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Costamare profit up, revenue down, but all ships chartered, no layups
MAJOR containership lessor Costamare posted a 12.2 per cent year-on-year third quarter net profit increase to US$17.2 million, drawn on revenues $98.4 million, which fell 16.9 per cent.
Adjusted net profit stood at $58.5 million for the nine months ending September 30, drawn on revenues of $303.4 million for the first nine-months.
In August 2017, Costamare entered into a loan agreement with a leading European financial institution for the financing of the 2005-built 7,471-TEU ship, the Maersk Kowloon. The vessel was acquired in the previous quarter and commenced its five-year charter to Maersk.
"All of our vessels are currently being employed. The company has chartered in total 15 vessels since June 30," said the Costamare statement.
In August and September 2017 the company sold for demolition the 1988-built 4,828-TEU Mandraki and the 1988-built 4,828-TEU Mykonos and recorded an accounting gain of $1.5 million.
"We entered into a debt financing agreement with a leading institution for the financing of the containership Maersk Kowloon. The vessel has a five-year charter to Maersk Line," said the company statement.
Regarding our commitments, our entire new building programme is fully funded with remaining equity commitments amounting to only $2 million.
Adjusted net profit stood at $58.5 million for the nine months ending September 30, drawn on revenues of $303.4 million for the first nine-months.
In August 2017, Costamare entered into a loan agreement with a leading European financial institution for the financing of the 2005-built 7,471-TEU ship, the Maersk Kowloon. The vessel was acquired in the previous quarter and commenced its five-year charter to Maersk.
"All of our vessels are currently being employed. The company has chartered in total 15 vessels since June 30," said the Costamare statement.
In August and September 2017 the company sold for demolition the 1988-built 4,828-TEU Mandraki and the 1988-built 4,828-TEU Mykonos and recorded an accounting gain of $1.5 million.
"We entered into a debt financing agreement with a leading institution for the financing of the containership Maersk Kowloon. The vessel has a five-year charter to Maersk Line," said the company statement.
Regarding our commitments, our entire new building programme is fully funded with remaining equity commitments amounting to only $2 million.
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