by $0.06, while revenue fell about $9 million below the $202 million estimate. Management attributed the revenue dip to lower charter rates, higher off‑hire costs for dry‑dockings and special surveys, and reduced accounting revenue on sale‑type leases, all of which weighed on the company’s top line.
The company raised its quarterly dividend from $0.115 to $0.125 per share, effective in the second quarter of 2026. Total liquidity stood at $645 million as of April 28, 2026, underscoring CMRE’s strong cash‑flow position and its confidence in sustaining dividend growth. CFO Gregory Zikos noted, "During the first quarter of the year, the Company generated Net Income of about $75 million. Total liquidity amounted to about $645 million."
In a strategic move to lock in long‑term revenue, Costamare secured 16 new shipbuilding contracts backed by long‑term charters with COSCO. The order includes twelve 9,200‑TEU vessels and four 3,100‑TEU vessels, adding approximately $2.8 billion in incremental contracted revenue. The vessels are slated for delivery between the fourth quarter of 2027 and the second quarter of 2030, extending the company’s contracted revenue window and reinforcing its focus on high‑margin charters with premier liner partners.
CFO Zikos also highlighted the fleet renewal strategy: "Executing on our strategy of renewing the fleet and securing long‑term cash flows from high‑quality counterparties, we have ordered a total of 16 new buildings from first‑class Chinese shipyards. 12 of the ships are 9,200 TEUs and four are 3,100 TEUs capacity. The vessels are expected to be delivered between the fourth quarter of 2027 and the second quarter of 2030."
The Q1 2026 results are not directly comparable to Q1 2025 due to the spin‑off of the dry‑bulk business into Costamare Bulkers Holdings Limited. Nevertheless, the company’s earnings visibility remains robust, with a $2.8 billion backlog and a low price‑to‑earnings ratio of 5.44, suggesting that the market may view the earnings miss as a short‑term pricing pressure rather than a long‑term trend.
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