Greek shipowner Costamare is taking a measured approach to bulker purchases despite vast cash reserves and is ready to move quickly for the right deal.
Konstantinos “Costis” Konstantakopoulos-backed Costamare has a fleet of over 90 owned and operated bulkers and has been an active buyer and seller of tonnage.
Greg Zikos, its chief finance officer, said on a conference call: “We’re quite price-sensitive.
“We take our time … We don’t have to rush. We will sit and wait, and when we feel that the price makes sense, we have the ability to execute fast.”
In its second-quarter accounts, Costamare confirmed the sale of the 58,000-dwt Oracle (built 2009) with a book gain of around $4m.
Costamare has sold 14 such bulkers since early 2023 for total proceeds of about $160m, according to estimates by TradeWinds.
On the other hand, it has bought six large ships over the same period, including five capesizes.
Its second-quarter report also confirmed the purchase of the 179,900-dwt Prosper (ex-Lowlands Prosperity, built 2012) and the 181,400-dwt Prosper (ex-Frontier Unity, built 2012).
In addition to its owned fleet, Costamare’s bulker operating platform has a fleet of 54 ships, spanning 32 newcastlemax and capesize vessels and 22 kamsarmaxs.
On Wednesday, Costamare reported a stronger-than-expected second-quarter performance.
Its earnings per share of $0.77 were ahead of the $0.72 consensus, according to Jefferies.
Both its dry bulk and container businesses contributed to the beat, according to analyst Omar Nokta.
