| Over a week ago | ||||
Neptune Maritime Leasing… Neptune Maritime Leasing announced that Costamare has agreed to become the leading investor in Neptune Leasing through the investment of an amount of up to $200M. Costamare will be appointing three additional members to the Board of Neptune Leasing, including Vassilis Mantzavinos, an experienced shipping banker. | ||||
Costamare has agreed to… Costamare has agreed to become the leading investor in Neptune Maritime Leasing through the investment of an amount of up to $200 million. Neptune Leasing is a growth-oriented maritime leasing platform providing flexible financing solutions to shipowners, which was established in 2021 by seasoned financier Harris Antoniou, who will continue as CEO. Vassilis Mantzavinos, an experienced shipping banker, will be appointed, among others, as an additional Board member of Neptune Leasing on behalf of Costamare. The company said, "Costamare is pleased to be teaming up in this venture with Neptune Leasing's anchor investor, Latsco Family Office, the Family Office of Marianna J. Latsis' family, which is also increasing its investment in Neptune Leasing. Considering current asset values, the Company believes that the Neptune Leasing investment is a favourable employment of the Company's increased liquidity and is expected to provide healthy returns at acceptable risk levels. The new venture is synergetic to the existing ship owning platform and is expected to further enhance the strong relationships built over the last decades with shipowners and commercial lenders in the ship financing sector." | ||||
| Over a month ago | ||||
Reports Q4 revenue… Reports Q4 revenue $265.43M vs. $283.92M a year ago. | ||||
Stifel analyst Benjamin… Stifel analyst Benjamin Nolan downgraded Costamare to Hold from Buy with a price target of $11, down from $12.50. The analyst cites the "rapidly deteriorating" container market for the downgrade. While Costamare has almost all of its near-term container cash flows locked in on medium- to long-term charters, a "significantly oversupplied" container market should gradually weigh on its cash flows and is unlikely to provide any upward catalyst, Nolan tells investors in a research note. | ||||
| Over a quarter ago | ||||
Following its strategic… Following its strategic decision to enter the dry bulk sector at an opportune time in the cycle, Costamare as proceeded to establish a new dry bulk operating platform with a team of experienced professionals, who will join Costamare in investing in the new venture. The new venture will charter-in/out dry bulk vessels, enter into contracts of affreightment and utilize hedging solutions, including, forward freight agreements and bunker hedging.The new venture will have a global footprint through offices in Athens and Monaco and through agencies in Copenhagen, Hamburg and Singapore. Operations are expected to commence in the fourth quarter of 2022. The new venture, to which the Company has committed up to $200MM, is expected to employ minimal, if any, financial leverage. | ||||
Reports Q3 voyage revenue… Reports Q3 voyage revenue $289.5M, consensus $281.77M. | ||||
Citi analyst Christian… Citi analyst Christian Wetherbee lowered the firm's price target on Costamare to $13 from $16 and keeps a Buy rating on the shares. The analyst reduced estimates ahead of the Q3 earnings report to account for lower grain TCE rates within Costamare's bulk business. While headline grain prices have moved higher, vessel shipment volumes have declined due to lower production out of Ukraine with little replacement cargo, Wetherbee tells investors in a research note. | ||||
Costamare announced the… Costamare announced the election of two Class III directors at the Company's annual meeting of stockholders held in Monaco. The elected Class III directors are Konstantinos Konstantakopoulos and Charlotte Stratos. Each Class III director was elected to hold office for a term ending at the annual meeting of stockholders in 2025 and until his or her successor has been duly elected and qualified. Stockholders also ratified the appointment of Ernst & Young Certified Auditors Accountants S.A. as the Company's independent auditors for the fiscal year ending December 31, 2022. | ||||
Jefferies analyst Omar… Jefferies analyst Omar Nokta initiated coverage of Costamare with a Buy rating and $19 price target. Costamare, one of the largest containership owners in the world, took advantage of stronger and outsized returns in the container segment last year to invest in dry bulk assets "opportunistically," noted Nokta, who expects to see further special dividend payouts in the future given the company's strong operating platform. | ||||
Stifel analyst Benjamin… Stifel analyst Benjamin Nolan lowered the firm's price target on Costamare to $15 from $16 and keeps a Buy rating on the shares. Ahead of earnings season for the group, Nolan said Q2 was "generally a good quarter for most aspects of the shipping market" as shipping remains tight and he expects that should remain so for the balance of the year. However, consumer demand is certainly at risk and recession risk is likely to have a greater impact on consumer oriented markets like containers and to a lesser extent dry bulk, while tankers and gas shipping should be largely unaffected, Nolan contends in his earnings preview. | ||||
