Costamare reports third-quarter results as charter backlog reaches $6 billion
Costamare Inc. reported its financial results for the third quarter of 2026, highlighting its contracted containership revenues, refinancing activity and newbuilding programme alongside lower year-on-year earnings and voyage revenue.
The New York-listed shipowner recorded net income from continuing operations available to common stockholders of $88.5 million, or $0.73 per share, compared with $92.6 million, or $0.77 per share, in the corresponding quarter of 2025. Adjusted net income available to common stockholders from continuing operations reached $89.4 million, compared with $98 million a year earlier.
Voyage revenue declined by 1.8% to $212.1 million from $215.9 million in the third quarter of 2025. Costamare attributed the decrease mainly to lower charter rates on certain vessels and increased off-hire days, primarily associated with scheduled dry-dockings, partly offset by contractual reimbursements and revenue from a containership acquired in 2025.
Long-term charter coverage and fleet development
As of 27 October 2026, Costamare had secured employment for 100% of its containership fleet capacity for 2026 and 99% for 2027, calculated on a TEU basis. Contracted revenues stood at approximately $6 billion, with a TEU-weighted remaining charter duration of 5.8 years.
The contracted revenue figure includes employment associated with 22 containerships under construction and two secondhand vessels that the company has agreed to acquire. The fleet coverage percentages include the two agreed acquisitions but exclude the newbuildings and two vessels agreed to be sold.
Costamare currently has 69 containerships on the water, including two vessels earmarked for sale, with an aggregate capacity of approximately 520,000 TEU. Its 22 newbuildings and two agreed secondhand acquisitions represent a further approximately 152,600 TEU.
According to the company’s fleet schedule, the newbuilding programme comprises 12 vessels of 9,200 TEU and 10 vessels of 3,100 TEU, with estimated deliveries extending from 2027 to 2030. All 22 newbuildings are listed with long-term employment arrangements upon delivery from their shipyards.
Refinancing programme strengthens financial position
Costamare reported liquidity of $733.1 million at the end of September 2026, including cash, restricted cash and short-term investments in US Treasury bills.
Since the end of the second quarter, the company has completed previously announced financing agreements and drawn approximately $1.3 billion, refinancing existing debt obligations across 39 vessels. It has also signed an additional $92 million loan agreement with an Asian bank covering two vessels, with drawdown expected during the fourth quarter of 2026.
The financing arrangements relate to vessels already in Costamare’s fleet. According to the company, the refinancing programme is designed to reduce interest costs and extend debt maturities, while its unencumbered fleet currently comprises 23 vessels.
Gregory Zikos, Chief Financial Officer of Costamare, said the company expects to complete the refinancing programme for its existing fleet following the additional financing arrangement.
“The new agreements provide interest cost savings with no debt maturity till 2030,” Zikos said.
Meanwhile, the company’s leasing activities continue through Neptune Maritime Leasing Limited, in which Costamare holds a controlling interest. The platform has 47 shipping assets either funded or under commitment, representing total investments and commitments exceeding $650 million.
Charter market outlook and nine-month performance
Commenting on containership market conditions, Zikos pointed to the limited availability of idle tonnage and continued cargo demand. He stated that idle ships remained below 1% of the fleet and that the increasing number of shipping services returning to the Suez Canal had not yet affected market fundamentals.
The comments reflect management’s assessment of charter market conditions rather than a forecast of future freight or charter rates.
For the first nine months of 2026, Costamare recorded voyage revenue of $614.4 million, compared with $644 million in the corresponding period of 2025, representing a decline of 4.6%. Net income from continuing operations available to common stockholders amounted to $241.2 million, compared with $298.4 million a year earlier.
Operating cash flow from continuing operations reached $328 million during the nine-month period, compared with $418.8 million in 2025. The company also reported increased investment activity, including advance payments related to its containership newbuilding programme and agreed secondhand acquisitions.
Costamare’s latest results underline the scale of its contracted containership employment and ongoing fleet investment programme, while its refinancing arrangements extend the maturity profile of existing fleet debt.
