Costamare Inc. (NYSE: CMRE) reported $75.3 million in net income for the first quarter of 2026, equal to $0.62 per share. Adjusted net income reached $76 million, or $0.63 per share. Liquidity stood at $644.4 million.
Voyage revenue fell 7.2 percent year-on-year to $201.6 million. Lower charter rates on certain vessels and additional dry-docking days drove the decline. Income from leaseback vessel investments rose 66.7 percent to $9.5 million, reflecting the growing activity of Neptune Maritime Leasing (NML).
The headline of the release was a large-scale newbuilding programme. Costamare signed 16 shipbuilding contracts backed by long-term charters, adding roughly $2.8 billion in incremental contracted revenues. Twelve 9,200 TEU containerships will deliver between Q3 2028 and Q2 2030, each commencing a 15-year time charter on delivery.
The fleet remains well covered by long-term contracts. Costamare has fixed 97 percent of its containership capacity for 2026 and 94 percent for 2027. Total contracted revenues stand at $6.2 billion, with a TEU-weighted duration of 6.1 years — a structure that insulates the owner from short-term market swings.
The move signals continued demand for mid-size containerships and a push by large cargo owners to lock in long-term capacity. Costamare's return to the newbuilding market with a double-digit order clarifies the race to secure tonnage in the 2028-2030 delivery window, especially fuel-efficient assets.
Key Takeaways:
1. Costamare reported $75.3M net income and $644.4M liquidity for Q1 2026.
2. Voyage revenue fell 7.2 percent year-on-year to $201.6M.
3. A 16-vessel newbuild order added roughly $2.8B in incremental contracted revenue.
4. Twelve 9,200 TEU containerships deliver in Q3 2028 to Q2 2030, each on a 15-year charter.
5. Total contracted revenues stand at $6.2B with a TEU-weighted duration of 6.1 years.
