Costamare Inc. announced that together with its partner York Capital, it has ordered from Jiangsu New Yangzi Shipbuilding Co., Ltd. two newbuild containerships, each of approximately 3,800 TEU capacity.
The two newbuildings are expected to be delivered in the first and second quarter of 2018 respectively and upon delivery will commence a seven-year time charter to members of Hamburg SÃ¼d Group.
The vessels will be jointly owned by Costamare and York Capital holding respectively 49% and 51%.
The acquisition is expected to be financed with cash from operations and debt pursuant to a committed Term Sheet with a leading Asian financial institution.
Gregory Zikos, Chief Financial Officer of the Company, said: â€œThe completion of our latest transaction marks a major milestone in our highly valued relationship with Hamburg SÃ¼d. In a challenging market environment we will continue to source and execute transactions, which will benefit our shareholders.â€
Costamare Inc. is one of the worldâ€™s leading owners and providers of containerships for charter. The Company has 41 years of history in the international shipping industry and a fleet of 73 containerships, with a total capacity of approximately 470,000 TEU, including 12 newbuild containerships on order and one secondhand vessel to be delivered. Eighteen of our containerships, including 12 newbuilds, have been acquired pursuant to the Framework Agreement with York Capital Management by vessel-owning joint venture entities in which we hold a minority equity interest. The Companyâ€™s common stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock trade on the New York Stock Exchange under the symbols â€œCMREâ€, â€œCMRE PR Bâ€, â€œCMRE PR Câ€ and â€œCMRE PR Dâ€, respectively.