Athens: In releasing its first quarter results, Greece’s Costamare revealed it has teamed up with York Capital for an 11,000 teu newbuild which has been ordered at Hanjin Heavy Industries & Construction yard in Subic Bay in the Philippines. The ship, which Costamare has a 49% stake in, will be delivered in December next year.
Costamare notched up a net profit of $26.3m in the first quarter.
“Our joint venture with York has been progressing quite well and since inception we have done deals of $1.1bn. All investments have been performing well and we are currently in discussions with our partner regarding the extension of the investment period,” Gregory Zikos, the CFO of Costamare commented in a statement.
“Regarding the market, there is a positive momentum; charter rates have been rising, the number of idle fleet is below 2% and activity remains high. We have no ships laid up, while the ships coming out of charter this year provide an upside based on today’s market conditions,” Zikos added.