# Costamare (CMRE) Q2 2026: Trading Below Its Own Fleet With a $6 Billion Backlog — Deep Value or Cyclical Trap?

Page: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/costamare-cmre-q2-2026-trading-below-its-own-fleet-with-a-6-billion-backlog-deep-value-or-cyclical-trap
Text version: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/costamare-cmre-q2-2026-trading-below-its-own-fleet-with-a-6-billion-backlog-deep-value-or-cyclical-trap.md
Podcast: [Charged Alpha Stock Encyclopedia](https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792)
Published: 2026-07-27T18:02:16+00:00
Episode link: https://chargedalpha.podbean.com/e/costamare-cmre-q2-2026-trading-below-its-own-fleet-with-a-6-billion-backlog-%e2%80%94-deep-value-or-cyclical-trap/
Audio file: https://mcdn.podbean.com/mf/web/0pj7c0d08skwvoya/audio_7.mp3
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Duration seconds: 880

## Resource

Costamare Inc. (CMRE) Q2 2026 — Costamare Inc. (NYSE: CMRE), one of the largest independent owners of containerships in the world, reported Q2 2026 (quarter ended June 30, 2026) before the open on July 27. This is now a focused container-plus-leasing company: Costamare spun off its entire dry-bulk business (Costamare Bulkers, NYSE: CMDB) in May 2025, so all figures here are continuing operations. Adjusted net income from continuing operations to common was $75.1M ($0.62/sh), a beat versus the ~$0.57 consensus but down ~19% from $0.77 a year ago as the containership charter cycle normalizes off its post-pandemic peak. GAAP net income to common was $77.4M ($0.64/sh). Voyage revenue was ~$200.8M (−4.8% YoY, a touch above the ~$193-197M estimate), and liquidity was strong at $423.0M. The bull case is visibility and de-risking: ~$6.1B of already-contracted charter revenue with a 5.9-year TEU-weighted duration, with 97% of the containership fleet fixed for 2026 and 94% for 2027; a $920M block of new financing plus $331M more lined up, which pushed all debt maturities out to 2030 at lower cost; net-debt/EBITDA ~1.5x; a controlling interest in Neptune Maritime Leasing (50 shipping assets funded/committed, $700M+ invested/committed); and a 16-ship newbuild containership program with the required equity already paid in full. The stock trades at ~0.87x book (stated NAV ~$18/share), ~6x earnings, and pays a covered $0.50/yr dividend (~3.2% yield) at ~$15.60. Our owner-earnings + NAV valuation lands fair value near $17 — a normalizing-cycle DCF in the mid-teens blended with a backlog/re-charter case near book. Our call: BUY, 3/5 — a de-risked, deep-value shipper trading below the value of its own fleet with years of contracted cash flow, best owned by patient, income-oriented inves…

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