New York-listed Costamare has expanded its container ship newbuilding orderbook with the conclusion of four newbuilding contracts with a Chinese shipyard. The Greek shipowner ordered in July four newbuild containerships from a Chinese shipyard, each one of approximately 3,100 teu capacity.
The delivery of the vessels is expected between the second and the fourth quarters of 2027.
Upon delivery, each vessel will commence an 8-year charter with a “leading liner company.” The investment is expected to be financed with cash on hand and debt.
Meanwhile, the shipowner chartered two 6,500 teu containership vessels for a three-year period and on a forward basis commencing from the first quarter and second quarter of 2026. The company said 100% and 75% of the containership fleet is fixed for 2025 and 2026, respectively.
As it is reported, the increase in the contracted revenues in excess of $310m is stemming from the forward fixing of two containerships for a period ranging from 36 to 37 months, and, the 8-year charters for the four newbuild containerships.
The company has a fleet of 68 containerships in the water, with a total capacity of approximately 513,000 teu. The company also has four newbuild containerships under construction with a total capacity of 12,400 teu.
Gregory Zikos, chief financial officer of Costamare, commented: “During the second quarter of the year, the company generated net income from continuing operations of about $99 million.
“In May, we successfully completed the spin-off of Costamare Bulkers Holdings Limited, which encompassed Costamare’s owned dry bulk fleet as well as the CBI operating platform at that time.
“Costamare Inc. remains the sole shareholder of the 68 containerships as well as the controlling shareholder of Neptune Maritime Leasing.
“In July, we ordered four newbuild containerships from a Chinese shipyard, each one of approximately 3,100 TEU capacity. The vessels are expected to be delivered between the second and fourth quarters of 2027. Upon delivery they will commence an 8-year time charter with a first class liner company. At the same time, we chartered two 6,500 TEU containership vessels for a three-year period and on a forward basis commencing from Q1 and Q2 2026. The above transactions resulted in an increase in contracted revenues of above $310 million.
“Our fleet employment stands at 100% and 75% for 2025 and 2026, respectively. Total contracted revenues amount to $2.5 billion with a remaining time charter duration of 3.2 years.
“Regarding the market, with less than 1% of the fleet commercially idle, the containership fleet can be considered fully employed. Current low fixing activity is the result of low availability of prompt tonnage rather than lack of demand. Charter rates remain healthy across the board and the short supply keeps rates at robust levels.
“Finally, with regards to Neptune Maritime Leasing, the growing leasing platform, 47 shipping assets have been funded or are on a commitment status basis and total investments and commitments are exceeding $650 million.”
