Costamare News

Shipowner Costamare has appointed Peter Lund as Chief Commercial Officer. He is expected to take up his position with Costamare in October 2023.Lund is currently Vice President, Head of Chartering of A.P. Moller-Maersk in Copenhagen, and has worked for a total of 24 years in the A.P. Moller group of companies in different geographic locations.Konstantinos Konstantakopoulos, Chairman and Chief Executive Officer of Costamare, said, “We are very pleased to welcome back Mr. Lund as the new Chief Commercial Officer of our company. His broad international shipping background and detailed knowledge of several of our target segments will be…

Shipowner Costamare Inc. announced it has ordered eight newbuild containerships and acquired seven secondhand bulk carriers.The Monaco-headquartered company said Thursday it signed contracts with an unspecified Asian shipyard for two 13,000 TEU capacity newbuilds and exercised options under a previous agreement for two more of the same capacity plus four additional 15,000 TEU capacity vessels. Each of the ships will commence long-term charters with a "leading liner company" upon scheduled delivery between the third quarter of 2023 and first quarter of 2024.Gregory Zikos…

Supply chain issues tied to liner shipping have been front page news throughout 2021; just about everyone agrees that there’s a problem. The underlying cause is right out of Economics 101: a surge in demand for moving containerized cargo, in the face of “inelastic” throughput capacity (which includes vessels and their landside interfaces to surface transportation, trucks and rail) that could not handle the swell, attributable to re-stocking of containerized cargo as economic activity recovered from the pandemic induced jolts.

Greek-based container shipping company Costamare announced its foray into dry bulk shipping with the acquisition of 16 secondhand bulk carriers. Currently operating in the spot market, the 16 ships range between 33,000 and 85,000 DWT and have an average age of 10 years.Two of the vessels have been delivered to Costamare, and the remaining vessels are expected to be delivered by January 2022, the company said.Costamare, which currently owns 81 containerships, is investing in the rebounding dry bulk market amid ongoing healthy earnings in the box shipping sector.Gregory Zikos, Costamare's chief financial officer, said, "We have decided…

Costamare, owners and providers of containerships for charter, said that it has chartered in total 14 vessels over the quarter ended September 30, 2019.According to Gregory Zikos, Chief Financial Officer of the Marshall Islands corporation, during the third quarter of the year the company delivered profitable results.As was the case in the previous quarter, net income and earnings per share more than doubled, boosted by increased charter rates and the addition of new ships, he said.Charter rates for the larger container ships continued to improve and there is limited supply available for the post -panamax sizes.Among notable charters…

The NGO Shipbreaking Platform said that there were a total of 193 ships broken in the second quarter of 2019 and the 146 of these were sold to South Asian scrapping beaches. South Asian working conditions are known to be dire and breaking practices cause irreparable damage to the coastal environment, it added.Between April and June, Platform sources recorded three accidents that killed at least five workers on the beach of Chittagong, Bangladesh, bringing the total death-toll of the shipbreaking industry this year to at least eight workers.In the early morning of 15 May, a loud blast shook the Chittagong shipbreaking area. A fire broke out on board the vessel BUNGA KELANA 4 (IMO 9178343)…

Taiwanese ocean shipping company Yang Ming Marine Transport Corporation  and Japan's Shoei Kisen Kaisha signed charter agreements for four new 11,000 TEU containerships in Hong Kong.During the ceremony, the time-charter agreements were signed by Yang Ming’s Chairman Bronson Hsieh and Shoei Kisen’s President Yukito Higaki.The four new vessels will be delivered in the first three quarters of year 2022.In order to enhance the company’s mid- to long-term operational efficiency and competitiveness, Yang Ming continues its fleet optimization plan during recent years.In addition to these four new 11,000 TEU containerships, Yang Ming had ordered another ten 11…

The United Arab Emirates (UAE), Greece and the United States of America (USA) top the list of country dumpers of ocean-going commercial vessels in 2018, according to new data released today by the NGO Shipbreaking Platform.UAE owners were responsible for the highest absolute number of ships sold to South Asian shipbreaking yards in 2018: there were 61 ships in total.Greek owners, beached 57 vessels out of a total of 66 sold for demolition. American owners closely followed with 53 end-of-life vessels broken up on South Asian tidal mudflats.The ‘worst corporate dumper’ prize goes to the South Korean liner Sinokor Merchant Marine, said NGO Shipbreaking Platform.

