Costamare Confirms Order at HHIC-PHIL

Marshall Islands registered containership owner Costamare Inc. revealed in its quarterly results for 2015 that it has ordered an 11,000 TEU vessel at Hanjin Heavy Philippines (HHIC-PHIL).

The vessel is expected to be delivered in December 2016.  Pursuant to a  Framework Agreement with York Capital, Costamare holds a 49% equity interest in the relevant vessel-owning entity.

The shipbuilder announced last week that it has signed a deal to build six 11,000-TEU containerships for European and Asian shipping companies, without disclosing the names of the clients.

The remaining five boxships were ordered by Seaspan Corporation, as disclosed by the container line yesterday.

Costamare started the year on a positive note, having reported net income of USD 26.3 million for the quarter ended March 31, 2015.

The company posted adjusted EBITDA of USD 86 million for the quarter and voyage revenues of USD 120.9 million.

“During the first quarter of the year, the company continued to deliver positive results,” Gregory Zikos, Chief Financial Officer of Costamare Inc., commented.

“Our joint venture with York has been progressing quite well and since inception we have done deals of USD 1.1 billion. All investments have been performing well and we are currently in discussions with our partner regarding the extension of the investment period.

“Regarding the market, there is a positive momentum; charter rates have been rising, the number of idle fleet is below 2% and activity remains high. We have no ships laid up, while the ships coming out of charter this year provide an upside based on today’s market conditions,” he went on to say.