Containership owner Costamare reported net income from continuing operations attributable to common stockholders of $77.4 million for the second quarter ended June 30, 2026, down from an adjusted net income of $92.5 million in the corresponding period of 2025.
Adjusted net income for the quarter totalled $75.1 million.
Voyage revenue fell 4.8 per cent year on year to $200.8 million from $210.9 million. The company attributed the decline primarily to lower charter rates on certain vessels and an increase in idle and off-hire days.
During the quarter, Costamare completed $920 million in new bilateral financing agreements to refinance existing debt. The company said it expects to complete additional refinancings of up to $331 million during the third quarter of 2026. According to Costamare, the refinancing will reduce interest costs on the affected vessels and leave the company with no debt maturities until 2030.
The company also secured a bilateral commitment for a $52 million debt facility to finance the acquisition of two secondhand containerships built in 2001, each with a capacity of approximately 5,600 TEU.
Costamare said it has paid the initial instalments for its 16 newbuild containerships, while the remaining shipyard payments are planned to be financed through Chinese financial institutions.
The company has also agreed to sell the 2002-built containerships Porto Kagio and Porto Germeno. According to Costamare, the transactions are expected to close by the end of the first quarter of 2027, with net proceeds estimated at $54.5 million after debt repayments.
Commenting on market conditions, Chief Financial Officer Gregory Zikos said, “Regarding the market, charter rates are on a firming trend in an active market with a number of fixtures concluded across most vessel sizes.”
He added that 97 per cent of the company's containership fleet is fixed for 2026 and 94 per cent is fixed for 2027, representing contracted revenues of approximately $6.1 billion. Costamare also reported that its Neptune Maritime Leasing platform has funded or committed to 50 shipping assets, with total investments exceeding $700 million.
