Costamare: Record profits in Q2

The Costamare shipping company of the Konstantakopoulos family achieved record profitability since its listing on the American stock market in the second quarter of 2022.

Its profits stood at $121.987 million versus $90.616 million in the second quarter of 2021, while revenue rose to $290.927 million versus $166.770 million in the same period last year.

Referring to the conditions of the freight markets in which Costamare operates, Mr. Grigoris Zikos, the company’s CFO, stated that in the containership market, ship values ​​and freight rates are at healthy and historically high levels, while in dry bulk freight rates are under pressure but remain at profitable levels, especially for shipowners who entered the market last year. He then added that the company sees any potential decline in asset value ​​as an exciting buying opportunity as it is comfortable with long-term supply and demand and industry dynamics.

Based on its increased liquidity, it is actively evaluating new investment opportunities in the shipping sector that has the potential to provide improved returns at acceptable risk levels.

Costamare controls a fleet of 76 container vessels and 45 dry bulk vessels.