CMRE - Costamare slumps 4% on missing Q4 beat

Costamare ([[CMRE]] -3.0%) reports Q4 voyage revenue of $119.14M, a decrease of 4.3% Y/Y, misses consensus by $2.49M.Company reports 20 new vessel charters since last quarter including the chartering of four 11,000 TEU capacity containerships for a period of ten years.Adjusted net income of $32.7M vs. last year's $38.4MNon-GAAP EPS of $0.27 beats consensus by $0.02; GAAP EPS of $0.16 misses consensus by $0.12.Liquidity of $209.8M as of the end of Q4 2020.Mr. Gregory Zikos, CFO comments, “During the fourth quarter, the Company continued its profitability. On the back of a rising market, we chartered in total 20 secondhand vessels during the quarter for periods of up to 10 years, substantially enhancing both our contracted revenues and charter coverage. The new charters contribute north of $440M in incremental revenues and have a TEU-weighted average duration of about five years. On the market, the idle containership fleet continued to shrink to levels of about 1%.

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Costamare slumps 4% on missing Q4 beat