Costamare has ordered its first container ships in three years and confirmed a string of secondhand acquisitions that push its fledgling bulker fleet beyond the 40-vessel mark.
According to a statement on Thursday, the US-listed owner has ordered a quartet each of 13,000-teu and 15,000-teu newbuildings at an unidentified Asian yard.
Two of the 13,000-teu ships are executed new contracts, while the remaining six represent options exercised under previous legally binding agreements.
Costamare expects to take delivery of the two contracted vessels between the third quarter of 2023 and the first quarter of 2024.
"We are pleased to expand our container ship fleet and time charter coverage with the addition of modern and high-specifications tonnage supported by long-term charters," chief financial officer Gregory Zikos said.
Costamare said it is building the vessels against secured long-term employment with "a leading liner company" that will begin upon their delivery.
This is the first newbuilding order it is known to be placing since 2018, when it ordered a quintet of 12,690-teu ships at Jiangsu Yangzijiang Shipbuilding.
It took delivery of the last ship in this series in May this year. All of them are on 10-year charters with Yang Ming.
Before today's announcement, Costamare had a fleet of 78 containerships and 37 bulkers in the water.
Upon delivery, the eight newbuildings will catapult the size of its boxship fleet close to the 90-vessel mark.
The Constantakopoulos family-led company also revealed an expansion of its bulker fleet on Thursday.
Yet another bulker splash
It confirmed having bought seven vessels on the secondhand market — three ultramaxes, two kamsarmaxes and two supramaxes.
The list of the vessels Costamare purchased largely coincides with the six bulker acquisitions that market sources have been connecting the company with since last month, as TradeWinds reported.
These are the 63,500-dwt Soho Trader, 63,800-dwt Soho Merchant (both built 2015), 63,200-dwt Star Damon (built 2012), 81,600-dwt Egyptian Mike (built 2011) and George P (built 2012).
Costamare also revealed it was the party behind recent acquisitions of the 58,000-dwt Belnor (built 2010) and Belstar (built 2009).
Zikos said the bulker buys came as the company is "executing on our decision to invest in a liquid sector where supply is limited by a low orderbook and demand is being driven by increased infrastructure spending and commodity consumption".
Costamare expects to finance the bulker acquisitions with cash on hand. Boosted by the container shipping market, it reported net income of $250m for the first nine months of the year.
It also expects to take delivery of its seven new bulkers this month or next. Its 37 existing bulkers, all acquired in a buying spree between May and July, are employed in the spot market.
