Saturday, June 3, 2023
HomeFinance & EconomyCapital Maritime & Trading plans Athens bond issue

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Capital Maritime & Trading plans Athens bond issue

Vaggelis Marinakis’ Capital group has a mixed fleet of over 80 ships, including tankers, container ships and dry cargo. At the same time, the company is pushing ahead with a large investment program exceeding $200 million, Greek media outlets Business Daily and FinUpNews.gr report.

Greek shipping company, Capital Maritime & Trading, owned by Vangelis Marinakis, will follow in the footsteps of Costamare and is planning to issue a large sized bond on the Athens bourse, indicating that something has changed in the Greek market after years of being off investor radars.

Capital Maritime & Trading is listed on the New York Stock Exchange and has 80 vessels at sea, making it one of the largest companies in the world in its field. The initial preparations for the issuance of a Capital Maritime bond started about three months ago, while the issue is scheduled for autumn. It will be bigger than that of Costamare, as sources with knowledge of the subject matter point out that “it will exceed 100 million euros”.

It is understood that a new market is slowly emerging on the Greek stock market, as it acquires a tangible relationship with Greek shipping, a global force, controlling about 20% of the world market. The road opened with the bond of Costamare Participations PLC, 100% subsidiary of Costamare Shipping Co S.A., owned by the Kostis Konstantakopoulos family, as the market broadens and attracts more companies.

The bond issued by Costamare Participations PLC exceeded all expectations. The company sought 100 million euros, though offers reached 655 million euros, while the interest rate was at the lower end of the range at 2.70%.

Although a regular listing of a shipping company has not yet taken place on the Greek stock exchange, despite efforts from the Athens stock exchange in the last 15 years and the changes to the institutional framework, it seems that bond issues are gaining ground, as Greek-owned shipping companies are in constant search of new funding.

According to Business Daily sources, there are more Greek shipping companies listed on the NYSE “that have shown initial interest and asked about the procedures and details.”

Related Posts

Video

Finance & Economy
Shipping News
Ports

BW LPG appoints new CFO

BW LPG announced that it has appointed Ms Samantha Xu as Chief Financial Officer (CFO), effective 1 September 2023. Ms Xu has over 20 years...

Frontline Posts Highest First Quarter Results Since 2008

Frontline plc reported unaudited results for the three months ended March 31, 2023: Highlights Highest first quarter profit since 2008 of $199.6 million, or $0.90 per...

Diana Shipping posts slightly lower Q1 profit; takes out $123m in loans

Diana Shipping reported net income of $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023....

CMA CGM Profit Eases as Container Transport Demand Wanes

CMA CGM expects its profit to ease further for the rest of the year after a first-quarter decline, as an uncertain economy and influx...

Seanergy ‘well positioned to benefit from positive trend in Capesize market’

Seanergy Maritime Holdings Corp., announced its financial results for the first quarter ended March 31, 2023, and declared a quarterly dividend of $0.025 per...

Taiwan Shipping Firms Set to Hand Out Bumper Bonuses Again

Taiwanese shipping companies are handing out bumper mid-year bonuses despite a slump in global...

Baltic index hits over 3-month low amid lower coal imports

The Baltic exchange’s main sea freight index extended losses for the 15th session straight...

Baltic index falls for the month as vessel demand wanes

The Baltic exchange’s main sea freight index recorded its first monthly decline in four...

North Korea missile tests endanger shipping, UN maritime agency told

North Korean missile tests are endangering the safety of commercial shipping in busy sea...

Singapore Clamps Down on Tankers as Dark Fleet Grows

Singapore’s detentions of oil and chemicals tankers have surged since early last year, highlighting...

DP World Completes Terminal Expansion Project Vancouver Port

DP World has completed the AED954 million ($259.78 million) Centerm expansion project, increasing container throughput at the Port of Vancouver by 60 percent. The terminal...

DP World completes AED 954 million Vancouver port expansion

DP World and the Vancouver Fraser Port Authority have celebrated two historic events – the completion of the Centerm Expansion Project at DP World...

Alexandroupolis port gets 24 million euros of EU funding

Greece has secured 24 million euros ($26 million) in European Union funding to upgrade its northern Aegean Sea port of Alexandroupolis, privatisation agency HRADF...

Port Hedland Iron Ore Exports Down 5% in April

Pilbara Ports Authority (PPA) has delivered a total monthly throughput of 57.7 million tonnes (Mt) for April 2023. This throughput was a two per cent...

APM Terminals Reveals $1 Billion Investment in Brazil

APM Terminals’ CEO Keith Svendsen has pledged an investment of about US$1 billion in the company's Brazilian operations up to 2026. The amount includes around...