New-York listed Costamare founded by the Greek Captain Vasileios Konstantakopoulos is focusing on renewing its dry bulk fleet and increasing its average size.

The owner has revealed the conclusion of the sale of five dry bulkers ranging between 32,400 dwt and 55,709 dwt and built between 2006 and 2011.

The US-listed company said in its quarterly earnings that Costamare has also sealed deals for the sale of four dry bulk ships, ranging between 32,178 dwt and 56,670 dwt and built between 2011 and 2012, with expected conclusion of the sales within the first and second quarter of 2024.

Already five bulkers have already switched hands, resulting in net proceeds after debt prepayments of $32.9m, while the disposal of the remaining four is expected to deliver proceeds of $25.8m.

The Greek owner also reported an agreement for the acquisition of the 2011-built, 180,643-dwt dry bulker, Iron Miracle, with expected conclusion within the first quarter of 2024.

Now the top management reports that the company has a fleet of 68 containerships, with a total capacity of approximately 513,000 teu, and 41 dry bulk vessels with a total capacity of approximately 2,719,000-dwt, including four vessels that Costamare has agreed to sell and one vessel it agreed to acquire.

Meanwhile, in its fleet charter update, the company said that 95% and 78% of the containership fleet is fixed for 2024 and 2025, respectively.

The contracted revenues for the containership fleet are about $2.5bln with a teu-weighted duration of 3.6 years.

The company entered into more than 40 chartering agreements for the owned dry bulk fleet since the third quarter of 2023 earnings release.