Costamare Inc (NYSE:CMRE) shares were up 3.58% on Wednesday when approximately 1.13M shares were traded, against the average daily trading volume of 840,958.00. Analysts at Credit Agricole recently upgraded the stock to Underperform from Buy. Costamare Inc (NYSE:CMRE) has a consensus Hold rating, according to Zacks Investment Research. 1 analyst has rated the stock with a sell rating, 4 have assigned a hold rating, Zero says it’s a buy, and 1 have assigned a strong buy rating to the company.

Analysts have a consensus target price of $7.58 in the 12-month period. The price objective is 37.82% higher than the recent closing price of $5.50. The 52-week price range is $5.07-$10.06 and the company has a market capitalization of $496.54 billion.

Costamare Inc (CMRE) on January 27, 2017 reported unaudited financial results for the fourth quarter and year ended December 31, 2016.

  • Voyage revenues adjusted on a cash basis of $107.3 million and $460.5 million for the three-months and the year ended December 31, 2016, respectively.
  • Adjusted Net income available to common stockholders of $23.0 million or $0.28 per share and $115.1 million or $1.49 per share for the three-months and the year ended December 31, 2016, respectively.

New Business Developments

  1. New charter agreements

The Company entered into the following charter arrangements:

Agreed to extend the charter of the 2000-built, 4,890 TEU containerships

  • Oakland Express, Singapore Express and Halifax Express with Hapag- Lloyd at a daily rate of $5,500 starting from December 1, 2016. The duration of the extension shall be for a period of 7 to 13 months for two of the vessels and 3 to 13 months for the other vessel at the charterers’ option.
  • Agreed to charter the 1998-built, 3,842 TEU containership Itea to ACL, for consecutive round voyages for a period expiring at the charterers’ option during the period from March 17, 2017 through April 21, 2017, at a daily rate of $6,000.
  • Agreed to extend the charter of the 2004-built, 2,586 TEU containership Lakonia with Evergreen for a period of 4 to 10 months, starting from February 4, 2017, at a daily rate of $5,800.
  • Agreed to charter the 1999-built, 2,526 TEU containership Elafonisos to MSC for a period expiring at the charterers’ option during the period from December 17, 2016 to April 2, 2017, starting from December 2, 2016, at a daily rate of $5,100.
  • Agreed to extend the charter of the 1991-built, 2,020 TEU containership MSC Pylos with MSC for a period of 11 to 13 months, starting from February 15, 2017, at a daily rate of $6,000.
  • Agreed to charter the 1996-built, 1,504 TEU containership Prosper to Sea Consortium for a period of 1 to 4 months starting from December 28, 2016, at a daily rate of $6,215.
  • Agreed to extend the charter of the 2000-built, 4,890 TEU containerships
  • Oakland Express, Singapore Express and Halifax Express with Hapag- Lloyd at a daily rate of $5,500 starting from December 1, 2016. The duration of the extension shall be for a period of 7 to 13 months for two of the vessels and 3 to 13 months for the other vessel at the charterers’ option.
  • Agreed to charter the 1998-built, 3,842 TEU containership Itea to ACL, for consecutive round voyages for a period expiring at the charterers’ option during the period from March 17, 2017 through April 21, 2017, at a daily rate of $6,000.
  • Agreed to extend the charter of the 2004-built, 2,586 TEU containership Lakonia with Evergreen for a period of 4 to 10 months, starting from February 4, 2017, at a daily rate of $5,800.
  • Agreed to charter the 1999-built, 2,526 TEU containership Elafonisos to MSC for a period expiring at the charterers’ option during the period from December 17, 2016 to April 2, 2017, starting from December 2, 2016, at a daily rate of $5,100.
  • Agreed to extend the charter of the 1991-built, 2,020 TEU containership MSC Pylos with MSC for a period of 11 to 13 months, starting from February 15, 2017, at a daily rate of $6,000.