Costamare Inc. Announces the Conclusion of Two Shipbuilding Contracts, the Exercise of Options for Six More Shipbuilding Contracts, Charter Agreements for All Eight Newbuild Containerships and the Acquisition of Seven Secondhand Dry Bulk Vessels
December 09 2021 - 6:58AM
Costamare Inc. (the “Company”) (NYSE: CMRE) announced today:
- The execution of two shipbuilding contracts for
containerships,
- The exercise of options, under a legally binding option
agreement, for six additional containership new buildings,
- Long term charters for all eight new buildings with a leading
liner company, and
- The acquisition of 7 dry bulk vessels.
Executed Shipbuilding Contacts for Two
13,000 TEU and Exercised Legally Binding Options for Two More
13,000 TEU and Four 15,000 TEU Newbuild Containerships
The Company has concluded contracts with an
Asian shipyard for two new buildings each of 13,000 TEU capacity
and has exercised options under a legally binding option agreement
for two more new buildings of the same capacity and four new
buildings each of 15,000 TEU capacity.
Delivery of the vessels under the executed
contracts is expected between Q3 2023 and Q1 2024.
All eight new building vessels will commence
long term charters with a leading liner company upon their
deliveries.
The acquisition is expected to be financed with
cash on hand and debt.
Acquisition of seven dry bulk
vessels
The Company has already taken delivery of m/v
Soho Trader, 2015-built, 63,473 dwt and has agreed to acquire the
following secondhand dry bulk vessels:
- m/v Soho Merchant, 2015-built, 63,800 dwt -
m/v Star Damon, 2012-built, 63,227 dwt - m/v George P, 2012-built,
81,569 dwt - m/v Egyptian Mike, 2011-built, 81,601 dwt - m/v
Belnor, 2010-built, 58,018 dwt and - m/v Belstar, 2009-built,
57,970 dwt
The ships are expected to be delivered between
December 2021 and January 2022.
The above acquisitions are expected to be
financed with cash on hand and debt.
Management Commentary
Gregory Zikos, Chief Financial Officer of the
Company, said: “We are pleased to expand our containership fleet
and time charter coverage with the addition of modern and high
specifications tonnage supported by long term charters.
During the year we chartered in total 47
container vessels adding contracted revenues of US $1.8 billion.
Including the two recently concluded new building contracts and the
options exercised, total contracted revenues amount to US $4.8
billion and the remaining weighted average time charter duration
for the fleet is 6.3 years.
At the same time we are expanding our dry bulk
fleet, bringing the total number of owned dry bulk vessels to 44,
executing on our decision to invest in a liquid sector where supply
is limited by a low orderbook and demand is being driven by
increased infrastructure spending and commodity consumption.”
About Costamare Inc.
Costamare Inc. is one of the world's leading
owners and providers of containerships for charter. The Company has
47 years of history in the international shipping industry and a
fleet of 79 containerships, with a total capacity of approximately
586,000 TEU (including one secondhand vessel that we have agreed to
acquire and two newbuild containerships currently under
construction) and 44 dry bulk vessels with a total capacity of
approximately 2,379,000 DWT (including seven secondhand vessels
that we have agreed to acquire). Four of our containerships have
been acquired pursuant to the Framework Deed with York by
vessel-owning joint venture entities in which we hold a minority
equity interest. The Company's common stock, Series B Preferred
Stock, Series C Preferred Stock, Series D Preferred Stock and
Series E Preferred Stock trade on the New York Stock Exchange under
the symbols “CMRE”, “CMRE PR B”, “CMRE PR C”, “CMRE PR D” and “CMRE
PR E”, respectively.
Forward-Looking Statements
This press release contains “forward-looking
statements”. In some cases, you can identify these statements by
forward-looking words such as “believe”, “intend”, “anticipate”,
“estimate”, “project”, “forecast”, “plan”, “potential”, “may”,
“should”, “could” and “expect” and similar expressions. These
statements are not historical facts but instead represent only
Costamare’s belief regarding future results, many of which, by
their nature, are inherently uncertain and outside of Costamare’s
control. It is possible that actual results may differ, possibly
materially, from those anticipated in these forward-looking
statements. For a discussion of some of the risks and important
factors that could affect future results, see the discussion in
Costamare Inc.’s Annual Report on Form 20-F (File No. 001-34934)
under the caption “Risk Factors” and the Company’s Results for the
Second Quarter and Six-Months Ended June 30, 2021 on Form 6-K
(filed on July 28, 2021 with the SEC) under the caption “Risk
Factor Update”.
Company Contacts: Gregory Zikos -
Chief Financial Officer Konstantinos Tsakalidis - Business
Development, Investor Relations
Costamare Inc., Monaco Tel: (+377) 93 25 09 40
Email: ir@costamare.com
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