Greek shipping company Costamare has published its unaudited financial results for the second quarter and six-month period ended June 30, 2025.
Costamare said the financial results Q2 2025 and H1 2025 reflect the spin-off of its dry bulk business, consisting of Costamare’s dry bulk owned fleet and its dry bulk operating platform, Costamare Bulkers, into a standalone public company, which was completed on May 6, 2025.
Accordingly, the results of the dry bulk business are presented as discontinued operations for all periods shown.
For the three- and six-month periods ended June 30, 2025, the results of discontinued operations include the dry bulk business up to May 6, 2025, the effective date of the spin-off.
In comparison, the corresponding periods of 2024 include the results of discontinued operations of the dry bulk business for the entire three- and six-month periods, respectively. Costamare said these differences in reporting periods should be taken into account when evaluating the results of discontinued operations between periods.
Net income from continuing operations in Q2 2025 reached US$99.6 million, while adjusted net income from continuing operations for the same period totalled US$92.5 million.
Costamare also said utilisation rates of 100 per cent and 75 per cent have been fixed for 2025 and 2026, respectively.
The company reported an increase in contracted revenues in excess of US$310 million stemming from: 1) forward fixing of two containerships for a period ranging from 36 to 37 months; and 2) the eight-year charters for four newbuild 3,100TEU containerships, which will be delivered from China between Q2 and Q4 2027.