Business Context and Reporting Period
This Form 6-K filing by Costamare Inc. (NYSE: CMRE) is dated March 19, 2013. The report announces the delivery of a new containership, the MSC Athens, marking the first of ten newbuildings currently on order. Costamare is a leading owner and provider of containerships with a fleet of 57 vessels totaling approximately 332,000 TEU.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures for the reporting period. The primary financial data point disclosed is a forward-looking projection regarding the new fleet expansion.
- Projected Contracted Revenue: The ten new vessels on order are expected to contribute in excess of $1.3 billion in contracted revenues over the duration of their charters.
- Charter Terms: The delivered MSC Athens has commenced a 10-year time charter with MSC.
Material Changes
The material change reported is the expansion of the Company's fleet through the delivery of the MSC Athens, an 8,827 TEU vessel built by Sungdong Shipbuilding and Marine Engineering in South Korea. This delivery initiates the Company's expansion plan based on solid contracted cash flows.
Guidance, Outlook, and Risks
Outlook: Management expects the remaining nine vessels on order to be delivered within the next 10 months. The expansion strategy relies on long-term time charters to secure revenue streams.
Risks and Contingencies: The filing includes standard forward-looking statements warning that actual results may differ materially from projections due to inherent uncertainties. Investors are directed to the "Risk Factors" section of the Company's Annual Report on Form 20-F for a detailed discussion of risks.
Investor Verification Checklist
- Verify the delivery schedule for the remaining nine newbuildings expected within the next 10 months.
- Confirm the specific charter rates and terms for the MSC Athens and the remaining new vessels to validate the $1.3 billion revenue projection.
- Review the Company's Form 20-F for detailed risk factors affecting the shipping industry and the Company's financial stability.
- Assess the impact of the new vessel deliveries on the Company's debt levels and liquidity, as this filing does not provide current balance sheet data.