Shares in containership lessor Costamare fell as much as 17% intraday in US trading on investor concerns about whether the New York-listed company would be able to sustain its dividend in the coming years.
Morgan Stanley analyst Fotis Giannakoulis highlighted the issue in a report downgrading the company’s shares to “equal weight” due to the “very challenging market for containerships.” He expects that demand for containerships will remain lower than the 4% growth rate in fleet size, “keeping the sector under pressure.”
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