Costamare orders containership fleet

Greek shipping company Costamare has signed two shipbuilding contracts for the construction of a total of eight boxships.

As informed, the company has concluded contracts with an unnamed Asian shipyard for two 13,000 TEU newbuilds.

It has also has exercised options under a legally binding option agreement for two more newbuilds of the same capacity and four 15,000 TEU units.

Delivery of the vessels under the executed contracts is expected between Q3 2023 and Q1 2024, Costamare said.

All eight ships will commence long-term charters with an undisclosed liner company upon their deliveries.

The acquisition is expected to be financed with cash on hand and debt.

“We are pleased to expand our containership fleet and time charter coverage with the addition of … high specifications tonnage supported by long term charters,” Gregory Zikos, Chief Financial Officer of the Company, said.

“During the year we chartered in total 47 container vessels adding contracted revenues of US $1.8 billion. Including the two recently concluded new building contracts and the options exercised, total contracted revenues amount to US $4.8 billion and the remaining weighted average time charter duration for the fleet is 6.3 years.”

Acquisition of seven dry bulk vessels

Costamare has also agreed to acquire seven dry bulk vessels, having entered the dry bulk shipping market earlier this year.

“At the same time we are expanding our dry bulk fleet, bringing the total number of owned dry bulk vessels to 44, executing on our decision to invest in a liquid sector where supply is limited by a low orderbook and demand is being driven by increased infrastructure spending and commodity consumption,” Zikos further said.

The company has already taken delivery of m/v Soho Trader, 2015-built, 63,473 dwt unit and will receive the following secondhand dry bulk vessels:

• m/v Soho Merchant, 2015-built, 63,800 dwt
• m/v Star Damon, 2012-built, 63,227 dwt
• m/v George P, 2012-built, 81,569 dwt
• m/v Egyptian Mike, 2011-built, 81,601 dwt
• m/v Belnor, 2010-built, 58,018 dwt and
• m/v Belstar, 2009-built, 57,970 dwt.

The ships are expected to be delivered between December 2021 and January 2022. The above acquisitions are expected to be financed with cash on hand and debt.