Costamare, a Monaco-based containership owner, recently reported its full-year 2025 earnings results. The company's adjusted net income from continuing operations reached $375.6 million, or $3.12 per share, while net income from continuing operations available to common stockholders totaled $371.0 million, or $3.09 per share. This represents a modest decline in voyage revenue compared to the previous year, primarily due to lower charter rates on certain ships and accounting revenue from vessels classified as sale-type leases. Despite this, the company's forward chartering activity has been a key highlight, with 12 new fixtures entered into during the quarter, generating incremental contracted revenues of approximately $940 million.
The forward charters carry a TEU-weighted average duration of about six years, lifting total contracted revenues for the containership fleet to approximately $3.4 billion, with a remaining TEU-weighted duration of 4.5 years. As a result, 96% of the fleet is fixed for 2026 and 92% for 2027, effectively fully employing the containership fleet for the coming year. This level of charter coverage provides Costamare with strong revenue visibility and helps to mitigate the risks associated with the charter market.
The company's decision to spin off its dry bulk fleet and operating platform into a standalone public company has provided it with a clear path forward. The May 6 spin-off reflects the company's commitment to focusing on its core business and reducing complexity. By separating its dry bulk operations, Costamare can now focus on optimizing its time charter operations and driving growth in this segment.
Costamare's forward charters have been instrumental in driving visibility and revenue growth for the company. The fixtures include vessels with a TEU-weighted average duration of six years, which provides a stable source of income for the company. This level of long-term contracted revenue is particularly beneficial during times of market uncertainty.
The company's idle fleet stands at less than 1%, reflecting continued tightness in prompt tonnage supply. This level of demand for tonnage supports confidence in earnings stability and helps to drive growth in the charter market. As a result, Costamare enters 2026 with strong revenue visibility and liquidity.
Costamare's lease financing platform has been a key driver of its growth strategy. The company has committed $247.8 million to Neptune Maritime Leasing, which has funded or committed to 54 shipping assets representing total investments and commitments of more than $665 million. This platform provides Costamare with a complementary earnings stream alongside traditional time charter operations.
The leasing platform has positioned itself as a key driver of growth for the company. With nearly full charter coverage for 2026, long-dated contracts on large-capacity vessels, and limited near-term debt maturities, Costamare is well-positioned to drive revenue growth in the coming year.
Costamare's strong balance sheet provides the company with a solid foundation for future growth. The company's liquidity stood at $589.6 million as of year-end 2025, including $19.3 million in short-term U.S. Treasury investments. This level of liquidity supports the company's operations and provides it with the flexibility to respond to changing market conditions.
The company's focus on optimizing its time charter operations and driving growth in its dry bulk segment positions Costamare for long-term success. With strong revenue visibility, a solid balance sheet, and a growing lease financing platform, the company is well-positioned to drive growth in the coming year.
The dry bulk spin-off has provided Costamare with a solid foundation for future growth.
