Costamare acquires remaining interest in five boxships

Costamare acquires remaining interest in five boxships

Greek owner Costamare has announced the acquisition of 60% equity interest in five 2016-built 14,000 teu containerships from York Capital.

The five vessels were initially contracted as newbuildings under a joint venture with York Capital in 2014. Following the acquisition, Costamare’s ownership interest in the five vessels will be 100%.

The vessels currently operate under long-term charters to Taiwan’s Evergreen, expiring in 2026.

“We are pleased with the conclusion of this transaction, which underlines our excellent relationship with York Capital. The deal provides a successful exit path in this investment for our partner. At the same time, the joint venture continues to own another 12 vessels and our relationship with York Capital is ongoing. The transaction is highly accretive to our earnings providing us with incremental contracted revenues north of $380m and further extending our contract coverage to approximately 4 years,” said Gregory Zikos, CFO of Costamare.

Costamare operates a fleet of 79 containerships, with a total capacity of approximately 549,000 teu, including five newbuild containerships under construction.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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