Costamare announced a significant increase in revenue by 89% or 221.4 million dollars in the first quarter of 2024.
The US-listed ship owner and operator of bulkers and boxships saw its revenue jump to 475.43 million dollars in January-March 2024 from 248.8 million dollars in the same period last year.
On the contrary, the net profits for the same period were slightly reduced, which amounted to 102.67 million dollars, compared to 148.8 million dollars last year.
On April 2, 2024 the company announced the distribution of a 0.115 per share dividend, which was paid on May 6, 2024.
Also, available funds remaining under the share repurchase program amount approximately to 30 million dollars for common stock and 150 million for preferred stock.
New acquisitions
Costamare recently completed the acquisition of the 180,643 DWT dry bulk carrier Miracle, built in 2011, and entered into an agreement to acquire two capesize bulkers, the 181,415 DWT Frontier, built in 2012, and the Lowlands Prosperity, capacity 179,895 DWT, built in 2012.
According to Grigoris Zikos, CFO of Costamare Inc., at the end of the first quarter of 2024 the company’s liquidity was close to 1.1 billion dollars.
