ContainersEurope

Costamare acquires remaining interest in five boxships

Greek owner Costamare has taken over the full ownership in five 11,000 teu containerships from its joint venture partner York Capital.

The five vessels, four of which were built in 2017 and one in 2016, were initially contracted as newbuildings in 2013 and 2015 under the joint venture.

The vessels currently operate under long-term charters, with four of them expiring in 2031 and the fifth one in 2025.

The acquisition has been funded with cash at hand and commercial bank debt provided by European and US financial institutions with tenors of up to 10 years.

Gregory Zikos, CFO of the company, said: “The deal provides a successful exit path in this investment for our partner. At the same time, the joint venture continues to own another five vessels and our relationship is ongoing.”

The vessels acquired provide the NYSE-listed company with incremental contracted revenues of approximately $335m and have a teu-weighted average time charter duration of 8.9 years.

Costamare has a fleet of 78 containerships.

Adis Ajdin

Adis is an experienced news reporter with a backgroud in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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