Costamare Busy as a Bee

Greek containership owner Costamare wrapped up a busy quarter, having refinanced a huge portion of its outstanding loan and securing work for 16 containerships.

In March 2018, the company refinanced outstanding loan amount of USD 299.8 million under its original 2008 USD 1 billion credit facility with a European lender.

The new facility matures in June 2021 and has a balloon payment at the expiry of USD 88 million. The loan boosts the company’s liquidity for about USD 65 million.

The deal came on the back of extended loan maturity with Niledutch Panther until February 2019.

Since the end of last year, the company secured charters for 16 ships with industry majors, including Evergreen, Maersk Line, Hapag-Lloyd, COSCO, MSC and Ocean Network Express (ONE). The owner of 73 containerships said that none of its vessels remained in the layup.

“During the first quarter of the year the market continued with a positive momentum across the board with larger vessels capturing most of the upswing,” Gregory Zikos, Chief Financial Officer of Costamare, said.

The company’s net income for the first quarter of 2018 was slightly down year-on-year, standing at USD 19.1 million, against USD 23 million in 2017.

Costamare did some fleet reshuffling during the three-month period, selling Romanos and Marina containerships with an aggregate capacity of 8,401 TEU.

The sale was followed by the acquisition of two 2008-built 1,300 TEU sister containerships, Michigan and Trader, in April. Both acquisitions were funded with available cash, Costamare said.

The shipowner also took delivery of the 3,800 TEU containership Polar Brasil, which was acquired in line with the company’s joint venture with York Capital Management.

The vessel commenced its seven-year charter with Maersk Line, which has extended the charter of three more containerships owned by the company.