Costamare renews its fleet

Greek container shipping company Costamare has renewed its fleet with four new acquisitions

A container ship owned by Costamare

Athens - Greek container shipping company Costamare has renewed its fleet with four new acquisitions: three 4,258 TEU capacity sister containerships (2010-built Vulpecula, 2010-built Volans and 2009-built Vela), and the 2009-built, 4,258 TEU capacity containership JPO Virgo.

The company says its net income has increased by 82% to $35.9 million for the three months ended December 31, 2019 (“Q4 2019”) compared to $19.7 million for the three months ended December 31, 2018 (“Q4 2018”).

Earnings per Share available to common stockholders increased by 118% to $0.24 in Q4 2019 compared to $0.11 in Q4 2018.

"During the fourth quarter and the year, net income and earnings per share increased substantially boosted by higher charter rates and the addition of new ships", said Gregory Zikos, Chief Financial Officer of Costamare. "As part of our fleet renewal program, we acquired four panamax vessels with an average age of about 11 years during the quarter and disposed of an equal number of ships with an average age of 27 years".

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