Costamare Inc. Announces Formation of New Dry Bulk Operating Platform
29 Noviembre 2022 - 3:19PM
Following its strategic decision to enter the dry bulk sector at an
opportune time in the cycle, Costamare Inc. (“Costamare” or the
“Company”) has proceeded to establish a new dry bulk operating
platform with a team of experienced professionals, who will join
Costamare in investing in the new venture.
The new venture will charter-in/out dry bulk
vessels, enter into contracts of affreightment and utilize hedging
solutions, including, forward freight agreements and bunker
hedging.
The new venture will have a global footprint
through offices in Athens and Monaco and through agencies in
Copenhagen, Hamburg and Singapore. Operations are expected to
commence in the fourth quarter of 2022. The new venture, to which
the Company has committed up to $200MM, is expected to employ
minimal, if any, financial leverage.
The new venture is established on the same
ethical values and business principles followed by Costamare over
the past decades, and such values and principles are also shared by
our partners.
Considering the elevated levels of asset values
in the containership sector and Costamare’s counter-cyclical
investment approach, the Company believes that the new venture
provides an attractive risk-reward profile for the deployment of
the Company’s capital.
About Costamare Inc.
Costamare Inc. is one of the world’s leading
owners and providers of containerships and dry bulk vessels for
charter. The Company has 48 years of history in the international
shipping industry and a fleet of 73 containerships, with a total
capacity of approximately 537,000 TEU (including two vessels that
we have agreed to sell) and 45 dry bulk vessels with a total
capacity of approximately 2,436,000 DWT. Four of our containerships
have been acquired pursuant to the Framework Deed with York by
vessel-owning joint venture companies 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 the
Company’s belief regarding future results, many of which, by their
nature, are inherently uncertain and outside of the Company’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 the
Company’s Annual Report on Form 20-F (File No. 001-34934) under the
caption “Risk Factors”.
Company Contacts:Gregory Zikos - Chief
Financial OfficerKonstantinos Tsakalidis - Business Development
Costamare Inc., MonacoTel: (+377) 93 25 09 40Email:
ir@costamare.com
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