The owner and provider of containerships for charter Costamare announced the acquisition of the 60% equity interest of York Capital in five 2016 - built 14,000 TEU containerships.The acquisition brings the Company’s ownership interest in these five vessels to 100%. The five vessels were initially contracted as new buildings under the joint venture with York Capital in 2014. The vessels currently operate under long term charters to Evergreen expiring in 2026.The terms of the acquisition include the option to defer 75% of the purchase price for up to 18 months after closing, as well as the option to pay part of the purchase price with shares of the Company’s common stock.Gregory Zikos…

Leading Greek shipping industry stakeholders joined ABS, a global provider of classification and technical advisory services to the marine and offshore industries, for a workshop on drafting 2020 sulfur limit Ship Implementation Plans (SIP).Intended to help shipping companies and crew ready their vessels for compliance with the required sulfur content limit of 0.50% by 1 January 2020, the ABS workshop identified risks associated with design and operations of vessels in relation to the IMO regulation, including a HAZID study. “As the leading class organization in Greece, many in the industry are looking to ABS for guidance in managing the transition to operating under the 2020 sulfur limit.

Costamare announced the conclusion of shipbuilding contracts and long term charter agreements for five newbuild containerships, as well as the acquisition and chartering of two secondhand containerships. The Company has ordered five newbuild containerships from Jiangsu Yangzijiang Shipbuilding Group, each of approximately 12,690 TEU capacity. The vessels are expected to be delivered between the second quarter of 2020 and the second quarter of 2021 and upon delivery they will commence a ten-year time charter to Yang Ming Marine Transport Corp. The acquisition is expected to be financed with cash on hand and debt. In June 2018, the Company agreed to purchase two 2013-built, 5,000 TEU wide-beam containerships, the c/v Megalopolis and the c/v Marathopolis.

As in 2016, Germany and Greece top the list of country dumpers in 2017, according to new data released today by the NGO Shipbreaking Platform. German owners, including banks and ship funds, beached 50 vessels out of a total of 53 sold for demolition. Greek owners were responsible for the highest absolute number of ships sold to South Asian shipbreaking yards in 2017: 51 ships in total. Since the Platform’s first compilation of data in 2009, Greek shipping companies have unceasingly topped the list of owners that opt for dirty and dangerous shipbreaking. Despite increased pressure for safe and clean ship recycling from Norwegian investors and authorities, in 2017, the number of Norwegian-owned ships scrapped on the beach was on the rise: 18 ended up in Alang, Gadani and Chittagong.

Germany's Peter Döhle and Greece's Costamare are merging operations of their container ships in a new  joint venture (JV) named  dubbed Blue Net Chartering headquartered in Hamburg. Blue Net Chartering will serve the container fleets operated by both as well as third-party vessels. It will provide brokerage services for 220 box ships with an aggregate capacity of 1.1M TEU. The official launch took place on 1 February. According to Costamare, the Blue Net Chartering aims to provide “best-in-class employment opportunities for containership owners. The JV is another milestone in the consolidation of container shipment  from the tramp-shipowner side. Peter Döhle’s container fleet consists of around 300 vessels, ranging from small feeder vessels of around 300 TEU up to ships of 13,000 TEU.

Costamare accepted delivery of three second hand vessels during the last quarter ended June 30, 2017, said Gregory Zikos, Chief Financial Officer of Costamare. In a press statement he said that the vessels have been chartered for periods ranging from 5 to 7 years. "During the quarter we entered into debt financing agreements for two of them and we are into discussions regarding the debt finance of the third ship. As of today all of our new building program is fully funded with remaining equity commitments amounting to only US $ 2 million, due in 2018," he added. On May 15, 2017 and May 18, 2017, it accepted delivery of the 2014-built 4,957 TEU containerships, Kyparissia and Leonidio, respectively. Both vessels are chartered to Maersk Line through Q4 2024.

The newly built 11,000 TEU vessel Cape Sounio owned by Costamare has been deployed on Zim’s Asia South America East Coast (ASE), the Israeli container shipping company said. The vessel embarked on its maiden voyage on from Pusan, South Korea, on May 4, on its regular route calling ports in Brazil, Uruguay and Argentina, connecting to major Asian ports. Built at Hanjin Heavy Industries and Construction Philippines (HHIC Phil) and delivered in April, 2017, Cape Sounio is the largest vessel to serve in this line and the largest currently employed by ZIM.

