NOVEMBER 2, 2015 — Athens headquartered Costamare Inc. (NYSE: CMRE) and York Capital have ordered two 3,800 TEU containerships from China's Jiangsu New Yangzi Shipbuilding Co., Ltd. for first and second quarter 2018 delivery.
The vessels will be jointly owned by Costamare (49%) and York Capital (51%) and on delivery will begin a seven-year time charter to members of Hamburg Süd Group.
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.
Costamare CFO Gregory Zikos said: "The completion of our latest transaction marks a major milestone in our highly valued relationship with Hamburg Süd. In a challenging market environment we will continue to source and execute transactions, which will benefit our shareholders."
Costamare Inc. is a leading owner and provider of containerships for charter with 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 the ships, including the 12 newbuilds, have been acquired under a framework agreement with York Capital Management by vessel-owning joint venture entities in Costamare holds a minority equity interest.