Costamare Inc. Announces the Signing of Shipbuilding Contracts and Charter Agreements for Five Newbuild Containerships and th...
July 09 2018 - 8:21AM
Costamare Inc. (the “Company”) (NYSE:CMRE) announced today the
conclusion of shipbuilding contracts and long term charter
agreements for five newbuild containerships, as well as the
acquisition and chartering of two secondhand containerships.
Ordering and Chartering of Five 12,690 TEU
Newbuild Containerships
The Company has ordered five newbuild
containerships from Jiangsu Yangzijiang Shipbuilding Group, each of
approximately 12,690 TEU capacity. The vessels are expected to be
delivered between the second quarter of 2020 and the second quarter
of 2021 and upon delivery they will commence a ten-year time
charter to Yang Ming Marine Transport Corp.
The acquisition is expected to be financed with
cash on hand and debt.
Acquisition and Chartering of Two Wide-Beam
5,000 TEU Secondhand Containerships
In June 2018, the Company agreed to purchase two
2013-built, 5,000 TEU wide-beam containerships, the c/v Megalopolis
and the c/v Marathopolis. Both vessels are expected to be delivered
by September 2018 at the latest. Upon their delivery, the vessels
will be chartered to Maersk Line for a period of seven years.
The acquisitions are expected to be initially
financed with cash on hand. The Company is in advanced discussions
with a leading European financial institution regarding the
financing of the vessels.
Management Commentary
Gregory Zikos, Chief Financial Officer of the
Company, said: “We are pleased to expand our valued relationship
with Yang Ming through the completion of our latest newbuilding
transaction.
At the same time, we are renewing our fleet with
modern secondhand vessels backed by seven year charters to Maersk
Line.
In aggregate, these new transactions provide us
with additional contracted revenues of approximately US $650
million and further extend our contract coverage to approximately 4
years.”
About Costamare Inc.
Costamare Inc. is one of the world’s leading owners
and providers of containerships for charter. Costamare Inc. has 44
years of history in the international shipping industry and a fleet
of 80 containerships, with a total capacity of approximately
542,000 TEU, including five newbuild containerships on order and
two containerships expected to be delivered by September 2018.
Eighteen of our containerships have been acquired pursuant to the
Framework Deed with York Capital Management 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”.
Contacts:
Company Contacts: Gregory Zikos -
Chief Financial OfficerKonstantinos Tsakalidis - Business
Development, Investor Relations
Costamare Inc., MonacoTel: (+377) 93 25 09 40Email:
ir@costamare.com
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