Greek shipowner Costamare multiplied earnings in 2021, primarily due to container and an entry into dry bulk. The carrier has earmarked all its ship days for 2022.
The red-hot container and dry bulk markets result in a multiplied full-year profit for shipowner Costamare.
The Greek company reports net earnings of USD 435.1m for the entire year 2021 against USD 8.8m the year before, according to the annual figures.
The result is rooted in a revenue that grew to USD 793.6m from USD 460.3m in 2020, which is partly due to container and dry bulk vessels making up a larger part of the carrier’s fleet, growing from 60 to an average of 83.6 ships in the period.
Costamare has already booked all of its ship days for 2022, and the company is now arranging new contracts for the ships that will be off contracts in 2023.
The dry bulk segment is new for the company, which, historically, has focused on container.
”Regarding our expansion into the dry bulk shipping business, we entered a market with favorable supply and demand dynamics underpinned by a historically low orderbook. Our dry bulk fleet is currently trading in the spot market generating healthy returns, on the back of timely acquisitions,” states Costamare CFO Gregory Zikos in the financial report.
