NYSE-listed Costamare reports increased H1 2019 profits

Monday, 29 July 2019 14:11
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By A. Tsimplakis

Greek shipping giant Costamare is reportedly eyeing new investments in the coming period, following a significant boost in profitability in H1 2019.

The Constantakopoulos family-controlled and US-listed company posted adjusted profits of 26.2 million USD, or 0.23 per share, in Q2 2019, up from 10.46 million USD during the same period in 2018. On a six-month basis, adjusted profits reached 39.8 million USD, or 0.35 USD per share, up from 23.8 million USD in the same period of 2018.

According to Costamare CFO Grigoris Zikos, who spoke to reporters in a conference call to discuss the financial results, the company faces "decreased competition" during the current period, both in terms of newly acquired vessels and second-hand vessels.

Zikos expressed a view that there are fewer shipping companies today with access to financing that is able to cover investments in terms of vessel purchases.

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