Q2 2024 Costamare Inc Earnings Call Transcript
Key Points
- Costamare Inc (CMRE) generated a net income of about $91 million for the second quarter of 2024.
- The company has a strong liquidity position with over $1.1 billion available.
- New charter agreements for seven containerships are expected to generate incremental contracted revenues of above $220 million.
- Fleet employment stands at 100% for 2024 and 88% for 2025, with total contracted revenues amounting to $2.4 billion.
- The company has a long-term commitment to the dry bulk sector and is strategically renewing its fleet by acquiring larger vessels.
- The continuous injection of new building capacity remains a principal threat to the containership market.
- Dry bulk purchase activity has slowed, indicating potential market uncertainties.
- The company has not disclosed specific charter rates for the new containership charters, which may lack transparency for investors.
- There is uncertainty regarding the redemption of additional preferred stock or prepayment of debt, which could affect future cash flow management.
- The company is price-sensitive and may delay acquisitions if market conditions are not favorable, potentially missing out on growth opportunities.
Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Inc. conference call on the second quarter 2024 financial results. We have with us Mr. Gregory Zikos, Chief Financial Officer of the company. (Operator Instructions).
I must advise you that this conference is being recorded today, Wednesday, July 31, 2024. We'd like to remind you that this conference call contains forward-looking statements. Please take a moment to read Slide 2 of the presentation, which contains the forward-looking statements.
And I will now pass the floor over to your speaker today, Mr. Zikos. Please go ahead, sir.
Thank you, and good morning, ladies and gentlemen. During the second quarter of the year, the company generated net income of about $91 million. As of quarter end, liquidity was above $1.1 billion. In the containership sector, continued vessel diversions around Africa and an early peak season, with higher-than-expected cargo demand have resulted in charter rates remaining
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