Costamare, a New York-listed owner of boxships and bulkers, intents to spin-off the company’s dry bulk business into a standalone company, Costamare Bulkers Holdings Limited.
The planned spin-off will result in two separate, publicly traded companies. Specifically, Costamare will remain a global container shipping provider, retaining the owned container vessels and Neptune Maritime Leasing Limited businesses.
On the other hand, Costamare Bulkers Holdings Limited will be an international owner and operator of dry bulk vessels and will hold the owned dry bulk vessels and the CBI operating platform.
The company said the proposed separation is expected to provide to stakeholders two separate, pure-play investment opportunities for different investor bases, a simplified structure, improved financial flexibility to pursue distinct operating priorities and strategic initiatives focused on the container and dry bulk shipping markets and enable the management teams of both companies to enhance focus on individualized opportunities.
Costamare is targeting to complete the spin-off as soon as practicable this calendar year, subject to various conditions, including regulatory approvals and obtaining the final approval of the Costamare board of directors.
However, the company clarified that there can be no assurance that a separation transaction will occur, or if one does occur, of its terms or timing.
The company, founded by the Greek captain Vasileios Konstantakopoulos in 1975, has a fleet of 68 owned containerships, with a total capacity of approximately 513,000 teu and 38 owned dry bulk vessels with a total capacity of approximately 3,016,000-dwt (including one vessel the company has agreed to sell).
