The earnings miss is a near-term headwind, but the massive refinancing package and long-term charter backlog ($6.1B contracted revenue) provide a strong credit story. Monitor charter rate trends and dry-docking completion; the refinancing removes refinancing risk for years. The preferred shares (CMRE PR B/C/D) benefit from improved credit metrics and no near-term maturities.
Price Chart
Executive Summary
Costamare Inc. reported Q2 2026 results with a 4.8% YoY decline in voyage revenue to $200.8M and a 21% drop in net income from continuing operations to $83.9M, reflecting lower charter rates and increased dry-docking. However, the company secured $1.3B in new bilateral financing agreements, extending debt maturities to 2030 and providing interest cost savings, while maintaining a strong contracted revenue backlog of $6.1B (97% of fleet fixed for 2026). The earnings miss is offset by a transformative refinancing and robust charter coverage.
Key Facts
- Q2 2026 voyage revenue $200.8M, down 4.8% YoY from $210.9M
- Q2 2026 net income from continuing operations $83.9M, down 21% YoY from $106.1M
- Q2 2026 EPS from continuing operations $0.64, down 23% from $0.83
- Adjusted net income from continuing ops available to common $75.1M ($0.62/share)
- Concluded $920M in new financing agreements; additional $331M expected in Q3 2026
- No debt maturities until 2030 after refinancing; unencumbered fleet to reach 21 vessels
- Contracted revenues of $6.1B with TEU-weighted duration of 5.9 years
- Liquidity of $423M (cash, restricted cash, and short-term investments)
- Q2 2026 operating cash flow $101.8M, down 25% from $136.0M
- Agreed to sell two 2002-built vessels for estimated net proceeds of $54.5M
- Declared common dividend of $0.125/share, payable August 6, 2026
Financial Impact
Revenue declined 4.8% YoY; net income fell 21%; $1.3B in new financing provides interest cost savings and extends debt maturities to 2030; liquidity remains strong at $423M.
Risk Factors
- Further charter rate weakness in container shipping
- Execution risk on 22 newbuild vessels and associated financing
- Higher than expected dry-docking costs or off-hire days
- Interest rate exposure on floating-rate debt portions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-004877 |
| Exhibit: exh_991.htm | 0001171843-26-004877 |
| Document: f6k_072426.htm | 0001171843-26-004877 |
| Document: 0001171843-26-004877-index-headers.html | 0001171843-26-004877 |
| Document: 0001171843-26-004877-index.html | 0001171843-26-004877 |
| Document: 0001171843-26-004877.txt | 0001171843-26-004877 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 6-K | $15.10 | awaiting T+20 | — | $14.02 (−7.15%) |
Oct 6, 2026 20d ago | Press Release | $15.10 | awaiting T+20 | — | $14.02 (−7.15%) |
Oct 1, 2026 25d ago | 6-K | $15.23 | awaiting T+20 | — | $14.02 (−7.94%) |
Oct 1, 2026 25d ago | Press Release | $15.23 | awaiting T+20 | — | $14.02 (−7.94%) |
Aug 12, 2026 10w ago | 6-K | $14.16 $15.11 | ▲ +6.71% | ▲ +8.61% | $14.02 (−0.99%) |
Jul 27, 2026 13w ago | 6-K | $15.62 $15.58 | ▼ −0.26% | ▼ −3.55% | $14.02 (−10.24%) |
Jul 27, 2026 13w ago | Press Release | $15.62 $15.58 | ▼ −0.26% | ▼ −3.55% | $14.02 (−10.24%) |
Jul 13, 2026 15w ago | 6-K | $15.46 $14.43 | ▼ −6.66% | ▼ −9.85% | $14.02 (−9.31%) |
May 20, 2026 22w ago | 6-K | $26.35 $26.05 | ▼ −1.14% | ▼ −1.47% | $14.02 (−46.79%) |
Apr 29, 2026 25w ago | 6-K | $26.50 $26.62 | ▲ +0.45% | ▼ −5.60% | $14.02 (−47.09%) |
US Market Status
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