The M/V COSCO Guangzhou is a 9,469 teu containership owned by Costamare and currently on a 12-year time charter to COSCO, who apparently pays on time.

SINGAPORE (Dow Jones)– Greek shipping company Costamare Inc. (CMRE) will probably continue to grow through new builds and acquisitions and it remains optimistic about the global containership market, a company executive said Thursday.

“We’ve recently done some acquisitions and will continue to seek opportunistic buys,” Chief Financial Officer Gregory Zikos said, adding that the company has enough cash to buy more ships in future.

At Dec. 31, Costamare’s cash balances was about $144 million while its undrawn credit facilities were about $153 million. Costamare also issued a public offering of its common stock in March that raised about $100 million.

“We’ll look at everything as long as returns are forthcoming,” Zikos said, noting that, historically, the company’s return on equity has been close to 30%. The preferred rate of return for shareholders is normally 15%-20%.

The company would consider vessels that are much older and have a greater capacity than its existing average fleet, he said. He added that, for new builds, it is important the vessel be debt free towards the end of its charter license as this will help reduce financial risks resulting from volatility in charter rates.

Zikos said the outlook for Europe’s containership business is improving due to increased trade on certain routes. “We won’t be surprised if the charter rates, especially for the bigger vessels, edge upwards through the year,” he said.

Costamare’s customers include A.P Moller-Maersk, COSCO and Evergreen Marine. Although many shipping companies are facing financial pressure due to over-capacity, high docking prices and sluggish demand, Costamare hasn’t faced payment issues from its clients so far, Zikos said. “We are extremely happy with the quality of our customers,” he added.

-By Surabhi Sahu, Dow Jones Newswires

Copyright © 2012 Dow Jones & Company, Inc.

Chang Yung-fa, Photo By Pan Suofei/ColorChinaPhoto

According to Forbes, the net worth of Evergreen’s Founder and Group Chairman, Chang Yung-fa, is in the range of $1.6 Billion, and he is listed number 782 among the world’s billionaires.

Born in Penghu, an island chain off the western coast of Taiwan in 1927, he entered the shipping business directly after high school in Taiwan and over the years he progressed through the ranks to that of Captain.

In 1968, he struck out on his own to establish Evergreen Shipping with a single secondhand 15,000 ton vessel, Central Trust.  Over the next few years, his one ship quickly multiplied to a fleet of 12, and shortly thereafter, his now global, and rapidly growing fleet was calling on ports worldwide on a regular basis.

Employing over 27,000 employees and more than 220 offices/agents worldwide, the Evergreen Group now comprises about 30 major corporations worldwide, 3 of which are listed on the Taiwan Stock Exchange.

In a report by Taipei Times today, Chang Yung-fa announced he would bequeath all the assets listed in his name to charities, and not his children, as a way of giving back to society and having his money perform good deeds long after his death.

During a tea party with reporters, Chang defined true wealth as being able to help people and give back to society.

“Money is something that should be circulated around the world and not enjoyed exclusively by one individual,” he said. “A lot of people think that earning a lot of money constitutes wealth. For me, working hard to earn a lot of money is certainly not a bad thing, but the happiness from earning a lot of money is fleeting because of the pain you feel when you lose it.”

“But if that money is used for good deeds, it’s wonderful to see people get back on their feet because of the help you’ve given. The happiness gained from doing a good deed always remains in your heart,” Mr. Chang said.

Chang also said that young people should depend less on their parents. They should fight for their future themselves and learn to shoulder responsibility.