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Costamare posts drop in profit

Costamare posts drop in profit
Container carrier Costamare Inc posted a drop in net profit in the second quarter on higher operating expenses and finance costs, but revenue improved.

The New York-listed company registered a profit of $27.4m in the quarter ended 30 June 2014, down 10.5% compared to a gain of $30.6m in the previous corresponding period.

Revenue during the quarter rose 23.5% year-on-year to $123.5m due mainly to added contributions from nine newbuild vessels delivered between March 2013 to June 2014.

“We continue to execute successfully on our growth strategy. We feel we are well positioned to continue to grow selectively and on healthy grounds,” said Gregory Zikos, cfo of Costamare.

Costamare has a fleet of 67 containerships with a total capacity of approximately 445,000 teu, including nine newbuild containerships on order.