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Gregory Zikos News

09 Dec 2021

Costamare Orders Eight New Containerships, Buys Seven Secondhand Bulkers

© Max Wei / Adobe Stock

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…

15 Jun 2021

Costamare Makes Foray into Dry Bulk with 16 Ship Purchase

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…

23 Oct 2019

Costamare Charters 14 Vessels in Q3

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…

19 Nov 2018

Costamare Acquires York Capital Interest in 5 Containerships

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…

09 Jul 2018

Costamare Orders Five Newbuild Boxships from Jiangsu Yangzijiang Shipbuilding

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.

26 Jul 2017

Costamare Adds Three Vessels

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.

30 Apr 2015

Costamare, York Capital to Extend Shipping Pact

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.

20 Mar 2013

Costamare Announces Delivery of a New Vessel

Costamare Inc.  announced the delivery of MSC Athens, a 8,827 TEU vessel which was built by Sungdong Shipbuilding and Marine Engineering, in South Korea. The vessel has commenced its 10-year time charter with MSC. Mr. Gregory Zikos, Chief Financial Officer of the Company, said, "The MSC Athens has commenced its 10-year time charter with MSC. The delivery of the vessel is the first step of our expansion plan based on solid contracted cash flows. We expect this addition, along with the remaining nine vessels currently on order and scheduled for delivery within the next 10 months, to contribute in excess of $1.3 billion of contracted revenues throughout the duration of their charters." www.costamare.com

23 Jan 2013

Greece's Costamare Deliver Positive 2012 Financial Results

In a challenging market, Costamere has minimized its re-chartering risk, identifies possibilites to expand in container ship market. Costamare Inc. is a leading international owner of containerships. Through its subsidiaries Costamare Inc. owns a fleet of 58 vessels aggregating approximately 330,000 TEU. Voyage revenues of $95.2 million and $386.2 million for the three months and year ended December 31, 2012, respectively. Voyage revenues adjusted on a cash basis of $97.6 million and $392.4 million for the three months and year ended December 31, 2012, respectively. Adjusted EBITDA of $62.5 million and $253.1 million for the three months and year ended December 31, 2012, respectively.

24 Oct 2012

Costamere Report Favorable Financial Results

Costamare Inc report unaudited financial results for the third quarter and nine months ended September 30, 2012. Greek-based Costamere is a leading owner and provider of containerships for charter. The Company has a fleet of 57 containerships, with a total capacity of approximately 329,000 TEU, including 10 newbuild containerships on order. •    Voyage revenues of $94.9 million and $291.0 million for the three and the nine- months ended September 30, 2012, respectively. •    Voyage revenues adjusted on a cash basis of $97.8 million and $294.9 million for the three and the nine- months ended September 30, 2012, respectively. •    Adjusted EBITDA of $62.5 million and $190.6 million for the three and the nine- months ended September 30, 2012, respectively.

24 Jul 2012

Costamare Report Positive Financial Results

Mr. "During the second quarter of the year, the Company continued to deliver positive results. "In May we accepted delivery of two 1998-built, second hand vessels, which replaced two 1984-built vessels in their respective charter arrangements; for an incremental cost of approximately six million per vessel we extended the useful life of those assets by 14 years. "Last week we agreed to buy from an insolvency administrator a 2001-built 1,078 TEUs container vessel. The acquisition will be funded 100% with bank debt and forms part of a broader agreement between the Company and the vessel's current lending bank. "At the same time, we have reduced our re-chartering risk for the coming years.

23 Feb 2011

Costamare Q4 & Year End Report

Costamare Inc. (NYSE: CMRE), an international owner of containerships, reported unaudited financial results for the fourth quarter and for the year ended December 31, 2010. Voyage revenues of $85.7 million and $353.2 million for the three months and the year ended December 31, 2010, respectively. Adjusted EBITDA of $56.2 million and $223.6 million for the three months and the year ended December 31, 2010, respectively. Net income of $11.8 million or $0.21 per share and $81.2 million or $1.65 per share for the three months and the year ended December 31, 2010, respectively. Adjusted Net Income of $18.0 million or $0.33 per share and $73.8 million or $1.50 per share for the three months and the year ended December 31, 2010, respectively.

03 Feb 2011

Costamare Shipbuilding, Chartering, Fleet Renewal Contracts

Costamare Inc. (NYSE: CMRE) announced that it has contracted with Sungdong Shipbuilding & Marine Engineering Co., Ltd. for the construction and purchase of two newbuild containerships, each of about 9,000 TEU capacity. The two newbuildings are expected to be delivered by the end of 2012. The Company has entered into time charter agreements with MSC for the employment of each vessel immediately upon delivery, for duration of ten years. Both the contract price and the daily charter rate are similar to those recently agreed regarding the three 9,000 TEU vessels contracted with China Shipbuilding Trading Company Limited and Shanghai Jiangnan Changxing Heavy Industry Co., Ltd. and chartered to MSC for a period of 10 years.

01 Feb 2011

Costamare Invests in Fleet Expansion

Costamare Inc. (NYSE: CMRE) announced that it has contracted with Sungdong Shipbuilding & Marine Engineering Co., Ltd. for the construction and purchase of two newbuild containerships, each of about 9,000 TEU capacity. The two newbuildings are expected to be delivered by the end of 2012. The Company has entered into time charter agreements with MSC for the employment of each vessel immediately upon delivery, for duration of ten years. Both the contract price and the daily charter rate are similar to those recently agreed regarding the three 9,000 TEU vessels contracted with China Shipbuilding Trading Company Limited and Shanghai Jiangnan Changxing Heavy Industry Co., Ltd. and chartered to MSC for a period of 10 years.