Costamare Bulkers reports rising profits and liquidity on active fleet renewal

Costamare Bulkers (NYSE:CMDB) reported first-quarter net income of $9.9 million, or $0.41 per share.

On an adjusted basis, which typically excludes one-time items and non-cash adjustments, the company earned $12.4 million, or $0.51 per share.

The company’s balance sheet remains exceptionally liquid, ending the period with $353.3 million in total liquidity.

Notably, Costamare reported a "net cash" position, with its cash holdings exceeding total debt by $127.2 million—a rarity in the capital-intensive shipping industry that provides the firm with significant flexibility for future acquisitions or dividends.

Operational execution remained a focal point, as the company maintained a 97.4% utilization rate across its owned fleet of 30 dry bulk vessels, totaling approximately 2.7 million deadweight tons (DWT).

In addition to its owned assets, Costamare operated an average of 23.8 chartered-in vessels during the quarter to capitalize on spot market volatility.

Meanwhile, management executed several key strategic moves during the quarter to modernize the fleet:

The company added a 2018-built Ultramax vessel, continuing its push toward younger, more fuel-efficient tonnage.

Costamare also sold a 2011-built Capesize vessel, generating a gain of approximately $7 million.

Elsewhere, the firm secured a long-term, five-year Kamsarmax charter-in agreement, locking in capacity for the medium term.