Costamare, a US-listed owner and operator of about 160 bulkers and boxships, revealed on Friday yet another batch of secondhand deals as part of a longstanding policy to renew its fleet with larger and relatively younger bulkers.
The Costis Konstantakopoulos-led company confirmed a TradeWinds report last week linking it to the purchase of two Oldendorff sister ships: the 61,100-dwt August Oldendorff (built 2015) and the one-year younger Alwine Oldendorff.
Costamare did not disclose their price but brokers reported that the pair changed hands for about $50m in total.
These are the first ultramaxes that Costamare is buying in more than a year.
The company had been focusing its acquisition firepower on capesizes instead, of which it had bought five so far since early 2023.
Costamare revealed on Friday that it has acquired a sixth as well — the 179,500-dwt Nord Magnes (built 2011) at an undisclosed price.
Several brokers had reported that Norden sold that vessel in early September, but to Chinese buyers, for about $31m.
All of Costamare's three fresh bulker acquisitions come equipped with scrubbers.
Alongside an impressive liquidity of $1bn, the company said on Friday it has another $94.2m available for further potential vessel acquisitions through so-called 'hunting license facilities' expiring in December 2025.
Capesize values, however, are at levels making the company selective about buys.
“We're going to be more careful... we can sit and wait, our fleet is big enough,” Zikos told analysts in a conference call when asked if he planned growing the bulker fleet even further.
On the other side of the S&P fence, Costamare continued its established policy of shaking out older bulkers by confirming two deals already reported by TradeWinds — that of the 58,000-dwt Oracle (renamed ASC Glory, built 2009) and the 58,100-dwt Titan I (renamed Afkar, built 2009).
Costamare has sold 15 smaller and older bulkers since early 2023 for total proceeds of about $180m, according to TradeWinds calculations.
Just another high
The S&P deals come as net income at the Greek company rose at an annual pace of 31% in the third quarter to $78.9m.
Much of that profit growth was due to a container ship revenue boost helped by upheaval in the Red Sea.
“In the containership sector, with idle vessels of less than 1%, the fleet can still be considered as ‘fully employed’,” chief financial officer Gregory Zikos said.
According to Zikos, Costamare saw seven container ships fixed during the quarter at “healthy rates,” which will generate more than $165m in revenue for the company.
TradeWinds already reported in September how Danish liner giant Maersk extended charters for two Costamare boxships, fixing them forward from next year at rates reportedly exceeding $35,000 per day.
No trouble with CBI
Meanwhile, the size of Costamare Bulkers (CBI) — the company’s platform of large, chartered-in vessels — increased slightly from the previous quarter to 56 ships comprising 34 newcastlemaxes or capesizes and 22 kamsarmaxes.
Costamare has not provided third-quarter figures for CBI yet. The bulker operating unit remained lossmaking in the second quarter, even though at a much slower pace from 2023, when it was weighed by start-up costs.
TradeWinds reported on 25 October that former Oldendorff pair Kishore Anchan and Tom Hagen — two senior figures who helped Costamare set up CBI two years ago — have left the company.
Zikos, however, reiterated on Friday that nobody should read the exits as a sign of Costamare losing faith in the CBI project.
“The personnel changes were effected for various reasons but they have absolutely nothing to do with our intention to continue investing the dry bulk business, including the platform,” the Greek manager told the analysts.
Costamare shares closed in New York at $13.61 apiece on Thursday, giving the company a market value of about $1.63bn.
This is below the $3.37bn net value of the Costamare fleet, according to balance sheet figures as of the end of September.
According to the latest available information, Costamare chairman Konstantakopoulos and his brothers, Achilleas and Christos, combined owned 64% of the common shares.
