Costamare Stock Price, News & Analysis
Company Description
Costamare Inc. (NYSE: CMRE) is an international owner and operator of containerships, active in the deep sea freight transportation industry within the broader transportation and warehousing sector. According to company disclosures and regulatory filings, Costamare charters its containerships to liner companies, providing transportation of containerized cargoes under charter arrangements. The company has also historically owned and operated dry bulk vessels, which were chartered to a range of customers for the transportation of dry bulk cargoes.
Business focus and fleet
Costamare describes itself as an international owner and provider of containerships for charter. Its fleet has included vessels such as Cosco Guangzhou, Cosco Ningbo, Cosco Yantian, Vantage, Valor, Valiant, Maersk Kobe and others, reflecting a focus on container shipping. The company states that it provides services to ocean carriers that demand a high standard of safety and reliability. It reports that a majority of its revenue is generated from the United States of America.
In recent periods, Costamare has emphasized long-term charter coverage for its containership fleet. Company press releases report that its containership fleet is fully employed for certain future periods on a TEU-weighted basis, with a significant portion of the fleet fixed for subsequent years. Costamare has also entered into newbuilding contracts for 3,100 TEU containerships with a Chinese shipyard, with each of these vessels expected to commence multi‑year charters with liner companies upon delivery.
Spin-off of dry bulk business
Costamare has undertaken a structural change to its business by spinning off its dry bulk operations. Company announcements state that the spin-off of Costamare’s dry bulk business, consisting of its dry bulk owned fleet and its dry bulk operating platform Costamare Bulkers Inc. (CBI), into a standalone public company named Costamare Bulkers Holdings Limited (CMDB) was completed on May 6, 2025. Following this transaction, the results of the dry bulk business are presented as discontinued operations in Costamare’s financial reporting for the relevant periods.
After completion of the spin-off, Costamare reports that it remains the sole shareholder of a large containership fleet and the controlling shareholder of Neptune Maritime Leasing Limited. The separation is described by the company as a business separation between the containership and dry bulk sectors, with the dry bulk business now housed in a separate listed entity.
Chartering strategy and contracted revenue
Costamare’s public disclosures highlight a focus on securing charter coverage and contracted revenue for its containership fleet. The company reports that 100% of its containership fleet is fixed for certain upcoming years and that a substantial percentage is fixed for subsequent years, calculated on a TEU basis. It has entered into forward chartering agreements for multiple vessels, with charter durations ranging from around one to more than three years, and has linked these arrangements to increases in contracted revenues.
Company press releases quantify contracted revenues for the containership fleet in the billions of U.S. dollars, with a remaining time charter duration measured in years on a TEU‑weighted basis. These disclosures indicate that Costamare places importance on visibility of future cash flows through time charters with liner companies, including long‑term charters associated with its newbuilding program.
Financial reporting and non‑GAAP measures
Costamare reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP) and also presents certain non‑GAAP financial measures. Among the measures discussed in company releases are “Voyage revenue adjusted on a cash basis,” “Adjusted Net Income from continuing operations available to common stockholders,” and “Adjusted Earnings per Share from continuing operations.”
The company explains that voyage revenue adjusted on a cash basis reflects voyage revenue after adjusting for non‑cash accrued charter revenue recorded under charters with escalating or descending charter rates. It states that this measure is intended to present charter revenue for the relevant period based on then‑current daily charter rates. Adjusted Net Income and related per‑share figures are described as measures that exclude items such as accrued charter revenue, certain non‑cash general and administrative expenses, amortization of time‑charter assumptions, realized gains or losses on Euro/USD forward contracts, gains or losses on derivative instruments (excluding realized effects), and other non‑cash items. Costamare notes that these non‑GAAP measures are not recognized under U.S. GAAP but are used by management for financial, operating and planning decisions and for evaluating performance.
Capital structure, dividends and preferred stock
Costamare’s capital structure includes common stock and several series of preferred stock listed on the New York Stock Exchange, including its 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (NYSE: CMRE PR B), 8.50% Series C Cumulative Redeemable Perpetual Preferred Stock (NYSE: CMRE PR C) and 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (NYSE: CMRE PR D). The company has repeatedly declared quarterly cash dividends on both its common stock and these preferred stock series, with dividend amounts and payment schedules detailed in its press releases.
Costamare states that the declaration of dividends is at the discretion of its Board of Directors and depends on factors such as earnings, financial condition, cash requirements and availability, access to debt and equity financing, restrictive covenants in existing and future debt instruments, and global economic conditions. In addition, the company has established a new series of high‑vote, non‑economic preferred stock designated as Series F Preferred Stock. According to a Form 6‑K filing, each share of Series F Preferred Stock entitles the holder to a fixed number of votes on matters submitted to shareholders, without dividend or distribution rights beyond par value and with redemption features and an automatic termination of rights after a defined period.
Governance and shareholder rights
Costamare is a foreign private issuer that files annual reports on Form 20‑F and current reports on Form 6‑K with the U.S. Securities and Exchange Commission. The company has a Shareholders Rights Agreement, originally dated October 19, 2010, and has adopted a First Amendment to this agreement. The amendment modifies the definition of “Acquiring Person” to provide that, subject to certain exceptions, the rights under the agreement become exercisable upon a U.S. Person becoming the beneficial owner of a specified percentage of the company’s common stock then outstanding, while maintaining a different threshold for non‑U.S. Persons.
The Board of Directors has explained that this amendment was approved in light of regulatory developments related to special port fees on U.S.‑linked vessels announced by the Ministry of Transport of the People’s Republic of China. The company indicates that the amendment is intended to protect stockholder value and strengthen its ability to respond to potential changes in ownership that could influence its ability to adhere to such regulations and guidance. The Board has also indicated that it expects to rescind the amendment and reinstate the prior terms of the Rights Agreement if it determines that these changes are no longer necessary.
Lease financing platform
Beyond vessel ownership and chartering, Costamare reports a controlling interest in Neptune Maritime Leasing Limited (NML), described as a leasing platform. The company discloses that it has invested significant capital in NML and that NML is funding or committed to funding dozens of shipping assets, with total investments and commitments in the hundreds of millions of U.S. dollars. Costamare notes that this leasing platform is supported by what it characterizes as a healthy pipeline of potential transactions.
Regulatory filings and reporting status
Costamare files as a foreign private issuer under the Securities Exchange Act of 1934 and indicates on its Form 6‑K filings that it files annual reports on Form 20‑F rather than Form 40‑F. Its Form 6‑K submissions incorporate by reference press releases, financial reports, interim condensed consolidated financial statements, proxy materials, and statements of designation for preferred stock into its shelf registration statements on Form F‑3. These filings provide investors with access to periodic financial information, details on capital structure changes, and governance‑related documents.
Geographic base and regulatory environment
Costamare lists its principal executive office in Monaco in its SEC filings, reflecting its status as a foreign private issuer with operations and regulatory considerations that include both international shipping markets and U.S. securities regulation. The company’s disclosures also reference developments in international trade and port fee regulations, particularly in relation to U.S.‑linked vessels and regulatory actions by authorities in China.