Did Costamare Just Make a Huge Mistake?

For the longest time, Monaco-based Costamare (NYSE: CMRE) was known as a containership operator -- a good one, to be sure. In June 2021, Costamare began dipping its toe in the dry bulk shipping sector, announcing the acquisition of 16 used dry bulk ships with an average age of about 10 years. In subsequent quarters, the company has grown this part of its fleet, and late last year, it announced that it had made a "strategic decision" to "enter the dry bulk sector at an opportune time in the cycle."