Monaco's Costamare Q1 voyage revenue falls 7% on lower charter rates

Costamare

29/04/2026 11:43

Overview

Monaco containership lessor's Q1 voyage revenue fell 7% yr/yr on lower charter rates, more off-hire days

Adjusted net income for Q1 declined yr/yr

Company to recommend dividend increase for Q2 and signed contracts for 16 newbuild ships with $2.8 bln in revenue

Outlook

Costamare recommends raising quarterly dividend to $0.125 per share starting Q2 2026

Company expects delivery of 16 newbuild vessels between Q4 2027 and Q2 2030

Costamare says 97% and 94% of containership fleet fixed for 2026 and 2027, respectively

Result Drivers

LOWER CHARTER RATES - Co said voyage revenue fell mainly due to net decreased charter rates on certain vessels

INCREASED OFF-HIRE DAYS - More scheduled dry-dockings and special surveys led to higher off-hire days, reducing revenue

LEASEBACK INCOME - Higher income from investments in leaseback vessels due to increased volume at Neptune Maritime Leasing

Company press release: ID:nGNX3CWl8Z

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Voyage Revenue
$201.56 mln
Q1 Adjusted Net Income
$76.02 mln
$78 mln (2 Analysts)
Q1 Net Income
$75 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the marine freight & logistics peer group is "buy."

Wall Street's median 12-month price target for Costamare Inc is $18.00, about 9% above its April 28 closing price of $16.51

The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 5 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)