Costamare Refinances Over US$1.3 Billion in Debt with International Banks

Greek shipowner Costamare Inc completed refinancing agreements with international banks totaling more than US$1.3 billion, as part of an overall program of up to US$1.4 billion that includes both new and previously announced transactions. The new agreements, signed with leading institutions in the United States, Europe and Asia, aim to lower interest costs and extend the maturity profile of the company's debt.

The company reported that it finalized the previously announced financing agreements and drew down US$1.3 billion since the end of the second quarter of 2026, refinancing existing debt obligations on 39 vessels. It also signed a US$92 million loan with an Asian bank for two additional vessels, with drawdown expected in the fourth quarter of 2026. With these transactions, Costamare's unencumbered fleet now stands at 23 vessels, and the new arrangements carry no debt maturities until 2030.

Costamare also released its third-quarter 2026 results, reporting adjusted net income from continuing operations of US$89.4 million (US$0.74 per share) and net income of US$88.5 million (US$0.73 per share). The company's liquidity at the end of the quarter stood at US$733.1 million.

Costamare's Chief Financial Officer, Gregory Zikos, noted that the containership market remains in full employment, with idle vessel levels below 1%, driven by a shortage of available tonnage and sustained cargo demand. Zikos indicated that the growing return of shipping services to the Suez Canal has not yet impacted market fundamentals.

The company noted that 100% and 99% of its containership fleet are fixed for 2026 and 2027, respectively, with contracted revenues of approximately US$6 billion and a TEU-weighted charter duration of 5.8 years. In parallel, through its controlling stake in Neptune Maritime Leasing, the leasing platform holds 47 maritime assets financed or committed, with investments and commitments exceeding US$650 million.