CMRE - Costamare: Aggresively Exploiting Favorable Market Conditions

• Current market conditions result in carriers battling for capacity, thus increasing rates and signing longer leases.
• The company recently announced its intention to purchase 16 dry bulk vessels, with an average age of 10 years.
• With a successful, $100 million unsecured bond issuance completed recently, the company has the necessary capital to fund its growth plans.
• Costamare is trading at a low P/E multiple, though its historical ROE and net income were lagging significantly, in relation to its peers.
• Given that current market conditions are expected to continue at least until the end of 2022, I believe the company represents a nice long opportunity.

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