Costamare expands fleet with newbuildings and secondhand vessels, boosts contracted revenue

The US-listed Greek owner disclosed over the summer that it had re-entered the newbuilding market after several years of absence, placing an order for four 3,100-TEU ships in China. Brokers identified Zhoushan Changhong as the shipyard undertaking the project.

In its Q3 earnings report, Costamare announced it had added another pair of vessels at the yard, bringing its total number of newbuildings to six. The latest contracted vessels are expected to be delivered in Q1 2028, with each set to commence an eight-year charter with a leading liner company upon delivery.

Costamare chief financial officer Gregory Zikos noted the options for the additional ships were exercised in September.

In a separate development, the company acquired 2006-built, 6,541-TEU Maersk Puelo, which is currently chartered to Maersk until October 2026.

Costamare now controls a fleet of 69 container vessels, with a total capacity of 520,000 TEU, and has six more vessels under construction, totalling 18,600 TEU.

Boost to contracted revenue

The company has increased its contracted revenue backlog by more than US$310M, driven by the forward fixing of seven container vessels for 12 to 38 months, in addition to agreements for its newbuildings and recently acquired ship.

With 100% of its fleet fixed for 2025 and 80% fixed for 2026, contracted revenues now amount to approximately US$2.6Bn, with a TEU-weighted duration of 3.2 years.

With these agreements in place, Costamare posted voyage revenue of US$216M in Q3 2025, slightly below US$220M in the same period last year. Net income from continuing operations stood at US$99M, down from US$111M in 2024.

From January to September 2025, voyage revenue reached US$644M (from US$647M), while net income totalled US$317M (from US$313M).

Regarding Costamare’s investment in Neptune Maritime Leasing, the company said the platform now includes 50 shipping assets, either funded or under commitment, representing total investments and commitments of more than US$650M.

Positive market fundamentals

Commenting on the market outlook, Mr Zikos highlighted the positive impact of recent US-China trade discussions and the delayed implementation of port fees, which he said should support increased global trade flows.

“With an idle fleet of less than 1%, the charter market remains strong, with rates stable and healthy, underpinned by vessel shortages and steady demand,” he added.