Costamare Partners Eyes Four Containerships

Costamare Inc, an international owner and provider of containerships for charter, is going to sell four containerships to its Marshall Islands-based wholly owned subsidiary Costamare Partners LP (MLP), according to a registration statement issued today.

The Registration Statement on Form F-1 has been issued with the Securities and Exchange Commission (SEC) for the initial public offering of common units representing limited partnership interests in MLP.

The number of common units to be offered and the price range for the offering have not yet been finally determined.

The company said that an application will be made to list the common units on the New York Stock Exchange under the symbol “CMRP”.

The proceeds from the offering are said to be used to buy four ships, reduce indebtedness and for general partnership purposes.

The vessels in question are reported to be 8,800-teu MSC Athos and MSC Athens, the 8,800-teu Value (built in 2013 each) and the 9,500-teu Cosco Beijing (built in 2006).

Costamare was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Monday, NASDAQ said.

The firm currently has a USD 25.20 target price on the stock. Zacks‘s target price suggests a potential upside of 11.01% from the company’s current price.

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World Maritime News Staff, October 02, 2014; Image:Hamburg Hafen