Costamare enters dry bulk with acquisition of vessels

Greek shipowner Costamare enters dry bulk with an acquisition of 16 dry bulk vessels. "We have decided to invest in a liquid sector with strong fundamentals," says Chief Financial Officer.

Photo: PR / Norden

Costamare enters dry bulk with a purchase of 16 dry bulk vessels.

The Greek shipowner, which already comprises a large fleet of container vessels, will operate the new ships through its existing platform, which will be headed and staffed by the dry bulk department of shipping group Onassis, joining Costamare this June, according to an announcement, which doesn't specify the number of new employees.

"We have decided to invest in a liquid sector with strong fundamentals that provide enhanced return opportunities for our shareholders," says Gregory Zikos, Chief Financial Officer at Costamare, in the announcement, which doesn't include details on the seller or price of the new vessels.

To begin with, the acquisitions will be financed by existing capital, Costamare informs, while the company is in "the process of arranging commercial bank debt."

The 16 dry bulk vessels are between 33,000 and 85,000 dwt with an average age of ten years. Two of the ships have already been delivered to Costamare, while the rest are expected delivered before January.

In addition to the 16 dry bulk vessels, Costamare comprises 81 container vessels, according to the announcement.

English Edit: L. N. Barnes

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