Costamare re-enters newbuilding market with four-vessel deal in China

The US-listed container vessel specialist revealed in its Q2 earnings report that it placed an order for four 3,100-TEU ships at an unnamed Chinese shipyard. Market and shipbroking sources told Riviera the vessels – scheduled for delivery through the last quarter of 2027 – will be built at Zhoushan Changhong.

Costamare has already secured eight-year charters with a leading liner company for all four vessels, with contracts set to commence upon delivery. The company plans to finance this investment through a combination of cash on hand and debt.

Costamare had initially signalled its return to the newbuilding market in 2021 by agreeing to purchase six large vessels from an undisclosed Asian shipyard. However, the deal was terminated months later, and since then, the company had refrained from placing new orders in both the container and bulk carrier sectors.

Currently, Costamare manages a fleet of 68 active container vessels with a combined capacity of approximately 513,000 TEU.

Strong financial performance

The company reported robust financial results for Q2 2025, with voyage revenues reaching US$210.9M, nearly unchanged from US$211.7M in the same period last year. Net income from continuing operations rose to US$106.1M, up from US$98.4M in Q2 2024.

For the first half of the year, voyage revenues were stable at US$428.0M, compared to US$427.3M in H1 2024, while net income increased to US$218.0M from US$201.6M.

Costamare disclosed that 100% of its container ship fleet is fixed for 2025, with 75% contracted for 2026. The company holds total contracted revenues of US$2.5Bn, with an average remaining time charter duration of 3.2 years. Additionally, two 6,500-TEU vessels have been fixed on three-year charters starting in Q1 and Q2 of 2026, respectively.

Commenting on the market conditions, Costamare chief financial officer Gregory Zikos emphasised the global fleet’s strong employment levels, noting less than 1% of container vessels are commercially idle. He explained, “Current low fixing activity is the result of low availability of prompt tonnage rather than a lack of demand. Charter rates remain healthy across the board and the short supply keeps rates at robust levels.”

Investment in leasing platform

Costamare is also active in the ship leasing sector. Its investment in Neptune Maritime Leasing currently stands at US$182.2M, representing 91% of its total committed investment. The leasing platform now consists of 47 shipping assets that are either funded or under commitment, amounting to over US$650.0M in total investments and commitments.

Notably, Costamare has also spun off its dry bulk business into a separately listed company, Costamare Bulkers.