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 to invest in a liquid sector with strong fundamentals that provide enhanced return opportunities for our shareholders.

"The ships will be managed through our existing platform headed and enriched by the dry bulk Onassis team, who will be joining Costamare in July.

"The acquisitions will initially be funded with cash on hand, and the company is in the process of arranging commercial bank debt. Considering the nature of the dry bulk business, we plan to have low leverage of up to 60% of the value of the assets."