Costamare Secures $940 Million in Forward Charter Backlog on 12 Containerships, Pushing 2026 to 2027 Coverage Higher
Costamare’s latest forward fixtures add a fresh duration and counterparty signal into the container charter market: 12 ships fixed forward, roughly $940 million of incremental contracted revenues, and a TEU-weighted duration around six years. The mix matters too, with a meaningful slice in 14,400 TEU units fixed for a minimum eight years, while the rest sit in mid-size segments on three-year minimum terms, tightening forward cover and reducing near-term re-fixing exposure.
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Costamare forward charter cover in one read
Costamare reported that it entered into 12 new forward fixtures, adding about $940 million of incremental contracted revenues. The fixture set spans ships from 4,200 TEU to 14,400 TEU, and the company states the fixtures commence over the next three years with a TEU-weighted duration of about six years. The mix is led by five 14,400 TEU vessels fixed on minimum eight-year terms, while the remaining ships sit in 4,200 TEU, 5,000 TEU, and 9,400 TEU bands on minimum three-year type durations.
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Fleet cover snapshot
The company reports 96% of its containership fleet fixed for 2026 and 92% fixed for 2027 on a TEU basis, following the forward fixtures. -
Duration matters as much as the dollar headline
An eight-year minimum on large units lifts the duration profile of contracted revenues and reduces the volume that must re-fix in the near term. -
Size-band read-through
The forward cover is not limited to one segment, with mid-size capacity also fixed forward, which is a useful benchmark for term appetite beyond just the largest ships.
The forward fixtures add long-duration cover and push 2026 to 2027 fleet coverage higher, which is a clear signal on charterer willingness to lock container tonnage ahead of start dates and can support asset value expectations for modern ships in the covered size bands.
| Fast reader take | Fixture set | Duration and start profile | Charter appetite signal | Owner impact points |
|---|---|---|---|---|
| $940m added backlog |
12 containerships fixed on a forward basis, adding about $940 million of incremental contracted revenues.
The company frames this as long-term cashflow capture from forward market demand.
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Forward fixtures commence over the next three years, with TEU-weighted duration around six years across the 12 ships.
This is not prompt coverage only, it stretches the cashflow runway.
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Indicates willingness by charterers to lock tonnage ahead of start dates, not just cover near-term gaps. | Extends revenue visibility and reduces near-term re-fixing volume for a meaningful slice of capacity. |
| Large units locked long |
5 ships 14,400 TEU capacity each
Minimum charter period: eight years.
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Long minimum term length pushes duration up even if some of the other fixtures are mid-length. | Long-duration appetite on large ships is a strong benchmark input for modern tonnage economics. | Supports asset value narrative for comparable large units by extending earnings horizon and lowering re-fixing risk. |
| Mid-size blocks included |
4 ships 5,000 TEU (minimum about three years) 2 ships 9,400 TEU (minimum about three years) 1 ship 4,200 TEU (minimum three years) |
These are minimum periods, so the “floor” is set even if upside optionality exists through extensions or follow-on fixtures. | Shows demand is not only at the top end, the mid-size bands are still being forward-covered. | Gives owners a clear read on which size ranges are seeing forward term support, useful for deployment planning and refix timing. |
| Coverage levels lift |
Reported containership fleet coverage stands at 96% fixed for 2026 and 92% fixed for 2027 (TEU basis).
This is presented as a direct consequence of the forward fixtures.
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High forward cover compresses the volume exposed to market swings in the next two calendar years. | A market where owners can push coverage this high suggests limited prompt availability and sustained term interest. | For operators and counterparties, this is a signal that modern tonnage is being tied up, affecting availability for replacements and swaps. |
| Backlog totals rise | Contracted revenues for the containership fleet are cited at about $3.4 billion with a TEU-weighted duration of about 4.5 years (as of mid-February 2026). | The incremental $940m adds meaningful density to the forward revenue stack and extends duration. | Backlog plus duration is a benchmark for how confident charterers are in locking multi-year coverage. | Asset value sensitivity typically improves when contracted revenue duration rises and re-fixing dates move out. |
This is a “time on cover” story as much as it is a “headline dollars” story.
High coverage levels reduce the volume exposed to near-term re-fixing and compress the “open slice” that will price at the prevailing market when it comes due.
Enter an illustrative annual revenue base for the containership segment and see the portion that is still open in 2026 and 2027 using the reported coverage percentages. This is simple math only and does not assume any specific charter rate level.
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