Costamare reports $76m loss in Q2 2020

Non-operating owner Costamare reported a $76.2 million loss for the second quarter of 2020, a result which also sent the six-month result into the red at $43.4 million.

The company was forced to book a $79 million deficit representing the anticipated loss on three vessels up for sale, plus a further $28.5 million impairment on two vessels.

Operationally, the company also saw a fall in revenue. Voyage revenue came in at $111.9 million in the second quarter, a drop of 4.4% year-on-year, and a decline from the first quarter’s $121 million, which had been boosted by fleet expansion.

Fleet size remained the same over the two recent quarters. However increased idle days in the fleet cut gotta revenues, as did a vessel sale during the first quarter of 2020. This was only partially offset by new acquisitions and higher charter rates on some renewals.

The firm chartered a total of 24 ships during the quarter. Liquidity fell to $220.7 million in the second quarter compared to @268 million in the previous quarter.

Source: Alphaliner

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