Costamare is making its biggest fleet renewal push yet, signing contracts for 16 newbuild containerships backed by long-term charters to Cosco Shipping that will generate $2.8 billion in revenue.
The deal includes 12 vessels of 9,200 TEU on 15-year charters and four of 3,100 TEU on eight-year terms, with deliveries from late 2027 to mid-2030. The Greek owner, led by Konstantinos Konstantakopoulos and listed in New York, also agreed to buy two secondhand 5,600 TEU ships built in 2001 for 42-month charters with a leading liner operator.
Costamare reported Q1 2026 net income from continuing operations of $75.3 million, down from $112 million a year earlier, with revenue of $201.6 million versus $217.2 million. Adjusted net income available to common stockholders was $76 million, or $0.63 per share.
Liquidity stood at $644.4 million, and the company said 97% of its 2026 capacity and 94% of 2027 are already fixed. CFO Gregory Zikos said the Cosco deal deepens a key relationship and secures long-term cash flows.
Dividend rise
Management is recommending a quarterly dividend increase from $0.115 to $0.125 per common share starting Q2 2026. Zikos said the move reflects stronger cash flows, profitability and visibility, without limiting growth.
