Costamare to spin off dry bulk business

Costamare, owner and provider of containerships and dry bulk vessels for charter, has revealed plans to spin off its dry bulk business.

As disclosed, the planned spin-off will result in two separate, publicly traded companies:

• Costamare will remain a global container shipping provider, retaining the owned container vessels and Neptune Maritime Leasing businesses, while
• Costamare Bulkers will be an international owner and operator of dry bulk vessels and will hold the owned dry bulk vessels and the CBI operating platform.

The Costamare board, reportedly, believes the proposed separation will unlock the “inherent value” within the two companies. Specifically, the separation is expected to enable management teams of both companies to enhance focus on individualized opportunities for long-term growth and profitability, as well as provide two separate investment opportunities for different investor bases.

Costamare noted it is targeting to complete the spin-off this calendar year, subject to various conditions, including regulatory approvals and obtaining the final approval of the company’s board of directors.

It is worth mentioning that Costamare has a fleet of 68 owned containerships, with a total capacity of approximately 513,000 TEU and 38 owned dry bulk vessels with a total capacity of approximately 3,016,000 DWT (including one vessel the company agreed to sell).