Costamare Inc. (NYSE:CMRE) Q3 2023 Earnings Conference Call November 1, 2023 8:30 AM ET
Company Participants
Gregory Zikos - Chief Financial Officer
Conference Call Participants
Chris Wetherbee - Citigroup
Omar Nokta - Jefferies
Ben Nolan - Stifel
Climent Molins - Value Investors Edge
Operator
Thank you for standing by ladies and gentlemen and welcome to the Costamare Inc. Conference Call on the Third Quarter 2023 Financial Results. We have with us Mr. Gregory Zikos, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] I must advise you that this conference is being recorded today Wednesday, November 01, 2023.
We would like to remind you that, this conference call contains forward-looking statements. Please take a moment to read Slide number 2 of the presentation which contains the forward-looking statements.
And I will now pass the floor to your speaker today, Mr. Zikos. Please go ahead, sir.
Gregory Zikos
Thank you and good morning, ladies and gentlemen. During the third quarter of the year, the company generated net income of about $53 million. As of quarter end, liquidity was close to $1 billion. In the containership sector, larger ships continue to enjoy a tight market, while smaller vessels experienced deteriorating conditions. Overall, the market outlook looks uncertain due to the large order book and the insufficient demolition [ph]
On the dry bulk side, as part of our strategy to renew the fleet and increase its average size, we acquired two capesize and to one ultramax vessel and at the same time we disposed of two older supramax ships.
Our owned dry bulk vessels continue to trade on a spot basis, while the trading platform has grown to a fleet of 59 vessels. Having invested $200 million in the dry bulk operating platform, we are long-term committed to the sector whose fundamentals we view positively.
Regarding Neptune Maritime Leasing, the platform has been steadily growing on a prudent basis, having concluded leasing transactions for 17 ships in total, which are complemented by a healthy pipeline extending over the coming quarters.
Finally, during the quarter, we continued our surpasses program, and we bought $10 million worth of common shares, highlighting our strong belief that the share price is heavily undervalued, considering both the Company's performance and prospects.
Moving now to the slide presentation. On Slide 3, you can see our third quarter results. Net income for the quarter was roughly $53 million or $0.45 per share. Adjusted net income was around $54 million or $0.46 per share. Our liquidity stands at roughly $1 billion.