Costamare Confirms capesize buys Duo as “market positive”

New-York listed Costamare founded by the Greek Captain Vasileios Konstantakopoulos confirmed the acquisition of two 2011-built capesize bulk carriers.

The ships will be purchased with cash on hand and the acquisitions are expected to be concluded in the third quarter of 2023.

The Greek shipowner, which has a fleet of 70 containerships and 44 dry bulk vessels (including two secondhand that will buy), has also agreed to sell its 1998-built containership of 2,472 teu capacity Monemvasia. The company owns 49% equity interest in the company owning this containership with the remaining equity interest being owned by York Capital.

The sale is expected to be concluded in the third quarter of 2023, and the company expects to pocket $1.7 million (capital gain).

Costamare reported the conclusion of the sale of its 2010-built dry-bulk vessel of 37,302 dwt Comity, resulting in a capital gain of $2.1 million.

It also concluded the sale of its 49% equity interest in the company owning the 2018-built 3,800 teu containership Polar Argentina to York Capital, whilst concluded the acquisition of the 51% equity interest of York Capital in the company owning the 2018-built 3,800 teu containership Polar Brasil, resulting in the company owning 100% of the relevant equity interest.

The company managed to fully employ its containership fleet for the year ahead as 99% and 87% of its fleet has been fixed for the year 2023 and 2024.

The shipowner will get from the fixtures approximately $2.9 billion revenue and the duration is about 3.9 years.

In the containership sector, the charter market has been softening, although rates still remain at healthy levels, says Gregory Zikos, the CFO of Costamare, adding that the orderbook remains the principal threat to the market.

“During the second quarter of the year, the company generated net income of about $69 million. As of quarter end, liquidity was $1 billion. On the dry bulk side, our owned dry bulk vessels continue to trade on a spot basis while the trading platform has grown to a fleet of 56 ships. Having invested $200 million in the dry bulk operating platform, we have a long-term commitment to the sector whose fundamentals we view positively,” he said.