Costamare Inc. (NYSE: CMRE) announced on Monday (Jun14) the acquisition of 16 dry bulk vessels of between 33,000 and 85,000 DWT, with an average age of 10 years.
The vessels are currently operating in the spot market.
Two of the ships have been delivered with the rest of the vessels expected to be delivered latest by January 2022.
Gregory Zikos, Chief Financial Officer of the Company, said: “We are pleased to announce the acquisition of dry bulk vessels. 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. We look forward to providing a detailed update on our business strategy during our second quarter results.”
Source: Costamare