Costamare Secures Financing for Containership Duo

Greece-based containership owner Costamare has secured financing for two second hand vessels, the 4,957 TEU containerships Kyparissia and Leonidio, from a Chinese financial institution.

Delivered into Costamare’s fleet on May 15 and 18, respectively, the 2014-built vessels are chartered to Danish shipping giant Maersk Line for a period of seven years, through the fourth quarter of 2024.

During the second quarter of the year, the company also took delivery of the 2005-built containership Maersk Kowloon. On June 12, the 7,471 TEU vessel commenced its 5-year charter with Maersk Line. Costamare is currently in discussions for the financing of Maersk Kowloon.

Additionally, at the end of May, the company expanded its fleet with the 11,010 TEU boxship Cape Artemisio, acquired pursuant to its joint venture with York. The vessel started its charter in June 2017. Costamare holds a 49% interest in the entity that owns the vessel.

“As of today all of our new building program is fully funded with remaining equity commitments amounting to only USD 2 million, due in 2018,” Gregory Zikos, Chief Financial Officer of Costamare Inc., said.

The company unveiled the developments as part of its financial results for the second quarter and six-months ended June 30, 2017.

Costamare’s net income for the second quarter of 2017 dropped to USD 23 million from USD 37 million reported in the same quarter in 2016. Voyage revenues also decreased to USD 105 million from USD 119.5 million in the respective periods.

For the six-month period ended June 30, 2017, the company’s net income stood at USD 46 million, compared to USD 72 million seen in the first half of 2016, while its voyage revenues reached USD 210 million, down from USD 239.7 million reported a year earlier.

“During the second quarter the company delivered solid results,” Zikos said, adding that Costamare’s goal is to strengthen the company and enhance long term shareholder value. In that respect, the company is “actively looking at new transactions selectively.”