Fresh financing for its latest newbuildings, a first foray into scrubbers and sale and purchase activity all emerged as Costamare reported its third quarter accounts today.
New York-listed Costamare has inked pre and post delivery financing for five 12,690-teu ships contracted against 10-year deals with Yang Ming.
A leading financial institution is providing debt for the ships, which are slated for delivery in 2020 and 2021, chief financial officer Greg Zikos said.
At a time IMO 2020 is dominating the headlines, Costamare has struck a deal to fit scrubbers on five ships time chartered to MSC.
The move, which marks Costamare’s debut investment in scrubbers, sees contracts on the post-panamax ships extended by three years into 2026 to 2027 and the rate improved.
Costamare has also added two second hand ships to its fleet with the purchase of the 8,044-teu Maersk Kleven and Maersk Kotka (both built 1996).
They have 2.5-year charters with Maersk and Costamare is working on financing, its quarterly report said.
Costamare has also been active in the demolition market scrapping the 3,842-teu MSC Koroni and the 1,645-teu Padma (both built 1998).
The developments all emerged as the company reported a third quarter profit of $9.8m, taking its profit in the first nine months of 2018 to $33.6m.
Its profit of $0.09 per share was slightly above Wall Street expectations.
“Seasonality, combined with concerns about demand growth and trade tensions have resulted in a softer market, both in terms of charter rates and asset prices,” Zikos said.
