Costamare has given details of its new dry bulk operating platform. The new venture, which the Greek owner has pumped $200m into, has a global footprint through offices in Athens and Monaco and through agencies in Copenhagen, Hamburg and Singapore.
Costamare said the new venture will charter in and out dry bulk vessels, enter into contracts of affreightment and utilise hedging solutions, including forward freight agreements and bunker hedging.
“Considering the elevated levels of asset values in the containership sector and Costamare’s counter-cyclical investment approach, the Company believes that the new venture provides an attractive risk-reward profile for the deployment of the Company’s capital,” the company stated in a release.
Costamare’s origins were in dry bulk, but nine years after it was founded it entered the container sector, listing in New York 12 years ago, and growing to become one the world’s largest box tonnage providers. In June last year the Konstantakopoulos family run shipping empire announced it was reentering the dry bulk trades, and in the intervening 17 months has built up a fleet of 45 bulk carriers.
