Costamare Inc (CMRE)CMRE

Costamare Inc. Company Overview

Company Profile

Detailed history and background:

• Founded in 2004 in Greece, Costamare Inc. specializes in owning and chartering containerships.
• Publicly listed on the New York Stock Exchange (NYSE: CMRE) in 2005.
• Headquartered in Athens, Greece, with offices in New York, London, and Hong Kong.
• Current CEO Gregory Zikos, Chairman Constantine Lemos

Core business areas:

• The company focuses on:
  • Owning: directly acquiring and operating containerships.
  • Chartering-in: operating vessels owned by third parties with long-term charters.
  • Chartering/trading-out: chartering the vessels with shorter-term contracts, mainly through Costamare Ship Management Inc. (CSM), a wholly-owned subsidiary.

Leadership team and corporate structure:

• CEO: Gregory Zikos
• Chairman: Constantine Lemos
• Additional key members:
  • David Drozdz (Chief Financial Officer )
  • Christos Vakirtzis -Managing Director- CSM
  • Nicholas Koumettis - Director- CSM
  • Sotirios Theophanous, - Director- CSM
  • Ioannis Gializis - Senior Vice President- Technical
  • Dimitrios Kyriazis - Vice President – Operations
  • Panagis Ioannidis - Chief Information Officer.

The company employs a diversified management strategy, employing executives with significant experience in the shipbuilding and container shipping domains.

Top Products and Market Share

Top products and offerings:

• Costamare owns and operates a significant fleet of modern containerships, ranging from smaller feeders to very large container vessels (VLCS).
• Its core offerings include,
  • Long-term chartering of these vessels to established global shipping groups.
  • Short-term, spot market chartering opportunities. This diversification mitigates its exposure to market fluctuations.

Market share:

• As of June 2023, Costamare held an estimated,
  • 0.6% market share of the global containership fleet by capacity.
  • 7.6% in the 2.0-9.0 years old segment, its core niche.
• Within the US market context,
  • Costamare's US-based competitors' market shares are: * Seaspan Corporation: 1.87% * Matson Inc.: 1.49% * Danaos Corporation: 1.16%.

Product performance and market reception against competitors:

• Costamare's focus on modern, young vessels provides a competitive advantage in terms of fuel efficiency and environmental friendliness, attracting major container shipping lines.
• Its diversified chartering approach offers flexibility and minimizes exposure to market volatility.
• This strategy has positioned Costamare within the top 20 containership owners globally (ranking 19th by capacity as of July 2023).

Total Addressable Market

Market size for container shipping:

• Estimated at USD 90.76 billion in 2023, projected to hit USD 180.85 billion by 2028, exhibiting a CAGR, 15.92% during the 2023-2028 forecast period
• Factors driving growth: * Increasing e-commerce demand * Expanding global trade * Advancements in port infrastructure in emerging economies

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