Costamare, a New York-listed owner of boxships and bulkers, has moved on strategic vessel acquisitions and sales. The shipowner reported in its unaudited financial results for the fourth quarter and year ended December 31 the conclusion of three acquisitions and the disposal of vessels.
The company, founded by the Greek Captain Vasileios Konstantakopoulos in 1975, has concluded the acquisition of the 2011-built, 179,546-dwt capacity dry bulk vessel, Magnes (ex. Nord Magnes), the 2014-built, 61,090-dwt capacity dry bulk vessel, Alwine (ex. Alwine Oldendorff), and the 2015-built, 61,090-dwt capacity dry bulk vessel, August (ex. August Oldendorff).
The shipowner also reported vessel disposals with the conclusion of the sale of the 2012-built, 37,019-dwt capacity dry bulk vessel, Discovery, generating net sale proceeds after debt prepayment of $7.7m.
It also revealed the agreement for the sale of the 2008-built, 76,619-dwt capacity dry bulk vessel, Rose, with expected conclusion of the sale within the first quarter and second quarter of 2025. Estimated net sale proceeds after debt prepayment of $4.1m.
During the year ended December 31, the company took delivery of the secondhand dry bulk vessels Miracle, Prosper, Frontier, Magnes, Alwine and August with an aggregate dwt of 843,679 and it sold the dry bulk vessels Manzanillo, Progress, Konstantinos, Merida, Alliance, Pegasus, Adventure, Oracle, Titan I and Discovery with an aggregate dwt capacity of 433,033.
The New York-listed owner, during the year ended December 31, recorded a net gain of $3.8m from the sale of the dry bulk vessels Manzanillo, Progress and Konstantinos, each of which was classified as a vessel held for sale as of December 31, 2023, from the sale of the dry bulk vessels Merida, Alliance and Pegasus, the sale of the dry bulk vessel Adventure which was classified as a vessel held for sale as of March 31, 2024 (initially classified as vessels held for sale as of December 31, 2023), the sale of the dry bulk vessel Oracle which was classified as a vessel held for sale as of June 30, 2024 and the sale of the dry bulk vessels Titan I and Discovery.
The company reported that it didn’t record any loss on any vessels held for sale during the three-month period ended December 31.
The company, with 51 years of history in the international shipping industry, has a fleet of 68 containerships, with a total capacity of approximately 513,000 TEU and 38 dry bulk vessels with a total capacity of approximately 3,016,000-dwt (including one vessel the company has agreed to sell).
Gregory Zikos, chief financial officer of Costamare Inc., said: “During the quarter we chartered on a forward basis 12 containerships with an average time charter duration of about two and a half years and estimated contracted revenues of close to $330 million.
“The containership fleet employment stands at 96% and 69% for 2025 and 2026, respectively. Total contracted revenues amount to $2.4 billion with a remaining time charter duration of 3.4 years.
“On the dry bulk market, charter rates dropped to their lowest levels of 2024 during the last quarter and have started 2025 on a similarly soft note. The easing of congestion, along with pressures in the China steel market and less grain ton-mile demand have resulted in tonnage oversupply.
“As per our strategy to renew the owned fleet and increase its average size during the quarter we concluded the acquisition of one Capesize and two Ultramax vessels as well as the disposal of one Handysize ship, while we have agreed to sell one Panamax vessel.”
