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Costamare posted a 17 per cent year-on-year first half net profit decline

source:transportweekly author: time:2014-07-28  

Athens-based Costamare, a Marshall Islands firm and a leading owner of for-charter containerships, posted a 17 per cent year-on-year first half net profit decline to US$47.2 million, drawn on revenues of $238.4 million, up 24 per cent, according to Shipping Gazette.

Second quarter net profit declined 11.6 per cent to $27.4 million, drawn on revenues of $123.5 million, which increased 23.5 per cent.

"During the second quarter, the company continued to deliver positive results," said Costamare chief financial officer Gregory Zikos. "We continue to execute our growth strategy. We are well positioned to grow on healthy grounds."

Mr Zikos said that the company had recently acquired a 2000-built 2,474-TEUer for $9.5 million. "The vessel was bought with equity and after delivery she commenced her charter employment with Cosco," he said.

"We have no ships laid up. Our re-chartering risk is minimised. The charters for the vessels opening in 2014 account for less than three per cent of our 2014 contracted revenues," Mr Zikos said.

"We accepted delivery of the newbuild vessel MSC Amalfi with a TEU capacity of 9,403 and the secondhand vessels Neapolis and Areopolis with an aggregate TEU capacity of 4,119," said the company statement.

"We sold the vessel Konstantina with a capacity of 3,351 TEU. In the three-month period ended June 30, 2013, we accepted delivery of the newbuild vessels MSC Athos, Valor and Value with an aggregate capacity of 26,481 TEU," the statement said.

"Secondhand vessels Petalidi and Ensenada Express with an aggregate capacity of 6,738 TEU were acquired pursuant to the Framework Agreement with York and we sold the vessel MSC Austria with a TEU capacity of 3,584.

"In the three-month periods ended June 30, 2014 and 2013, our fleet ownership days totalled 5,070 and 4,456 days, respectively. Ownership days are the primary driver of voyage revenue and vessels' operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned," the statement said.



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