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Company see growth in 'positive' market
Leading containership charter owner Costamare reported lower revenues and profits in the third quarter, but the company said they are optimistic about future growth.
The Greek company, which started trading on the NYSE in early November, posted net income of $23.8 million in the three months to September 30 against $24 million a year ago.
Vessel revenue shrunk to $88.6 million from $97.2 million due to a decrease in the operating days of the company’s fleet of 43 ships, which have a combined capacity of 218,584 TEUs.
Revenue in the first nine months fell to $267.5 million from $305 million in the same period in 2009 and net income dropped to $69.4 million from $94.3 million.
Costamare, which raised $160 million in an initial public offering on its NYSE debut, said it is eyeing growth opportunities as “fundamentals in our market look very positive for the next two years.”
“We think today is a very good time to grow, we have identified and we are currently discussing many attractive projects,” said Costamare Chief Executive Officer Konstantinos Konstantakipoulos.
“This is why we decided to go public now and accept a significant discount to our net asset value,” Konstantakipoulos said.
Costamare said it would avoid overleveraging the company or back loading loading debt repayments.
“We avoided vessel acquisitions during the peak of the market and we have not used financial engineering or back-loaded debt obligations,” Konstantakipoulos said.
Costamare said it has $2 billion in contracted revenues, $1.1 billion of net debt and 13 of its vessels are free of debt.
The company recently took delivery of two 3,351 TEUs vessels and has three 9,000 TEUs ships on order in China.
Source: JOC |
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