Dry CargoEurope

Costamare takes bulker fleet to 37 with acquisition of 21 vessels

New York-listed Costamare is rapidly moving into the dry bulk sector with the acquisition of an additional 21 vessels.

The ships acquired include the 2012-built, 83,500 dwt Spring Aeolian, the 2010-built, 82,200 dwt Jaigarh, the 11-year-old, 55,500 dwt Darya Lakshmi and the 13-year-old, 76,600 dwt Imperial Rose.

The acquisitions are being financed with $389m loans and an additional $150m hunting license facility which is subject to documentation.

The company announced in June that it had bought 16 bulkers ranging in size from 33,000 dwt to 85,000 dwt, with an average age of ten years. Sister title Splash Extra then broke the news that it bought a further 13 ships.

“The dry bulk acquisitions result from our decision to invest in this liquid sector where supply is limited by a low orderbook and demand is being driven by increased infrastructure spending and commodity consumption,” said Gregory Zikos, CFO of Costamare.

Costamare’s buying spree will take its bulker fleet to 37 vessels once all acquisitions are completed. The Greek owner said it has already taken delivery of 14 ships and secured seven new charters.

Adis Ajdin

Adis is an experienced news reporter with a background 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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