Market Improvements Costamare Plans To Expand Fleet Size

- Jan 25, 2018 -

As the shipping industry gradually recovered, the Greek container ship owner, Costamare, began to expand its fleet size.

 

On January 23, 2018, Costamare announced the acceptance of a 3800 TEU new "Polar Argentina" container ship. The vessel was the first of two 3800 TEU ship orders the company signed with York Capital on January 23, 2018. Upon delivery, the vessel will begin to fulfill Hamburg's seven-year lease in South America.glenflange

 

Costamare said the company's remaining equity capital commitments are $ 1.07 million, involving the second newbuilding ship expected to be delivered in the second quarter of 2018.

 

In addition, the 2556TEU container ship "CMA CGM L'Etoile" (built in 2005), which the company acquired in October 2017, was delivered in November 2017. The vessel currently has a CMA CGM Term Lease Agreement, which includes an option to renew the lease for the period 10 March 2018 to 10 June 2018 at a daily rate of $ 10,250. glenflange

 

Costamare announced fourth quarter net income of $ 2.7 million as of December 31, 2017, turning losses into profits compared to its net loss of $ 11 million in the same period of 2016. The company's full year 2017 net profit of 72.9 million US dollars, compared with the 2016 full year net profit of 81.7 million USdollars decreased slightly.

The company's chief financial officer Gregory Zikos said the market recovery in 2018 a good momentum. To date, larger container ships have taken up most of the upside in the market. The company hopes this will further promote the development of small container ships. Costamare added that in chartering, the company has secured a total of 16 charter vessels for the charter period since last quarter, with no idle ship.

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