Costamare steps up fleet renewal

Costamare has stepped up its fleet renewal with the acquisition of three containerships and the sale of another two, according to the company’s third-quarter financial report.

The company has bought the 2007-built JPO Scorpios of 2,572TEU nominal capacity from the German shipping company Oltmann, while it has agreed with other firms to acquire a 2006-built boxship of 5,600TEU capacity and a 4,200TEU vessel built-in 2011.

Gregory Zikos, chief financial officer, Costamare, commented:“As part of our fleet renewal program, we sold for demolition two vessels with an average age of 23 years and we agreed to acquire three larger secondhand ships on average 11 years younger. The new acquisitions will be initially funded with equity.

“Meanwhile, our newbuilding program is progressing on schedule, and we have now accepted delivery of three out of the five 13,000 TEU vessels, which have commenced their 10-year charters.

“On the market, the inactive containership fleet continues to shrink to levels below 2%, on the back of healthy demand for container shipping. Charter rates have been rising and we have chartered in total 13 ships during the quarter. We have 14 ships coming off charter over the next six months which positions us favorably, should market momentum continue.

“With liquidity of above $200 million, no meaningful debt maturities over the next three years and minimal capex commitments we are well positioned for acquisition opportunities increasing shareholder value and returns.”

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