Costamare Q3 Net Income $88.5M; Completes $1.3B Refinancing, Adds $92M Loan
CMRE sits 27% above its 52-week low of $11.45.
Summary
Costamare reported Q3 net income available to common of $88.5 million ($0.73 per share) on voyage revenue of $212.1 million, roughly flat year over year, while completing $1.3 billion of debt refinancing across 39 vessels with no maturities until 2030 and signing a new $92 million loan.
Key Events · Earnings and Guidance · CMRE
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Q3 Earnings Roughly Flat
Net income from continuing operations available to common stockholders was $88.5 million ($0.73 per share) versus $92.6 million ($0.77) a year earlier; adjusted net income was $89.4 million ($0.74 per share).
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$1.3B Refinancing Completed
Since the end of Q2 2026, the company has drawn $1.3 billion under bilateral agreements, refinancing debt across 39 vessels and pushing all maturities out to 2030 or later; interest and finance costs fell to $18.8 million from $21.6 million.
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New $92M Bank Facility Signed
A $92 million loan agreement with an Asian bank covers two vessels, with drawdown expected in Q4 2026, which would conclude the refinancing program for the existing fleet.
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Revenue Slips on Rates and Dry-Docking
Voyage revenue fell 1.8% to $212.1 million and cash-basis voyage revenue fell 4.7% to $208.8 million, driven by lower charter rates and more off-hire days; G&A rose to $6.8 million from $2.2 million on non-recurring expenses.
Analysis · CMRE · Energy & Transportation
The headline earnings are roughly flat year over year — net income available to common of $88.5 million ($0.73 per share) versus $92.6 million ($0.77) — so the print itself is not the story. What matters is the balance sheet: since the end of Q2, the company has drawn $1.3 billion of bilateral loans, refinancing debt across 39 vessels with no maturities until 2030, and has signed a further $92 million facility for two ships expected to draw in Q4. That locks in lower interest costs (interest and finance costs fell to $18.8 million from $21.6 million) and removes near-term refinancing risk. Against that, voyage revenue slipped 1.8% to $212.1 million on softer charter rates and more dry-docking days, while G&A jumped to $6.8 million from $2.2 million on non-recurring items. The $6.0 billion contracted revenue backlog, with 100% of the fleet fixed for 2026 and 99% for 2027, is the cushion under the dividend.
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At the time of this filing, CMRE was trading at $14.50 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $11.45 to $18.06. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.