Costamare Takes Bulk Carrier Fleet to 44 With Orders For Eight Containerships

Greek shipping company Costamare is further bolstering its fleet with eight new containerships and seven secondhand bulk carriers. 

Bulk Carrier Star Damon | Courtesy: VesselFinder

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The New York-listed containership and bulk carrier owner has sealed a deal with an unspecified Asian shipyard for a 13,000 TEU pair and proposed options for two more newbuilds of the same capacity and four 15,000 TEU vessels.

The price for the vessels is yet to be revealed, which should get delivered between Q3 2023 and Q1 2024 and go on long term charters with a major liner company. The acquisitions will be funded by a mix of cash on hand and loan.

Meanwhile, the company has also expanded its bulker fleet to 44 ships, adding ultramaxes Star DamonSoho Trader and Soho Merchant, a panamax pair George P and Egyptian Mike and two supramaxes Belnor and Belstar. With the exception of the Soho Trader, which is already operating in the fleet, deliveries will take place this month and in January 2022.

“During the year we chartered in total 47 container vessels adding contracted revenues of $1.8bn. Including the two recently concluded new building contracts and the options exercised, total contracted revenues amount to $4.8bn and the remaining weighted average time charter duration for the fleet is 6.3 years,” said the Chief Financial Officer of Costamare, Gregory Zikos.

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“At the same time we are expanding our dry bulk fleet, bringing the total number of owned dry bulk vessels to 44, executing on our decision to invest in a liquid sector where supply is limited by a low orderbook and demand is being driven by increased infrastructure spending and commodity consumption.”, he added.

With a fleet of 79 containerships, Costamare currently has a total capacity of approximately 586,000 TEU, including two newbuilds currently under construction and one secondhand purchase. In July, the company grew its dry bulk fleet to 37 ships. The latest deal for the additional ships will increase its bulker fleet capacity to around 2.38 million DWT (Deadweight Tonnage).

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