|Over a week ago|
Costamare price target raised to $19 from $14.50 at Citi » 05:5309/0809/08/21
Citi analyst Christian…
Citi analyst Christian Wetherbee raised the firm's price target on Costamare to $19 from $14.50 and keeps a Buy rating on the shares. The analyst increased estimates to reflect an updated revenue and expense outlook for the dry bulk fleet post the Q2 results.
|Over a month ago|
Costamare reports Q2 adjusted EPS 47c, consensus 54c » 06:5207/2807/28/21
Reports Q2 revenue…
Reports Q2 revenue $166.8M, one estimate $159M. CFO Gregory Zikos commented: "The container market rebound that began in the second half of last year has continued into the first half of this year, drawing strength from favorable supply and demand dynamics. Strong consumer demand, low inventory levels, and supply chain constraints have all contributed to record charter rates and longer charter durations. All our containerships chartered during the quarter have been fixed at increasingly high levels of hire. On the dry bulk side, we are pleased to report the acquisition of 21 additional vessels, since we first announced our entry into this sector...The dry bulk acquisitions result from our decision to invest in this liquid sector where supply is limited by a low orderbook and demand is being driven by increased infrastructure spending and commodity consumption. Supported by contracted revenues of $ 3.3B and an average time charter duration of more than four years for our containership fleet, we have 15 containerships coming off charter over the next 18 months and 37 dry bulk vessels operating in the spot market, favorably positioning our company, should the currently strong market conditions continue."
|Over a quarter ago|
Costamare price target raised to $14.50 from $12.50 at Citi » 06:0006/1706/17/21
Citi analyst Christian…
Citi analyst Christian Wetherbee raised the firm's price target on Costamare to $14.50 from $12.50 and keeps a Buy rating on the shares. In an "opportunistic transaction that provides optionality," Costamare acquired 16 dry bulk vessels which provide a base for capital deployment away from the containership sector, Wetherbee tells investors in a research note. The analyst's containership outlook "remains robust as vessel values have continued to surge on the back of soaring box rates."
Costamare acquires 16 dry bulk vessels » 16:3306/1406/14/21
Costamare announced the…
Costamare announced the acquisition of 16 dry bulk vessels of between 33,000 and 85,000 DWT, with an average age of 10 years. The vessels are currently operating in the spot market. Two of the ships have been delivered with the rest of the vessels expected to be delivered latest by January 2022. "We are pleased to announce the acquisition of dry bulk vessels. We have decided to invest in a liquid sector with strong fundamentals that provide enhanced return opportunities for our shareholders. The ships will be managed through our existing platform headed and enriched by the dry bulk Onassis team, who will be joining Costamare in July. The acquisitions will initially be funded with cash on hand, and the Company is in the process of arranging commercial bank debt. Considering the nature of the dry bulk business, we plan to have low leverage of up to 60% of the value of the assets. We look forward to providing a detailed update on our business strategy during our second quarter results."
Costamare reports Q1 adjusted EPS 31c, consensus 30c » 06:5306/0106/01/21
Reports Q1 revenue…
Reports Q1 revenue $122.14M, one estimate $124.77M. "We are pleased to announce the results of another profitable quarter", commented Gregory Zikos, CFO. "The market rebound that began in the second half of last year has continued, drawing strength from favorable supply and demand dynamics. Strong demand for goods, restocking of inventories and a balanced container vessel market have all helped the charter market reach levels that we have not seen for a decade."
Costamare options imply 3.6% move in share price post-earnings » 15:0404/3004/30/21
Pre-earnings options volume in Costamare is normal with calls leading puts 7:1. Implied volatility suggests the market is anticipating a move near 3.6%, or 38c, after results are released. Median move over the past eight quarters is 4.2%.
Costamare announce acquisition of the York Capital majority interest in 5 TEUs » 07:3904/2604/26/21
Costamare announced the…
Costamare announced the acquisition of York Capital's 60% equity interest, on average, in five 11,000 TEU containerships, four of which were built in 2017 and one of which was built in 2016. The acquisition brings the company's ownership interest in these five vessels to 100%. The five vessels were initially contracted as new buildings in 2013 and 2015 under the joint venture with York Capital. The vessels currently operate under long-term charters, with four of them expiring in 2031 and the fifth one in 2025. The acquisition has been funded with cash at hand and commercial bank debt provided by leading European and U.S. financial institutions with tenors of up to 10 years. Gregory Zikos, CFO of the company, said: "We are pleased with the conclusion of the transaction with York Capital, which underscores our excellent relationship. The deal provides a successful exit path in this investment for our partner. At the same time, the joint venture continues to own another five vessels and our relationship is ongoing. The vessels acquired provide us with incremental contracted revenues of approximately $335M and have a TEU-weighted average time charter duration of 8.9 years."
Deutsche Bank to hold a virtual summit » 11:0203/0403/04/21
ASC, CMRE, DHT, DSX, EGLE, EURN, FRO, GLOP, GNK, GLNG, INSW, NM, NNA, STNG, SBLK, TRTN, TNP
2021 Shipping Virtual…
2021 Shipping Virtual Summit will be held on March 4. Webcast Link
Costamare reports Q4 EPS 27c, consensus 25c » 16:5202/0102/01/21
Reports liquidity of…
Reports liquidity of $209.8M as of the end of Q4 2020, including share of cash amounting to $17.9M held in companies co-owned with York Capital Management Global Advisors and an affiliated fund .
Costamare announces availability of first ESG report » 08:4112/0412/04/20
Costamare announced availability of its first Environmental, Social, and Governance report, for the year ended December 31, 2019. The shipping industry is subject to strict regulations imposed by governmental authorities and regulatory agencies relating to ESG. For many years, and irrespective of the applicable regulations at any given point in time, we have been taking measures and adopting strict internal standards to protect the environment and safeguard the working conditions of our employees. The ESG Report provides valuable insight to investors and other stakeholders into the Company's operations during 2019, our current ESG policies and performance.