Costamare (NYSE:CMRE) reported fourth-quarter 2025 net income of about $73 million and full-year net income of about $370 million, according to Chief Financial Officer Gregory Zikos on the company’s earnings call. Zikos said the company ended the year with liquidity of $590 million and characterized the charter market as “strong,” citing high demand for tonnage and limited vessel availability.
Full-year and quarterly results
On the call, Zikos highlighted the company’s adjusted figures, stating that adjusted net income for 2025 was about $376 million, or $3.12 per share. For the fourth quarter, adjusted net income was about $72 million, or $0.60 per share. He reiterated that liquidity stood at $590 million.
Chartering activity and contracted revenues
The CFO said the incremental contracted revenues associated with the new charters total approximately $940 million. Following these fixtures, he said fleet deployment and fixed revenue days stood at high levels, with the fleet “now” at 96% and 92% for 2026 and 2027, respectively. Elsewhere in the prepared remarks, he also described revenue days as fixed at 96% for 2026 and 92% for 2027.
In total, Zikos said contracted revenues reached $3.4 billion and that the remaining time charter duration is 4.5 years on a TEU-weighted basis. He added that the company’s idle fleet is less than 1%.
Market environment
Management described container charter rates as remaining at “robust levels.” Zikos said demand for vessels continues to be high and supply is limited, pointing to an ongoing shortage of new ships. He also cited “very low” levels of “added fleet” of 0.5%, which he said indicates a fully employed market.
Financing and balance sheet commentary
On financing, Zikos said the company agreed to pre- and post-delivery financing for all six of its newbuild vessels. He also said Costamare agreed to refinance two container ships at a “substantially lower funding cost.”
Regarding the debt maturity profile, Zikos said there are no significant maturities until 2027.
During the question-and-answer session, an investor asked whether the company planned to repay debt beyond scheduled amortization, given “very solid free cash flow.” Zikos responded that on a net debt basis, debt is up, but he characterized the company as having relatively low leverage, particularly when considering contracted cash flows. He said Costamare has historically repaid debt prudently without backloaded payments and added that he saw no reason to prepay debt earlier than original maturities given the current leverage profile, though refinancing could occur “here and there.”
Leasing platform and other items
Zikos also provided an update on Neptune Maritime Leasing (NML), in which Costamare holds a controlling interest. He said 54 shipping assets have been funded or are on a commitment basis, with total investments and commitments exceeding $665 million.
He added that, on the leasing platform, the company increased its investment commitment to about $250 million and said that close to $280 million has been invested to date. (Zikos did not elaborate further on the relationship between the commitment and invested figures during the call.)
Finally, Zikos said the company continues to have a “long, uninterrupted dividend track record.”
- Q4 2025 net income: about $73 million; full-year net income: about $370 million
- Adjusted net income: about $376 million for 2025 ($3.12 per share) and about $72 million for Q4 ($0.60 per share)
- Liquidity: $590 million
- 12 forward charters signed; incremental contracted revenue of approximately $940 million
- Total contracted revenues: $3.4 billion; TEU-weighted remaining duration: 4.5 years
- No significant maturities until 2027; refinancing completed for two container ships at lower funding cost
- NML: 54 assets funded or committed; investments and commitments exceeding $665 million
Costamare ended the call without providing additional guidance, and management said it looked forward to speaking with investors again on the next quarterly results call.
About Costamare (NYSE:CMRE)
Costamare Inc is a leading owner and manager of containerships, specializing in the acquisition, chartering and operation of modern container vessels. The company secures employment for its fleet under a mix of long‐term and short‐term agreements, providing vital capacity to major shipping lines and leveraging fixed-rate charters to support cash flow stability.
Founded in 1974 and headquartered in Athens, Greece, Costamare has cultivated a disciplined approach to fleet renewal, often overseeing newbuild supervision and shipyard coordination to ensure vessels meet performance and environmental standards.
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