Costamare Inc. (NYSE:CMRE) Q1 2024 Earnings Conference Call May 10, 2024 8:30 AM ET
Company Participants
Gregory Zikos - Chief Financial Officer
Conference Call Participants
Climent Molins - Value Investor's Edge
Operator
Thank you for standing by ladies and gentlemen and welcome to the Costamare Inc. Conference Call on the First Quarter 2024 Financial Results. We have with us Mr. Gregory Zikos, Chief Financial Officer of the company. [Operator Instructions] I must advise you that this conference is being recorded today, Friday, May 10, 2024. We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read slide number two 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 first quarter of the year, the company generated net income of about $94 million. As of quarter end, liquidity was close to $1.1 billion. In the containership sector, charter rates have seen significant improvement from the end of last year. Demolition has fallen to levels below what was experienced during the first quarter of 2023.
Although, cargo volumes have generally improved, the disruption in Red Sea is the main reason for the improved charter market. We have proactively secured deployment for 97% and 80% of our containership fleet for 2024 and 2025 respectively, generating contracted revenues of $2.3 billion with a remaining time charter duration of 3.4 years.
On the dry bulk side, as part of our strategy to renew the fleet and increase its average size, we have agreed to acquire two more Capesize vessels and accepted delivery of one similar-sized ship. In total, we have acquired five Capesize vessels with an average age of about 12.5 years and disposed of a total of 10 smaller-sized ships, with an average age of 14 years.
Our owned dry bulk vessels continue to trade on a spot basis, while the trading platform is commercially managing a fleet of 54 ships. As mentioned in the past, we have a long-term commitment to the dry bulk sector which has been a strategic decision for us. Regarding Neptune Maritime Leasing, the platform has been steadily growing having concluded leasing transactions for 24 ships in total on the back of a healthy pipeline extending over the coming quarters.
Moving now to the slide presentation. On Slide 3, you can see our first quarter results. Net income for the quarter was roughly $94 million or $0.79 per share. Adjusted net income was about $75 million or $0.63 per share. Our liquidity stands at about $1.1 billion.