Costamare Inc. Q1 FY2025 earnings call

• Successfully completed spin-off of Costamare Bulkers, retaining 68 containerships and being controlling shareholder of Neptune Maritime Leasing.
• Containership market: Demand maintained with commercially idle fleet below 1%, 100% employment in 2025 and 73% in 2026, $2.3B contracted revenues with 3.3 years remaining.
• Dry Bulk: Cape market rebounded in March, Panamax activity picked up post-Chinese New Year.
• S&P activity: Sold 1 Panamax ship, agreed to sell 1 Handysize, proceeds expected for acquisition of larger vessels.
• Financing: Refinanced vessels with maturity extension, no increased leverage; repaid ~$150M bank debt, entered new $100M facility for acquisitions.
• CBI fleet: Chartered-in 48 period ships, majority on index-linked agreements.
• Neptune Maritime Leasing: Investments over $530M, healthy pipeline.

Containership: Revenues days fixed at 100% for 2025 and 73% for 2026. Total contracted revenues amount to $2.3 billion with a remaining time charter duration of 3.3 years. Employment stands at 100% for 2025 and 73% for 2026. Dry Bulk: Capesize market rebounded strongly in March, supported by improved Australia and Brazil iron ore shipments and tighter vessel availability; Panamax activity picked up post-Chinese New Year, supported by recovering grain flows. Neptune Maritime Leasing: Total investments and commitments are exceeding $530 million with a healthy pipeline.

• Containership fleet employment: 100% in 2025 and 73% in 2026.
• Total contracted revenues stand at $2.3 billion with a remaining time charter duration of 3.3 years.

• Geopolitical challenges and economic uncertainties impacting global trade.
• Proposed USTR fees may lead to fleet redeployment and network reorganizations, but initial efficiencies could boost tonnage demand.

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