In its Q4 and full-year 2025 earnings release, the Monaco-based containership owner posted full-year 2025 adjusted net income from continuing operations of $375.6 million, or $3.12 per share. Net income from continuing operations available to common stockholders totaled $371.0 million, or $3.09 per share.
For the fourth quarter, adjusted net income from continuing operations reached $71.8 million, or $0.60 per share, while net income from continuing operations available to common stockholders was $72.6 million, also $0.60 per share.
The 2025 results reflect the May 6 spin-off of Costamare’s dry bulk fleet and operating platform into a standalone public company, with dry bulk operations reported as discontinued operations for the relevant periods.
Charter Coverage Drives Visibility
A key highlight in the quarter was the company’s forward chartering activity. Costamare entered into 12 new forward fixtures with incremental contracted revenues of approximately $940 million. The fixtures include:
The forward charters carry a TEU-weighted average duration of about six years, lifting total contracted revenues for the containership fleet to approximately $3.4 billion, with a remaining TEU-weighted duration of 4.5 years.
As a result, 96% of the fleet is fixed for 2026 and 92% for 2027, effectively fully employing the containership fleet for the coming year. Management noted that the idle fleet stands at less than 1%, reflecting continued tightness in prompt tonnage supply.
Revenue and Cost Trends
For the full year, voyage revenue from continuing operations declined modestly to $846.7 million from $864.5 million in 2024, primarily due to lower accounting revenue from two vessels classified as sale-type leases and lower charter rates on certain ships. These effects were partly offset by contractual reimbursements from charterers for EU Emissions Allowances (EUAs) and FuelEU Maritime penalties, as well as revenue from a secondhand vessel acquired during the year.
Income from investments in leaseback vessels increased to $31.2 million in 2025 from $23.9 million in 2024, reflecting growth in the Neptune Maritime Leasing Limited (NML) platform.
Operating expenses rose year over year, including higher voyage expenses linked to EUAs and FuelEU Maritime compliance costs, although a significant portion of those costs is contractually reimbursed by charterers. Daily vessel operating expenses increased slightly to $6,516 in 2025 from $6,345 in 2024.
Interest and finance costs declined to $91.4 million from $109.6 million in 2024, driven by a lower average loan balance and reduced SOFR rates, contributing to improved bottom-line resilience.
Fleet and Balance Sheet
Costamare currently owns 69 containerships with an aggregate capacity of approximately 520,000 TEU and has six 3,100-TEU newbuildings under construction, scheduled for delivery between the second quarter of 2027 and the first quarter of 2028.
During 2025, the company also took delivery of the secondhand 6,541-TEU Maersk Puelo.
On the financing side, Costamare entered into new bilateral financing agreements, including pre- and post-delivery financing for two of its 3,100-TEU newbuildings, bringing the total number of newbuilds with committed financing to six. The company also refinanced a maturing facility with a new five-year loan at a significantly lower funding cost, leaving three vessels mortgage-free and resulting in no significant debt maturities until 2027.
As of year-end 2025, liquidity stood at $589.6 million, including $19.3 million in short-term U.S. Treasury investments.
Costamare continues to expand its lease financing platform through its controlling interest in Neptune Maritime Leasing. The company has committed $247.8 million to NML, of which $182.2 million has been invested to date.
The leasing platform has funded or committed to 54 shipping assets, representing total investments and commitments of more than $665 million. Management described the pipeline as healthy, positioning the platform as a complementary earnings stream alongside traditional time charter operations.
With nearly full charter coverage for 2026, long-dated contracts on large-capacity vessels and limited near-term debt maturities, Costamare enters 2026 with strong revenue visibility and liquidity. Management emphasized continued high demand for tonnage and a shortage of prompt ships in the charter market, supporting confidence in earnings stability.