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Containership Owner Costamare Enters Dry Bulk Shipping Sector

Mike Schuler
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June 14, 2021

U.S.-listed containership owner and charterer Costamare Inc. (NYSE: CMRE) announced the acquisition today of 16 dry bulk vessels, marking a new sector for the company.

The vessels, which are currently operating in the spot market, range between 33,000 and 85,000 DWT with an average age of 10 years.

“We are pleased to announce the acquisition of dry bulk vessel. We have decided to invest in a liquid sector with strong fundamentals that provide enhanced return opportunities for our shareholders,” said Gregory Zikos, Costamare’s Chief Financial Officer.

Two of the ships have been delivered with the rest of the vessels expected to be delivered latest by January 2022. The ships will be managed through the company’s “existing platform headed and enriched by the dry bulk Onassis team”, who will be joining Costamare in July.

Costamare said the acquisitions will initially be funded with cash on hand, and the company is in the process of arranging commercial bank debt. “Considering the nature of the dry bulk business, we plan to have low leverage of up to 60% of the value of the assets,” the company said.

All told, the 16 vessels, the sixteen dry bulk vessels will add approximately 932,000 DWT to Costamare’s fleet. Meanwhile, its fleet of containerships includes 81 vessels with a total capacity of approximately 581,000 TEU

“We look forward to providing a detailed update on our business strategy during our second quarter results,” Costamare said.

In diversifying its fleet across both the container and dry bulk shipping sectors, the Costamare joins Navios Maritime Partners (NYSE: NMM) which owns and operates a fleet of 89 vessels, including dry bulk vessels and 38 are containerships which it recently acquired through its acquisition of former Navios Maritime Containers L.P. (formerly NASDAQ: NMCI).

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