Costamare Bulkers Inc, the new dry bulk operating platform launched by the US-listed owner at the end of November, has been a busy player in chartering markets.
According to Costamare Inc’s financial earnings released on Wednesday, Costamare Bulkers already has fixed 23 bulkers.
A company presentation posted separately shows this fleet comprises nine newcastlemaxes, five capesizes and nine kamsarmaxes.
Prominently in this fleet feature newcastlemaxes from John Fredriksen’s Golden Ocean, Tor Olav Troim-backed 2020 Bulkers and from Berge Bulk (see table).
Nine chartered-in vessels have been already delivered and running, with the rest to follow.
Two vessels in the Costamare Bulkers fleet, the 208,500-dwt sister ships Bulk Sao Paulo and Bulk Santos (both built 2020), currently feature on the fleet list of 2020 Bulkers as on index-linked fixtures to a “European charterer” that expire in the first half of 2025.
Most of Costamare Bulkers’ fixtures are index-linked deals stretching over such periods, Costamare Inc chief financial officer Gregory Zikos told analysts in a conference call without identifying any individual vessels.
$100m to be invested
By contrast to the Costamare Bulkers fleet, Costamare Inc’s separately-held owned fleet of 45 bulkers focuses on smaller handysizes, supramaxes and ultramaxes and includes just eight kamsarmaxes or panamaxes.
As TradeWinds already reported, Costamare Bulkers was set up largely by former staff of Oldendorff Carriers who left the German company.
Operating out of Athens and Monaco, as well as through agencies in Copenhagen, Hamburg and Singapore, Costamare Bulkers charters vessels in or out, enters into contracts of affreightment, forward freight agreements and may also utilise hedging tools.
Costamare Inc reiterated on Wednesday it has committed $200m in the venture, half of which it has spent already.
Those figures mainly relate to amounts set aside to cover market volatility for the venture’s trading activities or eventual purchase options for the ships it employs.
“Our goal is to grow the business on a prudent basis, realising healthy returns for our shareholders,” Zikos said.
Costamare Inc fully consolidates Costamare Bulkers’ operations. According to financial results it published on Wednesday, Costamare Bulkers contributed $400,000 to Costamare revenue in the fourth quarter — its first, even though not full, financial quarter of operations.
Costamare Bulkers’ contribution to net income was still negative, to the tune of $3.5m — possibly accounting for start-up costs and weak bulker markets.
