By L. Karageorgos
Costamare has announced the 100-percent acquisition of five bulkers, each with a cargo capacity 11,000 teus, thereby adding another 335 million USD contracted revenue to its balance sheet.
The five vessels were jointly owned and controlled in partnership with York Capital Fund.
Costamare, owned and managed by the Constantakopoulos family, held a 40-percent stake in the vessels, with the fund retaining 60 percent.
Four of the five bulk carriers were built in 2017, the other in 2016. Additionally, four of the five are on contract until 2031, the other until 2025.
According to reports, a cash transaction was conducted, while bank financing emanated from several major European and US lenders, with a maturity of up to 10 years.
“The agreement provides for a successful exit of our partner from this specific investment, and additionally, we continue our joint control over another five vessels,” Costamare chief financial officer Gregory G. Zikos later announced.
