Greek owner Costamare Bulkers Holdings Limited has signed a strategic cooperation agreement with Cargill International S.A.
The New York-listed dry bulk owner said the agreement will see it transfer to Cargill the majority of its trading book comprising of chartered-in vessels, cargo transportation commitments as well as derivative positions.
Under the deal, the company has also agreed to charter to Cargill four supramax vessels for a period of four to six months and to enter into a bunkering services agreement with Seascale Energy (a joint venture between Cargill and Hafnia), covering the owned and operating fleet.
Meanwhile, the Greek shipowner will enter into an agreement in respect of decarbonisation and vessel efficiency strategies and implementing decarbonisation projects; and explore opportunities to jointly invest in dry bulk assets and other dry-bulk business ventures, as well as other potential business opportunities in the dry bulk sector.
Gregory Zikos, chief executive officer of Costamare Bulkers Holdings Limited, commented: “We are pleased to announce the Agreement with Cargill, a first class and well-respected partner in the dry bulk sector and we look forward to pursuing further cooperation and co-investment opportunities.
“The Agreement allows us to reduce our exposure in the volatile trading business and generate more stable and predictable earnings, while at the same time maintaining our operating platform under CBI as an integral part of our business model.”
Costamare Bulkers’ owned dry bulk fleet consists of 37 vessels with a total carrying capacity of approximately 3,103,000-dwt (including six vessels that we have agreed to sell).
The company also owns a dry bulk operating platform (CBI) which charters in/out dry bulk vessels, enters into contracts of affreightment and forward freight agreements and may also utilize hedging solutions.
The founders of Costamare Bulkers Holdings have a long history of operating and investing in the shipping industry.
The name “Costamare” was first used in the shipping industry in 1975 when Captain Vasileios Konstantakopoulos formed Costamare Shipping Company S.A. (Costamare Shipping) to serve as the manager of the then existing fleet of ships directly or indirectly owned by the Konstantakopoulos family.
