Costamare Orders Eight New Containerships, Buys Seven Secondhand Bulkers

Shipowner Costamare Inc. announced it has ordered eight newbuild containerships and acquired seven secondhand bulk carriers.

The Monaco-headquartered company said Thursday it signed contracts with an unspecified Asian shipyard for two 13,000 TEU capacity newbuilds and exercised options under a previous agreement for two more of the same capacity plus four additional 15,000 TEU capacity vessels. 

Each of the ships will commence long-term charters with a "leading liner company" upon scheduled delivery between the third quarter of 2023 and first quarter of 2024.

Gregory Zikos, Costamare's chief financial officer, said, "We are pleased to expand our containership fleet and time charter coverage with the addition of modern and high specifications tonnage supported by long term charters.

"During the year we chartered in total 47 container vessels adding contracted revenues of $1.8 billion. Including the two recently concluded new building contracts and the options exercised, total contracted revenues amount to $4.8 billion and the remaining weighted average time charter duration for the fleet is 6.3 years."

Not including the new orders, Costamare's containership fleet contains 78 vessels, including the 2008-built 4,578 TEU Co Kobe (to be renamed Dyros) recently acquired from RCL Feeder.

The newbuild order is believed to be Costamare's first since it ordered a series of five 12,690 TEU vessels from China's Jiangsu Yangzijiang Shipbuilding in 2018, the last of which was delivered in May of this year.

The company also revealed that it has acquired seven secondhand dry bulk carrier vessels built between 2010 and 2015 ranging from 57,970 dwt to 81,601 dwt.

It said it has already taken delivery of one of the vessels, the 2015-built, 63,473 dwt Soho Trader, and the remaining six will be handed over between December 2021 and January 2022: They are Soho Merchant (2015-built, 63,800 dwt), Star Damon (2012-built, 63,227 dwt), George P (2012-built, 81,569 dwt), Egyptian Mike (2011-built, 81,601 dwt), Belnor (2010-built, 58,018 dwt) and Belstar (2009-built, 57,970 dwt).

Costamare is a new entrant to the dry bulk segment, having acquired its first bulk carriers in May of this year.

"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,” Zikos said.

Costamare said it will finance the all of the acquisitions with cash on hand and debt.