Costamare takes bulker fleet to 37 with acquisition of 21 vessels

Date: Friday, July 30th, 2021
Source: Splash

New York-listed Costamare is rapidly moving into the dry bulk sector with the acquisition of an additional 21 vessels.

The ships acquired include the 2012-built, 83,500 dwt Spring Aeolian, the 2010-built, 82,200 dwt Jaigarh, the 11-year-old, 55,500 dwt Darya Lakshmi and the 13-year-old, 76,600 dwt Imperial Rose.

The acquisitions are being financed with $389m loans and an additional $150m hunting license facility which is subject to documentation.

The company announced in June that it had bought 16 bulkers ranging in size from 33,000 dwt to 85,000 dwt, with an average age of ten years.

“The dry bulk acquisitions result from our decision to invest in this liquid sector where supply is limited by a low orderbook and demand is being driven by increased infrastructure spending and commodity consumption,” said Gregory Zikos, CEO of Costamare.

Costamare buying spree takes its bulker fleet to 37 vessels once all acquisitions are completed. The Greek owner said it has already taken delivery of 14 ships and secured seven new charters.


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