Costamare (NYSE:CMRE) today announced strong financial results for the first quarter of 2026, highlighted by a significant long-term expansion of its charter backlog and a signal of increased returns to shareholders.
The leading international owner of containerships and dry bulk vessels posted adjusted net income from continuing operations of $76 million, or $0.63 per share, while GAAP net income stood at $75.3 million.
The company concluded the quarter with a formidable liquidity position of $644.4 million, providing the financial flexibility to support both fleet renewal and enhanced shareholder distributions.
Reflecting this strength, management announced it would recommend to the Board of Directors an increase in the quarterly common dividend to $0.125 per share, up from the current $0.115, effective for the second quarter of 2026.
The defining development of the quarter was Costamare's aggressive move to secure long-term revenue visibility through newbuilding and secondhand acquisitions.
During the quarter, the company entered into 16 newbuilding contracts, comprising 12 vessels of 9,200 TEU and four vessels of 3,100 TEU.
All vessels are backed by long-term charters with COSCO, adding approximately $2.8 billion in incremental contracted revenues.
Deliveries are scheduled between the fourth quarter of 2027 and the second quarter of 2030, with both pre- and post-delivery financing already arranged.
Costamare also agreed to acquire two 5,600 TEU secondhand vessels, which are slated to begin 42-month charters in the fourth quarter of 2026.
Following these transactions, the company’s total contracted revenue for its containership fleet has surged to approximately $6.2 billion, with a TEU-weighted average duration of 6.1 years.