CMRE Costamare Inc.
Price Chart
Executive Summary
Costamare Inc. reported Q1 2026 results with voyage revenue declining 7.2% YoY to $201.6M and net income from continuing operations falling 26.8% to $81.9M. The company announced 16 newbuild orders backed by long-term COSCO charters adding ~$2.8B in contracted revenue, a proposed dividend increase from $0.115 to $0.125 per share, and two secondhand vessel acquisitions.
Actionable Insight
The Q1 earnings miss (revenue -7.2%, net income -26.8%) is a clear headwind, but the massive $2.8B newbuild program with COSCO and dividend increase signal strong long-term cash flow visibility. Watch the conference call for details on newbuild financing costs and near-term charter rate trends. The stock may trade on the growth narrative offsetting the weak quarter.
Key Facts
- Q1 2026 voyage revenue decreased 7.2% YoY to $201.6M from $217.2M
- Net income from continuing operations fell to $81.9M from $111.9M YoY
- Adjusted EPS from continuing operations declined to $0.63 from $0.84 YoY
- Operating cash flow decreased 23.6% to $112.4M from $147.2M YoY
- Ordered 16 newbuilds (12x 9,200 TEU + 4x 3,100 TEU) with ~$2.8B incremental contracted revenue from COSCO charters
- Proposed quarterly dividend increase from $0.115 to $0.125 per share
- Agreed to acquire two secondhand 5,600 TEU vessels for Q4 2026 delivery with 42-month charters
- Total contracted revenue reached ~$6.2B with TEU-weighted duration of 6.1 years
- Liquidity of $644.4M including cash and short-term investments
- 97% and 94% of containership fleet fixed for 2026 and 2027 respectively
Financial Impact
Revenue decline of $15.6M (7.2%) and net income decline of $30.0M (26.8%) from continuing operations; $2.8B in future contracted revenue from newbuild program
Risk Factors
- Continued charter rate weakness could further pressure near-term revenue
- Execution risk on 16 newbuilds and two secondhand acquisitions
- Increased debt from newbuild financing program
- Elevated dry-docking costs (7 vessels vs 2 last year) impacting near-term cash flow
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-002794 |
| Exhibit: exh_991.htm | 0001171843-26-002794 |
| Document: f6k_042826.htm | 0001171843-26-002794 |
| Document: 0001171843-26-002794-index-headers.html | 0001171843-26-002794 |
| Document: 0001171843-26-002794-index.html | 0001171843-26-002794 |
| Document: 0001171843-26-002794.txt | 0001171843-26-002794 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 20, 2026
23d ago
|
6-K
| $26.35 $26.26 | ▼ −0.34% | ▼ −2.19% | $16.60 (−37.00%) |
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Apr 29, 2026
6w ago
|
6-K
| $26.50 $26.40 | ▼ −0.38% | ▼ −3.49% | $16.60 (−37.36%) |
|
Apr 27, 2026
6w ago
|
Press Release
| $16.76 $16.13 | ▲ +3.76% | ▲ +4.16% | $16.60 (+0.95%) |
|
Apr 2, 2026
10w ago
|
6-K
| $26.23 $26.38 | ▲ +0.60% | ▼ −3.02% | $16.60 (−36.70%) |
|
Apr 2, 2026
10w ago
|
Press Release
| $17.17 $17.11 | ▼ −0.35% | ▼ −3.97% | $16.60 (−3.30%) |
|
Mar 4, 2026
14w ago
|
Press Release
| $16.70 $16.09 | ▼ −3.63% | ▼ −1.39% | $16.60 (−0.59%) |
US Market Status
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