Costamare Purchases Containership, Announces New Charter Agreements with Evergreen

Rob Almeida
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August 27, 2012

Athens-based containership owner/operator, Costamare Inc. (NYSE: CMRE) announced today that it has purchased the 15 year-old, 2,458 TEU container vessel Messini (ex. Pembroke) for $6.8 million, and that they will charter the vessel with Evergreen for a period of approximately 18 months at a daily rate of $8,100.

In addition, Costamare has also agreed to charter the 1992-built, 3,351 TEU container vessel Konstantina with Evergreen for a period of approximately one year at a daily rate of $7,550. The vessel is expected to be delivered to her charterers in October 2012.the existing vessel Konstantina.

Gregory Zikos, Costamare’s Chief Financial Officer comments:

“We continue to execute on our strategy by taking advantage of attractive asset values. The purchase price for the Messini, which is close to her estimated scrap value, together with the time charter arranged, allow us to generate healthy returns and eliminate residual value risk.”

“At the same time we fixed two vessels at favorable rates considering previous fixtures and the current market environment. We have reduced our re-chartering risk for the coming years. The charters for the vessels coming out of employment during the remainder of 2012 and 2013 account for 1.6% and 4.2% of our 2012 and 2013 contracted revenues respectively.”

Founded in 1975 by Captain Vassilis C. Constantakopoulos, Costamare now manages 58 ships and is a leading international owner of containerships, aggregating approximately 330,000 TEU, including 10 newbuild containerships.


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