Costamare Inc. Announces Formation of New Dry Bulk Operating Platform
Following its strategic decision to enter the dry bulk sector at an opportune time in the cycle, Costamare Inc. (“Costamare” or the “Company”) has proceeded to establish a new dry bulk operating platform with a team of experienced professionals, who will join Costamare in investing in the new venture.
The new venture will charter-in/out dry bulk vessels, enter into contracts of affreightment and utilize hedging solutions, including, forward freight agreements and bunker hedging.
The new venture will have a global footprint through offices in Athens and Monaco and through agencies in Copenhagen, Hamburg and Singapore. Operations are expected to commence in the fourth quarter of 2022. The new venture, to which the Company has committed up to $200MM, is expected to employ minimal, if any, financial leverage.
The new venture is established on the same ethical values and business principles followed by Costamare over the past decades, and such values and principles are also shared by our partners.
Considering the elevated levels of asset values in the containership sector and Costamare’s counter-cyclical investment approach, the Company believes that the new venture provides an attractive risk-reward profile for the deployment of the Company’s capital.
Source: Costamare Inc.