Costamare Inc. (NYSE:CMRE) Q3 2024 Earnings Conference Call November 1, 2024 8:30 AM ET
Company Participants
Gregory Zikos - CFO
Conference Call Participants
Omar Nokta - Jefferies
Clement Mullins - Value Investors Edge
Operator
Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Inc. Conference Call on the Third Quarter 2024 Financial Results. We have with us today Mr. Gregory Zikos, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. [Operator Instructions]. I must advise you that this conference is being recorded today, Friday, November 1st, 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 third quarter of the year, the company generated net income of about $80 million. As of quarter-end, liquidity was above $1 billion.
In the containership sector, with added vessels of less than 1%, the fleet can still be considered as fully employed. The market is split between the larger sizes, which do remain in limited supply, and smaller vessels, where the availability of tonnage is greater. As the pool of bigger tonnage is unable to meet demands, charter rates continue to evolve at firm levels.
During the quarter, we chartered seven containerships at healthy levels. The new charter agreements are expected to generate incremental contracted revenues of above $165 million. The containership fleet employment stands at 100% and 94% for 2024 and 2025 respectively. Total contracted revenues amount to $2.3 billion, with a remaining time charter duration of 3.3 years.
On the dry bulk side, we are now progressing with our strategy to renew the owned fleet and decrease its average size. During the quarter, we agreed to acquire two 2014 and 2015 built Ultramax vessels and during 2011 built Capesize ships, while at the same time progressing with the disposal of smaller tonnages.
CBI manages a fleet of 56 ships, the majority of which are on index-linked charter agreements. We have a long-term commitment to the sector, and we view the vessel owning and the trading platform as highly complementary activities.
Finally, with regards to next-in-my-time leasing, the platform continues to grow with committed funding for 32 shipping assets, reflecting total funding commitments of above $410 million on the back of a healthy pipeline.