Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Costamare Inc. Conference Call on the First Quarter 2026 Financial Results. We have with us Mr. Gregory Zikos, Chief Financial Officer of the company.[Operator's Instructions] I must advise you that this conference call is being recorded today, Wednesday, April 29, 2026. We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read Slide #2 on the presentation, which contains the forward-looking statements. I will now pass the floor over to your speaker today, Mr. Zikos. Please go ahead, sir.

Gregory Zikos
CFO & Director

Thank you, and good morning, ladies and gentlemen. During the first quarter of the year, the company generated net income of about $75 million. Total liquidity amounted to about $645 million.

Executing on our strategy of renewing the fleet and securing long-term cash flows from high-quality counterparties, we have ordered a total of 16 new buildings from first-class Chinese shipyards. 12 of the ships are 9,200 TEUs and four are 3,100 TEUs capacity. The vessels are expected to be delivered between the fourth quarter of 2027 and the second quarter of 2030. Upon delivery, all ships will commence long-term charters with COSCO shipping of 15 and 8 years for the 12 9,000 TEU ships and the four 3,100 TEU vessels, respectively.

We are pleased to expand our value and long-lasting relationship with COSCO Through the completion of our latest 16 newbuilding transaction. Incremental contracted revenues for the new charters amount to about $2.8 billion. The acquisitions will be funded with equity and debt. Pre and post-delivery financing for a tenure of up to 15 years has