Costamare and York Capital go halves on containerships

Costamare and York Capital go halves on containerships

NYSE-listed Costamare and York Capital have jointly purchased two small containerships, in which the respective companies have a 49:51 interest.

Arkadia (1,550 teu, built 2001) was acquired from Germany’s Leonhardt and Blumberg in August for $6m, Costamare said.

The vessel will be chartered to Evergreen for two years at a daily rate of $10,600. The vessel in August concluded a 20-month timecharter to Seacon, and had been earning $7,950 per day since mid-February.

Helgoland Trader (2,472 teu, built 1998) was purchased earlier this month for $6.5m from German KG company Hermann Buss.

The vessel is currently on charter to Maersk at a daily rate of $8,750 and is expected to be delivered not later than April 30, 2016.

“We have opportunistically acquired with equity two secondhand ships with timecharters in place. At the same time we are actively looking for new opportunities, either in the second hand, or in the newbuildings market,” said Gregory Zikos, CFO of Costamare.

“Regarding market conditions, charter rates and asset values have been under pressure, as a result of weak demand. We continue to grow in a low asset-value environment, which provides opportunities and upside for healthy and well capitalised players.”

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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