New York-listed Costamare has completed the spin-off of its dry bulk business into a standalone public company, Costamare Bulkers Holdings Limited (Costamare Bulkers).
The successful execution of the Costamare Bulkers spin-off transforms Costamare Inc. into a predominantly global container shipping provider, Costamare said, while still maintaining its presence in Neptune Maritime Leasing.
Costamare Bulkers shares will be listed and commence trading on April 7 on the NYSE whilst Costamare Inc. will continue to trade on the NYSE, according to the company’s statement on Wednesday, April 7.
Costamare, an owner and provider of containerships for charter, has 51 years of history in the international shipping industry and a fleet of 68 owned containerships, with a total capacity of approximately 513,000 TEU. It also participates in a leasing business.
On the other hand, Costamare Bulkers Holdings Limited will be an international owner and operator of dry bulk vessels.
Costamare Bulkers’ owned dry bulk fleet will consist of 38 vessels with a total carrying capacity of approximately 3,017,000 dwt, including one vessel that Costamare Bulkers has agreed to sell, with a carrying capacity of approximately 76,600 dwt.
Costamare Bulkers will also own a dry bulk operating platform (CBI) which charters in/out dry bulk vessels, enters into contracts of affreightment, forward freight agreements and may also utilize hedging solutions.
