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Costamare orders two newbuild containerships

Costamare Inc. announced that together with its partner York Capital, it has ordered from Jiangsu New Yangzi Shipbuilding Co., Ltd. two newbuild containerships, each of approximately 3,800 TEU capacity. The two newbuildings are expected to be delivered in the first and second quarter of 2018 respectively and upon delivery will commence a seven-year time charter to members of Hamburg Süd Group. 

The vessels will be jointly owned by Costamare and York Capital holding respectively 49% and 51%. 

The acquisition is expected to be financed with cash from operations and debt pursuant to a committed Term Sheet with a leading Asian financial institution.

Gregory Zikos, Chief Financial Officer of the Company, said: “The completion of our latest transaction marks a major milestone in our highly valued relationship with Hamburg Süd. In a challenging market environment we will continue to source and execute transactions, which will benefit our shareholders.”

 

Source: Costamare Inc.

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