Q3 2024 Costamare Inc Earnings Call Transcript
Key Points
- Costamare Inc (CMRE) generated a net income of approximately $80 million for the third quarter of 2024.
- The company maintains strong liquidity with over $1 billion available.
- New charter agreements are expected to generate incremental contracted revenues of above $165 million.
- Total contracted revenues amount to $2.3 billion with a weighted remaining duration of 3.3 years.
- The company is progressing with its strategy to renew its fleet, acquiring newer vessels while disposing of older ones.
- The early redemption of a EUR100 million bond was driven by tax and legal implications, despite its competitive interest rate.
- There are reports of personnel changes within the dry bulk business, raising questions about stability.
- Asset prices for new containerships and dry bulk vessels are considered high, limiting acquisition opportunities.
- The dividend policy remains uncertain, with no clear indication of an increase despite improved cash flow visibility.
- The dry bulk market has not performed well in 2024, leading to cautious investment in this sector.
Thank you for standing by ladies and gentlemen and welcome to the Costamare Inc conference call on the third quarter, 2024 financial results. We have a we have with us today, Mr Gregory G. Zikos, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode.
There will be a presentation followed by a question-and-answer session. At which time. If you wish to ask a question, please press star then one on your telephone keypad and wait for your name to be announced.
I must advise you that this conference is being recorded today. Friday, November 1st, 2024.
We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read slide number two of the presentation which contains the forward-looking statements, and I will now pass the floor to your speaker today. Mr. Zikos. Please go-ahead sir.
Thank you and good morning, ladies and gentlemen. During the third quarter of the year, the
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