Athens-based containership owner Costamare Inc. pushes back 11,000-teu newbuildings into 2017 as it reports strong third quarter figures which topped Wall Street expectations. It has agreed to postpone the deliveries of the remaining four newbuilding 11,010 TEU containerships, ordered through the company’s joint venture with York Capital. The four vessels, three of which were scheduled to join the company’s fleet in October 2016, are now expected to be delivered from South Korean shipbuilder Hanjin Heavy Industries in the first quarter of 2017. During the third quarter of 2016, Costamare took delivery of three vessels. "we accepted delivery of the 14,424 TEU containerships Talos, Taurus and Theseus, three containerships acquired pursuant to our joint venture with York.

V.Ships, part of the V.Group, has entered into a partnership with Empros Lines to create a dedicated bulk carrier management cell in Greece. The cell will be staffed by the Empros’ technical team and hosted in the Piraeus office of V.Ships Greece. The partnership builds on the successful container cell established in 2013 with Costamare and further demonstrates V.Group’s commitment to the Greek shipping industry. A steering committee formed of senior executives from both V.Ships and Empros Lines will oversee the cell’s operations. The bulk carrier cell is also extending its offer to third party clients who want to take advantage of the technical and cost efficiencies this proposition offers. It has already undertaken the technical management of two bulkers from different owners.

Shipbuilder and a marine engine manufacturer Hyundai Heavy Industries (HHI) announced it has produced its 10,000th HiMSEN (Hi-Touch Marine and Stationary Engine) engine installed on a 14,400 TEU containership ordered from Costamare, Greece. The HiMSEN engines are medium speed four-stroke engines that HHI independently developed in 2001 with 10 years of research and development, and can be used for both ship propulsion and power generation for onshore power plants. According to the builder…

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate a restructuring of the shipping industry. Private equity invested tens of billions in global shipping after the 2008 financial crisis, but weaker Chinese demand and an oversupply of ships has driven down freight rates and caused firms to idle vessels and in some cases file for bankruptcy. At least five private-equity backed shipping firms are seeking share listings…

Greek ship-owner Costamare and US-based hedge fund York Capital Management are considering extending the life of their investment joint venture that has already spent more than $1 billion on new and secondhand container ships. “Our joint venture with York has been progressing quite well and since inception we have done deals of $1.1bn. All investments have been performing well and we are currently in discussions with our partner regarding the extension of the investment period,” Gregory Zikos, the CFO of Costamare commented in a statement. Costamare has teamed up with York Capital for an 11,000 teu newbuild which has been ordered at Hanjin Heavy Industries & Construction yard in Subic Bay in the Philippines. The vessel is expected to be delivered in December 2016.

Greeks, perhaps more than any other people in the world, have been mariners without interruption throughout history. At 100 years old, JRC has a long maritime history in the field of marine electronics, something that the shipping nation of Greece recognizes now more than ever. This could be why the JRC ECDIS has become a preferred choice for many shipping companies. With new mandates and especially for retrofitting projects, cost effective choices are typically made. Many owners have already chosen one JRC ECDIS at the new building stage over the last few years.

Though international analysts like Morgan Stanley said that the Greek crisis will not have a direct impact on shipping companies, Greek shipping companies listed on U.S. stock exchanges sank on Monday. Greeks have said No to austerity terms imposed by international creditors, which could have led to the releasing a package of fresh financial aid which could help in the long battle to keep Greece afloat. The vast majority of ship-owners and other members of the maritime community will have voted “Yes” as the outcome least likely to harm hopes of a return to stability and the country’s standing in Europe. The voters’ decision though has increased concern within the Greek shipping industry, across the board.

Athens-based Costamare Shipping has more than tripled the piston ring replacement period to more than 55,000 hours for containership Cosco Yantian, helping the company reduce costs and improve vessel performance. According to ExxonMobil, the life extension was achieved by switching the container vessel to its Mobilgard 570 cylinder oil in combination with the MobilGard Cylinder Condition Monitoring (CCM) program. The expected piston overhaul interval for the Cosco Yantian’s MAN Diesel & Turbo 12K98MC MK7 engine was 16,000 hours of unmonitored operation. Following a consultation with ExxonMobil’s Field Engineers, it was suggested that the vessel operator introduce Mobilgard 570 and the MobilGard CCM program.